TCREUR_Public/091006.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, October 6, 2009, Vol. 10, No. 197



CARMEUSE HOLDING: S&P Affirms 'B+' Corporate Credit Rating


CMA CGM: Seeks Equity Investment From FSI, Bloomberg Says
RIVOLI-PAN EUROPE: Fitch Lowers Rating on Class Notes to 'BB'


ARCANDOR AG: Five Supervisory Board Members Resign
FLEET STREET: Fitch Downgrades Rating on Class B Notes to 'B'
GENERAL MOTORS: Opel's Talks with Magna on Pay Reduction Stall
HAPAG-LLOYD AG: Germany Approves Application for Loan Guarantees
LANDESBANK BADEN: To Shed 2,500 Jobs by 2013; Expects Loss in 2009

SM SAAR: Files for Insolvency


DRYSHIPS INC: Gets Waiver from Nord LB on US$116 Million of Debt
WIND HELLAS: Gets Several Offers From Potential Buyers


* REPUBLIC OF HUNGARY: S&P's Outlook Revision Won't Affect Banks


DECODE GENETICS: Amends Promissory Note; Eliminates 60 Jobs


ARES FINANCE: Fitch Downgrades Rating on Class F Notes to 'B'
GENTIUM SpA: Posts EUR488,000 Net Loss in Quarter Ended June 30
PROGRAMMA DINAMICO: Fitch Junks Rating on 2012 Notes From 'B+'
RISANAMENTO SPA: Creditors Ready to Grant EUR70MM, Messagero Says
VENUS-1 FINANCE: Fitch Affirms Rating on Class E Notes at 'BB'


AKTOBE MONTAGE: Creditors Must File Claims by October 17
AKTOBE TRANS: Creditors Must File Claims by October 17
AMINA SEVER: Creditors Must File Claims by October 17
BATYS INTER: Creditors Must File Claims by October 17
BTA BANK: Bondholder Seeks Court Order to Sell Kyrgyz Assets

EXPO HOME: Creditors Must File Claims by October 17
KTM SECURITY: Creditors Must File Claims by October 17
PARK INVEST STROY: Creditors Must File Claims by October 17
SARAI A: Creditors Must File Claims by October 17
SIBREDUT LLP: Creditors Must File Claims by October 17

SOLYARIS LTD: Creditors Must File Claims by October 17


ALLIANCE VAN TOBAKKO OSH: Creditors Must File Claims by October 21
GOLDEN TAVERS: Creditors Must File Claims by October 21


CORSAIR NO 8: Moody's Cuts Rating on US$300M Notes to 'Ba1'
GATE GOURMET: S&P Affirms 'B' Long-Term Corporate Credit Rating


ESSENCE II: Documentation Amendments Won't Affect Fitch's Ratings
LYONDELLBASELL AF: S&P Withdraws 'D' Corporate Credit Rating
PALLAS CDO: Repurchase Won't Affect Fitch's Ratings on Notes


AVTOVAZ OAO: Putin Wants Renault to Help Fund Business
DYUNA LLC: Belgorodskaya Bankruptcy Hearing Set October 13
MASTER-STROY LLC: Creditors Must File Claims by October 16
MOSCOW REGIONAL: S&P Downgrades Corporate Credit Rating to 'D'
TRAKTOR-MASH CJSC: Orlovskaya Bankruptcy Hearing Set October 14

UNITED CONFECTIONERS: Fitch Affirms Issuer Default Rating at 'B'
ZIMINSKIE CONSTRUCTION: Bankruptcy Hearing Set October 14

* IRKUTSK OBLAST: S&P Gives Stable Outlook; Affirms 'B' Rating
* TOMSK OBLAST: S&P Gives Stable Outlook; Affirms 'B-' Rating


LA SEDA: Gets Four-Week Debt Reprieve, Expansion Says


DKS LLC: Creditors Must File Claims by October 9
OSCAR LLC: Creditors Must File Claims by October 9
RETAIL PARTNERS: Creditors Must File Claims by October 9
SPECIAL METAL: Creditors Must File Claims by October 9
UCZ ZASLON: Creditors Must File Claims by October 8

U N I T E D   K I N G D O M

EUROSAIL 2006-2BL: S&P Affirms 'CCC-' Rating on Class F1c Notes
GALA CORAL: Nears Debt-for-Equity-Swap Deal
SHENDISH MANOR: Sold to Manor of Groves Hotel
THPA FINANCE: S&P Assigns Neg. Outlook on 'BB'-Rated Class C Notes
RMAC 2005-NS4: S&P Downgrades Rating on Class B1 Notes to 'BB+'

WINE CELLAR: 61 Stores Closed; 320 Jobs Affected


* S&P Takes Credit Rating Actions on Six European Synthetic CDOs

* Large Companies with Insolvent Balance Sheet



CARMEUSE HOLDING: S&P Affirms 'B+' Corporate Credit Rating
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term corporate credit ratings on Carmeuse Holding S.A.
and removed them from CreditWatch were they were placed with
negative implications on July 9, 2009.  S&P's '3' recovery ratings
on Carmeuse's senior secured debt remain unchanged, indicating
S&P's expectation of meaningful (50%-70%) recovery for lenders in
an event of payment default.  The outlook is negative.

"The rating affirmation reflects S&P's view that Carmeuse's
liquidity situation and covenant headroom are now adequate.
Carmeuse has successfully amended its financial covenants and
extended a EUR100 million bridge loan until June 2012.  In
addition, the company has improved its maturity profile by
prepaying its contractual debt amortizations for 2010.  As a
result of the refinancing, the company's liquidity has improved,
removing S&P's previous concerns," said Standard & Poor's credit
analyst Per Karlsson.

The negative outlook reflects low production levels, which remain
a concern, and uncertainty about the timing and magnitude of an
expected improvement in currently tough industry conditions.  It
also relects S&P's concerns about the company's free operating
cash flow, which S&P expects to remain low over the next few
years, and only moderate debt deleveraging.

Carmeuse's reset financial covenant package gives the company
higher leverage potential over the short term, but will entail
material deleveraging in 2010 and beyond.  S&P notes the
Carmeuse's debt maturity profile is somewhat concentrated in 2012,
when both the bridge and revolving credit facility fall due.


CMA CGM: Seeks Equity Investment From FSI, Bloomberg Says
CMA CGM SA is courting equity investors, including France's FSI
sovereign-wealth fund, John Glover, Alaric Nightingale and
Laurence Frost at Bloomberg News report, citing three people
briefed on the company's plan.

Citing two of the people, Bloomberg discloses CMA CGM is in breach
of the terms governing about US$3.9 billion of its loans.  Sources
told Bloomberg the company, which has begun talks with banks about
a restructuring, has asked the lenders to waive their claims.

Bloomberg relates one of the people said CMA CGM, which seeks to
reduce US$5.6 billion of debt, is in talks with the FSI sovereign
wealth fund established by French President Nicolas Sarkozy.

Bloomberg says a direct equity investment would dilute the 100%
stake held by the Saade family.

Bloomberg recalls in a Sept. 29 interview, FSI spokesman
Jambu-Merlin said it wouldn't consider an investment in CMA CGM
before the company restructures its debt.

As reported in the Troubled Company Reporter-Europe on Oct. 1,
2009, The Financial Times said CMA CGM had formed a committee of
French, European and international banks, including banks from
Asia and Korea, to restructure its debt.

Headquartered in Marseilles, France, CMA CGM S.A. -- ships freight PDQ.  The marine
transportation company is one of the world's leading container
carriers.  Through subsidiaries it operates a fleet of about 370
vessels that serve more than 400 ports around the globe, and it
maintains a network of about 650 facilities in about 150
countries.  In addition to hauling containers by sea, CMA CGM
provides logistics services, arranging the transportation of
containerized freight by river, road, and rail.  The company's
tourism division arranges cruises and other travel services.
Chairman Jacques Saade founded the company in 1978.

RIVOLI-PAN EUROPE: Fitch Lowers Rating on Class Notes to 'BB'
Fitch Ratings has affirmed and downgraded Rivoli-Pan Europe 1
Plc's notes:

  -- EUR388.2 million class A (XS0278734644): affirmed at 'AAA';
     Outlook Negative

  -- EUR0.01 million class X (XS02787342316): affirmed at 'AAA';
     Outlook Stable

  -- EUR43 million class B (XS0278739874): downgraded to 'A' from
     'AA'; Outlook Negative

  -- EUR23.7 million class C (XS0278741771): downgraded to 'BB'
     from 'A'; Outlook Negative

Rivoli - Pan Europe 1 plc is a securitization comprising five
commercial mortgage loans (including a 50% pari passu
participation) originated by Calyon ('AA?'/Stable/'F1+'), which
closed in December 2006.  Since closing, there has been one
property disposal within the SCI Nowa loan (13% of the pool).
This, coupled with scheduled amortization on two of the loans, has
resulted in a reduction in the pool balance to EUR455 million from
EUR479.8 million at closing.  The loans are secured by a mixture
of assets across France (31% by market value), Spain (47%) and the
Netherlands (22%) with a large concentration in office properties
(58%).  The portfolio currently comprises 23 diverse properties
with a total MV of EUR799.8 million.  The loans are scheduled to
mature between 2011 and 2015, while the final legal maturity date
of the notes is in August 2018.

In line with the overall property market, the portfolio has
experienced fluctuations in MV since closing, with loan-to-value
ratios increasing since closing.  This reflects a rise in yields
for secondary property across European markets.  The pool
continues to have considerable single tenant exposure, and three
of the loans, Santa Hortensia, SCI Nowa and Blue Yonder
(accounting for 56.3% of the note balance) are each single-let,
albeit to investment grade tenants.  The first of these loans
(totalling 24.6% of the pool) is secured by a single asset which
concentrates re-letting risk.

The notes have Negative Outlooks because they are exposed to a
possible further deterioration of property values -- especially
for assets in secondary locations -- and collateral income (due to
some single-tenant loans).

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.


ARCANDOR AG: Five Supervisory Board Members Resign
Richard Weiss at Bloomberg News reports that Arcandor AG said five
supervisory board members stepped down from the company.

Bloomberg relates Arcandor's insolvency administrator said in a
statement Friday Chairman Friedrich Carl Janssen resigned
effective Oct. 31, and board members Karlheinz Hornung, Ulrich
Hocker, Wilfried Reinhard and Michael Stammler also stepped down.

                        About Arcandor AG

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

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

As reported in the Troubled Company Reporter-Europe, on June 9,
2009, Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees.  On June
8, 2009, the government rejected two applications for help by the
company, which employs 43,000 people.  The retailer sought loan
guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.

FLEET STREET: Fitch Downgrades Rating on Class B Notes to 'B'
Fitch Ratings has downgraded Fleet Street Finance Three plc's
class A1, A2 and B notes.  The Outlooks for each class are
Negative.  The rating actions are:

  -- EUR736.9 million class A1 due October 2016 (XS0302957062)
     downgraded to 'A' from 'AAA'; Outlook Negative

  -- EUR736.9 million class A2 due October 2016 (XS0302957575)
     downgraded to 'BB' from 'AA'; Outlook Negative

  -- EUR736.9 million class B due October 2016 (XS0302958110)
     downgraded to 'B' from 'A'; Outlook Negative

The downgrades are due to the expected impact on the collateral
portfolio of the continuing deterioration in the German and Dutch
property markets, particularly for secondary properties, which
account for much of the pool -- Fitch estimates that the aggregate
portfolio has experienced a market value decline of around 25%
since closing.

Fitch's criteria for European CMBS surveillance and criteria for
European multifamily loans were used to analyze the quality of the
underlying commercial loans.

Fleet Street Finance Three plc is the securitization of four
commercial mortgage loans originated by Goldman Sachs Credit
Partners LP (a fully supported subsidiary of Goldman Sachs Group
Inc., rated 'A+'/'F1+'/Stable) and a 25% participation in a loan
originated by Lehman Brothers Inc.  The loans are secured by a
portfolio of office, retail, multifamily and nursing home
properties, located across Germany and the Netherlands, and have
an outstanding balance of EUR1,049.9 million.

The largest exposure in the portfolio, the Corleone loan, is
secured by a mixed-use secondary property portfolio located across
Germany.  At closing the portfolio had a vacancy rate of 24% by
estimated rental value, and the sponsor has since been unable to
meet its business plan of reducing the vacancy rate, which Fitch
currently estimates at 31%.  Additionally, the de-leveraging
effect of achieved asset sales has been outweighed by falling
property values.  The stated loan-to-value ratio (LTV) has risen
to 80.0% as per a valuation dated Q109, up from 70.3% in Q408.  In
Fitch's view, the collateral portfolio comprises secondary-quality
properties, which have generally borne the brunt of worsening
European property market conditions during 2009.  Furthermore,
since closing, the loan's debt yield has deteriorated to 5.5% from
6.6% implying falling net income in the remaining collateral
portfolio.  As such, Fitch estimates the LTV to have declined to
approximately 133%, reflecting a market value decline (MVD) of 40%
since the last valuation.

The second-largest exposure is a 25% participation in the GSW
loan, secured by a portfolio of multifamily properties located in
Berlin and originated by Lehman Brothers Inc. Performance of the
properties has remained broadly stable since closing, with the
vacancy rate remaining in line with the market at 6% by ERV and
debt service coverage rising from 1.61x at closing to 2.25x
currently.  The original borrower-level cap provided by the
insolvent originator has now been replaced on similar terms.

The Blue Star loan is the A-note of a whole loan secured by three
office properties located on the outskirts of major west German
cities and fully let to credit tenants.  Doubts remain as to the
value of the properties at maturity in April 2012, particularly if
the tenants have not committed to new leases by then.  Fitch
considers the properties to be of a good technical specification,
albeit in non-prime locations.  The reported A-note LTV is 75.2%
as per valuations conducted by Q108, which compares with Fitch's
estimate of 115%, implying an MVD of 34%.

The Orange loan is another A-note, this time secured by a
portfolio of office and warehouse properties located in mostly
secondary cities across the Netherlands.  The effect of scheduled
amortisation and prepayments following property sales has been
outweighed by falling property values -- the reported current A-
note LTV is 77.3% based on valuations dated Q408, compared with
the current Fitch LTV of 129%, reflecting an MVD of 40%.

The smallest exposure in the transaction is the Saxony loan, which
is secured on a portfolio of predominantly east German nursing
homes let to Marseille Kliniken AG, the largest nursing home
operator in Germany, on a lease with 22 years remaining.  The loan
has 1.5 years left until maturity, which partially mitigates
concerns with respect to the effect of future regulation of
nursing homes in Germany, and the operation of such assets.
Nevertheless, Fitch estimates that the portfolio has experienced
an MVD of approximately 38% since closing.

Fitch will continue to monitor the performance of the transaction.

GENERAL MOTORS: Opel's Talks with Magna on Pay Reduction Stall
Cornelius Rahn at Bloomberg News, citing Frankfurter Allgemeine
Zeitung, reports that talks between labor leaders at General
Motors Co.'s Opel unit and proposed investor Magna International
Inc. on a five-year program for wage restraint have stalled.

According to Bloomberg, the newspaper said negotiations on the
EUR265 million (US$385.6 million) annual pay reduction were halted
Friday because the IG Metall labor union wants to expand Opel
workers' role in deciding on issues including plant closures.

As reported in the Troubled Company Reporter-Europe on Sept. 17,
2009, The Financial Times said GM chief executive Fritz Henderson
confirmed Magna's plans to cut 10,500 jobs or about a fifth of
Opel's workforce in Europe.

                       About General Motors

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

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

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

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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

HAPAG-LLOYD AG: Germany Approves Application for Loan Guarantees
Tony Czuczka at Bloomberg News reports the German government has
approved Hapag-Lloyd AG's application for EUR1.2 billion in loan

According to Bloomberg, Chancellor Angela Merkel's government has
agreed to share 90% of the guarantee costs with the Hamburg city

As reported in the Troubled Company Reporter-Europe on Oct. 1,
2009, Bloomberg News said Hapag Lloyd's owners, including tour
operator TUI AG, will provide EUR1.86 billion (US$2.7 billion) to
the container-shipping company as part of a rescue package.
Bloomberg disclosed government officials said the financial help
for Hapag comprises EUR923 million (US$1.34 billion) pledged
last month by the owners and additional help of about EUR940
million in hybrid loans from TUI and suspended interest and debt
repayments to shareholder TUI.

Hapag-Lloyd AG -- is the
transportation arm of German tourism giant TUI.  Subsidiary Hapag-
Lloyd Container Line, which accounts for most of Hapag-Lloyd's
sales, operates a fleet of about 135 containerships.  Overall,
Hapag-Lloyd Container Line's vessels have a capacity of more than
490,000 twenty-foot equivalent units (TEU).  The unit's routes
link Europe, Asia, the Americas, and Africa.  In addition to
freight transportation, Hapag-Lloyd offers luxury ocean and river
cruises under its Hapag-Lloyd Cruises brand.  TUI sold Hapag-
Lloyd's container operations to a German investment group in March

LANDESBANK BADEN: To Shed 2,500 Jobs by 2013; Expects Loss in 2009
Jann Bettinga at Bloomberg News reports that Landesbank Baden-
Wuerttemberg plans to cut 2,500 jobs, or a quarter of its
workforce, by 2013.

According to Bloomberg, LBBW said the reorganization plan,
approved by the bank's owners' meeting and supervisory board
Thursday, includes slashing assets by 40%, scaling back non-
strategic operations and selling equity investments.

According to Bloomberg, LBBW expects a loss this year because of
restructuring expenses, higher bad loan provisions and "negative
impacts" from the bank's real-estate business.

Bloomberg recalls the bank's owners, including the state of Baden-
Wuerttemberg, agreed in April to inject EUR5 billion in capital
and cover potential losses of as much as EUR12.7 billion.
Bloomberg says final EU Commission approval for the bailout
depends on the bank's reorganization.

The bank, as cited by Bloomberg, said the German government will
hand the restructuring plan to the EU Commission in the coming
days to get final approval for the bailout.

Headquartered in Stuttgart, Landesbank Baden-Wuerttemberg -- acts as the central bank to savings banks
in the German state of Baden-Wuerttemberg.  The bank handles large
transactions (wholesale banking, financial securities, foreign
exchange) too costly for the smaller state savings banks.  It also
provides traditional retail banking, real estate and commercial
loans, and portfolio management services.  The bank has
approximately 230 branches.  Through subsidiaries such as Sud
Private Equity, SudFactoring, and SudLeasing Immobilien, among
others, LBBW also provides leasing, factoring, venture capital,
and equity financing services.

SM SAAR: Files for Insolvency
Mariajose Vera at Bloomberg News reports that SMT Saar GmbH, a
subsidiary of SMT Scharf AG, filed an insolvency proceeding

Bloomberg relates SMT Scharf said in a statement distributed by
the DGAP newswire Friday it plans to continue the unit's business.

SMT Saar GmbH is a subsidiary of SMT Scharf AG -- a Germany-based company engaged in the
supply of rail transport systems.  It designs, supplies, installs
and maintains systems for the transport of personnel, equipment
and materials up to loads of 35 tons, used in mining, tunneling
and other industries worldwide.  The Company concentrates on the
provision of monorail transport systems; floor-mounted transport
systems; chairlift systems for the transport of mining personnel;
cable handling systems and conveyors.  The Company also offers
engineering services, including system layouts, logistic concepts
and material handling stations, as well as repairs, trouble
shooting and training.  In addition, it leases internally
generated diesel cats and powerpacks.  SMT Scharf AG acts through
its nine wholly owned subsidiaries located in Germany, Poland,
Estonia, South Africa, Russian Federation and China.


DRYSHIPS INC: Gets Waiver from Nord LB on US$116 Million of Debt
DryShips Inc. has reached an agreement with Nord LB on waiver
terms for Us$116 million of its outstanding debt.  This agreement
is subject to customary documentation.

George Economou, Chairman and Chief Executive Officer, commented:
"We are pleased to have reached an agreement with Nord LB.  We
continue to have constructive discussions for waivers with the
last couple of banks who are all very supportive of the company".

DryShips on September 28, 2009, announced results of the annual
general meeting of its shareholders.  These proposals were
approved and adopted at the meeting:

     -- The election of two Class B Directors of the Company,
        Mr. Evangelos Mytilineos and Mr. George Xiradakis, to
        serve until the 2012 Annual Meeting of Shareholders

     -- The appointment of Deloitte (Hadjipavlou Sofianos &
        Cambanis S.A.), as the Company’s independent auditors for
        the fiscal year ending December 31, 2009

                        About DryShips Inc.

DryShips Inc. -- based in Athens,
Greece, is an owner and operator of drybulk carriers and offshore
oil deep water drilling that operate worldwide.  DryShips owns a
fleet of 41 drybulk carriers comprising 7 Capesize, 30 Panamax, 2
Supramax and 2 newbuilding Drybulk vessels with a combined
deadweight tonnage of over 3.7 million tons, 2 ultra deep water
semisubmersible drilling rigs and 4 ultra deep water newbuilding
drillships.  DryShips Inc.'s common stock is listed on the NASDAQ
Global Market where trades under the symbol "DRYS".

WIND HELLAS: Gets Several Offers From Potential Buyers
Maria Petrakis at Bloomberg News reports that Hellas
Telecommunications II said it received a number of offers from
both strategic and financial investors for Wind Hellas
Telecommunications SA's assets.

According to Bloomberg, the holding company said final and binding
offers are expected in the middle of this month.

As reported in the Troubled Company Reporter-Europe on Sept. 15,
2009, The Financial Times said private equity groups Apax Partners
and TPG expressed interest in acquiring Wind Hellas.  According to
the FT, Apax is interested in buying some of Wind Hellas's EUR1.47
billion senior debt, most of which matures in 2012.  It is not
clear whether TPG is considering a bid for all or part of the
company, the FT said.  The FT disclosed Wind Hellas, which is
owned by Weather, Egyptian entrepreneur Sawiris's Mediterranean
telecoms group, put itself up for sale after losing market share
and hitting trouble servicing its EUR3.2 billion (US$4.6 billion)
of net debt.  The company is being advised by Morgan Stanley and
Ernst & Young, according to the FT.

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

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 8,
2009, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit ratings on Greek mobile
telecommunications operator WIND Hellas Telecommunications S.A.
and related entities to 'CC' from 'CCC' on the group's weak
second-quarter results and announcement that it was in talks with
its shareholders about a potential restructuring of the group's
capital structure.  S&P said the outlook is negative.


* REPUBLIC OF HUNGARY: S&P's Outlook Revision Won't Affect Banks
Standard & Poor's Ratings Services said that the outlook revision
to stable from negative on the Republic of Hungary (BBB-/Stable/A-
3) does not materially change S&P's view on the six Hungary-based
banks that S&P rates.  These are: OTP Bank Rt. and its core
subsidiary OTP Mortgage Bank (both rated BB+/Negative/B); Magyar
Takarekszovetkezeti Bank Rt. (BB/Negative/B); Central-European
International Bank Ltd. (BBB-pi); K&H Bank (BBB-pi); and MKB Bank
ZRT (BBpi).

S&P's outlook revision on the sovereign reflects S&P's view that
sustained consolidation efforts will contain the deterioration in
the Hungarian government deficit despite the downside pressures on
the economy.

S&P's most immediate concerns regarding the credit quality of
rated Hungarian banks are currently somewhat reduced because of
the stabilization of the forint after a period of volatility.
Still, S&P expects the Hungarian economy to contract by 7% in 2009
and by another 1% in 2010.  Consequently, S&P continue to believe
that the Hungarian banks' earnings and asset quality remain under
pressure from the recession, dislocated global capital markets,
and heightened industry risk in Hungary.


DECODE GENETICS: Amends Promissory Note; Eliminates 60 Jobs
deCODE genetics, Inc., reports that on September 25, 2009, the
secured promissory note dated September 11, 2009, among deCODE
genetics, MediChem Life Sciences, Inc., deCODE Biostructures,
Inc., and Saga Investments LLC was amended to increase the
principal amount thereof to US$1,870,000.  All other terms of such
note remain in place.

On September 24, 2009, to conserve its financial resources, deCODE
genetics committed to the closing of its facility in Woodridge,
Illinois.  As part of the closure, deCODE eliminated roughly 60
positions, effective principally from September 25.  Remaining
operations are expected to cease as soon as practical.

deCODE estimates that it in connection with the closure of, and
winding down of operations at, the facility, it will incur cash
expenditures of roughly US$580,000 in employee-related costs,
US$150,000 in chemical disposal costs, US$150,000 in utility
costs,  and US$460,000 in contract termination fees.

deCODE estimates that it will incur a total of roughly
US$1,500,000 in cash expenditures connection with the closure of
the facility and the winding down of operations.

Closure of the Woodridge facility has resulted in a default by
deCODE's subsidiary, deCODE Chemistry, Inc., under its lease for
the facility and the draw by the landlord under such lease on the
US$5,000,000 letter of credit securing the lease.  The amount of
additional charges that deCODE may incur under generally accepted
accounting principles in connection with such default and draw
will depend, in part, on actions to be taken by the landlord under
the lease.  Accordingly, deCODE cannot at this time estimate the
total charges.  However, it does not expect that the total cost
will result in future cash expenditures other than those set

                       Going Concern Doubt

deCODE genetics' balance sheet at June 30, 2009, showed total
assets of US$69.85 million and total liabilities of US$313.92
million, resulting in a stockholders' deficit of US$244.07
million.  As of June 30, 2009, the Company had cash and cash
equivalents of US$3.80 million, compared to US$3.70 million at
Dec. 31, 2008.  In early 2009 deCODE sold its ARS for US$11.3
million in cash, and in April it signed licensing agreements with
Celera Corporation under which it received an upfront payment and
will receive royalties on sales of Celera testing products and
services incorporating deCODE genetic risk markers.  deCODE states
it has sufficient resources to fund operations only into the
latter half of the third quarter.  The Company is simultaneously
pursuing several options to ensure sufficient funding to take it
to the execution of strategic options that can support the near-
and longer-term viability of our core business.  Regardless,
deCODE's planned operations require immediate additional liquidity
substantially in excess of the amounts, raising substantial doubt
about deCODE's ability to continue as a going concern.

In deCODE's ongoing strategic review, deCODE was evaluating and
pursuing various alternatives aimed at focusing its business and
underpinning ongoing product development and commercialization in
its core business, including the sale of some or all of deCODE's
US medicinal chemistry and structural biology units.

                      About deCODE Genetics

deCODE genetics Inc. (Nasdaq: DCGN) --
operates as a biopharmaceutical company that applies discoveries
in human genetics to develop drugs and diagnostics for common
diseases.  The Company serves pharmaceutical companies,
biotechnology firms, pharmacogenomics companies, government
institutions, universities, and other research institutions
primarily in the United States, Europe, and internationally.  The
Company was founded in 1996 and is headquartered in Reykjavik,


ARES FINANCE: Fitch Downgrades Rating on Class F Notes to 'B'
Fitch Ratings has downgraded Ares Finance S.r.l.'s class F
floating-rate notes, due March 2011, and revised the Outlook on
the class E notes:

  -- EUR1.7 million class D (XS0134905206): affirmed at 'AAA';
     Outlook Stable

  -- EUR30 million class E (XS0134905388): affirmed at 'BB';
     Outlook revised to Negative from Stable

  -- EUR15 million class F (XS0134905545): downgraded to 'B' from
     'B+'; Outlook Negative

The downgrade reflects the weakening collections performance up to
September 2009, which remains below Fitch's revised base case.
Between March and September 2009, gross recoveries were only
EUR17.3 million, the lowest since transaction closing in September
2001 and compared to EUR29.9 million for the six-month period to
March 2009.  Total cumulative gross collections as of September
2009 were EUR741.3 million.

Fitch is more concerned about the recovery timing than the
recoverability of the non-performing loans.  As shown in the
investor report of September 25, 2009, recovery and profitability
rates remain healthy.  However, delays between the resolution of
claims by the courts in the distribution phase and the actual
receipt of collections by the servicer are exposing the most
junior rated class, class F, to the risk of a missed principal
payment by final legal maturity.  Therefore, this class has been
downgraded to 'B'.

Given current performance, Fitch is also concerned about the
repayment of the class E principal, as reflected by the Negative
Outlook.  However, the expected recoveries of EUR49.9 million from
positions with full court resolution are likely to substantially
reduce the outstanding balance of the class E notes on future
payment dates.  However, this process is taking longer-than-
expected, potentially slowing down the repayment of the notes
while increasing expenses including servicer and asset managers'
fees, given the lengthy workout process of the outstanding

Although 16% of the outstanding portfolio by gross book value
(GBV) is in the distribution phase, 72% by GBV consists of
bankrupted claims, for which the recovery timing is generally
longer than for claims where a borrower is solvent.  Moreover, the
longer timeframe of tribunals in central and southern Italy also
explains the delayed resolution of many claims at an advanced
legal stage.

Ares Finance S.r.l. is a securitization of a portfolio of Italian
NPLs serviced and managed by Societa Gestione Crediti
S.r.l./Archon Group Italia S.r.l. (rated 'RSS2+'/'CSS2+').

As of September 2009, the outstanding portfolio accounted for
3,986 unresolved claims, consisting of a total GBV of
EUR844.3 million.  At closing, the GBV of the pool was
EUR1,540.4 million.  The pool is mainly located in central and
southern Italy (36% and 34% by GBV, respectively) and primarily
consists of residential claims (33% by GBV).

Fitch will continue to monitor the performance of the transaction.

GENTIUM SpA: Posts EUR488,000 Net Loss in Quarter Ended June 30
Gentium S.p.A. reported a net loss of EUR488,000 on total revenues
of EUR2.6 million for the second quarter ended June 30, 2009,
compared with a net loss of EUR4.5 million on total revenues of
US$1.9 million in the same period of 2008.

The decrease in net loss was primarily due to sales generated with
the launch of the name-patient program, decrease in general and
administrative expense, research and development expense, and
higher margin on products sold through the name patient program.

As of June 30, 2009, the Company's balance sheet showed
EUR17.9 million in total assets, EUR10.2 million in total
liabilities, and EUR7.7 million in total shareholders' equity.

                Six Months Ended June 30, 2009

The Company reported a net loss was EUR3.5 million on total
revenues of EUR3.6 million for the six-month period ended
June 30, 2009, compared to a net loss of EUR10.6 million on total
revenues of US$4.6 million for the same period in 2008.  The
decrease in net loss was primarily due to a decrease in foreign
exchange loss, lower research and development expenses and general
and administrative expenses, a decrease in other product revenue
offset by an increase in product sales.

Full-text copies of the company's financial statements for the
quarter ended June 30, 2009, is available for free at:

                      Going Concern Doubt

Reconta Ernst & Young S.p.A., in Milan, Italy, expressed
substantial doubt about Gentium S.p.A.'s ability to continue as a
going concern after auditing the Company's financial statements
for the year ended December 31, 2008.  The auditing firm pointed
to the Company's recurring operating losses and insufficient cash
to fund operations beyond December 31, 2009.

                     About Gentium S.p.A.

Based in Villa Guardia (Como), Italy, Gentium S.p.A. is a
biopharmaceutical company focused on the research, development and
manufacture of drugs to treat and prevent a variety of vascular
diseases and conditions related to cancer and cancer treatments.
The Company's primary focus is on development of defibrotide, a
DNA based drug derived from pig intestines, to treat and prevent a
disease called hepatic Veno-Occlusive Disease, or VOD, a condition
in which some of the veins in the liver are blocked as a result of
cancer treatments such as chemotherapy or radiation treatments
that are given prior to stem cell transplantation.

The Company has a plant in Italy where it manufactures active
pharmaceutical ingredients, which are used to make the finished
forms of various drugs.  One of those active pharmaceutical
ingredients is defibrotide.  The other active pharmaceutical
ingredients that the Company manufactures for sale are urokinase,
calcium heparin, sodium heparin and sulglicotide.  The Company
sells these other active pharmaceutical ingredients to other
companies to be made into various drugs.  All of the Company's
operating assets are located in Italy.

PROGRAMMA DINAMICO: Fitch Junks Rating on 2012 Notes From 'B+'
Fitch Ratings has downgraded Programma Dinamico S.p.A.'s notes,
due 14 May 2012:

  -- EUR8,450,000, Programma Dinamico S.p.A.'s (CSFB PV2) notes,
     due 14 May 2012, (ISIN IT0003288120) downgraded to 'C' from

Following the default of two of the transaction's three charged
assets, Eolo 2006-2 and Eolo 2006-3, on September 24, 2009, Fitch
views a default of the transaction as inevitable.  The charged
assets were purchased with the initial proceeds from the
transaction's issuance.  Now that losses have been realized on the
charged assets, regardless of how the credit default swap
portfolio performs, a loss on the rated note at maturity seems
inevitable.  The remaining charged asset is rated 'AAA' by Fitch.

The vast majority of rated notes have been redeemed at the option
of the noteholders.  Only EUR8.45 million of the initial EUR230
million of notes is currently outstanding.

The remaining total amount of charged assets, EUR6.4 million, is
currently sufficient to redeem 75% of the remaining par amount of
8.4m.  Further credit losses on the credit default swap could push
the recovery lower.  The charged assets are supplemented by an
equity option which has been disregarded in Fitch analysis.

Programma Dinamico is a joint stock company with limited liability
incorporated under the laws of Italy.  At close in May 2002, it
issued EUR230 million credit-linked notes due 2012.  It used the
proceeds to collateralize a credit default swap with Credit Suisse
First Boston International.  The swap initially referenced an
equally weighted reference portfolio of 284 corporate reference

RISANAMENTO SPA: Creditors Ready to Grant EUR70MM, Messagero Says
Armorel Kenna at Bloomberg News, citing Il Messaggero, reports
that Risanamento SpA's creditor banks are ready to grant it
EUR70 million (US$102 million,) to cover a possible delay in a tax
reimbursement the company expected to receive in 2010.

On Sept. 24, 2009, the Troubled Company Reporter-Europe, citing
MF-Dow Jones, reported a Milan judge adjourned the hearing on
Risanamento's possible bankruptcy to Oct. 15.  MF-Dow Jones
disclosed two Milan prosecutors that filed the insolvency request
to the bankruptcy court rejected the company's restructuring plan.

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

                       About Risanamento SpA

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

VENUS-1 FINANCE: Fitch Affirms Rating on Class E Notes at 'BB'
Fitch Ratings has affirmed Venus-1 Finance S.r.l.'s five classes
of notes:

  -- EUR24.8 million class A (IT0004148026) affirmed at 'AAA';
     Outlook Stable

  -- EUR8.2 million class B (IT0004148034) affirmed at 'AA';
     Outlook Stable

  -- EUR6.3 million class C (IT0004148042) affirmed at 'A';
     Outlook Stable

  -- EUR9.1 million class D (IT0004148059) affirmed at 'BBB';
     Outlook Stable

  -- EUR6.5 million class E (IT0004148067) affirmed at 'BB';
     Outlook Stable

The affirmation of the notes follows a satisfactory review of the
performance of the Venus transaction to date.

As of the June 2009 interest payment date, the reported gross book
value of the portfolio is EUR262.2 million, down from
EUR303.2 million at closing, while the cumulative total net
recoveries are EUR46.9 million.  Since closing, there has been a
total recovery of EUR37.2 million on a GBV of EUR41.0 million for
closed loans, representing a recovery rate of 90.6%.

While total collections continue to be below the servicer's
original and revised business plan, as of the June IPD, total
gross collections are higher than that anticipated by Fitch's base
case projections at closing, which, along with recoveries of 90.6%
and a reduction in the total advance rate of the portfolio to
21.3% from 27.2% at closing, are commensurate with an affirmation
of the current ratings.

Venus-1 Finance S.r.l. is a securitization of two portfolios of
non-performing loans, Monviso 1 and Monviso 2.  The portfolios
were originated in Italy by Sanpaolo IMI Group (now part of the
Intesa Sanpaolo group ('AA-'/'F1+'/Stable)) and were acquired in
2005 by ABN AMRO Bank N.V.  (ABN, rated 'AA-'/'F1+'/Stable) and
FBS Luxembourg S.a.r.l., which acquired a small portion of the
Monviso 1 portfolio of EUR1 million.  At closing, the portfolio
was made up of predominantly unsecured NPLs, with 30,120 unsecured
claims outstanding (94% of all claims at closing) and 1,925
secured claims (6%).

Fitch will continue to monitor the performance of the transaction.


AKTOBE MONTAGE: Creditors Must File Claims by October 17
Creditors of LLP Aktobe Montage have until October 17, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 17, 2009.

AKTOBE TRANS: Creditors Must File Claims by October 17
Creditors of LLP Aktobe Trans Montage have until October 17, 2009,
to submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 17, 2009.

AMINA SEVER: Creditors Must File Claims by October 17
Creditors of LLP Amina Sever have until October 17, 2009, to
submit proofs of claim to:

         308 Krasnoznamenny Polk Str. 37
         North Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on July 14,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         North Kazakhstan

BATYS INTER: Creditors Must File Claims by October 17
Creditors of LLP Batys Inter Resource have until October 17, 2009,
to submit proofs of claim to:

         Abai Str. 10a

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on July 14, 2009, after
finding it insolvent.

The Court is located at:

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

BTA BANK: Bondholder Seeks Court Order to Sell Kyrgyz Assets
Nariman Gizitdinov at Bloomberg News reports that Investment
Holding Co., a bondholder of BTA Bank, will seek a court order to
sell the Kazakh bank's assets in Kyrgyzstan at public auction to
recover its investment.

According to Bloomberg, Vugar Khalilov, an outside spokesman for
the investor, said the Kyrgyz company, which rejected BTA's debt
restructuring offer, holds GBP28.4 million (US$45 million) of the
bank's 7.125% bonds maturing Dec. 21.

Mr. Khalilov, as cited by Bloomberg, said the public auctions of
BTA's Kyrgyz assets will start in the next few months.

"If the asset sales don't provide enough funds, the investor
reserves its right to pursue BTA Bank assets outside Kyrgyzstan,"
Bloomberg quoted Mr. Khalilov as saying.

Bloomberg relates BTA Bank Chief Executive Officer Anvar Saidenov
said Friday at a news conference the bank may ask an international
court to overturn an earlier ruling by Kyrgyzstan's high court
that authorized the asset sale because of inconsistencies in the
creditor's claims.

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO -- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.  The Bank has in its
offer personal banking services, comprised of current accounts,
savings accounts, term deposits, safety deposit boxes, money
transfer services, credit facilities, and corporate banking
services, including business accounts, credit facilities, treasury
services, letters of guarantee, letters of credit, foreign
exchange services, remittances and other solutions, as well as
debt and credit cards, card services and electronic banking
services.  The Bank has 14 subsidiaries and six affiliated
companies.  It offers its services through a network of numerous
regional branches, cash settlement centers throughout Kazakhstan
and international representative offices located in Ukraine,
Russia, China and the United Arab Emirates.

EXPO HOME: Creditors Must File Claims by October 17
Creditors of LLP Expo Home have until October 17, 2009, to submit
proofs of claim to:

         Aimanov Str. 194

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 14, 2009, after
finding it insolvent.

The Court is located at:

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

KTM SECURITY: Creditors Must File Claims by October 17
Creditors of LLP Ktm Security have until October 17, 2009, to
submit proofs of claim to:

         Altynsarin Str. 31

The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on July 14, 2009, after
finding it insolvent.

The Court is located at:

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

PARK INVEST STROY: Creditors Must File Claims by October 17
LLP Park Invest Stroy is currently undergoing liquidation.
Creditors have until October 17, 2009, to submit proofs of claim

         Rozybakiev Str. 247a

SARAI A: Creditors Must File Claims by October 17
Creditors of LLP Sarai A have until October 17, 2009, to submit
proofs of claim to:

         Abai Str. 10a

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on July 14, 2009, after
finding it insolvent.

The Court is located at:

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

SIBREDUT LLP: Creditors Must File Claims by October 17
Creditors of LLP Sibredut have until October 17, 2009, to submit
proofs of claim to:

         308 Krasnoznamenny Polk Str. 37
         North Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on July 9,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         North Kazakhstan

SOLYARIS LTD: Creditors Must File Claims by October 17
Creditors of LLP Solyaris Ltd have until October 17, 2009, to
submit proofs of claim to:

         Aimanov Str. 194

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 14, 2009, after
finding it insolvent.

The Court is located at:

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


ALLIANCE VAN TOBAKKO OSH: Creditors Must File Claims by October 21
LLC Alliance Van Tobakko Osh is currently undergoing liquidation.
Creditors have until October 21, 2009, to submit proofs of claim

         Mominov Str. 10

GOLDEN TAVERS: Creditors Must File Claims by October 21
LLC Golden Tavers is currently undergoing liquidation.  Creditors
have until October 21, 2009, to submit proofs of claim to:

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


CORSAIR NO 8: Moody's Cuts Rating on US$300M Notes to 'Ba1'
Moody's Investors Service has taken this rating action on notes
issued by Corsair (Luxembourg) No.8 S.A.

  -- US$300M Gazprombank Subordinated Loan Repackaging Notes due
     2011, Downgraded to Ba1; previously on March 5, 2009
     Downgraded to Baa3

The transaction is a repackaging of a subordinated loan of
Gazprombank.  The rating depends on Gazproms's ability to make
payments under the Loan Agreement.  The rating action is a
response to the rating of Gazprombank's senior unsecured rating
being downgraded to Baa3 from Baa2.  The payments under the Loan
Agreement represent a subordinated obligation of Gazprombank.

Moody's monitors this transaction using primarily the methodology
and its supplements for repackaged securities as described in
Moody's Rating Methodology papers:

  -- Repackaged Securities (October 2001)

  -- Moody's Refines Its Approach to Rating Structured Notes
     (July 1997)

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

GATE GOURMET: S&P Affirms 'B' Long-Term Corporate Credit Rating
Standard & Poor's Ratings Services said that it affirmed its 'B'
long-term corporate credit ratings on Luxembourg-based airline
caterer Gate Gourmet Holdings S.C.A. and its 100%-owned subsidiary
Gate Gourmet Borrower LLC.  In addition, S&P affirmed the 'BB-'
issue rating on the latter's Swiss franc (CHF) 125 million
revolving credit facility and the 'B' issue ratings on the group's
CHF725 million senior secured term loans.  At the same time, S&P
removed all ratings from CreditWatch, where S&P had placed them
with negative implications on June 24, 2009.  The outlook is

"The affirmation and removal from CreditWatch reflect S&P's base-
case assumption that Gate Gourmet will be able to maintain
adequate profitability and credit measures for the ratings,
despite weaker trading conditions," said Standard & Poor's credit
analyst Mohammed Fayek.  "Despite these positive factors, S&P
believes the risk of continued deterioration in the financial
position of airlines and in global passenger traffic could exceed
the group's capacity to alleviate such pressures."

The ratings on Gate Gourmet reflect the group's exposure to the
cyclical and price-competitive commercial airline industry,
limited bargaining power, sensitive operating margins, and highly
leveraged financial structure.  These factors are partially offset
by the group's leading market position, with widespread geographic
coverage and low capital requirements.

"The negative outlook reflects S&P's view regarding the potential
continued deterioration in market conditions," said Mr. Fayek.

This deterioration could make it increasingly difficult for Gate
Gourmet to preserve its operating performance and maintain credit
measures that S&P considers commensurate with the 'B' rating in
the near to medium term.  These measures include FFO to debt of
above 10%.  The group's rationalization efforts should help in
this respect, but they could be insufficient to alleviate the
potential pressure on its operations, which could result in lower
cash flow generation in financial year 2009 and possibly 2010.

If the decline in operating performance were to be worse than S&P
anticipate, S&P could review the ratings for a potential
downgrade.  S&P could also lower the ratings if the group were to
increase debt excessively to pursue growth prospects, or if its
liquidity were to weaken.

Conversely, S&P could consider a revision of the outlook to stable
if the group were to maintain operating performance in the near
term and if visibility on future performance were to increase.


ESSENCE II: Documentation Amendments Won't Affect Fitch's Ratings
Fitch Ratings has been informed by the originator and sole
noteholder of the Essence II B.V. transaction, NIBC Bank, that
amendments to the original transaction documentation have been

Although such documentation changes are not common in Dutch RMBS,
Fitch notes that the amendments with regard to Essence II are
unlikely to affect the transaction's ratings.

The changes made to the documentation effectively permit the
originator to purchase assets back from the issuer, fully or in
part, prior to the first optional redemption date in March 2011,
by means of an extraordinary noteholders resolution.

The credit enhancement required to support the outstanding
transaction ratings is not expected to be adversely affected by
such an asset sale operation, given the pro rata nature of the
notes redemption as well as the contractual requirement to abide
by the substitution conditions of the transaction.  Fitch had
fully accounted for the substitution and pre-funding features
already in its original collateral analysis, in order to capture
the dynamic credit nature of the underlying pool.

Essence II is the issuer for a securitization program of Dutch
residential mortgage loans originated or acquired by wholly-owned
subsidiaries of NIBC Bank N.V. (NIBC Bank, or the originator,
rated 'BBB'/'F3'/Stable).

The agency has been further informed that a sale of approximately
EUR700 million of assets from the issuer to the originator has
been approved by Essence II noteholders (NIBC Bank) via an
extraordinary resolution.

Following this contemplated asset sale, the pool will comprise
11,855 loans with an aggregate principal outstanding balance of
about EUR1 billion, compared with about EUR1.7 billion prior to
the asset sale.

Essence II's ratings are:

  -- Class A (ISIN XS0322133918) 'A-'; Outlook Stable
  -- Class B (ISIN XS0322135707) 'BBB'; Outlook Stable
  -- Class C (ISIN XS0322136184) 'B-'; Outlook Stable

LYONDELLBASELL AF: S&P Withdraws 'D' Corporate Credit Rating
Standard & Poor's Ratings Services said it withdrew its ratings on
Netherlands-based petrochemicals producer LyondellBasell AF S.C.A
and related entities.

The rating withdrawal includes all corporate credit ratings,
issue-level ratings, and recovery ratings for the entities listed
below.  The ratings were lowered to 'D' (default) on Feb. 16,
2009, in the case of LyondellBasell, and on Jan. 7, 2009, the
ratings on LyondellBasell Industries' U.S. subsidiaries were
lowered to 'D' after the companies filed for Chapter 11 bankruptcy

PALLAS CDO: Repurchase Won't Affect Fitch's Ratings on Notes
Fitch Ratings says that the repurchase of Pallas CDO II B.V.'s
class A-1a notes will not in itself impact the rating of the

The notes are rated:

  -- EUR67,015,069 class A-1a: 'BBB'; Outlook Stable
  -- EUR271,016,823 class A-1d: 'BBB'; Outlook Stable
  -- EUR45,000,000 class A-2: 'BB'; Outlook Stable
  -- EUR16,000,000 class B: 'B'; Outlook Stable
  -- EUR10,500,000 class C: 'B-'; Outlook Stable
  -- EUR2,500,00 class D-1a: 'CCC'
  -- EUR12,000,000 class D-1d: 'CCC'

As per Condition 7 (i) of the Pallas CDO II B.V Prospectus, the
issuer may at any time, subject to the approval of the portfolio
manager, purchase notes in the open market or in privately
negotiated transactions, at a price not exceeding 100 per cent.
Under this clause, a repurchase of EUR4.9 million of the class A-
1a notes is being undertaken at a discounted price of 60 per cent.
The EUR4.9 million of class A-1a notes will subsequently be
cancelled, thereby increasing available credit enhancement to all
rated notes.  The buyback follows an earlier repurchase of EUR7.0
million of class A-1a notes in May 2009, which was settled at a
price of 50 per cent.

The current buyback will be funded using cash available in the
principal collection account.  As of September 2009,
EUR7.0 million is available in the principal collection account.
Generally, proceeds in the principal collection account can be
used by the portfolio manager to invest in new portfolio assets,
limited by the eligibility criteria, or may be distributed to
noteholders, if no investment opportunity exists.  Due to the
funding of the repurchase of the class A-1a notes, the amount of
principal proceeds available for immediate distribution to the
remaining noteholders will be lower.  At the same time,
noteholders will benefit from an increase in credit enhancement
due to the relative increase of assets compared to liabilities in
the structure.

According to the latest monthly report dated July 6, 2009, all par
value tests were in breach and therefore diverting the relevant
cashflows towards redemption of the senior notes.  Following the
discounted buyback, all par value ratios will improve, and
consequently the amount of cashflows diverted to the senior notes
on future payment dates to cure the par value tests will be


AVTOVAZ OAO: Putin Wants Renault to Help Fund Business
John Reed and Catherine Belton at The Financial Times report that
Russian prime minister Vladimir Putin on Friday gave Renault an
ultimatum to either help fund OAO Avtovaz or see its 25% stake in
the carmaker reduced.

According to the FT, Mr. Putin told government officials "Either
they (Renault) participate in funding the enterprise or we will
have to agree with them on dividing up our stakes."

The FT recalls Renault bought a 25% plus one share blocking stake
for US$1.17 billion in early 2008.

                              Job Cuts

The FT relates Avtovaz last week said it had agreed to cut its
workforce by a quarter, eliminating 27,600 jobs amid a steep
decline in demand.  Igor Komarov, the company's chief executive,
as cited by the FT, said the main goal was to avoid bankruptcy.

The company, the FT discloses, has already received an interest-
free RUR25 billion (US$800 million) loan from the Russian
government.  The FT recounts Mr. Kormarov said last week: "Losses
for 2009 will amount to RUR35 billion, which raises very serious
questions about our ability to keep running in the future."

On July 6, 2009, the Troubled Company Reporter-Europe, citing the
FT, reported Avtovaz said its auditors had raised doubts about its
future as a going concern in an audit of its 2008 results as the
fall in revenues hits its ability to pay down US$1.7 billion of

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

DYUNA LLC: Belgorodskaya Bankruptcy Hearing Set October 13
The Arbitration Court of Belgorpdskaya will convene at 9:30 a.m.
on October 13, 2009, to hear bankruptcy supervision procedure on
LLC Dyuna (TIN 3123113105, PSRN 1043107044090) (Construction).
The case is docketed under Case No. ?08–2773/2009–11B.

The Temporary Insolvency Manager is:

         S. Klimov
         Post User Box 671
         308033 Belgorod

The Debtor can be reached at:

         LLC Dyuna
         Office 11
         1-yZavodskoy pereulok 8
         308000 Belgorod

MASTER-STROY LLC: Creditors Must File Claims by October 16
Creditors of LLC Master-Stroy (TIN 1001132844, PSRN 1031000011283)
(Construction) have until October 16, 2009, to submit proofs of
claims to:

         N. Sakharova
         Insolvency Manager
         Post User Box 8
         185035 Petrozavodsk

The Arbitration Court of Karelia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?26–3664/2009.

The Debtor can be reached at:

         LLC Master-Stroy
         Rigachina Str. 20a
         185005 Karelia

MOSCOW REGIONAL: S&P Downgrades Corporate Credit Rating to 'D'
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit and Russia national scale ratings on
Russia-based Moscow Regional Investment Trust Co. to 'D' and 'D'
from 'CC' and 'ruCC', respectively.  This resolves the CreditWatch
placement with negative implications that took place on Aug. 14,

"We have lowered the ratings on MRITC to 'D' because the company
missed payments on its two bonds totaling about Russian ruble
(RUR) 3 billion (US$100 million), which fell due on Sept. 24,
2009, and Sept. 26, 2009," said Standard & Poor's credit analyst
Felix Ejgel.  A seven-day grace period on the first bond expires
on Oct. 2, 2009, and according to S&P's understanding the payment
has not been made.

"Although the grace period on the second bond expires on Oct. 6,
2009, in S&P's view, this payment will not occur, either, because
of MRITC's bankruptcy process," said Mr. Ejgel.

On Sept. 29, 2009, the court declared MRITC bankrupt as part of
the process of the Moscow Oblast's liquidation of the company.  In
S&P's opinion, this means that MRITC will not be able to service
its debt in a timely manner.

According to S&P's calculations, MRITC's debt as of Aug. 1, 2009,
accounted for RUR36 billion, including about RUR21 billion in
direct debt and RUR15 billion of guarantees provided mostly to
Moscow Oblast government-related entities.  The Moscow Oblast
provided guarantees on most of the company's direct debts.

TRAKTOR-MASH CJSC: Orlovskaya Bankruptcy Hearing Set October 14
The Arbitration Court of Orlovskaya will convene on October 14,
2009, to hear bankruptcy supervision procedure on CJSC Traktor-
Mash (Machinery).  The case is docketed under Case No. ?48–

The Temporary Insolvency Manager is:

         I. Maslov
         Priborostroitelnaya Str. 13
         302040 Orel

The Debtor can be reached at:

         CJSC Traktor-Mash
         Artelny pereulok 5
         302023 Orel

UNITED CONFECTIONERS: Fitch Affirms Issuer Default Rating at 'B'
Fitch Ratings has affirmed Russia-based OJSC Holding Company
United Confectioners' Long-term foreign currency Issuer Default
Rating at 'B' and National Long-term Rating at 'BBB-(rus)'.  At
the same time, the ratings have been removed from the Rating Watch
Negative.  The Rating Outlook is Negative.

Fitch also affirmed UC subsidiary, OOO United Confectioners-
Finance's 7.7% RUB3 billion bond due May 2012 at 'B' and 15% RUB3
billion bond due April 2013 at 'B-'.  The Recovery Rating for the
2012 bond is 'RR4', reflecting expected recovery prospects in a
distressed scenario of 31%-50%, while the Recovery Rating for the
2013 bond is 'RR5' reflects expected recoveries of 11%-30%.  These
recovery ratings reflect the different guarantee structures
between the bonds.

The IDRs and National Long-term rating reflect UC's leading market
position supported by a portfolio of strong national and regional
brands, and its resilient operating performance amid the economic
downturn in Russia.  The Negative Outlook reflects concerns
surrounding UC's corporate governance, including inter-company
transactions with a related bank.  Other concerns include the
company's sizable debt maturities over the medium term and an
expected increase in forex risk arising from the group's expansion
over the next few years.

In line with Fitch's expectations, UC's profitability started to
recover in Q408 and this continued in H109, despite the
challenging environment in Russia.  In FY08 UC reported 14.5%
EBITDA margin as opposed to 12.7% in FY07, and in H109 it was
13.4% compared to 8.3% in H108.  Free cash flow was negative in
FY08 but is expected to turn positive in FY09 as EBITDA improves
and capex drops considerably.

Although the company's debt levels increased RUB2.3 billion to
RUB11 billion in FY08, total debt /EBITDA declined to 2.6x from
3.1x, due to better operating margins.  In H109 total debt
declined RUB1.1 billion, thus improving the total debt/last 12
months EBITDA to around 2x.  This trend is expected to continue in
the near term although at a slower pace, assuming the company does
not accelerate the next phase of its investment programme or
engage in substantial M&A activity.

As is typical in Russia, UC retains a short-tenor debt structure,
with around 58.6% of company's debt maturing in next 2-2.5 years.
This results in ongoing refinancing needs over the medium-term,
with the nearest potential repayment being a May 2010 put option
on the company's 7.7% bond due in 2013.  Fitch believes that UC's
existing cash and committed bank lines, together with projected
FCF, should be sufficient to enable the company to repay that put,
should it be necessary.

ZIMINSKIE CONSTRUCTION: Bankruptcy Hearing Set October 14
The Arbitration Court of Kemerovskaya will convene at 10:30 a.m.
on October 14, 2009, to hear bankruptcy supervision procedure on
LLC Ziminskie Constructiom Materials.  The case is docketed under
Case No. ?27–7323/2009.

The Temporary Insolvency Manager is:

         A. Samokhin
         Office 406
         Oktyabrskiy prospect 4

The Debtor can be reached at:

         LLC Ziminskie Constructiom Materials
         40 let Oktyabrya Str. 30
         653013 Kemerovskaya

* IRKUTSK OBLAST: S&P Gives Stable Outlook; Affirms 'B' Rating
Standard & Poor's Ratings Services said that it had revised its
outlook on the Irkutsk Oblast from negative to stable because the
oblast's budgetary performance was better than S&P previously
expected, and because of its improved liquidity and ongoing
extension of its debt's maturity.  At the same time, the 'B' long-
term issuer credit rating was affirmed.

The rating on the Irkutsk Oblast, located in Eastern Siberia in
the Russian Federation (foreign currency BBB/Negative/A-3; local
currency BBB+/Negative/A-2; Russia national scale 'ruAAA') is
constrained by the oblast's still visible refinancing risks,
limited financial flexibility, economic contraction, and rising
contingent liabilities.

"Nevertheless, the oblast government's ability and willingness to
take cost-cutting measures to ensure timely debt repayment and the
ensuing improvement of the oblast's budgetary performance and debt
repayment schedule, as well as the oblast's long-term economic
growth potential, support the oblast's credit quality," said
Standard & Poor's credit analyst Felix Ejgel.

The oblast has managed to extend the maturity of its debt.  In
September the oblast signed an agreement with a state bank on a
three-year amortizing loan that would cover all of its debt
maturing before the end of 2009.  In addition, the oblast may
place a RUR1.6 billion medium—term bond in 2009.

"The stable outlook reflects S&P's expectations that despite the
economic contraction, the Irkutsk Oblast will be able to improve
its budgetary performance in 2009 and reduce its debt service
starting from 2010, thanks to cost-cutting measures, improved
access to capital markets, and support from the federal budget,"
said Mr. Ejgel.

Should the oblast further improve its operating budgetary
performance, thereby restoring its self-funding capacity, or
should it receive additional material support from the federal
budget to restructure its own and municipal overdue payables or
accelerate infrastructure spending -- without deterioration of its
debt burden -- S&P could revise the outlook to positive.

Conversely, the oblast's failure to recover an adequate liquidity
position because of revenue shortfalls, delayed state support,
limited access to the capital market, or larger-than-expected
budget deficits financed with short-term borrowings could weigh
negatively on the rating.

* TOMSK OBLAST: S&P Gives Stable Outlook; Affirms 'B-' Rating
Standard & Poor's Ratings Services said it revised its outlook on
Tomsk Oblast, located in Siberia, to stable from negative.  At the
same time, the 'B-' long-term issuer credit and 'ruBBB' Russia
national scale ratings on the oblast were affirmed.

"The outlook revision follows the ongoing successful refinancing
of the oblast's short-term debts, leading to S&P's expectation
that its debt burden will be lower in 2010," said Standard &
Poor's credit analyst Felix Ejgel.

The oblast's economy remains dependent on the oil and gas sectors,
which represent at least 25% of the oblast's gross regional
product.  A significant drop in oil prices in 2008, exacerbated by
nationwide economic contraction, is likely to have reduced the
oblast's tax revenue in 2009, S&P believe.  GRP will likely
decline by 3% in 2009 on the previous year, while a modest
recovery is expected in 2010-2011.

Economic difficulties have added to pressure on the oblast's
already limited financial flexibility, under which state subsidies
and taxes accounted for about 82% of the oblast's revenues in the
first half of 2009.  The oblast has cut most of its discretionary
spending in 2009 and has very restricted ability for further cuts
in the future.

S&P expects Tomsk Oblast's operating surplus, which has been
consistently low since 2007, to remain weak at about 1.2% of
operating revenues in 2009, thereby highlighting a lack of self-
funding capacity.  Only a moderate improvement to 2%-3% of
operating revenues is forecast for 2010-2011.

The amount and timeliness of federal subsidies, on which the
oblast depends, and its ability to win federal budget loans will
be critical to the oblast's creditworthiness in 2009-2010, in
S&P's opinion.

In 2009, Tomsk Oblast will likely achieve better-than-planned
budgetary performance indicators and refinance debt with
additional support from the federal government in the form of soft
budget loans as well as earmarked and block grants.  S&P expects
that in 2009 the oblast will receive 40% more operating subsidies
than a year ago.  It will also receive at least Russian ruble
(RUR)1 billion in loans from the federal budget with a three-year

"Despite uncertainties about the pace of economic recovery, S&P
expects support from the federal budget should enable the oblast
to stabilize its debt service at about 11%-12% of operating
revenues and keep its budgetary performance at least at about
levels achieved in 2009," said Mr. Ejgel.


LA SEDA: Gets Four-Week Debt Reprieve, Expansion Says
Gianluca Baratti at Bloomberg News, citing Expansion, reports that
La Seda de Barcelona SA has been given a four-week grace period by
creditors, allowing it to negotiate EUR868 million (US$1.26
billion) of debt.

According to Bloomberg, the newspaper, La Seda will raise EUR150
million of new capital in mid-November.

La Seda de Barcelona SA -- is a Spain-
based company primarily engaged in the the production and
marketing of plastics and textiles.  The Company is structured in
six business divisions: PET, PTA, Chemical, Packaging,
Technological and PET Recycling.  The PET division is active in
the manufacturing of PET polymers.  The unit operates under the
brand name Artenius and has production plants mainly in Spain,
Portugal, Italy, Greece, Turkey, Romania and the United Kingdom.
PTA and Chemical divisions are engaged respectively in the
production of polyesters as well as ethylene oxide and glycols,
among others.  Packaging division produces materials for
packaging, mainly for food and beverages sectors.  PET Recycling
division is dedicated to the area of biofuels and Technological
division operates in the area of the rights licenses and patents.
La Seda de Barcelona SA is a parent company of Grupo Seda.  The
Company's main subsidiaries are Slir SL, Petrolest SL and Artenius
Prat PET SL, among others.


DKS LLC: Creditors Must File Claims by October 9
Creditors of LLC Building and Production Company DKS (code EDRPOU
31917251) have until October 9, 2009, to submit proofs of claim

         S. Soldatkin
         Post Office Box 30
         40014 Sumy

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on August 31, 2009.  The case is docketed
under Case No. 6/138-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Building and Production Company DKS
         Selektsionnaya Str. 92-a
         42343 Sumy

OSCAR LLC: Creditors Must File Claims by October 9
Creditors of LLC Oscar (code EDRPOU 14340627) have until
October 9, 2009, to submit proofs of claim to:

         S. Zagorodny
         Insolvency Manager
         Office 12
         Stroiteley Str. 21/9

The Economic Court of Kiev commenced bankruptcy proceedings
against the company.

The Court is located at:

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

The Debtor can be reached at:

         LLC Oscar
         Kaysarov Str. 7/9

RETAIL PARTNERS: Creditors Must File Claims by October 9
Creditors of LLC Retail Partners Ukraine (code EDRPOU 35207265)
have until October 9, 2009, to submit proofs of claim to:

         T. Tarasenko
         Insolvency Manager
         Office 49
         Dobrokhotov Str. 17

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 25, 2009.  The case is docketed
under Case No. 44/466-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Retail Partners Ukraine
         Kibalchich Str. 2-a
         02218 Kiev

SPECIAL METAL: Creditors Must File Claims by October 9
Creditors of LLC Special Metal Trade Plus (code EDRPOU 33869158)
have until October 9, 2009, to submit proofs of claim to:

         N. Zhylenko
         Insolvency Manager
         Post Office Box 3304
         69002 Zaporozhye

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on August 31, 2009.  The case is docketed
under Case No. 12/252/08.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian Str. 4
         69600 Zaporozhye

The Debtor can be reached at:

         LLC Special Metal Trade Plus
         Pamirskaya Str. 17
         69081 Zaporozhye

UCZ ZASLON: Creditors Must File Claims by October 8
Creditors of LLC UCZ Zaslon (code EDRPOU 34484185) have until
October 8, 2009, to submit proofs of claim to:

         O. Agafonov
         Insolvency Manager
         Post Office Box 88
         01024 Kiev

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on September 1, 2009.  The case is docketed
under Case No. 44/502-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC UCZ Zaslon
         Lugov Str. 12
         04074 Kiev

U N I T E D   K I N G D O M

EUROSAIL 2006-2BL: S&P Affirms 'CCC-' Rating on Class F1c Notes
Standard & Poor's Ratings Services has taken various rating
actions on all the notes issued by Eurosail 2006-2BL PLC.

Specifically, S&P has:

* Lowered and removed from CreditWatch negative S&P's ratings on
  the class E1c, D1a, D1c, C1a, and C1c notes;

* Affirmed and removed from CreditWatch negative S&P's ratings on
  the class B1a and B1b notes; and

* Affirmed the class A2c and F1c notes.

The downgrades are due to S&P's expectation of high loss
severities on loans that ultimately default.  In S&P's opinion, if
realized losses continue at their current rate, the class F1c
notes may miss timely interest payments in the very near term.

The transaction's performance has improved in recent quarters.  In
S&P's opinion, this is partly due to the current low interest rate
environment.  Collection rates have increased to 133.8% in
September 2009 from 89.1% in December 2008 and the stock of
repossessions has fallen to 4.6% from 7.3% over the same period.
However, total delinquencies are still high at 35.7% and the
average loss severity on sold repossessions is 32.1% for the
current quarter.

According to the September 2009 investor report, the reserve fund
has been fully drawn and there is an uncleared class F1c principal
deficiency ledger balance of GBP559,157 (36% of the note balance).
If the class F1c notes defer interest, S&P will lower the rating
to 'D'.

                           Ratings List

                      Eurosail 2006-2BL PLC
       EUR60.8 Million, GBP406.28 Million, and US$318 Million
                Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

           Class      To                 From
           -----      --                 ----
           C1a        A                  A+/Watch Neg
           C1c        A                  A+/Watch Neg
           D1a        BB-                BB/Watch Neg
           D1c        BB-                BB/Watch Neg
           E1c        B-                 B/Watch Neg

      Ratings Affirmed and Removed From CreditWatch Negative

           Class      To                 From
           -----      --                 ----
           B1a        AA+                AA+/Watch Neg
           B1b        AA+                AA+/Watch Neg

                         Ratings Affirmed

                        Class      Rating
                        -----      ------
                        A2c        AAA
                        F1c        CCC-

GALA CORAL: Nears Debt-for-Equity-Swap Deal
Katie Allen at The Guardian reports that Gala Coral is close to
finalizing a restructuring deal under which lenders will write off
GBP540 million of debt.

According to the report, Gala Coral's private equity owners
Candover, Cinven and Permira are expected to relinquish up to half
of their company stake in return for cancellation of loans.

Under restructuring plans set to be finalized by the end of the
month, the consortium of private equity owners will hand a stake
in the business to a group of lenders led by the investment firms,
Intermediate Capital and Park Square, the report discloses.

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

SHENDISH MANOR: Sold to Manor of Groves Hotel
The business and assets of Shendish Hotel Limited, a country hotel
and golf course which is based in Apsley, Hemel Hempstead, has
been sold to Planned Holding Limited, which operates the Manor of
Groves Hotel based in East Hertfordshire, which includes a golf
club and country club.

David Crawshaw and Jane Moriarty of KPMG were appointed
administrators to Shendish Manor Limited on May 14, 2009.  The
business was then brought under the control of KPMG who continued
to trade and honour bookings while buyer was found for the
business and assets.  The sale was completed on September 30,

David Crawshaw, joint administrator and partner at KPMG said: "We
are delighted to announce that Shendish Manor has been sold to
local hotel owner, Manor of Groves.  Trading has not been easy in
these difficult times but I'm pleased that the quality of the
hotels service has been maintained, occupancy rates have increased
and that we were able to honor all deposits and wedding bookings.
Id like to take this opportunity to thank the customers and
suppliers for their ongoing support in this difficult time which
has helped to ensure that this historic site will continue for
many years to come."

For queries regarding reservations or bookings please contact:

     Shendish Manor
     Tel: 01442 232220

THPA FINANCE: S&P Assigns Neg. Outlook on 'BB'-Rated Class C Notes
Standard & Poor's Ratings Services removed from CreditWatch
negative all rated notes issued by THPA Finance Ltd., and assigned
a negative outlook to the class C notes.

The negative outlook assigned to the class C notes reflects
vulnerability within a three-year horizon of the class C tranche
to what is, in S&P's opinion, a weakening of the transaction's
cash flow generation capability and business risk profile.  In
particular, S&P will closely monitor the performance of THPA's
main chemical clients going forward.

These rating actions follow S&P's review of the THPA Finance
transaction and its recent meeting with the transaction's
management team.  The review addresses and resolves the
CreditWatch negative placement of May 2009.

The business risk profile remains "satisfactory," in S&P's
opinion.  S&P considers that the ratings remain commensurate with
the risk embedded in this transaction.

                           Ratings List

                         THPA Finance Ltd.
    GBP305 Million Fixed- And Floating-Rate Asset-Backed Notes

             Ratings Removed From CreditWatch Negative

           Class       To                From
           -----       --                ----
           A2          A                 A/Watch Neg
           B           BBB               BBB/Watch Neg

        Rating Assigned Negative Outlook and Removed From
                       CreditWatch Negative

           Class       To                From
           -----       --                ----
           C           BB/Negative       BB/Watch Neg

RMAC 2005-NS4: S&P Downgrades Rating on Class B1 Notes to 'BB+'
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class M2 notes
issued by RMAC 2004-NSP4 PLC and the class B1 notes issued by RMAC
2005-NS4 PLC.  S&P has affirmed all other classes of notes in
these transactions.

The rating actions follow a credit and cash flow analysis of the
most recent loan level information and information from the
September 2009 investor report.  Average loss severities have
increased for both transactions due to falling house prices since

S&P has downgraded the class B1 notes in RMAC 2005-NS4 but have
affirmed the class B1 notes in RMAC 2004-NSP4.  The credit
enhancement for this class for RMAC 2005-NS4 is 3.97% and for RMAC
2004-NSP4 is 4.48%.  According to the investor report, the
annualized excess spread for these classes is currently at 0.36%
and 2.01%, respectively, while total delinquencies are at 32.94%
and 25.86%.

S&P has downgraded the class M2 notes issued by RMAC 2004-NSP4.
S&P previously upgraded these notes to 'AA' from 'A' in November
2007.  Since then, however, S&P has observed an increase in
delinquencies and losses and the notes are no longer able to
withstand S&P's cash flow stresses at the 'AA' rating level.

S&P has affirmed all other notes in both transactions.  The
reserve funds are both at their required amounts and S&P has seen
a drop in repossessions and losses in the last quarter.  Both
transactions are showing high collection rates.

RMAC 2004-NSP4 and RMAC 2005-NS4 are U.K.  residential mortgage-
backed securities transactions, which closed in December 2004 and
December 2005, respectively.

                           Ratings List

       Ratings Lowered and Removed From Creditwatch Negative

                         RMAC 2005-NS4 PLC
         US$206 Million and GBP280 Million Mortgage-Backed
                        Floating-Rate Notes

              Class      To          From
              -----      --          ----
              B1         BB+         BBB/Watch Neg

                         RMAC 2004-NSP4 PLC
       GBP800 Million Mortgage-Backed Floating-Rate Notes

              Class      To          From
              -----      --          ----
              M2         A+          AA/Watch Neg

                         Ratings Affirmed

                         RMAC 2005-NS4 PLC
        US$206 Million and GBP280 Million Mortgage-Backed
                       Floating-Rate Notes

                        Class      Rating
                        -----      ------
                        A3         AAA
                        M1         AAA
                        M2         A+

                        RMAC 2004-NSP4 PLC
        GBP800 Million Mortgage-Backed Floating-Rate Notes

                        Class      Rating
                        -----      ------
                        A2         AAA
                        M1         AAA
                        B1         BBB

WINE CELLAR: 61 Stores Closed; 320 Jobs Affected
Bill Dawson and Daniel Butters of Deloitte on Thursday announced
the sale of the stock and the majority of the retail outlets of
Wine Cellar Limited to EFB Retail.

Messrs. Dawson and Butters were appointed Joint Administrators of
Wine Cellar on September 30.  The company operates 170 off license
and convenience stores predominantly in the North West and North
East of England under the brand names Booze Buster, Simply Drinks
and Simply Food & Drinks.

Mr. Dawson, partner in the Reorganisation Services practice at
Deloitte, commented: "We are pleased to announce the sale of the
majority of the Wine Cellar outlets.  The sale includes 109
stores, which will secure around 640 jobs at these outlets and
around 60 staff from head office.

"The Administrators are not in a position to continue trading the
remaining 61 stores which have not been sold.  These stores have
been closed and unfortunately around 320 employees have been made
redundant.  We will be working closely with the Redundancy
Payments Office to provide support for these staff.

"The company has undertaken an extensive search to find an
investor or buyer.  It has become necessary to sell the business
via an administration, due to its financial position."


* S&P Takes Credit Rating Actions on Six European Synthetic CDOs
Standard & Poor's Ratings Services took credit rating actions on
six European synthetic collateralized debt obligation tranches.

Specifically, S&P:

* Lowered the ratings on three tranches;

* Lowered and kept on CreditWatch negative the ratings on two
  tranches; and

* Removed from CreditWatch negative the rating on one tranche.

The rating actions follow recent rating changes on the underlying
collateral in these transactions, since the rating on the notes is
linked to the rating on the underlying collateral.

                           Ratings List

                          Ratings Lowered

                     Momentum CDO (Europe) Ltd.
        EUR10.3 Million Repackaged MBIA Global Funding LLC
                Variable Coupon Notes Series 2005-8

                To                     From
                --                     ----
                BB+                     BBB

                 Protected Credit Notes Ltd.
US$50 Million Coupon Paying Delacroix Managed Credit Fund Limited
                Fund-Linked SPI Notes Series 3

                To                     From
                --                     ----
                BB+p                   BBBp

                    Willow No.2 (Ireland) PLC
    EUR7 Million Secured Limited-Recourse Variable Rate Notes
                           Series 18

                To                     From
                --                     ----
                A                      A+

         Rating Lowered and Kept on Creditwatch Negative

                        Sceptre Capital B.V.
     EUR40 Million CMS-Linked Repackaged "Power Tranche" Notes
                           Series 2006-5

              To                     From
              --                     ----
              B-/Watch Neg           B/Watch Neg

                       Sceptre Capital B.V.
   EUR25 Million Floating-Rate Repackaged "Power Tranche" Notes
                           Series 2006-6

              To                     From
              --                     ----
              CCC/Watch Neg          CCC+/Watch Neg

            Ratings Removed From Creditwatch Negative

                          Eirles Two Ltd.
        EUR10 Million Floating-Rate Secured Notes Series 44

              To                     From
              --                     ----
              A-                     A-/Watch Neg

* Large Companies with Insolvent Balance Sheet

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

KOMMUNALKREDIT      3730Z AV        -1620545332    52261394319.4
LIBRO AG            LIB AV        -110486313.84     174004185.02
LIBRO AG            LBROF US      -110486313.84     174004185.02
LIBRO AG            LIBR AV       -110486313.84     174004185.02
LIBRO AG            LB6 GR        -110486313.84     174004185.02
SKYEUROPE           SKY PW         -89480486.93      159076577.5
SKYEUROPE           SKYP PW        -89480486.93      159076577.5
SKYEUROPE HLDG      SKYV IX        -89480486.93      159076577.5
SKYEUROPE HLDG      SKY EO         -89480486.93      159076577.5
SKYEUROPE HLDG      SKYPLN EU      -89480486.93      159076577.5
SKYEUROPE HLDG      SKY EU         -89480486.93      159076577.5
SKYEUROPE HLDG      SKYPLN EO      -89480486.93      159076577.5
SKYEUROPE HLDG      SKY AV         -89480486.93      159076577.5
SKYEUROPE HLDG      SKURF US       -89480486.93      159076577.5
SKYEUROPE HLDG      SKY LI         -89480486.93      159076577.5
SKYEUROPE HLDG      S8E GR         -89480486.93      159076577.5
SKYEUROPE HLDG      SKYA PZ        -89480486.93      159076577.5
SKYEUROPE HOL-RT    SK1 AV         -89480486.93      159076577.5

SABENA SA           SABA BB        -85494497.66    2215341059.54

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 EU           -5044973.6     274730005.26
LIBRA HOLIDAYS G    LHG PZ           -5044973.6     274730005.26
LIBRA HOLIDAYS G    LHG CY           -5044973.6     274730005.26
LIBRA HOLIDAYS G    LHG EO           -5044973.6     274730005.26
LIBRA HOLIDAYS-P    LBHG PZ          -5044973.6     274730005.26
LIBRA HOLIDAYS-P    LBHG CY          -5044973.6     274730005.26

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

AGOR AG             DOOG IX          -482446.63     144432986.17
AGOR AG             DOO EU           -482446.63     144432986.17
AGOR AG             NDAGF US         -482446.63     144432986.17
AGOR AG             DOO GR           -482446.63     144432986.17
AGOR AG             DOOD PZ          -482446.63     144432986.17
AGOR AG             DOO EO           -482446.63     144432986.17
AGOR AG-RTS         2301918Z GR      -482446.63     144432986.17
ALNO AG             ALNO IX        -68516656.94     290459933.75
ALNO AG             ANO GR         -68516656.94     290459933.75
ALNO AG             ANO PZ         -68516656.94     290459933.75
ALNO AG             ANO EO         -68516656.94     290459933.75
ALNO AG             ANO EU         -68516656.94     290459933.75
ALNO AG-NEW         ANO1 GR        -68516656.94     290459933.75
ALNO AG-RTS         2259765Z GR    -68516656.94     290459933.75
BROKAT AG           BROAF US       -27139391.98     143536859.72
BROKAT AG           BRKAF US       -27139391.98     143536859.72
BROKAT AG           BROFQ US       -27139391.98     143536859.72
BROKAT AG           BKISF US       -27139391.98     143536859.72
BROKAT AG -NEW      BRJ1 NM        -27139391.98     143536859.72
BROKAT AG -NEW      BRJ1 GR        -27139391.98     143536859.72
BROKAT AG-ADR       BROA US        -27139391.98     143536859.72
BROKAT TECH -ADR    BROAQ US       -27139391.98     143536859.72
BROKAT TECH AG      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      COB2 EO        -42994732.85     904723627.84
CBB HOLDING AG      COB GR         -42994732.85     904723627.84
CBB HOLDING AG      COBG IX        -42994732.85     904723627.84
CBB HOLDING AG      CUBDF US       -42994732.85     904723627.84
CBB HOLDING AG      COBG PZ        -42994732.85     904723627.84
CBB HOLDING AG      COB2 EU        -42994732.85     904723627.84
CBB HOLDING-NEW     COB1 GR        -42994732.85     904723627.84
CBB HOLDING-NEW     COB3 GR        -42994732.85     904723627.84
CINEMAXX AG         CNEMF US       -42008900.33     144431938.27
CINEMAXX AG         MXCUSD EU      -42008900.33     144431938.27
CINEMAXX AG         MXCUSD EO      -42008900.33     144431938.27
CINEMAXX AG         MXCG IX        -42008900.33     144431938.27
CINEMAXX AG         MXC EO         -42008900.33     144431938.27
CINEMAXX AG         MXC EU         -42008900.33     144431938.27
CINEMAXX AG         MXC GR         -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    EMTVF US       -22067409.41     849175624.65
EM.TV & MERCHAND    ETV NM         -22067409.41     849175624.65
EM.TV & MERCHAND    ETV LN         -22067409.41     849175624.65
EM.TV & MERCHAND    ETV VX         -22067409.41     849175624.65
ESCADA AG           ESCG IX        -22323463.23     425598807.76
ESCADA AG           ESC GR         -22323463.23     425598807.76
ESCADA AG           ESC TQ         -22323463.23     425598807.76
ESCADA AG           ESC BQ         -22323463.23     425598807.76
ESCADA AG           ESCDF US       -22323463.23     425598807.76
ESCADA AG           ESC EO         -22323463.23     425598807.76
ESCADA AG           ESC PZ         -22323463.23     425598807.76
ESCADA AG           ESC EU         -22323463.23     425598807.76
ESCADA AG -PFD      ESC3 GR        -22323463.23     425598807.76
ESCADA AG-NEW       ESCN GR        -22323463.23     425598807.76
ESCADA AG-NEW       835345Q GR     -22323463.23     425598807.76
ESCADA AG-NEW       3069367Q GR    -22323463.23     425598807.76
ESCADA AG-NEW       ESCN EO        -22323463.23     425598807.76
ESCADA AG-NEW       ESCC GR        -22323463.23     425598807.76
ESCADA AG-NEW       ESCD GR        -22323463.23     425598807.76
ESCADA AG-NEW       ESCN EU        -22323463.23     425598807.76
ESCADA AG-RTS       ESCE GR        -22323463.23     425598807.76
ESCADA AG-SP ADR    ESCDY US       -22323463.23     425598807.76
KAUFRING AG         KFR PZ         -19296489.56     150995473.81
KAUFRING AG         KAUG IX        -19296489.56     150995473.81
KAUFRING AG         KFR EU         -19296489.56     150995473.81
KAUFRING AG         KFR GR         -19296489.56     150995473.81
KAUFRING AG         KFR EO         -19296489.56     150995473.81
MANIA TECHNOLOGI    MNIG IX         -35060806.5     107465713.61
MANIA TECHNOLOGI    MNI1 EO         -35060806.5     107465713.61
MANIA TECHNOLOGI    MNI GR          -35060806.5     107465713.61
MANIA TECHNOLOGI    2260970Z GR     -35060806.5     107465713.61
MANIA TECHNOLOGI    MIAVF US        -35060806.5     107465713.61
MANIA TECHNOLOGI    MNI NM          -35060806.5     107465713.61
MANIA TECHNOLOGI    MNI PZ          -35060806.5     107465713.61
MANIA TECHNOLOGI    MNI1 EU         -35060806.5     107465713.61
MATERNUS KLINI-N    MAK1 GR        -18996733.83     183928734.46
MATERNUS-KLINIKE    MAK EU         -18996733.83     183928734.46
MATERNUS-KLINIKE    MAK PZ         -18996733.83     183928734.46
MATERNUS-KLINIKE    MAK EO         -18996733.83     183928734.46
MATERNUS-KLINIKE    MAKG IX        -18996733.83     183928734.46
MATERNUS-KLINIKE    MNUKF US       -18996733.83     183928734.46
MATERNUS-KLINIKE    MAK GR         -18996733.83     183928734.46
NORDAG AG           DOO1 GR          -482446.63     144432986.17
NORDAG AG-PFD       DOO3 GR          -482446.63     144432986.17
NORDAG AG-RTS       DOO8 GR          -482446.63     144432986.17
NORDSEE AG          533061Q GR      -8200552.05     194616922.62
PRIMACOM AG         PRC EU         -18656728.68     610380925.67
PRIMACOM AG         PCAGF US       -18656728.68     610380925.67
PRIMACOM AG         PRC NM         -18656728.68     610380925.67
PRIMACOM AG         PRC GR         -18656728.68     610380925.67
PRIMACOM AG         PRC EO         -18656728.68     610380925.67
PRIMACOM AG         PRCG PZ        -18656728.68     610380925.67
PRIMACOM AG         PRC2 GR        -18656728.68     610380925.67
PRIMACOM AG         PRCG IX        -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     ROS1 EO         -1744121.91     217776125.75
RAG ABWICKL-REG     RSTHF US        -1744121.91     217776125.75
RAG ABWICKL-REG     ROS1 EU         -1744121.91     217776125.75
RAG ABWICKL-REG     ROS GR          -1744121.91     217776125.75
RAG ABWICKL-REG     ROSG PZ         -1744121.91     217776125.75
RINOL AG            RILB EO               -2.71     168095049.11
RINOL AG            RILB PZ               -2.71     168095049.11
RINOL AG            RIL GR                -2.71     168095049.11
RINOL AG            RNLAF US              -2.71     168095049.11
RINOL AG            RILB GR               -2.71     168095049.11
RINOL AG            RILB IX               -2.71     168095049.11
RINOL AG            RILB EU               -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    2916161Q EO     -6153256.92     127548039.68
SANDER (JIL)-PRF    SAD3 PZ         -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     SPHFF US      -442426199.47    1433020960.55
SPAR HANDELS-AG     773844Q GR    -442426199.47    1433020960.55
TA TRIUMPH-A-RTS    1018916Z GR   -106778475.76     427535397.03
TA TRIUMPH-ACQ      TWNA GR       -106778475.76     427535397.03
TA TRIUMPH-ACQ      TWNA EU       -106778475.76     427535397.03
TA TRIUMPH-ADLER    TWN EO        -106778475.76     427535397.03
TA TRIUMPH-ADLER    TTZAF US      -106778475.76     427535397.03
TA TRIUMPH-ADLER    TWN GR        -106778475.76     427535397.03
TA TRIUMPH-ADLER    TWN PZ        -106778475.76     427535397.03
TA TRIUMPH-ADLER    TWN EU        -106778475.76     427535397.03
TA TRIUMPH-ADLER    TWNG IX       -106778475.76     427535397.03
TA TRIUMPH-NEW      TWN1 GR       -106778475.76     427535397.03
TA TRIUMPH-RT       TWN8 GR       -106778475.76     427535397.03
TA TRIUMPH-RTS      3158577Q GR   -106778475.76     427535397.03
VIVANCO GRUPPE      VIVGF US       -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      VVA1 EO        -22198683.12     111990951.35
VIVANCO GRUPPE      VVA1 EU        -22198683.12     111990951.35
VIVANCO GRUPPE      VVA GR         -22198683.12     111990951.35

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

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

CARRERE GROUP       CAR2 EU        -23319835.34     364475420.31
CARRERE GROUP       CARG FP        -23319835.34     364475420.31
CARRERE GROUP       XRR GR         -23319835.34     364475420.31
CARRERE GROUP       CRGP IX        -23319835.34     364475420.31
CARRERE GROUP       CAR2 EO        -23319835.34     364475420.31
CARRERE GROUP       CAR FP         -23319835.34     364475420.31
CARRERE GROUP       CRRHF US       -23319835.34     364475420.31
CARRERE GROUP       CARF PZ        -23319835.34     364475420.31
CESAR SA            CESS FP         -3730170.42     192686088.09
CESAR SA -RTS       CSADS FP        -3730170.42     192686088.09
CESAR SA-NON REG    CSANR FP        -3730170.42     192686088.09
CESAR SA-NON REG    CSAR PZ         -3730170.42     192686088.09
CESAR SA-NON REG    2827624Q EU     -3730170.42     192686088.09
CESAR SA-NON REG    CESXF US        -3730170.42     192686088.09
CESAR SA-NON REG    CEZPI IX        -3730170.42     192686088.09
CESAR SA-NON REG    2827628Q EO     -3730170.42     192686088.09
CESAR SA-REGR       CSAR EU         -3730170.42     192686088.09
CESAR SA-REGR       CEZR PZ         -3730170.42     192686088.09
CESAR SA-REGR       CSRAF US        -3730170.42     192686088.09
CESAR SA-REGR       CSAR FP         -3730170.42     192686088.09
CESAR SA-REGR       CEZP IX         -3730170.42     192686088.09
CESAR SA-REGR       CSAR EO         -3730170.42     192686088.09
CESAR SA-RIGHTS     CSSR FP         -3730170.42     192686088.09
CESAR SA-RIGHTS     CESR FP         -3730170.42     192686088.09
CHAINE ET TRAME     CHTR FP         -46169771.5     134467847.56
CHAINE ET TRAME     CTRM FP         -46169771.5     134467847.56
GRANDE PAROISSE     GDPA FP        -927267926.9        629287290
GRANDE PAROISSE     GAPA FP        -927267926.9        629287290
GRANDE PAROISSE     GDPXF US       -927267926.9        629287290
IMMOB HOTEL BALN    IMHB FP        -66874823.95     301323804.92
IMMOB HOTELIERE     IMHO PZ        -66874823.95     301323804.92
IMMOB HOTELIERE     IMHO EO        -66874823.95     301323804.92
IMMOB HOTELIERE     IMMH IX        -66874823.95     301323804.92
IMMOB HOTELIERE     IMH GR         -66874823.95     301323804.92
IMMOB HOTELIERE     IMHO EU        -66874823.95     301323804.92
IMMOB HOTELIERE     SIH FP         -66874823.95     301323804.92
IMMOB HOTELIERE     IMBHF US       -66874823.95     301323804.92
IMMOB HOTELIERE     IMHO FP        -66874823.95     301323804.92
LAB DOLISOS         DOLI FP        -27752176.19     110485462.44
LAB DOLISOS         LADL FP        -27752176.19     110485462.44
MATUSSIERE & FOR    MTUSF US       -77896683.67     293868350.79
MATUSSIERE & FOR    1007765Q FP    -77896683.67     293868350.79
MB RETAIL EUROPE    MBRE EU         -46169771.5     134467847.56
MB RETAIL EUROPE    MBRE FP         -46169771.5     134467847.56
MB RETAIL EUROPE    MBRE EO         -46169771.5     134467847.56
MB RETAIL EUROPE    CTRF IX         -46169771.5     134467847.56
MB RETAIL EUROPE    MBRE PZ         -46169771.5     134467847.56
NORTENE             NRTN FP        -35623999.56     117566786.87
NORTENE             NORT FP        -35623999.56     117566786.87
NORTENE             NRTP IX        -35623999.56     117566786.87
OROSDI              OROS FP            -7291.55     131233317.62
OROSDI-BACK         OROS EO            -7291.55     131233317.62
OROSDI-BACK         ORBA FP            -7291.55     131233317.62
OROSDI-BACK         OROS EU            -7291.55     131233317.62
OROSDI-BACK         OROS PZ            -7291.55     131233317.62
OROSDI-BACK         BACK IX            -7291.55     131233317.62
OUTSIDE LIVING I    OLIN PZ        -35623999.56     117566786.87
OUTSIDE LIVING I    NORT EU        -35623999.56     117566786.87
OUTSIDE LIVING I    NORT EO        -35623999.56     117566786.87
OUTSIDE LIVING I    OLIN FP        -35623999.56     117566786.87
OUTSIDE LIVING I    NORT PZ        -35623999.56     117566786.87
PAGESJAUNES         PGJUF US     -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJGBX EO    -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ EO       -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ VX       -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ IX       -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ EB       -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ BQ       -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ FP       -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ LI       -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ PZ       -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ EU       -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJGBP EO    -3303869370.49     970555919.29
PAGESJAUNES GRP     QS3 GR       -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJP IX      -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJUSD EU    -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ NQ       -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ QM       -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJ TQ       -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJGBX EU    -3303869370.49     970555919.29
PAGESJAUNES GRP     PAJUSD EO    -3303869370.49     970555919.29
RHODIA SA           RHA NQ        -859847725.87    5799757209.78
RHODIA SA           2324011Q EU   -859847725.87    5799757209.78
RHODIA SA           RHA TQ        -859847725.87    5799757209.78
RHODIA SA           RHANR FP      -859847725.87    5799757209.78
RHODIA SA           RHA PZ        -859847725.87    5799757209.78
RHODIA SA           RHA FP        -859847725.87    5799757209.78
RHODIA SA           RHD GR        -859847725.87    5799757209.78
RHODIA SA           RHA VX        -859847725.87    5799757209.78
RHODIA SA           RHA QM        -859847725.87    5799757209.78
RHODIA SA           RHANR PZ      -859847725.87    5799757209.78
RHODIA SA           RHA IX        -859847725.87    5799757209.78
RHODIA SA           RHA EB        -859847725.87    5799757209.78
RHODIA SA           RHA EO        -859847725.87    5799757209.78
RHODIA SA           RHAGBP EO     -859847725.87    5799757209.78
RHODIA SA           RHA BQ        -859847725.87    5799757209.78
RHODIA SA           RHDI GR       -859847725.87    5799757209.78
RHODIA SA           RHAGBX EU     -859847725.87    5799757209.78
RHODIA SA           RHAUSD EO     -859847725.87    5799757209.78
RHODIA SA           RHAGBX EO     -859847725.87    5799757209.78
RHODIA SA           RHADF US      -859847725.87    5799757209.78
RHODIA SA           RHA EU        -859847725.87    5799757209.78
RHODIA SA           RHAUSD EU     -859847725.87    5799757209.78
RHODIA SA           RHAY IX       -859847725.87    5799757209.78
RHODIA SA           3218857Q IX   -859847725.87    5799757209.78
RHODIA SA           RHDAF US      -859847725.87    5799757209.78
RHODIA SA           2324015Q EO   -859847725.87    5799757209.78
RHODIA SA - NEW     RHANV FP      -859847725.87    5799757209.78
RHODIA SA - NEW     2335921Q FP   -859847725.87    5799757209.78
RHODIA SA - NEW     3156011Q FP   -859847725.87    5799757209.78
RHODIA SA-ADR       RHAYY US      -859847725.87    5799757209.78
RHODIA SA-RIGHTS    653447Q FP    -859847725.87    5799757209.78
RHODIA SA-RIGHTS    RHADS FP      -859847725.87    5799757209.78
SDR CENTREST        117241Q FP    -132420119.65     252176017.15
SELCODIS            SPVX IX        -21481214.33     175720770.81
SELCODIS            SLCO EU        -21481214.33     175720770.81
SELCODIS            SLCO EO        -21481214.33     175720770.81
SELCODIS            SLCO FP        -21481214.33     175720770.81
Selcodis            SPVX FP        -21481214.33     175720770.81
SELCODIS            SLCO PZ        -21481214.33     175720770.81
THOMSON - NEW       TMSNV FP      -587281616.69    6690514314.58
THOMSON - NEW       2336061Q FP   -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMMN FP       -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMS QM        -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMMLF US      -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMSGBP EO     -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMSGBX EU     -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMS EU        -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMSUSD EU     -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMM LN        -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMS VX        -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMM IX        -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMM VX        -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMS BQ        -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMS NQ        -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMS PZ        -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMSUSD EO     -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMS US        -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)    TNM GR        -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMS TQ        -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMS EO        -587281616.69    6690514314.58
THOMSON (EX-TMM)    TNMA GR       -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMM ES        -587281616.69    6690514314.58
THOMSON (EX-TMM)    TMS EB        -587281616.69    6690514314.58
THOMSON MULT-ADR    TMS-P US      -587281616.69    6690514314.58
THOMSON MULTI-NE    ZTM FP        -587281616.69    6690514314.58
THOMSON MULTIMED    TMM FP        -587281616.69    6690514314.58
TROUVAY CAUVIN      TVYCF US            -396978     133986439.74
TROUVAY CAUVIN      ETEC FP             -396978     133986439.74

ABBOTT MEAD VICK    648824Q LN       -1685852.9     168258996.33
ADVANCE DISPLAY     ADTP PZ      -3015578834.69    2590007903.69
AEA TECHNOLO-FPR    AATF PZ       -149279984.66     121254240.42
AEA TECHNOLO-FPR    AATF LN       -149279984.66     121254240.42
AEA TECHNOLO-NPR    AATN PZ       -149279984.66     121254240.42
AEA TECHNOLO-NPR    AATN LN       -149279984.66     121254240.42
AEA TECHNOLOGY      EAETF US      -149279984.66     121254240.42
AEA TECHNOLOGY      AATGBP EO     -149279984.66     121254240.42
AEA TECHNOLOGY      AAT LN        -149279984.66     121254240.42
AEA TECHNOLOGY      AAT IX        -149279984.66     121254240.42
AEA TECHNOLOGY      AAT EO        -149279984.66     121254240.42
AEA TECHNOLOGY      AAT VX        -149279984.66     121254240.42
AEA TECHNOLOGY      AAT EU        -149279984.66     121254240.42
AEA TECHNOLOGY      AEY GR        -149279984.66     121254240.42
AEA TECHNOLOGY      AAT PO        -149279984.66     121254240.42
AEA TECHNOLOGY      AAT PZ        -149279984.66     121254240.42
AIRTOURS PLC        AIR LN        -379721841.57    1817512773.61
AIRTOURS PLC        AIR VX        -379721841.57    1817512773.61
AIRTOURS PLC        ATORF US      -379721841.57    1817512773.61
ALLDAYS PLC         317056Q LN    -120493900.04     252232072.87
ALLDAYS PLC         ALDYF US      -120493900.04     252232072.87
AMER BUS SYS        ARB LN           -497127008        121439000
AMEY PLC            AMY LN         -48862569.33     931527720.46
AMEY PLC            AMY VX         -48862569.33     931527720.46
AMEY PLC            AMEYF US       -48862569.33     931527720.46
AMEY PLC-ASSENT     AMYA LN        -48862569.33     931527720.46
AMEY PLC-NEW        AMYN LN        -48862569.33     931527720.46
ANKER PLC           DW14 GR        -21861359.81        115463159
ANKER PLC           ANK LN         -21861359.81        115463159
ANKER PLC           ANK PO         -21861359.81        115463159
ANKER PLC - ASSD    ANKB LN        -21861359.81        115463159
ANKER PLC - ASSD    ANKC LN        -21861359.81        115463159
ANKER PLC-ASSD      ANKA LN        -21861359.81        115463159
ATKINS (WS) PLC     ATKEUR EU      -62199993.61    1184945671.16
ATKINS (WS) PLC     ATKGBP EO      -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK TQ         -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 NR         -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK EU         -62199993.61    1184945671.16
ATKINS (WS) PLC     ATKEUR EO      -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK EO         -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK NQ         -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK EB         -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK IX         -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK LN         -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 QM         -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK BQ         -62199993.61    1184945671.16
BCH GROUP PLC       BCH LN          -5728274.38     187993198.22
BLACK & EDGINGTO    BLE LN        -134177517.41     149159301.57
BNB RECRUITMENT     BNB LN         -10242627.53     103637704.96
BNB RECRUITMENT     BNB IX         -10242627.53     103637704.96
BNB RECRUITMENT     BQX GR         -10242627.53     103637704.96
BNB RECRUITMENT     BNBRF US       -10242627.53     103637704.96
BNB RECRUITMENT     BNB PO         -10242627.53     103637704.96
BOOKER PLC          1330Q GR        -59832880.4    1298182548.71
BOOKER PLC          987188Q LN      -59832880.4    1298182548.71
BOOKER PLC          BKERF US        -59832880.4    1298182548.71
BOOKER PLC-ADR      BOK$ LN         -59832880.4    1298182548.71
BOOKER PLC-ADR      BKRUY US        -59832880.4    1298182548.71
BRADSTOCK GROUP     BSKGF US        -1855444.44     268563822.49
BRADSTOCK GROUP     BDK LN          -1855444.44     268563822.49
BRIT ENERGY LTD     523362Q LN   -5822867500.78    4921095749.61
BRIT ENERGY PLC     BGYEF US     -5822867500.78    4921095749.61
BRIT ENERGY PLC     BHEGF US     -5822867500.78    4921095749.61
BRIT ENERGY PLC     555140Q VX   -5822867500.78    4921095749.61
BRIT ENERGY PLC     BEN1 GR      -5822867500.78    4921095749.61
BRIT ENERGY-A       BENA GR      -5822867500.78    4921095749.61
BRIT ENERGY-ADR     BHEFF US     -5822867500.78    4921095749.61
BRIT NUCLEAR        1046Z LN      -4247644149.6   40325778907.11
BRIT SKY BRO-ADR    BSY$ LN       -105366394.04    7522172619.36
BRIT SKY BRO-ADR    BSY US        -105366394.04    7522172619.36
BRIT SKY BROADCA    BSYB GR       -105366394.04    7522172619.36
BRIT TELECOM        9484 JP       -5223868149.3   46894630327.28
BRIT TELECOM        BTE GR        -5223868149.3   46894630327.28
BRIT TELECOM PLC    BTPLF US      -5223868149.3   46894630327.28
BRIT TELECOM PLC    BTPWF US      -5223868149.3   46894630327.28
BRIT TELECOM PLC    BT/A VX       -5223868149.3   46894630327.28
BRIT TELECOM-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    BGYNYB AR    -5822867500.78    4921095749.61
BRITISH ENER-BLK    BGYB AR      -5822867500.78    4921095749.61
BRITISH ENER-C/E    BGYNYC AR    -5822867500.78    4921095749.61
BRITISH ENER-C/E    BGYC AR      -5822867500.78    4921095749.61
BRITISH ENER-CED    BGYNY AR     -5822867500.78    4921095749.61
BRITISH ENER-CED    BGY 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    BGYA VX      -5822867500.78    4921095749.61
BRITISH ENERGY-A    BHEAF US     -5822867500.78    4921095749.61
BRITISH ENERGY-A    3012442Q LN  -5822867500.78    4921095749.61
BRITISH SKY BROA    BSY NR        -105366394.04    7522172619.36
BRITISH SKY BROA    BSY QM        -105366394.04    7522172619.36
BRITISH SKY BROA    BSY BQ        -105366394.04    7522172619.36
BRITISH SKY BROA    BSYGBP EO     -105366394.04    7522172619.36
BRITISH SKY BROA    BSY EO        -105366394.04    7522172619.36
BRITISH SKY BROA    BSYUSD EU     -105366394.04    7522172619.36
BRITISH SKY BROA    BSY VX        -105366394.04    7522172619.36
BRITISH SKY BROA    BSY PO        -105366394.04    7522172619.36
BRITISH SKY BROA    BSYBF US      -105366394.04    7522172619.36
BRITISH SKY BROA    BSY LN        -105366394.04    7522172619.36
BRITISH SKY BROA    BSYEUR EU     -105366394.04    7522172619.36
BRITISH SKY BROA    BSY EU        -105366394.04    7522172619.36
BRITISH SKY BROA    BSY TQ        -105366394.04    7522172619.36
BRITISH SKY BROA    BSYEUR EO     -105366394.04    7522172619.36
BRITISH SKY BROA    BSY IX        -105366394.04    7522172619.36
BRITISH SKY BROA    BSY PZ        -105366394.04    7522172619.36
BRITISH SKY BROA    BSYUSD EO     -105366394.04    7522172619.36
BRITISH SKY BROA    BSY NQ        -105366394.04    7522172619.36
BRITISH SKY BROA    BSY EB        -105366394.04    7522172619.36
BRITISH SKY BROA    BSB GR        -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 IX          -731325.03    1222775450.71
BRITVIC PLC         BVIC LN          -731325.03    1222775450.71
BRITVIC PLC         BVIC EB          -731325.03    1222775450.71
BRITVIC PLC         BVIC NR          -731325.03    1222775450.71
BRITVIC PLC         BVICEUR EU       -731325.03    1222775450.71
BRITVIC PLC         BVICGBP EO       -731325.03    1222775450.71
BRITVIC PLC         BVICEUR EO       -731325.03    1222775450.71
BRITVIC PLC         BVIC EO          -731325.03    1222775450.71
BRITVIC PLC         BVIC VX          -731325.03    1222775450.71
BRITVIC PLC         BVIC TQ          -731325.03    1222775450.71
BRITVIC PLC         BVIC QM          -731325.03    1222775450.71
BRITVIC PLC         BVIC EU          -731325.03    1222775450.71
BRITVIC PLC         BTVCF US         -731325.03    1222775450.71
BRITVIC PLC         BVIC NQ          -731325.03    1222775450.71
BRITVIC PLC         BVIC BQ          -731325.03    1222775450.71
BRITVIC PLC         BVIC PZ          -731325.03    1222775450.71
BRITVIC PLC         BVICUSD EU       -731325.03    1222775450.71
BRITVIC PLC         BVICUSD EO       -731325.03    1222775450.71
BT GROUP PLC        BT/AUSD EU    -5223868149.3   46894630327.28
BT GROUP PLC        BT/ VX        -5223868149.3   46894630327.28
BT GROUP PLC        BT/A EB       -5223868149.3   46894630327.28
BT GROUP PLC        BTQ GR        -5223868149.3   46894630327.28
BT GROUP PLC        BT/AEUR EO    -5223868149.3   46894630327.28
BT GROUP PLC        BT/A NR       -5223868149.3   46894630327.28
BT GROUP PLC        BT IX         -5223868149.3   46894630327.28
BT GROUP PLC        BT/APEN EU    -5223868149.3   46894630327.28
BT GROUP PLC        BT/AEUR EU    -5223868149.3   46894630327.28
BT GROUP PLC        BT/A LN       -5223868149.3   46894630327.28
BT GROUP PLC        BT/AUSD EO    -5223868149.3   46894630327.28
BT GROUP PLC        BT/A TQ       -5223868149.3   46894630327.28
BT GROUP PLC        BT/A EU       -5223868149.3   46894630327.28
BT GROUP PLC        BT/A NQ       -5223868149.3   46894630327.28
BT GROUP PLC        BT/APEN EO    -5223868149.3   46894630327.28
BT GROUP PLC        BT/AGBP EO    -5223868149.3   46894630327.28
BT GROUP PLC        BT PZ         -5223868149.3   46894630327.28
BT GROUP PLC        BTEG IX       -5223868149.3   46894630327.28
BT GROUP PLC        BT/A BQ       -5223868149.3   46894630327.28
BT GROUP PLC        BT/A PO       -5223868149.3   46894630327.28
BT GROUP PLC        BT/A QM       -5223868149.3   46894630327.28
BT GROUP PLC        BT/A EO       -5223868149.3   46894630327.28
BT GROUP PLC        BTGOF US      -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     BT AR         -5223868149.3   46894630327.28
BT GROUP-CEDEAR     BTY AR        -5223868149.3   46894630327.28
BT GROUP-SPON AD    BTYN MM       -5223868149.3   46894630327.28
BT GROUP-SPON AD    BT US         -5223868149.3   46894630327.28
BT GROUP-SPON AD    BT MM         -5223868149.3   46894630327.28
BT GROUP-SPON AD    BTY US        -5223868149.3   46894630327.28
CARLISLE GROUP      506819Q LN     -11904426.45     203548565.03
CHRYSALIS GROUP     CHSUSD EU       -5851089.05     101497520.61
CHRYSALIS GROUP     CYGUF US        -5851089.05     101497520.61
CHRYSALIS GROUP     CHS EU          -5851089.05     101497520.61
CHRYSALIS GROUP     CHS PZ          -5851089.05     101497520.61
CHRYSALIS GROUP     CLYSF US        -5851089.05     101497520.61
CHRYSALIS GROUP     CHS IX          -5851089.05     101497520.61
CHRYSALIS GROUP     HR4 GR          -5851089.05     101497520.61
CHRYSALIS GROUP     CHS EO          -5851089.05     101497520.61
CHRYSALIS GROUP     CHSEUR EU       -5851089.05     101497520.61
CHRYSALIS GROUP     CHSGBP EO       -5851089.05     101497520.61
CHRYSALIS GROUP     5CY GR          -5851089.05     101497520.61
CHRYSALIS GROUP     CHSEUR EO       -5851089.05     101497520.61
CHRYSALIS GROUP     CHS LN          -5851089.05     101497520.61
CHRYSALIS GROUP     CHSUSD EO       -5851089.05     101497520.61
CHRYSALIS GROUP     CHS VX          -5851089.05     101497520.61
CHRYSALIS GROUP     CHS PO          -5851089.05     101497520.61
CLIPPER WINDPOWE    CWPA LN          -218336000        776211968
CLIPPER WINDPOWE    C2W GR           -218336000        776211968
CLIPPER WINDPOWE    CRPWF US         -218336000        776211968
CLIPPER WINDPOWE    CWP EU           -218336000        776211968
CLIPPER WINDPOWE    CWP EO           -218336000        776211968
CLIPPER WINDPOWE    CWP PG           -218336000        776211968
CLIPPER WINDPOWE    CWP LN           -218336000        776211968
CLIPPER WINDPOWE    CWP PZ           -218336000        776211968
CLIPPER WINDPOWE    CWP IX           -218336000        776211968
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       COST PO        -19097658.92     649978943.25
COSTAIN GROUP       COSTGBP EO     -19097658.92     649978943.25
COSTAIN GROUP       CSGFF US       -19097658.92     649978943.25
COSTAIN GROUP       COSTEUR EO     -19097658.92     649978943.25
COSTAIN GROUP       COST EU        -19097658.92     649978943.25
COSTAIN GROUP       COST LN        -19097658.92     649978943.25
COSTAIN GROUP       COST PZ        -19097658.92     649978943.25
COSTAIN GROUP       COST VX        -19097658.92     649978943.25
COSTAIN GROUP       COSTEUR EU     -19097658.92     649978943.25
COSTAIN GROUP       COST IX        -19097658.92     649978943.25
COSTAIN GROUP       COSTUSD EO     -19097658.92     649978943.25
COSTAIN GROUP       COST EO        -19097658.92     649978943.25
COSTAIN GROUP       COSTUSD EU     -19097658.92     649978943.25
DANKA BUS SYSTEM    DNK VX           -497127008        121439000
DANKA BUS SYSTEM    DANKF US         -497127008        121439000
DANKA BUS SYSTEM    DNK PZ           -497127008        121439000
DANKA BUS SYSTEM    DNK LN           -497127008        121439000
DANKA BUS SYSTEM    3205283Q EO      -497127008        121439000
DANKA BUS SYSTEM    3205291Q EO      -497127008        121439000
DANKA BUS SYSTEM    3205287Q EU      -497127008        121439000
DANKA BUS SYSTEM    DNK IX           -497127008        121439000
DANKA BUS SYSTEM    DNK PO           -497127008        121439000
DANKA BUS-$US CE    DANKD AR         -497127008        121439000
DANKA BUS-ADR       DANKY US         -497127008        121439000
DANKA BUS-ADR       DANKE US         -497127008        121439000
DANKA BUS-ADR       AP39 LI          -497127008        121439000
DANKA BUS-ADR       DB6 GR           -497127008        121439000
DANKA BUS-BLK CE    DANKB AR         -497127008        121439000
DANKA BUS-C/E CE    DANKC AR         -497127008        121439000
DANKA BUS-CEDEAR    DANK AR          -497127008        121439000
DAWSON HOLDINGS     DWN1 EO        -54451186.72     128196101.01
DAWSON HOLDINGS     DWN1EUR EO     -54451186.72     128196101.01
DAWSON HOLDINGS     DWN IX         -54451186.72     128196101.01
DAWSON HOLDINGS     DWN1 EU        -54451186.72     128196101.01
DAWSON HOLDINGS     DWN1EUR EU     -54451186.72     128196101.01
DAWSON HOLDINGS     DWN1GBP EO     -54451186.72     128196101.01
DAWSON HOLDINGS     DWN LN         -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 PO         -54451186.72     128196101.01
DEVELICA DEUTSCH    DDE PG         -41866600.36    1178479579.31
DEVELICA DEUTSCH    DDE IX         -41866600.36    1178479579.31
DEVELICA DEUTSCH    DDE LN         -41866600.36    1178479579.31
DEVELICA DEUTSCH    D4B GR         -41866600.36    1178479579.31
DEVELICA DEUTSCH    DDE PZ         -41866600.36    1178479579.31
EASYNET GROUP       ESY LN         -45232889.17     322770283.93
EASYNET GROUP       ESY VX         -45232889.17     322770283.93
EASYNET GROUP       EAY GR         -45232889.17     322770283.93
EASYNET GROUP       ESY PO         -45232889.17     322770283.93
EASYNET GROUP       EZNGF US       -45232889.17     322770283.93
EASYNET GROUP-CV    91009Z LN      -45232889.17     322770283.93
EMI GROUP -ASSD     EMIA LN      -2265916256.89    2950021937.14
EMI GROUP LTD       EMI LN       -2265916256.89    2950021937.14
EMI GROUP PLC       3020138Q GR  -2265916256.89    2950021937.14
EMI GROUP PLC       EMI PO       -2265916256.89    2950021937.14
EMI GROUP PLC       EMI IX       -2265916256.89    2950021937.14
EMI GROUP PLC       EMI VX       -2265916256.89    2950021937.14
EMI GROUP PLC       EMIPF US     -2265916256.89    2950021937.14
EMI GROUP PLC-B     1019425Q LN  -2265916256.89    2950021937.14
EMI GROUP-ADR       EMI$ LN      -2265916256.89    2950021937.14
EMI GROUP-ADR       38IS LN      -2265916256.89    2950021937.14
EMI GROUP-ADR       EMIPY US     -2265916256.89    2950021937.14
EUROPEAN HOME       KLZ PO         -14328735.16     110864081.39
EUROPEAN HOME       KLZ VX         -14328735.16     110864081.39
EUROPEAN HOME       EHR EO         -14328735.16     110864081.39
EUROPEAN HOME       EHREUR EU      -14328735.16     110864081.39
EUROPEAN HOME       EHR PO         -14328735.16     110864081.39
EUROPEAN HOME       EHR VX         -14328735.16     110864081.39
EUROPEAN HOME       EHR EU         -14328735.16     110864081.39
EUROPEAN HOME       EHR PZ         -14328735.16     110864081.39
EUROPEAN HOME       EHREUR EO      -14328735.16     110864081.39
EUROPEAN HOME       EHR LN         -14328735.16     110864081.39
EUROPEAN HOME       FPAKF US       -14328735.16     110864081.39
EUROPEAN HOME       EHRGBP EO      -14328735.16     110864081.39
EUROPEAN MINERAL    EUM LN           -103725000        149477216
EUROPEAN MINERAL    EPMLF US         -103725000        149477216
EUROPEAN MINERAL    EUM PO           -103725000        149477216
EUROPEAN MINERAL    EPM CN           -103725000        149477216
EUROPEAN MINERAL    EPM/U CN         -103725000        149477216
FAREPAK PLC         FPK LN         -14328735.16     110864081.39
FARNELL ELEC-ADR    FRN$ LN        -45246567.32     692389353.06
FARNELL ELEC-ADR    FRNZ LN        -45246567.32     692389353.06
FARNELL ELEC-RFD    FRNR LN        -45246567.32     692389353.06
FARNELL ELECTRON    FRNL LN        -45246567.32     692389353.06
GALIFORM PLC        GFRM EB       -116415877.06     612420067.12
GALIFORM PLC        GFRM PO       -116415877.06     612420067.12
GALIFORM PLC        GFRM QM       -116415877.06     612420067.12
GALIFORM PLC        MFI PO        -116415877.06     612420067.12
GALIFORM PLC        GFRM EU       -116415877.06     612420067.12
GALIFORM PLC        MFIFF US      -116415877.06     612420067.12
GALIFORM PLC        GFRM NQ       -116415877.06     612420067.12
GALIFORM PLC        GFRMEUR EO    -116415877.06     612420067.12
GALIFORM PLC        GFRMNOK EO    -116415877.06     612420067.12
GALIFORM PLC        GFRM PZ       -116415877.06     612420067.12
GALIFORM PLC        GFRM BQ       -116415877.06     612420067.12
GALIFORM PLC        GFRM VX       -116415877.06     612420067.12
GALIFORM PLC        GLFMF US      -116415877.06     612420067.12
GALIFORM PLC        MFI IX        -116415877.06     612420067.12
GALIFORM PLC        GFRMNOK EU    -116415877.06     612420067.12
GALIFORM PLC        GFRM EO       -116415877.06     612420067.12
GALIFORM PLC        MFI VX        -116415877.06     612420067.12
GALIFORM PLC        GFRMEUR EU    -116415877.06     612420067.12
GALIFORM PLC        GFRM TQ       -116415877.06     612420067.12
GALIFORM PLC        GFRM LN       -116415877.06     612420067.12
GALIFORM PLC        GFRM NR       -116415877.06     612420067.12
GALIFORM PLC        GFRMGBP EO    -116415877.06     612420067.12
GALIFORM PLC        GFRM IX       -116415877.06     612420067.12
GARTLAND WHALLEY    GWB LN         -10986769.42     145352034.49
GO-AHEAD GROUP      GOGEUR EO      -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG VX         -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG EU         -15712050.26    1619995129.64
GO-AHEAD GROUP      GOGGBP EO      -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG BQ         -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 TQ         -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG LN         -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG PZ         -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG IX         -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG NQ         -15712050.26    1619995129.64
GO-AHEAD GROUP      GOGEUR EU      -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG NR         -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG PO         -15712050.26    1619995129.64
GO-AHEAD GROUP      GHGUF US       -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG EB         -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG EO         -15712050.26    1619995129.64
HAWTIN PLC          HTI LN          -3873861.33     110875080.83
HAWTIN PLC          HTI PO          -3873861.33     110875080.83
HAWTIN PLC          HTI PZ          -3873861.33     110875080.83
HAWTIN PLC          HTI PG          -3873861.33     110875080.83
HAWTIN PLC          HTI IX          -3873861.33     110875080.83
HAWTIN PLC          HTI VX          -3873861.33     110875080.83
HAWTIN PLC          HTI EO          -3873861.33     110875080.83
HAWTIN PLC          HTI EU          -3873861.33     110875080.83
HAWTIN PLC          HWN GR          -3873861.33     110875080.83
HILTON G-CRT OLD    HIGT BB       -547740614.03    1922113569.01
HILTON GROUP PLC    HLTGF US      -547740614.03    1922113569.01
HILTON GROUP PLC    HG/ LN        -547740614.03    1922113569.01
HILTON GROUP PLC    HG PO         -547740614.03    1922113569.01
HILTON GROUP-ADR    HLTGY US      -547740614.03    1922113569.01
HILTON GROUP-CER    HG BB         -547740614.03    1922113569.01
HILTON GROUP-CRT    HIG BB        -547740614.03    1922113569.01
INTERCONTIN-ADR     IHG-W US          -91000000       3076999936
INTERCONTIN-ADR     IHGA LN           -91000000       3076999936
INTERCONTIN-ADR     IHG US            -91000000       3076999936
INTERCONTINENTAL    IHG EU            -91000000       3076999936
INTERCONTINENTAL    IHG PO            -91000000       3076999936
INTERCONTINENTAL    IHGOF US          -91000000       3076999936
INTERCONTINENTAL    988082Q GR        -91000000       3076999936
INTERCONTINENTAL    IHG EO            -91000000       3076999936
INTERCONTINENTAL    ICHGF US          -91000000       3076999936
INTERCONTINENTAL    IHG TQ            -91000000       3076999936
INTERCONTINENTAL    IHG NR            -91000000       3076999936
INTERCONTINENTAL    IC1 GR            -91000000       3076999936
INTERCONTINENTAL    IHG PZ            -91000000       3076999936
INTERCONTINENTAL    IHG BQ            -91000000       3076999936
INTERCONTINENTAL    IHGEUR EU         -91000000       3076999936
INTERCONTINENTAL    IHG QM            -91000000       3076999936
INTERCONTINENTAL    IHG IX            -91000000       3076999936
INTERCONTINENTAL    IHGUSD EU         -91000000       3076999936
INTERCONTINENTAL    IHG NQ            -91000000       3076999936
INTERCONTINENTAL    IC1B GR           -91000000       3076999936
INTERCONTINENTAL    IHGEUR EO         -91000000       3076999936
INTERCONTINENTAL    IHGGBP EO         -91000000       3076999936
INTERCONTINENTAL    IHGUSD EO         -91000000       3076999936
INTERCONTINENTAL    IHGCHF EU         -91000000       3076999936
INTERCONTINENTAL    INCNF US          -91000000       3076999936
INTERCONTINENTAL    IHG LN            -91000000       3076999936
INTERCONTINENTAL    IHGCHF EO         -91000000       3076999936
INTERCONTINENTAL    IC1C GR           -91000000       3076999936
INTERCONTINENTAL    IHG EB            -91000000       3076999936
INTERCONTINENTAL    IC1A GR           -91000000       3076999936
INTERCONTINENTAL    IHG VX            -91000000       3076999936
JARVIS PLC          JRVSEUR EO     -48330109.98     155571478.27
JARVIS PLC          JRVS IX        -48330109.98     155571478.27
JARVIS PLC          JRVS LN        -48330109.98     155571478.27
JARVIS PLC          JRVSEUR EU     -48330109.98     155571478.27
JARVIS PLC          JRVS EU        -48330109.98     155571478.27
JARVIS PLC          JVSPF US       -48330109.98     155571478.27
JARVIS PLC          JRVS EO        -48330109.98     155571478.27
JARVIS PLC          JRVS VX        -48330109.98     155571478.27
JARVIS PLC          JRVSGBP EO     -48330109.98     155571478.27
JARVIS PLC          JRVS PO        -48330109.98     155571478.27
JARVIS PLC          JVR GR         -48330109.98     155571478.27
JARVIS PLC          JRVS PZ        -48330109.98     155571478.27
JESSOPS PLC         JSP PZ          -42702021.2     112964060.38
JESSOPS PLC         JS4 GR          -42702021.2     112964060.38
JESSOPS PLC         JSP EU          -42702021.2     112964060.38
JESSOPS PLC         JSPEUR EO       -42702021.2     112964060.38
JESSOPS PLC         JSP PO          -42702021.2     112964060.38
JESSOPS PLC         JSPEUR EU       -42702021.2     112964060.38
JESSOPS PLC         JSP EO          -42702021.2     112964060.38
JESSOPS PLC         JSP LN          -42702021.2     112964060.38
JESSOPS PLC         JSP VX          -42702021.2     112964060.38
JESSOPS PLC         JSP IX          -42702021.2     112964060.38
JESSOPS PLC         JSPGBP EO       -42702021.2     112964060.38
KAZAKHSTAN MNRLS    KMCO/U CN        -103725000        149477216
KAZAKHSTAN MNRLS    KMCOF US         -103725000        149477216
KAZAKHSTAN MNRLS    KMC/U CN         -103725000        149477216
KAZAKHSTAN MNRLS    KMCO CN          -103725000        149477216
KLEENEZE PLC        KLZ LN         -14328735.16     110864081.39
LADBROKE GROUP      LADB LN       -547740614.03    1922113569.01
LADBROKE GRP-IDR    695767Q BB    -547740614.03    1922113569.01
LADBROKE GRP-OLD    LADB BB       -547740614.03    1922113569.01
LADBROKES PLC       LAD QM        -547740614.03    1922113569.01
LADBROKES PLC       LAD BQ        -547740614.03    1922113569.01
LADBROKES PLC       LDBKF US      -547740614.03    1922113569.01
LADBROKES PLC       HG/ VX        -547740614.03    1922113569.01
LADBROKES PLC       LAD PO        -547740614.03    1922113569.01
LADBROKES PLC       LAD EO        -547740614.03    1922113569.01
LADBROKES PLC       LAD EU        -547740614.03    1922113569.01
LADBROKES PLC       LAD GR        -547740614.03    1922113569.01
LADBROKES PLC       LAD NR        -547740614.03    1922113569.01
LADBROKES PLC       LADGBP EO     -547740614.03    1922113569.01
LADBROKES PLC       LAD LN        -547740614.03    1922113569.01
LADBROKES PLC       LAD PZ        -547740614.03    1922113569.01
LADBROKES PLC       LAD IX        -547740614.03    1922113569.01
LADBROKES PLC       LAD EB        -547740614.03    1922113569.01
LADBROKES PLC       LAD VX        -547740614.03    1922113569.01
LADBROKES PLC       LADUSD EO     -547740614.03    1922113569.01
LADBROKES PLC       LAD TQ        -547740614.03    1922113569.01
LADBROKES PLC       LADNZD EU     -547740614.03    1922113569.01
LADBROKES PLC       LADEUR EO     -547740614.03    1922113569.01
LADBROKES PLC       LADEUR EU     -547740614.03    1922113569.01
LADBROKES PLC       LADNZD EO     -547740614.03    1922113569.01
LADBROKES PLC       LAD NQ        -547740614.03    1922113569.01
LADBROKES PLC-AD    LDBKY US      -547740614.03    1922113569.01
LADBROKES PLC-AD    LDBKY LN      -547740614.03    1922113569.01
LADBROKES PLC-CE    LAD BB        -547740614.03    1922113569.01
LAMBERT FENCHURC    LMF LN          -1453050.04    1826806853.46
LEEDS SPORTING      LES LN          -73166148.8     143762193.66
LEEDS SPORTING      LEDPF US        -73166148.8     143762193.66
LEEDS UNITED PLC    889687Q GR      -73166148.8     143762193.66
LEEDS UNITED PLC    LDSUF US        -73166148.8     143762193.66
LEEDS UNITED PLC    LUFC LN         -73166148.8     143762193.66
LONDON TOWN PLC     LTW PO          -15549465.1     160165508.92
LONDON TOWN PLC     LTW EU          -15549465.1     160165508.92
LONDON TOWN PLC     LOU GR          -15549465.1     160165508.92
LONDON TOWN PLC     LTW EO          -15549465.1     160165508.92
LONDON TOWN PLC     LTW LN          -15549465.1     160165508.92
LONDON TOWN PLC     LTW PZ          -15549465.1     160165508.92
LONDON TOWN PLC     LTWX LN         -15549465.1     160165508.92
LONDON TOWN PLC     LTWR LN         -15549465.1     160165508.92
LONDON TOWN PLC     LTW IX          -15549465.1     160165508.92
LONDON TOWN PLC     LTW PG          -15549465.1     160165508.92
M 2003 PLC          203055Q LN   -2203513803.24    7204891601.83
M 2003 PLC          MTWOF US     -2203513803.24    7204891601.83
M 2003 PLC-ADR      MTWOY US     -2203513803.24    7204891601.83
M 2003 PLC-ADR      MTWOE US     -2203513803.24    7204891601.83
MARCONI PLC         203083Q VX   -2203513803.24    7204891601.83
MARCONI PLC         MONI BB      -2203513803.24    7204891601.83
MARCONI PLC         MY2 GR       -2203513803.24    7204891601.83
MARCONI PLC         MRCQF US     -2203513803.24    7204891601.83
MARCONI PLC         MNI LN       -2203513803.24    7204891601.83
MARCONI PLC         MNI BB       -2203513803.24    7204891601.83
MARCONI PLC-ADR     MCONY US     -2203513803.24    7204891601.83
MARCONI PLC-ADR     MCBA GR      -2203513803.24    7204891601.83
MARCONI PLC-ADR     MONIE US     -2203513803.24    7204891601.83
MARCONI PLC-ADR     QUQMON AU    -2203513803.24    7204891601.83
MARCONI PLC-ADR     MONIY US     -2203513803.24    7204891601.83
MARCONI PLC-ADR     MONI US      -2203513803.24    7204891601.83
MARCONI PLC-ADR     MY2A GR      -2203513803.24    7204891601.83
MARCONI PLC-ADR     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      ARO2 GR       -379721841.57    1817512773.61
MYTRAVEL GROUP      MYTPF US      -379721841.57    1817512773.61
MYTRAVEL GROUP      MT/S PO       -379721841.57    1817512773.61
MYTRAVEL GROUP P    1018144Q GR   -379721841.57    1817512773.61
MYTRAVEL GROUP P    MYTGF US      -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      3226443Q EO   -397718038.04     292972732.12
NEW STAR ASSET      3226431Q EU   -397718038.04     292972732.12
NEW STAR ASSET      NSAM LN       -397718038.04     292972732.12
NEW STAR ASSET      3226439Q EU   -397718038.04     292972732.12
NEW STAR ASSET      3226447Q EO   -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      3226435Q EO   -397718038.04     292972732.12
NEW STAR ASSET      NSAM PZ       -397718038.04     292972732.12
NEW STAR ASSET      NSAM TQ       -397718038.04     292972732.12
NEW STAR ASSET      NWSAF US      -397718038.04     292972732.12
NEW STAR ASSET      NSAM PO       -397718038.04     292972732.12
NEW STAR ASSET      N6S GR        -397718038.04     292972732.12
NORTHERN ROCK       2733273Q EO   -586206492.33  152084295061.92
NORTHERN ROCK       2733265Q EO   -586206492.33  152084295061.92
NORTHERN ROCK       NRK IX        -586206492.33  152084295061.92
NORTHERN ROCK       NRK PO        -586206492.33  152084295061.92
NORTHERN ROCK       NRKI IX       -586206492.33  152084295061.92
NORTHERN ROCK       NRK VX        -586206492.33  152084295061.92
NORTHERN ROCK       2733269Q EU   -586206492.33  152084295061.92
NORTHERN ROCK       2733289Q EO   -586206492.33  152084295061.92
NORTHERN ROCK       2733277Q EU   -586206492.33  152084295061.92
NORTHERN ROCK       2733281Q EO   -586206492.33  152084295061.92
NORTHERN ROCK       NRK PZ        -586206492.33  152084295061.92
NORTHERN ROCK       NHRKF US      -586206492.33  152084295061.92
NORTHERN ROCK       NRK LN        -586206492.33  152084295061.92
NORTHERN ROCK       2733285Q EU   -586206492.33  152084295061.92
NORTHERN ROCK       NR3 GR        -586206492.33  152084295061.92
O TWELVE ESTATES    OTE IX         -10555410.41     267391338.05
O TWELVE ESTATES    OTE EO         -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    O2T GR         -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      ORNGY US      -593935051.02     2902299501.9
ORANGE PLC-ADR      ONG GR        -593935051.02     2902299501.9
ORANGE PLC-ADR      ORA$ LN       -593935051.02     2902299501.9
ORBIS PLC           OBS PO          -4168498.48      127701679.5
ORBIS PLC           ORBSF US        -4168498.48      127701679.5
ORBIS PLC           OBS PZ          -4168498.48      127701679.5
ORBIS PLC           OBG PO          -4168498.48      127701679.5
ORBIS PLC           RLP GR          -4168498.48      127701679.5
ORBIS PLC           OBS LN          -4168498.48      127701679.5
ORBIS PLC           OBS IX          -4168498.48      127701679.5
ORSU METALS CORP    OSUMF US         -103725000        149477216
ORSU METALS CORP    EUM IX           -103725000        149477216
ORSU METALS CORP    ORSM007 RU       -103725000        149477216
ORSU METALS CORP    OSU CN           -103725000        149477216
ORSU METALS CORP    E4M GR           -103725000        149477216
ORSU METALS CORP    OSU PG           -103725000        149477216
ORSU METALS CORP    EPMCF US         -103725000        149477216
ORSU METALS CORP    OSU LN           -103725000        149477216
ORSU METALS CORP    OSU PZ           -103725000        149477216
ORSU METALS CORP    ORSM007* RU      -103725000        149477216
PATIENTLINE PLC     2928899Q EO    -54677284.64      124948245.8
PATIENTLINE PLC     PTL PZ         -54677284.64      124948245.8
PATIENTLINE PLC     PTL IX         -54677284.64      124948245.8
PATIENTLINE PLC     PTL VX         -54677284.64      124948245.8
PATIENTLINE PLC     2928907Q EO    -54677284.64      124948245.8
PATIENTLINE PLC     PTL LN         -54677284.64      124948245.8
PATIENTLINE PLC     PTL PO         -54677284.64      124948245.8
PATIENTLINE PLC     2928903Q EU    -54677284.64      124948245.8
PREMIER FARN-ADR    PIFLY US       -45246567.32     692389353.06
PREMIER FARN-ADR    2246804Q US    -45246567.32     692389353.06
PREMIER FARN-ADR    PFLZ LN        -45246567.32     692389353.06
PREMIER FARNELL     PFLSEK EO      -45246567.32     692389353.06
PREMIER FARNELL     PFLEUR EO      -45246567.32     692389353.06
PREMIER FARNELL     PFLEUR EU      -45246567.32     692389353.06
PREMIER FARNELL     PFL LN         -45246567.32     692389353.06
PREMIER FARNELL     PFL EU         -45246567.32     692389353.06
PREMIER FARNELL     PFL QM         -45246567.32     692389353.06
PREMIER FARNELL     PIFLF US       -45246567.32     692389353.06
PREMIER FARNELL     PFL EO         -45246567.32     692389353.06
PREMIER FARNELL     PFLUSD EO      -45246567.32     692389353.06
PREMIER FARNELL     PML GR         -45246567.32     692389353.06
PREMIER FARNELL     PFLGBP EO      -45246567.32     692389353.06
PREMIER FARNELL     PFLUSD EU      -45246567.32     692389353.06
PREMIER FARNELL     PFL VX         -45246567.32     692389353.06
PREMIER FARNELL     PFL NR         -45246567.32     692389353.06
PREMIER FARNELL     PFL PZ         -45246567.32     692389353.06
PREMIER FARNELL     PFLSEK EU      -45246567.32     692389353.06
PREMIER FARNELL     PFL PO         -45246567.32     692389353.06
PREMIER FARNELL     PFL BQ         -45246567.32     692389353.06
PREMIER FARNELL     PFL EB         -45246567.32     692389353.06
PREMIER FARNELL     PFL IX         -45246567.32     692389353.06
PREMIER FARNELL     PFL NQ         -45246567.32     692389353.06
PREMIER FARNELL     PFL TQ         -45246567.32     692389353.06
PROSTRAKAN GROUP    PSKEUR EU       -1646349.91     143067806.91
PROSTRAKAN GROUP    PSK PZ          -1646349.91     143067806.91
PROSTRAKAN GROUP    PSKEUR EO       -1646349.91     143067806.91
PROSTRAKAN GROUP    PSK EU          -1646349.91     143067806.91
PROSTRAKAN GROUP    PSK IX          -1646349.91     143067806.91
PROSTRAKAN GROUP    PSKGBP EO       -1646349.91     143067806.91
PROSTRAKAN GROUP    PKNGF US        -1646349.91     143067806.91
PROSTRAKAN GROUP    PSK PO          -1646349.91     143067806.91
PROSTRAKAN GROUP    PSK EO          -1646349.91     143067806.91
PROSTRAKAN GROUP    PSK VX          -1646349.91     143067806.91
PROSTRAKAN GROUP    PSK LN          -1646349.91     143067806.91
REGUS LTD           273187Q LN     -46111835.37        367181111
REGUS PLC           REGSF US       -46111835.37        367181111
REGUS PLC           RGU GR         -46111835.37        367181111
REGUS PLC           2296Z LN       -46111835.37        367181111
REGUS PLC           273195Q VX     -46111835.37        367181111
REGUS PLC-ADS       RGUA GR        -46111835.37        367181111
REGUS PLC-ADS       REGSY US       -46111835.37        367181111
REGUS PLC-ADS       REGS US        -46111835.37        367181111
REGUS PLC-ADS       REGSV US       -46111835.37        367181111
RENTOKIL INITIAL    RTO IX        -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO EO        -351331070.14    3368925867.22
RENTOKIL INITIAL    RKLIF US      -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO QM        -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO NR        -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO1 GR       -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOUSD EO     -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOEUR EO     -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOGBP EO     -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOEUR EU     -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO VX        -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO LN        -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOKF US      -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO PZ        -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOUSD EU     -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO PO        -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO BQ        -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO TQ        -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO EU        -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO GR        -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO EB        -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOG IX       -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO NQ        -351331070.14    3368925867.22
RENTOKIL-SP ADR     AP76 LI       -351331070.14    3368925867.22
RENTOKIL-SP ADR     RTOKY US      -351331070.14    3368925867.22
SAATCHI & SA-ADR    SSA US        -119260804.15     705060824.55
SAATCHI & SA-ADR    SSI$ LN       -119260804.15     705060824.55
SAATCHI & SAATCH    SSATF US      -119260804.15     705060824.55
SAATCHI & SAATCH    SSI LN        -119260804.15     705060824.55
SAATCHI & SAATCH    188190Q GR    -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       SUF LN        -108067115.81     177647536.08
SFI GROUP PLC       SUYFF US      -108067115.81     177647536.08
SKYEPHAR-RTS F/P    SKPF LN       -134177517.41     149159301.57
SKYEPHAR-RTS F/P    SKPF VX       -134177517.41     149159301.57
SKYEPHAR-RTS N/P    SKPN LN       -134177517.41     149159301.57
SKYEPHAR-RTS N/P    SKPN VX       -134177517.41     149159301.57
SKYEPHARMA -SUB     2976665Z LN   -134177517.41     149159301.57
SKYEPHARMA PLC      SK8C GR       -134177517.41     149159301.57
SKYEPHARMA PLC      SK8A GR       -134177517.41     149159301.57
SKYEPHARMA PLC      SKPGBP EO     -134177517.41     149159301.57
SKYEPHARMA PLC      SKP EO        -134177517.41     149159301.57
SKYEPHARMA PLC      SKP VX        -134177517.41     149159301.57
SKYEPHARMA PLC      SKP LN        -134177517.41     149159301.57
SKYEPHARMA PLC      SKPEUR EU     -134177517.41     149159301.57
SKYEPHARMA PLC      SKP PZ        -134177517.41     149159301.57
SKYEPHARMA PLC      SKP TQ        -134177517.41     149159301.57
SKYEPHARMA PLC      SKP1 VX       -134177517.41     149159301.57
SKYEPHARMA PLC      SKP PO        -134177517.41     149159301.57
SKYEPHARMA PLC      SKYEF US      -134177517.41     149159301.57
SKYEPHARMA PLC      SKP EU        -134177517.41     149159301.57
SKYEPHARMA PLC      SKP IX        -134177517.41     149159301.57
SKYEPHARMA PLC      SKPEUR EO     -134177517.41     149159301.57
SKYEPHARMA-ADR      SKYEY US      -134177517.41     149159301.57
SKYEPHARMA-ADR      SKYPY US      -134177517.41     149159301.57
SKYEPHARMA-ADR      SKYE US       -134177517.41     149159301.57
SKYEPHARMA-ADR      SK8 GR        -134177517.41     149159301.57
SKYEPHARMA-ADR      SK8N GR       -134177517.41     149159301.57
SKYEPHARMA-ADR      AP80 LI       -134177517.41     149159301.57
SMG PLC             SMG LN         -49061227.23     212049868.01
SMG PLC             SMG PO         -49061227.23     212049868.01
SMG PLC-FUL PAID    SMGF LN        -49061227.23     212049868.01
SMG PLC-NIL PAID    SMGN LN        -49061227.23     212049868.01
SMITHS NEWS PLC     NWS1 BQ        -97992746.54     146917382.81
SMITHS NEWS PLC     NWS2 TQ        -97992746.54     146917382.81
SMITHS NEWS PLC     NWS2EUR EO     -97992746.54     146917382.81
SMITHS NEWS PLC     NWS IX         -97992746.54     146917382.81
SMITHS NEWS PLC     NWS1 EO        -97992746.54     146917382.81
SMITHS NEWS PLC     NWS LN         -97992746.54     146917382.81
SMITHS NEWS PLC     NWS2EUR EU     -97992746.54     146917382.81
SMITHS NEWS PLC     SMWPY US       -97992746.54     146917382.81
SMITHS NEWS PLC     NWS PO         -97992746.54     146917382.81
SMITHS NEWS PLC     NWS2 EO        -97992746.54     146917382.81
SMITHS NEWS PLC     NWS2 EU        -97992746.54     146917382.81
SMITHS NEWS PLC     NWS PZ         -97992746.54     146917382.81
SMITHS NEWS PLC     NWS2GBP EO     -97992746.54     146917382.81
SMITHS NEWS PLC     SMWPF US       -97992746.54     146917382.81
SMITHS NEWS PLC     NWS1 EU        -97992746.54     146917382.81
SMITHS NEWS PLC     NWS VX         -97992746.54     146917382.81
STAGECOACH GROUP    SGC1 BQ        -14183327.87    2231066974.58
STAGECOACH GROUP    SGC PO         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1 TQ        -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1 EU        -14183327.87    2231066974.58
STAGECOACH GROUP    SGC IX         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1AUD EO     -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1 NQ        -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1 NR        -14183327.87    2231066974.58
STAGECOACH GROUP    SGC LN         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC2 VX        -14183327.87    2231066974.58
STAGECOACH GROUP    SHP GR         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1 EB        -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1 QM        -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1EUR EO     -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1EUR EU     -14183327.87    2231066974.58
STAGECOACH GROUP    SGCG PZ        -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1AUD EU     -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1USD EO     -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1USD EU     -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1 EO        -14183327.87    2231066974.58
STAGECOACH GROUP    SAGKF US       -14183327.87    2231066974.58
STAGECOACH GROUP    SHP4 GR        -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1GBP EO     -14183327.87    2231066974.58
STAGECOACH GRP-B    SGCB LN        -14183327.87    2231066974.58
STAGECOACH-NEW      SGCN LN        -14183327.87    2231066974.58
STV GROUP PLC       SMG IX         -49061227.23     212049868.01
STV GROUP PLC       STVG LN        -49061227.23     212049868.01
STV GROUP PLC       STVGGBP EO     -49061227.23     212049868.01
STV GROUP PLC       STVG VX        -49061227.23     212049868.01
STV GROUP PLC       STVGEUR EO     -49061227.23     212049868.01
STV GROUP PLC       STVG EO        -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       STVGEUR EU     -49061227.23     212049868.01
STV GROUP PLC       STVG EU        -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       604296Q GR   -3702234580.99    7581020925.22
TELEWEST COMM       TWT VX       -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 EU         -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 BQ         -78172467.48      131014414.4
TOPPS TILES PLC     TPTJY US       -78172467.48      131014414.4
TOPPS TILES PLC     TPT PZ         -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     TPTEUR EU      -78172467.48      131014414.4
TOPPS TILES PLC     TPT VX         -78172467.48      131014414.4
TOPPS TILES PLC     TPTEUR EO      -78172467.48      131014414.4
TOPPS TILES PLC     TPT IX         -78172467.48      131014414.4
TOPPS TILES PLC     TPTGBP EO      -78172467.48      131014414.4
TOPPS TILES-NEW     TPTN LN        -78172467.48      131014414.4
UTC GROUP           UGR LN         -11904426.45     203548565.03
VIRGIN MOB-ASSD     VMOC LN       -392165437.58     166070003.71
VIRGIN MOB-ASSD     VMOA LN       -392165437.58     166070003.71
VIRGIN MOBILE       VMOB VX       -392165437.58     166070003.71
VIRGIN MOBILE       UEM GR        -392165437.58     166070003.71
VIRGIN MOBILE       VMOB PO       -392165437.58     166070003.71
VIRGIN MOBILE       VMOB LN       -392165437.58     166070003.71
VIRGIN MOBILE       VGMHF US      -392165437.58     166070003.71
WATSON & PHILIP     WTSN LN       -120493900.04     252232072.87
WINCANTON PL-ADR    WNCNY US       -47615167.52    1316638025.67
WINCANTON PLC       WIN VX         -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       WIN PO         -47615167.52    1316638025.67
WINCANTON PLC       WIN IX         -47615167.52    1316638025.67
WINCANTON PLC       WNCNF US       -47615167.52    1316638025.67
WINCANTON PLC       WIN1 EU        -47615167.52    1316638025.67
WINCANTON PLC       WIN1 NQ        -47615167.52    1316638025.67
WINCANTON PLC       WIN1GBP EO     -47615167.52    1316638025.67
WINCANTON PLC       WIN1 EO        -47615167.52    1316638025.67
WINCANTON PLC       WIN LN         -47615167.52    1316638025.67
WINCANTON PLC       WIN1 EB        -47615167.52    1316638025.67
WINCANTON PLC       WIN1 TQ        -47615167.52    1316638025.67
WINCANTON PLC       WIN1 QM        -47615167.52    1316638025.67
WINCANTON PLC       WIN1USD EO     -47615167.52    1316638025.67
WINCANTON PLC       WIN1 BQ        -47615167.52    1316638025.67
WINCANTON PLC       WIN1EUR EO     -47615167.52    1316638025.67
XXPERT RENTAL       XPRT CN          -103725000        149477216

AG PETZETAKIS SA    PETZK EO       -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    PETZK EU       -30790135.48     234437763.45
AG PETZETAKIS SA    PZETF US       -30790135.48     234437763.45
AG PETZETAKIS SA    PTZ GR         -30790135.48     234437763.45
AG PETZETAKIS SA    PTZ1 GR        -30790135.48     234437763.45
ALTEC SA -AUCT      ALTECE GA     -103590250.31     177563163.73
ALTEC SA INFO       ALTEC EU      -103590250.31     177563163.73
ALTEC SA INFO       ALTEC EO      -103590250.31     177563163.73
ALTEC SA INFO       ATCQF US      -103590250.31     177563163.73
ALTEC SA INFO       AXY GR        -103590250.31     177563163.73
ALTEC SA INFO       ALTEC PZ      -103590250.31     177563163.73
ALTEC SA INFO       ALTEC GA      -103590250.31     177563163.73
ALTEC SA INFO-RT    ALTED GA      -103590250.31     177563163.73
ALTEC SA INFO-RT    ALTECR 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    HOL GA         -34283568.77     458056717.55
HELLAS ONLINE SA    BRAIN PZ       -34283568.77     458056717.55
HELLAS ONLINE SA    HOLR GA        -34283568.77     458056717.55
HELLAS ONLINE SA    BRAIN EU       -34283568.77     458056717.55
HELLAS ONLINE SA    BRAIN EO       -34283568.77     458056717.55
HELLAS ONLINE SA    UN5 GR         -34283568.77     458056717.55
HELLAS ONLINE SA    BRAIN GA       -34283568.77     458056717.55
KOUMBAS INSUR-RT    KOUMD GA       -47073006.65     212483361.18
KOUMBAS RTS         KOUMR GA       -47073006.65     212483361.18
KOUMBAS SYNERGY     KOUMF US       -47073006.65     212483361.18
KOUMBAS SYNERGY     KOUM EU        -47073006.65     212483361.18
KOUMBAS SYNERGY     KOUM EO        -47073006.65     212483361.18
KOUMBAS SYNERGY     KOUM GA        -47073006.65     212483361.18
KOUMBAS SYNERGY     KOUM PZ        -47073006.65     212483361.18
NAOUSSA SPIN -RT    NAOYD GA       -44175513.67     341686153.14
NAOUSSA SPIN-AUC    NAOYKE GA      -44175513.67     341686153.14
NAOUSSA SPIN-RTS    NAOYKR GA      -44175513.67     341686153.14
NAOUSSA SPINNING    NML1 GR        -44175513.67     341686153.14
NAOUSSA SPINNING    NML GR         -44175513.67     341686153.14
PETZET - PFD-RTS    PETZPD GA      -30790135.48     234437763.45
PETZETAKIS - RTS    PETZKD GA      -30790135.48     234437763.45
PETZETAKIS-AUC      PETZKE GA      -30790135.48     234437763.45
PETZETAKIS-PFD      PETZP GA       -30790135.48     234437763.45
PETZETAKIS-PFD      PTZ3 GR        -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    THEMER GA      -55751178.85     232036822.56
THEMELIODOMI-RTS    THEMED GA      -55751178.85     232036822.56
UNITED TEXTILES     UTEX GA        -44175513.67     341686153.14
UNITED TEXTILES     NAOYK GA       -44175513.67     341686153.14
UNITED TEXTILES     NAOSF US       -44175513.67     341686153.14
UNITED TEXTILES     UTEX EU        -44175513.67     341686153.14
UNITED TEXTILES     UTEX PZ        -44175513.67     341686153.14
UNITED TEXTILES     UTEX EO        -44175513.67     341686153.14

BRODOGRADE INDUS    3MAJRA CZ     -388927692.38      624796011.8
HUNGARIAN TELEPH    HUC EX            -41577000       1251297920
HUNGARIAN TELEPH    HUGC IX           -41577000       1251297920
HUNGARIAN TELEPH    HUC GR            -41577000       1251297920
INVITEL HOLD-ADR    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

BOUNDARY CAPITAL    BCP1 PZ        -10192301.85     119787800.54
BOUNDARY CAPITAL    BCP IX         -10192301.85     119787800.54
BOUNDARY CAPITAL    BCP1 PG        -10192301.85     119787800.54
BOUNDARY CAPITAL    BCP LN         -10192301.85     119787800.54
BOUNDARY CAPITAL    BCP1 EU        -10192301.85     119787800.54
BOUNDARY CAPITAL    BCPI IX        -10192301.85     119787800.54
BOUNDARY CAPITAL    BCP1 EO        -10192301.85     119787800.54
BOUNDARY CAPITAL    BCM GR         -10192301.85     119787800.54
BOUNDARY CAPITAL    BCP ID         -10192301.85     119787800.54
ELAN CORP PLC       ELNCF US         -370500000       1669500032
ELAN CORP PLC       ELN TQ           -370500000       1669500032
ELAN CORP PLC       ELN EU           -370500000       1669500032
ELAN CORP PLC       ELNUSD EO        -370500000       1669500032
ELAN CORP PLC       ELA PO           -370500000       1669500032
ELAN CORP PLC       DRX GR           -370500000       1669500032
ELAN CORP PLC       ELN NR           -370500000       1669500032
ELAN CORP PLC       ELNUSD EU        -370500000       1669500032
ELAN CORP PLC       ECN VX           -370500000       1669500032
ELAN CORP PLC       ELNGBP EO        -370500000       1669500032
ELAN CORP PLC       ELA IX           -370500000       1669500032
ELAN CORP PLC       DRXG IX          -370500000       1669500032
ELAN CORP PLC       ELNGBX EO        -370500000       1669500032
ELAN CORP PLC       ELN EO           -370500000       1669500032
ELAN CORP PLC       ELA LN           -370500000       1669500032
ELAN CORP PLC       DRX1 PZ          -370500000       1669500032
ELAN CORP PLC       ELN IX           -370500000       1669500032
ELAN CORP PLC       ELN ID           -370500000       1669500032
ELAN CORP PLC       ELN LN           -370500000       1669500032
ELAN CORP-ADR       ELAD LN          -370500000       1669500032
ELAN CORP-ADR       EAN GR           -370500000       1669500032
ELAN CORP-ADR       ELN US           -370500000       1669500032
ELAN CORP-ADR       QUNELN AU        -370500000       1669500032
ELAN CORP-ADR       EANG IX          -370500000       1669500032
ELAN CORP-ADR UT    ELN/E US         -370500000       1669500032
ELAN CORP-CVR       ELNZV US         -370500000       1669500032
ELAN CORP-CVR       LCVRZ US         -370500000       1669500032
ELAN CORP/OLD       1295Z ID         -375500000       1693300096
MCINERNEY -RT FP    MCIF LN       -113397336.28     441922391.66
MCINERNEY -RT FP    MCIF ID       -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 VX        -113397336.28     441922391.66
MCINERNEY HLDGS     MCI ID        -113397336.28     441922391.66
MCINERNEY HLDGS     MCI LN        -113397336.28     441922391.66
MCINERNEY HLDGS     MK9 PO        -113397336.28     441922391.66
MCINERNEY HLDGS     MK9 GR        -113397336.28     441922391.66
MCINERNEY HLDGS     MCIGBX EO     -113397336.28     441922391.66
MCINERNEY HLDGS     MCIGBX EU     -113397336.28     441922391.66
MCINERNEY HLDGS     MCI PO        -113397336.28     441922391.66
MCINERNEY HLDGS     MCIGBP EO     -113397336.28     441922391.66
MCINERNEY HLDGS     MCI EU        -113397336.28     441922391.66
MCINERNEY HLDGS     MCI IX        -113397336.28     441922391.66
MCINERNEY HLDGS     MK9C PZ       -113397336.28     441922391.66
MCINERNEY HLDGS     MCII IX       -113397336.28     441922391.66
MCINERNEY HLDGS     MNEYF US      -113397336.28     441922391.66
MCINERNEY HLDGS     MCI EO        -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 PG       -138030903.22     510010035.33
PAYZONE PLC         PAYZ LN       -138030903.22     510010035.33
PAYZONE PLC         PAYZ EU       -138030903.22     510010035.33
PAYZONE PLC         PAYZ PZ       -138030903.22     510010035.33
PAYZONE PLC         PAYZ EO       -138030903.22     510010035.33
PAYZONE PLC         4P6 GR        -138030903.22     510010035.33
PAYZONE PLC         PAYZ IX       -138030903.22     510010035.33
WATERFORD - RTS     WWWA ID       -505729895.23     820803256.03
WATERFORD - RTS     WWWA GR       -505729895.23     820803256.03
WATERFORD - RTS     508523Q LN    -505729895.23     820803256.03
WATERFORD - RTS     508519Q LN    -505729895.23     820803256.03
WATERFORD - RTS     WWWB ID       -505729895.23     820803256.03
WATERFORD - RTS     WWWB GR       -505729895.23     820803256.03
WATERFORD W-ADR     WATWY US      -505729895.23     820803256.03
WATERFORD WDGEWD    WATFF US      -505729895.23     820803256.03
WATERFORD WDGEWD    WATWF US      -505729895.23     820803256.03
WATERFORD WE-RTS    WTFF LN       -505729895.23     820803256.03
WATERFORD WE-RTS    WTFF ID       -505729895.23     820803256.03
WATERFORD WE-RTS    WTFN LN       -505729895.23     820803256.03
WATERFORD WE-RTS    WTFN VX       -505729895.23     820803256.03
WATERFORD WE-RTS    WTFN ID       -505729895.23     820803256.03
WATERFORD WED-RT    WWWC ID       -505729895.23     820803256.03
WATERFORD WED-RT    586556Q LN    -505729895.23     820803256.03
WATERFORD WED-RT    WWWC GR       -505729895.23     820803256.03
WATERFORD WED-RT    586552Q LN    -505729895.23     820803256.03
WATERFORD WED-RT    WWWD ID       -505729895.23     820803256.03
WATERFORD WED-RT    WWWD GR       -505729895.23     820803256.03
WATERFORD WED-RT    WTFR LN       -505729895.23     820803256.03
WATERFORD WED-UT    WTFU EU       -505729895.23     820803256.03
WATERFORD WED-UT    WTFU LN       -505729895.23     820803256.03
WATERFORD WED-UT    WTFU PO       -505729895.23     820803256.03
WATERFORD WED-UT    WTFU ID       -505729895.23     820803256.03
WATERFORD WED-UT    WTFU EO       -505729895.23     820803256.03
WATERFORD WED-UT    WTFU VX       -505729895.23     820803256.03
WATERFORD WED-UT    WTFU IX       -505729895.23     820803256.03
WATERFORD WED-UT    WWW PO        -505729895.23     820803256.03
WATERFORD WED-UT    WWWD PZ       -505729895.23     820803256.03
WATERFORD WED-UT    WTFUGBX EO    -505729895.23     820803256.03
WATERFORD WED-UT    WTFUGBX EU    -505729895.23     820803256.03
WATERFORD WED-UT    WWW GR        -505729895.23     820803256.03
WATERFORD-ADR UT    WATFZ US      -505729895.23     820803256.03
WATERFORD-ADR UT    WFWA GR       -505729895.23     820803256.03
WATERFORD-SUB       3001875Z ID   -505729895.23     820803256.03

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

AEDES AXA+W         AEAXAW IM      -24405906.61    1350851664.42
AEDES SPA           AE PZ          -24405906.61    1350851664.42
AEDES SPA           AE TQ          -24405906.61    1350851664.42
AEDES SPA           AE IM          -24405906.61    1350851664.42
AEDES SPA           LLB GR         -24405906.61    1350851664.42
AEDES SPA           AE EO          -24405906.61    1350851664.42
AEDES SPA           AEDSF US       -24405906.61    1350851664.42
AEDES SPA           AE EU          -24405906.61    1350851664.42
AEDES SPA           AEDI IX        -24405906.61    1350851664.42
AEDES SPA RNC       AEDE IM        -24405906.61    1350851664.42
AEDES SPA-OPA       AEDROP IM      -24405906.61    1350851664.42
AEDES SPA-OPA       AEOPA IM       -24405906.61    1350851664.42
AEDES SPA-RTS       AESA IM        -24405906.61    1350851664.42
AEDES SPA-RTS       AEAA IM        -24405906.61    1350851664.42
AEDES SPA-SVGS R    AEDRAA IM      -24405906.61    1350851664.42
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            GC IX         -151690764.75     791310848.67
COIN SPA            GUCIF US      -151690764.75     791310848.67
COIN SPA            965089Q GR    -151690764.75     791310848.67
COIN SPA-RTS        GCAA IM       -151690764.75     791310848.67
COIN SPA/OLD        GC IM         -151690764.75     791310848.67
COMPAGNIA ITALIA    ICT IM        -137726596.25     527372691.43
COMPAGNIA ITALIA    CGLUF US      -137726596.25     527372691.43
COMPAGNIA ITALIA    CITU IX       -137726596.25     527372691.43
CORNELL BHN         BY EO            -178432.46     134255668.53
CORNELL BHN         INN IM           -178432.46     134255668.53
CORNELL BHN         INO1 IX          -178432.46     134255668.53
CORNELL BHN         BY EU            -178432.46     134255668.53
CORNELL BHN         CBX IM           -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
I VIAGGI DEL VEN    VVE TQ         -92020221.43     318192568.61
I VIAGGI DEL VEN    VVE IM         -92020221.43     318192568.61
I VIAGGI DEL VEN    IV7 GR         -92020221.43     318192568.61
I VIAGGI DEL VEN    VVE IX         -92020221.43     318192568.61
I VIAGGI DEL VEN    VVE PZ         -92020221.43     318192568.61
I VIAGGI DEL VEN    VVE EU         -92020221.43     318192568.61
I VIAGGI DEL VEN    IVGIF US       -92020221.43     318192568.61
I VIAGGI DEL VEN    VVE EO         -92020221.43     318192568.61
I VIAGGI-RTS        VVEAA IM       -92020221.43     318192568.61
INNOTECH SPA        ELIOF US         -178432.46     134255668.53
LAZIO SPA           SSLZF US       -15482934.18     260633690.01
LAZIO SPA           SSLI PZ        -15482934.18     260633690.01
LAZIO SPA           SSL1 EO        -15482934.18     260633690.01
LAZIO SPA           SSL1 IX        -15482934.18     260633690.01
LAZIO SPA           SSL1 EU        -15482934.18     260633690.01
LAZIO SPA           LZO1 GR        -15482934.18     260633690.01
LAZIO SPA           SSL IM         -15482934.18     260633690.01
LAZIO SPA           571260Q US     -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 EO          -47468652.4      322390901.7
OMNIA NETWORK SP    ONT TQ          -47468652.4      322390901.7
OMNIA NETWORK SP    ONTI IX         -47468652.4      322390901.7
OMNIA NETWORK SP    ONT PZ          -47468652.4      322390901.7
OMNIA NETWORK SP    ONT EU          -47468652.4      322390901.7
OMNIA NETWORK SP    ONT IM          -47468652.4      322390901.7
PARMALAT FINA-RT    PRFR AV     -18419390028.95    4120687886.18
PARMALAT FINANZI    PAF GR      -18419390028.95    4120687886.18
PARMALAT FINANZI    PRFI VX     -18419390028.95    4120687886.18
PARMALAT FINANZI    PARAF US    -18419390028.95    4120687886.18
PARMALAT FINANZI    PMT LI      -18419390028.95    4120687886.18
PARMALAT FINANZI    PRF IM      -18419390028.95    4120687886.18
PARMALAT FINANZI    PMLFF US    -18419390028.95    4120687886.18
PARMALAT FINANZI    FICN AV     -18419390028.95    4120687886.18
REAL ESTATE OP-O    REA GR        -145048365.85    2933767506.67
REAL ESTATE OP-O    REO VX        -145048365.85    2933767506.67
REAL ESTATE OP-O    REO ID        -145048365.85    2933767506.67
REAL ESTATE OP-O    REO LN        -145048365.85    2933767506.67
REAL ESTATE OP-O    REO IX        -145048365.85    2933767506.67
REAL ESTATE OP-O    REO EU        -145048365.85    2933767506.67
REAL ESTATE OP-O    REOGBP EO     -145048365.85    2933767506.67
REAL ESTATE OP-O    REO EO        -145048365.85    2933767506.67
REAL ESTATE OP-O    REO PZ        -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     RNGBP EO        -84106314.4    4618461222.59
RISANAMENTO SPA     RN PZ           -84106314.4    4618461222.59
RISANAMENTO SPA     RN IX           -84106314.4    4618461222.59
RISANAMENTO SPA     RN TQ           -84106314.4    4618461222.59
RISANAMENTO SPA     RN IM           -84106314.4    4618461222.59
RISANAMENTO SPA     RNGBX EU        -84106314.4    4618461222.59
RISANAMENTO SPA     RN EO           -84106314.4    4618461222.59
RISANAMENTO SPA     RNGBX EO        -84106314.4    4618461222.59
RISANAMENTO SPA     RN EU           -84106314.4    4618461222.59
RISANAMENTO SPA     RSMNF US        -84106314.4    4618461222.59
RISANAMENTO-RTS     RNAA IM         -84106314.4    4618461222.59
SNIA BPD            SN GR         -141933883.93     150445252.43
SNIA BPD-ADR        SBPDY US      -141933883.93     150445252.43
SNIA SPA            SN EU         -141933883.93     150445252.43
SNIA SPA            SN EO         -141933883.93     150445252.43
SNIA SPA            SN TQ         -141933883.93     150445252.43
SNIA SPA            SNIA GR       -141933883.93     150445252.43
SNIA SPA            SN IM         -141933883.93     150445252.43
SNIA SPA            SIAI PZ       -141933883.93     150445252.43
SNIA SPA            SSMLF US      -141933883.93     150445252.43
SNIA SPA            SBPDF US      -141933883.93     150445252.43
SNIA SPA            SNIXF US      -141933883.93     150445252.43
SNIA SPA            SIAI IX       -141933883.93     150445252.43
SNIA SPA            SNIB GR       -141933883.93     150445252.43
SNIA SPA - RTS      SNAAW IM      -141933883.93     150445252.43
SNIA SPA- RTS       SNAXW IM      -141933883.93     150445252.43
SNIA SPA-2003 SH    SN03 IM       -141933883.93     150445252.43
SNIA SPA-CONV SA    SPBDF US      -141933883.93     150445252.43
SNIA SPA-DRC        SNR00 IM      -141933883.93     150445252.43
SNIA SPA-NEW        SN00 IM       -141933883.93     150445252.43
SNIA SPA-NON CON    SPBNF US      -141933883.93     150445252.43
SNIA SPA-RCV        SNIVF US      -141933883.93     150445252.43
SNIA SPA-RCV        SNR IM        -141933883.93     150445252.43
SNIA SPA-RIGHTS     SNAW IM       -141933883.93     150445252.43
SNIA SPA-RNC        SNIWF US      -141933883.93     150445252.43
SNIA SPA-RNC        SNRNC IM      -141933883.93     150445252.43
SNIA SPA-RTS        SNSO IM       -141933883.93     150445252.43
SNIA SPA-RTS        SNAA IM       -141933883.93     150445252.43
SOCOTHERM SPA       SCT EO        -120739761.47     431104046.09
SOCOTHERM SPA       SCTI PZ       -120739761.47     431104046.09
SOCOTHERM SPA       SOCEF US      -120739761.47     431104046.09
SOCOTHERM SPA       SCT TQ        -120739761.47     431104046.09
SOCOTHERM SPA       SCTM IX       -120739761.47     431104046.09
SOCOTHERM SPA       SCT EU        -120739761.47     431104046.09
SOCOTHERM SPA       SCT IM        -120739761.47     431104046.09
TECNODIFF ITALIA    TDI NM         -89894162.82     152045757.48
TECNODIFF ITALIA    TDIFF US       -89894162.82     152045757.48
TECNODIFF ITALIA    TDI IM         -89894162.82     152045757.48
TECNODIFF ITALIA    TEF GR         -89894162.82     152045757.48
TECNODIFF-RTS       TDIAOW NM      -89894162.82     152045757.48
TECNODIFFUSIONE     TDIAAW IM      -89894162.82     152045757.48
TISCALI SPA         TIS VX        -382501586.12    1284058962.83
TISCALI SPA         TIQ GR        -382501586.12    1284058962.83
TISCALI SPA         TIS EU        -382501586.12    1284058962.83
TISCALI SPA         TIS IX        -382501586.12    1284058962.83
TISCALI SPA         TSCXF US      -382501586.12    1284058962.83
TISCALI SPA         TISN IM       -382501586.12    1284058962.83
TISCALI SPA         TIQ1 GR       -382501586.12    1284058962.83
TISCALI SPA         TISN IX       -382501586.12    1284058962.83
TISCALI SPA         TIS NR        -382501586.12    1284058962.83
TISCALI SPA         TISGBX EU     -382501586.12    1284058962.83
TISCALI SPA         TIS EO        -382501586.12    1284058962.83
TISCALI SPA         TISN FP       -382501586.12    1284058962.83
TISCALI SPA         TISGBP EO     -382501586.12    1284058962.83
TISCALI SPA         TIS PZ        -382501586.12    1284058962.83
TISCALI SPA         TISN NA       -382501586.12    1284058962.83
TISCALI SPA         TISGBX EO     -382501586.12    1284058962.83
TISCALI SPA         TIS NA        -382501586.12    1284058962.83
TISCALI SPA         TIS FP        -382501586.12    1284058962.83
TISCALI SPA         TIS TQ        -382501586.12    1284058962.83
TISCALI SPA         TIS IM        -382501586.12    1284058962.83
TISCALI SPA         TISN VX       -382501586.12    1284058962.83
TISCALI SPA         TIQG IX       -382501586.12    1284058962.83
TISCALI SPA- RTS    TISAXA IM     -382501586.12    1284058962.83
TISCALI SPA- RTS    3391621Q GR   -382501586.12    1284058962.83
YORKVILLE BHN       BY TQ            -178432.46     134255668.53
YORKVILLE BHN       BY IM            -178432.46     134255668.53
YORKVILLE BHN       CBXI PZ          -178432.46     134255668.53

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

BAAN CO NV-ASSEN    BAANA NA        -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     BAAN IX         -7854741.41     609871188.88
BAAN COMPANY NV     BAAN EO         -7854741.41     609871188.88
BAAN COMPANY NV     BAAVF US        -7854741.41     609871188.88
BAAN COMPANY NV     BAAN GR         -7854741.41     609871188.88
BAAN COMPANY NV     BAAN NA         -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    ICBOE US           -1244740        136149008
ICBS INTERNATION    ICBO 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    UPE GR       -5505478849.55    5112616630.06
UNITED PAN-EUROP    UPC VX       -5505478849.55    5112616630.06
UNITED PAN-EUROP    UPCOF US     -5505478849.55    5112616630.06
UNITED PAN-EUROP    UPCEF US     -5505478849.55    5112616630.06
UNITED PAN-EUROP    UPE1 GR      -5505478849.55    5112616630.06
WAH KING INVEST     WAHK US            -1244740        136149008
WAH KING INVEST     WAHKE US           -1244740        136149008

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

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

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

OLTCHIM RM VALCE    OLT EO          -86519981.9     521264507.61
OLTCHIM RM VALCE    OLT PZ          -86519981.9     521264507.61
OLTCHIM RM VALCE    OLT EU          -86519981.9     521264507.61
OLTCHIM RM VALCE    OLTEUR EU       -86519981.9     521264507.61
OLTCHIM RM VALCE    OLTEUR EO       -86519981.9     521264507.61
OLTCHIM RM VALCE    OLT RO          -86519981.9     521264507.61
OLTCHIM RM VALCE    OLTCF US        -86519981.9     521264507.61
RAFO SA             RAF RO        -457922636.25     356796459.26
UZINELE SODICE G    UZIM RO        -35878364.71     104942905.83

AKCIONERNOE-BRD     SOVP$ RU      -110204703.34     120620770.43
ALFA CEMENT-BRD     ALCE RU          -672832.37     105454563.92
ALFA CEMENT-BRD     AFMTF US         -672832.37     105454563.92
ALFA CEMENT-BRD     ALCE* RU         -672832.37     105454563.92
AMO ZIL             ZILL RM       -171193521.47     350870451.06
AMO ZIL-CLS         ZILL* RU      -171193521.47     350870451.06
AMO ZIL-CLS         ZILL RU       -171193521.47     350870451.06
DAGESTAN ENERGY     DASB RM        -33465586.31     128437866.54
DAGESTAN ENERGY     DASB* RU       -33465586.31     128437866.54
DAGESTAN ENERGY     DASB RU        -33465586.31     128437866.54
DUVANSKA            DIVR SG         -7729350.78     109207260.53
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
IMK 14 OKTOBAR A    IMKO SG         -5175836.42     110102264.18
KOMPANIYA GL-BRD    GMST* RU       -75483851.36    1248071411.99
KOMPANIYA GL-BRD    GMST RU        -75483851.36    1248071411.99
PINKI AD            PNKI SG        -36537862.34     120707517.98
SAMARANEFTEGA-P$    SMNGP RU      -331600428.45     891998590.74
SAMARANEFTEGAS      SMNG RM       -331600428.45     891998590.74
SAMARANEFTEGAS      SMNG* RU      -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
ZASTAVA AUTOMOBI    ZAKG SG       -396504649.08     174692011.08
ZIL AUTO PLANT      ZILL$ RU      -171193521.47     350870451.06
ZIL AUTO PLANT-P    ZILLP RU      -171193521.47     350870451.06
ZIL AUTO PLANT-P    ZILLP RM      -171193521.47     350870451.06
ZIL AUTO PLANT-P    ZILLP* RU     -171193521.47     350870451.06

EGS EGE GIYIM VE    EGDIS TI        -7732138.55     147075066.65
EGS EGE GIYIM-RT    EGDISR TI       -7732138.55     147075066.65
IKTISAT FINAN-RT    IKTFNR TI      -46900661.12     108228233.63
IKTISAT FINANSAL    IKTFN TI       -46900661.12     108228233.63
MUDURNU TAVUKC-N    MDRNUN TI      -64930189.62      160408172.1
MUDURNU TAVUKCUL    MDRNU TI       -64930189.62      160408172.1
SIFAS               SIFAS TI        -15439198.6     130608103.96
TUTUNBANK           TUT TI       -4024959601.58    2643810456.86
YASARBANK           YABNK TI     -4024959601.58    2643810456.86

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

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


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

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

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

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

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

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

                 * * * End of Transmission * * *