TCREUR_Public/091020.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 20, 2009, Vol. 10, No. 207

                            Headlines

A U S T R I A

M.G. TRANSPORT: Claims Filing Deadline is November 2
NW IMMOBILIENVERWALTUNG: Claims Filing Deadline is November 3


F R A N C E

HARVEST CLO: Fitch Cuts Ratings on Two Classes of Notes to 'B'


G E R M A N Y

CONTINENTAL AG: Mulls Bond Sale to Refinance EUR3.5-Bil. Debt
CURTIS 1000: Files for Insolvency in Neuwied Court
ESCADA AG: Insolvency Court Appoints Creditors' Committee
ESCADA AG: More Than 10 Investors Express Interest for Assets
ESCADA AG: US Unit's Schedules of Assets & Liabilities

ESCADA AG: US Unit's Statement of Financial Affairs
GILDEMEISTER AG: Moody's Withdraws 'Ba3' Corporate Family Rating
HEAT MEZZANINE: Moody's Junks Rating on EUR25.5MM Class C Notes
TITAN EUROPE: Moody's Junks Rating on EUR91.8 Mln Class D Notes
TITAN EUROPE: Moody's Junks Ratings on Two Classes of Notes


G R E E C E

DRYSHIPS INC: Appoints Ziad Nakhleh as Chief Financial Officer
DRYSHIPS INC: To Release Quarterly Results on October 26


H U N G A R Y

BORSODCHEM NYRT: Has Debt Restructuring Deal with China's Wanhua
HUNGARIAN STATE: S&P Puts 'BB' Rating on CreditWatch Negative


I R E L A N D

CHEMTURA CORP: Gets Nod to Hire A&L Goodbody as Irish Counsel


I T A L Y

IT HOLDING: Gianfranco Ferre to Post FY Loss, Il Sole Says
SEAT PAGINE: Denies Main Investors Are Seeking to Sell Stake
SOCOTHERM SPA: Court Opens Restructuring Pre-Insolvency Procedure


K A Z A K H S T A N

ATAN AKTOBE: Creditors Must File Claims by October 28
FIRMA LOAD: Creditors Must File Claims by October 28
GAMMA TSVETA: Creditors Must File Claims by October 28
GLOBAL SERVICE: Creditors Must File Claims by October 28
KAZAKHSKY GUMANITARNO: Creditors Must File Claims by October 28

MASH SNUB: Creditors Must File Claims by October 28
SEVERO KAZAKHSTANSKAYA: Creditors Must File Claims by October 28
TAURUS LIMITED: Creditors Must File Claims by October 28
VODOBORETS LLP: Creditors Must File Claims by October 28


L A T V I A

BALTIC-AMERICAN MORTGAGE: Moody's Cuts Rating on Cl. B Notes to B1


L U X E M B O U R G

BLACK DIAMOND: Moody's Junks Rating on US$45 Mln Class E Notes


N E T H E R L A N D S

CREDIT EUROPE: Fitch Assigns 'D' Individual Rating
DSB BANK: Declared Bankrupt After Failing to Find Buyer


N O R W A Y

TRICO MARINE: S&P Assigns Corporate Credit Rating at 'CCC'


R U S S I A

AVTOVAZ OAO: May Seek Creditor Protection
SISTEMA-HALS JSC: Fitch Downgrades Issuer Default Rating to 'B-'
TMK OAO: Ernst & Young Expresses Going Concern Doubt


S P A I N

BBVA 4: Moody's Cuts Rating on EUR26.8 Mln Class C Notes to 'Ba1'


S W I T Z E R L A N D

AKTIV KAPITAL: Claims Filing Deadline is October 30
CLIP SYSTEMS: Claims Filing Deadline is November 13
DEUX SWISS: Claims Filing Deadline is November 9
DITRONICS GMBH: Claims Filing Deadline is October 30
E.R. SCHWANK-INSTITUT: Claims Filing Deadline is November 5

PROSTAGE GMBH: Claims Filing Deadline is October 30
S.K INNOVATION: Claims Filing Deadline is November 10
TSD GMBH: Claims Filing Deadline is November 11
VHM AG: Claims Filing Deadline is November 2
WILLIAMS FIRE: Claims Filing Deadline is November 2


U K R A I N E

ALEKS-PLUS LLC: Creditors Must File Claims by October 22
ZVEZDNY CHAS LLC: Creditors Must File Claims by October 22


U N I T E D   K I N G D O M

BIRTHDAYS: Clinton Card's Full-Year Loss Widens on Writedown
REGENT INNS: Management Buy-Out Talks Fail
VIRGIN MEDIA: Seeks Amendments to Senior Facilities Agreement


X X X X X X X X

* Large Companies with Insolvent Balance Sheet


                         *********



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


M.G. TRANSPORT: Claims Filing Deadline is November 2
----------------------------------------------------
Creditors of M.G. Transport GmbH have until November 2, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 16, 2009 at 10:05 a.m.

For further information, contact the company's administrator:

         Dr. Felix Stortecky
         W.A.-Mozartstrasse 4
         7093 Jois
         Austria
         Tel: 02160/712 07
         Fax: 02160/712 07-22
         E-mail: office@stortecky.at


NW IMMOBILIENVERWALTUNG: Claims Filing Deadline is November 3
-------------------------------------------------------------
Creditors of Nw Immobilienverwaltung GmbH have until November 3,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 17, 2009 at 9:20 a.m.

For further information, contact the company's administrator:

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


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


HARVEST CLO: Fitch Cuts Ratings on Two Classes of Notes to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded ten tranches of Harvest CLO IV PLC's
notes, affirmed two tranches, and removed six tranches from Rating
Watch Negative.  The agency has assigned Loss Severity ratings to
ten tranches.

The rating actions are:

  -- EUR454m class A-1A notes (ISIN: XS0254041493): affirmed at
     'AAA'; Outlook Stable; assigned a Loss Severity Rating of LS-
     2

  -- EUR74m class A-1B notes (ISIN: XS0254042541): downgraded to
     'AA' from 'AAA'; Outlook Negative; assigned LS-4

  -- EUR50m class A-2 notes (ISIN: XS0254042970): downgraded to
     'AA' from 'AAA'; Outlook Negative; assigned LS-2

  -- EUR54.6m class B-1 notes (ISIN: XS0254043861): downgraded to
     'A' from 'AA'; Outlook Negative; assigned LS-4

  -- EUR4.4m class B-2 notes (ISIN: XS0254046963): downgraded to
     'A' from 'AA'; Outlook Negative; assigned LS-4

  -- EUR29m class C notes (ISIN: XS0254048746): downgraded to
     'BBB' from 'A'; removed from RWN; assigned a Negative
     Outlook; assigned LS-5

  -- EUR11.1m class D-1 notes (ISIN: XS0254050213): downgraded to
     'BB' from 'BBB'; removed from RWN; assigned a Negative
     Outlook; assigned LS-5

  -- EUR8.9m class D-2 notes (ISIN: XS0254052771): downgraded to
     'BB' from 'BBB'; removed from RWN; assigned a Negative
     Outlook; assigned LS-5

  -- EUR15.4m class E-1 notes (ISIN: XS0254054553): downgraded to
     'B' from 'BB'; removed from RWN; assigned a Negative Outlook;
     assigned LS-5

  -- EUR1.6m class E-2 notes (ISIN: XS0254055360): downgraded to
     'B' from 'BB'; removed from RWN; assigned a Negative Outlook;
     assigned LS-5

  -- EUR14m class M combination notes (ISIN: XS0254059784):
     affirmed at 'AAA'; Outlook Stable

  -- EUR5m class N combination notes (ISIN: XS0254060790):
     downgraded to 'A' from 'AA'; removed from RWN; assigned a
     Negative Outlook

The rating actions reflect the recent clustering of leveraged loan
defaults and increasing 'CCC'-rated asset exposure in the
portfolio.  Fitch's Global Rating Criteria for Corporate CDOs were
used to analyze the quality of the underlying assets.  In
addition, in accordance with the Cash Flow Analysis Criteria,
Fitch modelled the transactions' priority of payments including
relevant structural features such as excess spread-trapping
mechanism and coverage tests.

To date, the transaction has suffered seven defaults.  The
cumulative default rate represents 7.2% of the target par amount
of the transaction.  In addition, 10.3% of the portfolio now
consists of 'CCC' or lower rated obligors.  As a result of
negative portfolio migration, the credit enhancement of all
tranches has been reduced and the class D and class E
overcollateralisation tests are now breached.  Although some
credit protection still remains for the downgraded notes, Fitch's
long term outlook remains negative.  The performance of the
downgraded tranches is highly dependent on portfolio recovery
prospects.  The Negative Outlooks reflect Fitch's long-term view
of the increased likelihood of downgrades driven by lower-than-
expected recoveries.

The affirmation of the class A-1A notes reflects the robust CE
driven by OC and excess spread.  At the last payment date in July
2009, EUR1.6 million of interest proceeds were diverted to repay
the class A-1A notes.

The class M note has been affirmed as its notional repayment is
credit-linked to the ratings assigned to the sovereign debt of the
French Republic ('AAA'/'F1+'/Stable).


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


CONTINENTAL AG: Mulls Bond Sale to Refinance EUR3.5-Bil. Debt
-------------------------------------------------------------
Continental AG is considering selling bonds to refinance debt,
Chris Reiter and Angela Cullen at Bloomberg News report, citing
two people familiar with the situation.

According to Bloomberg, the people, who declined to be identified
because the strategy hasn't been made public, said a bond sale
would be in addition to a planned stock offering to help the
company prepare for the repayment of EUR3.5 billion (US$5.2
billion) of debt due August next year.

                       About Continental AG

Hanover, Germany-based Continental AG (OTC:CTTAY) --
http://www.conti-online.com/-- is an automotive industry
supplier.  The Company focuses its activities on the development,
production and distribution of products that improve driving
safety, driving dynamics and ride comfort.  It operates in six
divisions.  Chassis and Safety provides active and passive driving
safety, safety and chassis sensor systems, as well as chassis
components.  Powertrain focuses on engine systems, hybrid electric
drives, injection technology, and sensors and actuators, among
others.  Interior manufactures information management modules and
wireless mobile devices.  Passenger and Light Truck Tires provides
tires for passenger cars, motorcycles and bicycles.  Commercial
Vehicle Tires offers tires for trucks, as well as industrial and
off-the-road vehicles.  ContiTech specializes in the rubber and
plastics technology, offering parts, components and systems for
the automotive industry and other sectors.  In January 2009,
Schaeffler KG acquired 49.9% interest in the Company.

                           *     *     *

On Aug. 20, 2009, the Troubled Company Reporter-Europe reported
Fitch Ratings downgraded Continental AG's Long-term Issuer
Default Rating and senior unsecured ratings to 'B+' from 'BB',
respectively.  Fitch simultaneously maintained the IDR and
senior unsecured ratings on Rating Watch Negative.  The agency
affirmed Continental's Short-term IDR at 'B'.  Fitch said the
rating action reflects the considerable refinancing risk faced by
Continental for its EUR3.5 billion tranche, related to its Siemens
VDO acquisition facility, maturing in August 2010, and the
increased risk of a breach in covenants.  Fitch is concerned about
tightened financial covenant headroom due to Continental's
weakened operating performance amid the severe global auto
downturn.  While Continental has stated that it will be able to
comply with financial covenants as of end-H109, Fitch believes
that ongoing compliance will remain challenging if no agreement is
reached with its banks.

As reported in the Troubled Company Reporter-Europe on Aug. 18,
2009, Moody's Investors Service downgraded Continental AG's
Corporate Family Rating to B1 from Ba3.  Moody's said the rating
outlook remains negative.


CURTIS 1000: Files for Insolvency in Neuwied Court
--------------------------------------------------
EUWID Pulp and Paper reports that  Curtis 1000 Europe AG filed for
insolvency at the district court of Neuwied, Germany.

According to the report, insolvency proceedings include its German
subsidiaries Neuwieder Couvertfabrik GmbH, Curtis Logistik +
Service GbmH and Lucas Baden GmbH.

Curtis 1000 Europe AG -- http://www.curtis.de/-- is a German
supplier of packaging for transport and shipping in Europe.
Beside standardized packaging solutions, the Company also produces
tailored packaging solutions and offers a consulting and design
service to its customers.  The Company's product range includes
the SUMO paper-cushioned pocket envelope; FlatMail, a range of
products for sending items, such as compact discs; sample bags for
product samples, replacement parts, laboratory samples and similar
articles, and Optimail, which offers a variety of packaging
solutions.  The Company’s envelopes are made of Tyvek, a 100%
polyethylene webbing material.  The Company acts as a holding
enterprise for Curtis group that covers the whole value added
chain from paper production to the provision of packaging
solutions and printing.  It owns subsidiaries in Germany, the
Netherlands, the United Kingdom, Luxembourg, Poland and France.


ESCADA AG: Insolvency Court Appoints Creditors' Committee
---------------------------------------------------------
Pursuant to a notice addressed to holders of 7.5% Escada AG
Senior Notes due 2012, the Company said that the Regional Court
of Munich in Germany appointed a preliminary committee of
creditors in Escada AG's Insolvency Proceeding, according to a
Bloomberg News report dated October 13, 2009.

The Preliminary Creditors' Committee, which the German Insolvency
Court appointed pursuant to a decree dated August 27, 2009,
consists of:

  (1) a member of the works council of the Escada AG, as
      issuer to an Indenture dated March 23, 2005;

  (2) an employee of the Works Agency Munich; and

  (3) a member of the board of one of the Issuer's
      suppliers or service providers.

By further decree dated September 29, 2009, the German Insolvency
Court appointed these two additional members to the Preliminary
Creditors' Committee.  They are:

  (1) HypoVereinsbank AG, Unterfohring; and

  (2) the lawyer, Dr. Bernd Meyer-Lowy, with address at
      Kirkland & Ellis International LLP, in Munich.

The March 2005 Indenture, which relates to the EUR200,000,000
7.5% Notes due 2012 issued by Escada AG, as amended, was reached
among these parties:

  * The Bank of New York Mellon, successor-in-interest to The
    Bank of New York, as indenture trustee, registrar,
    transfer agent, and principal paying agent;

  * Escada (USA) Inc., ESCADA (U.K.) Ltd., Escada (Asia) Ltd.,
    Primera Holding GmbH, Primera GmbH & Co. KG, Apriori
    Textilvertriebs GmbH, Cavita Fashion GmbH, Primera
    Retail GmbH, Laurel GmbH and Primera (Far East) Limited, as
    initial Subsidiary Guarantors; and

  * The Indenture Trustee and BNY Financial Services PLC, as
    Irish Paying Agent.

The German Insolvency Court stated that it will become necessary
within the preliminary Insolvency Proceedings to take, or
prepare for taking, important decisions regarding the future
business of Escada AG.  The appointment of the Preliminary
Creditors' Committee will serve the purpose to let the creditors
participate in such decisions to be taken or to be prepared.

As of October 15, 2009, The Bank of New York Mellon, as Trustee
to the Indenture, has not been appointed to the Preliminary
Creditors' Committee.  BoNY Mellon can be appointed to the
Committee at the German Insolvency Court's discretion.

Under the German Insolvency Code, members of the Preliminary
Creditors' Committee will (i) support and supervise the
Preliminary Insolvency administrator's execution of office, and
(ii) keep themselves informed of the course of business, and
(iii) inspect the books and records and examine the transaction
of funds and money holdings.

The members of a the Preliminary Creditors' Committee will be
liable for damages to all creditors with a right to separate
satisfaction, and all insolvency creditors if they voluntarily or
negligently violate their duties.

The German Insolvency Court may appoint a creditors' committee
"after opening of (final) insolvency proceedings but before the
first creditors' assembly" is held.  The German Insolvency Code
provides that after opening of Final Insolvency Proceedings, the
Creditors' Assembly will decide whether to establish a creditors'
committee.  The Creditors' Assembly may specifically (i) vote for
the dismissal of members appointed by the Insolvency Court, and
(ii) appoint other or additional members to the Committee.

While the German Insolvency Code does not explicitly provide the
possibility to appoint a Preliminary Creditors' Committee within
Preliminary Insolvency Proceedings, several insolvency courts --
among them the German Insolvency Court in the preliminary
insolvency proceedings over the assets of Escada AG -- have
appointed preliminary creditors' committees before the opening of
final insolvency proceedings.

Accordingly, the provisions of the German Insolvency Code
regarding the creditors' committee should apply mutatis mutandis,
the Notice specified, according to Bloomberg.

                         About ESCADA AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of 338.9 million as
of April 30, 2009.

ESCADA AG filed of an insolvency petition in Munich, Germany, on
August 13, 2009.  The competent Municipal Court of Munich has
appointed Dr. jur. Christian Gerloff as preliminary insolvency
administrator.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  O'Melveny &
Myers LLP has been tapped as bankruptcy counsel.  Kurtzman Carson
Consultants serves as claims and notice agent.  Judge Stuart M.
Bernstein handles the case.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units.  (http://bankrupt.com/newsstand/or 215/945-7000)


ESCADA AG: More Than 10 Investors Express Interest for Assets
-------------------------------------------------------------
Escada AG has drawn interest from "some 10 to 20 investors from
all over the world," consisting of fashion companies, financial
investors and wealthy families, each of which have handed in
their non-binding offers to Insolvency Administrator Dr.
Christian Gerloff, Reuters reports, citing an unnamed source.

Escada AG said in September 2009, that it is seeking a buyer "for
the whole company, including its Escada USA unit."

The potential investors' final offers are due by the end of
October 2009, as Escada AG plans to present its new owner to the
public at the beginning of November.  The best proposal, not
necessarily the highest bid, could secure Escada AG's future, the
source told Reuters.

As previously reported, Escada AG has gained interest from
potential buyers from Germany and abroad, including German
billionaires and Escada AG shareholders Wolfgang and Michael
Herz, private equity firms Change Capital LLP, Vestar Europe and
Sun Capital Partners Inc., LVMH Moe Hennessy Louis Vuitton SA and
PPR SA.  Notably, Nickolaus Becker, former chairman of EM.TV AG,
is the only party to have publicly informed Dr. Gerloff of his
interest in the Escada assets.

In a separate report, shareholder Rustam Aksenenko sold 15,000
shares of stock at Escada AG at a price of EUR0.67 per share,
Reuters says.  In September 2009, the Herz Brothers also trimmed
their holdings in the Company to below 20% from close to 25%.

Escada AG is rushing its buyer hunt.  It is aiming to close a
deal by early November 2009, because its financing will run out
by December at the latest.  The Company "needs about
EUR30 million, or US$44.33 million, in fresh capital," Reuters
specifies.

                         About ESCADA AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of 338.9 million as
of April 30, 2009.

ESCADA AG filed of an insolvency petition in Munich, Germany, on
August 13, 2009.  The competent Municipal Court of Munich has
appointed Dr. jur. Christian Gerloff as preliminary insolvency
administrator.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  O'Melveny &
Myers LLP has been tapped as bankruptcy counsel.  Kurtzman Carson
Consultants serves as claims and notice agent.  Judge Stuart M.
Bernstein handles the case.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units.  (http://bankrupt.com/newsstand/or 215/945-7000)


ESCADA AG: US Unit's Schedules of Assets & Liabilities
------------------------------------------------------
A.   Real Property                                         US$0

B.   Personal Property
B.1  Cash on hand
     Register Funds - Central Valley, NY, et al.          6,400
     Register Funds - Beverly Hills, CA, et al.           4,800
     Register Funds - South Coast, CA, et al.             4,200
     Register Funds - Boston, MA, et al.                  2,700
     Register Funds - Manchester, VT, et al.              2,400
     Petty Cash - New York Corporate Office               2,212
     Register Funds - Manhasset, NY, et al.               2,000
     Register Funds - Palm Beach, FL                      1,100
     Register Funds - Phoenix, AZ                           700
B.2  Bank Accounts
     Corporate Bank Account - JPMorgan Chase          3,959,338
     Corporate Bank Account - PNC Bank                   41,144
     Others                                             179,795
B.3  Security Deposit
     American Express Collateral                        200,000
     Bal Harbour Shops, Ltd.                            140,000
     560 Broadway Association                            72,538
     GGP Ala Moana LLC                                   74,097
     Others                                              60,428
B.4  Household goods                                          0
B.5  Book, artwork and collectibles                           0
B.6  Wearing apparel                                          0
B.7  Furs and jewelry                                         0
B.8  Firearms and other equipment                             0
B.9  Insurance Policies
     Massachusetts Mutual Life                          158,350
     Massachusetts Mutual Life                           69,000
B.10 Annuities                                                0
B.11 Interests in an education IRA                            0
B.12 Interests in IRA, ERISA, Keogh, et al.                   0
B.13 Stock and Interests
     Metlife                                            133,430
B.14 Interests in partnerships & joint venture                0
B.15 Government and corporate bonds                           0
B.16 Accounts Receivable
     Gross Accounts Receivable as of 07/31/09         6,261,844
B.17 Alimony                                                  0
B.18 Other Liquidated Debts Owing Debtor
     Internal Revenue Service Tax Refund              1,510,696
B.19 Equitable or future interests                            0
B.20 Contingent and non-contingent interests                  0
B.21 Other Contingent and Unliquidated Claims                 0
B.22 Patents                                                  0
B.23 Licenses, franchises & other intangibles                 0
B.24 Customer lists or other compilations                     0
B.25 Vehicles                                                 0
B.26 Boats, motors and accessories                            0
B.27 Aircraft and accessories                                 0
B.28 Office Equipment                                         0
B.29 Machinery, equipment and supplies in business
     Furniture and Fixtures                           5,823,094
     Leasehold Improvements                           4,356,291
     Assets Under Construction                        3,177,240
     Wholesale Shop in Shops                            930,039
     Others                                             157,047
B.30 Inventory
     Inventory as of 07/31/09                        23,872,859
B.31 Animals                                                  0
B.32 Crops                                                    0
B.33 Farming equipment and implements                         0
B.34 Farm supplies, chemicals and feed                        0
B.35 Other Personal Property                                  0

      TOTAL SCHEDULED ASSETS                      US$51,203,746
      =========================================================

C.  Property Claimed as Exempt                             US$0

D.  Creditors Holding Secured Claims                          0

E.  Creditors Holding Unsecured Priority Claims
    U.S. Customs and Border Protection               13,711,412
    NYC Dept. of Finance                                 68,275
    NY State Dept. of Taxation and Finance               57,422
    Texas State Comptroller                              28,277
    California State Board of Equalization               23,481
    Others                                              309,662

F.  Creditors Holding Unsecured Non-priority Claims
    Bank of New York -- London                      285,700,000
    Escada AG                                        37,317,117
    Bayerische Hypo-und Vereinsbank -- Luxembourg    18,400,000
    Others                                            5,869,518

      TOTAL SCHEDULED LIABILITIES                US$361,482,165
      =========================================================

Escada USA also submitted to the Court a 4-page schedule of the
executory contracts and unexpired leases that have not been
assumed and assigned as of October 14, 2009.  A complete list of
the Contracts and Leases is available for free at:
   http://bankrupt.com/misc/EscadaSAL_Contracts&Leases.pdf

The Debtor previously re-filed a request, asking the Court to
extend the time by which it may file its schedules of assets and
liabilities, schedules of executory contracts and unexpired
leases, and statements of financial affairs through October 16,
2009, to "provide for a longer objection period."

The Debtor noted that as of the original Schedules Filing
Deadline, which expired on October 13, 2009, its finance and
legal departments' limited personnel were unable to complete the
Schedules and Statements due to their day-to-day duties that
significantly increased due to the Chapter 11 case.

                         About ESCADA AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of 338.9 million as
of April 30, 2009.

ESCADA AG filed of an insolvency petition in Munich, Germany, on
August 13, 2009.  The competent Municipal Court of Munich has
appointed Dr. jur. Christian Gerloff as preliminary insolvency
administrator.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  O'Melveny &
Myers LLP has been tapped as bankruptcy counsel.  Kurtzman Carson
Consultants serves as claims and notice agent.  Judge Stuart M.
Bernstein handles the case.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units.  (http://bankrupt.com/newsstand/or 215/945-7000)


ESCADA AG: US Unit's Statement of Financial Affairs
---------------------------------------------------
Christopher D. Marques, chief financial officer, executive vice
president and treasurer at Escada (USA) Inc., disclosed that
during the two years immediately preceding the Petition Date,
the Company generated income from the operation of its business
in these amounts:

Source                                            Amount
------                                         -----------
Operating income for the fiscal year
ending October 31, 2007                      US$74,433,000

Operating income for the fiscal year
ending October 31, 2008                      US$54,866,000

Estimated operating income
for the calendar year
ending as of August 13, 2009                 US$18,663,300

Escada USA paid or made transfers to various creditors within 90
days prior to the Petition Date, a list of which is available for
free at http://bankrupt.com/misc/Escada_SoFa3b.pdf

Within one year before the Petition Date, Escada USA also paid
amounts to, or for the benefit of, creditors who are or were
insiders, consisting of Anthony Lucia, Christian Marques, Escada
AG, Lawrence C. DeParis, Scott Klion and William H. Scott.

A complete list of the Insider payments, withdrawals or
distribution details is available for free at:

        http://bankrupt.com/misc/Escada_SoFa3c.pdf

According to Mr. Marques, the Company was a party to these
lawsuits and administrative proceedings litigated in Los Angeles,
Hawaii and New York courts or agencies, within one year
immediately preceding the Petition Date:

                           Nature of
Caption of Suit            Proceeding                  Status
---------------            ----------                  ------
Coscolluela, Maripaz       Workers' Compensation       Open

Escada (USA) Inc. v.
Andrea's Fashions, Inc.    Breach of Contract          Settled

Escada (USA) Inc.
v. Utiliquest              Negligence                  Dismissed

Kim, Deborah v.
Escada (USA) Inc.          Personal Injury             Open

Sakaue, Yumiko
v. Escada (USA), Inc.      Wrongful Termination        Open

Sakaue, Yumiko             Workers' Compensation       Open

U.S. Customs and Border
Protection Audit           Imported Goods Duties       Open

The Company also gave gifts or made charitable contributions
within one year immediately preceding the Petition Date to
various institutions, a complete list of which is available for
free at http://bankrupt.com/misc/Escada_SoFa7.pdf

Escada USA reported losses, aggregating US$257,069, in October
2008 and April 2009 due to inventory shrinkage.  The Company paid
US$40,000 to Kurtzman Carson Consultants LLC on August 14, 2009,
for consultation and debt consolidation services, according to
Mr. Marques.

The Company disclosed that it closed its Business Account No.
XXXX1203 with Bank of America in Seattle, Washington, on
September 8, 2009.

Mr. Marques reported that for the period from May 1991 to
February 2008, Escada USA occupied and subsequently vacated these
premises:

  * 10 Mulholland Drive, Hasbrouck Heights, NJ 07604
  * 621 Route 46, West Hasbrouck Heights, NJ 07604
  * 1302 Fifth Avenue, Seattle, WA 98101
  * 133 Maiden Lane, San Francisco, CA 94108
  * 6121 West Park Boulevard, Plano, TX 75093
  * 3111 North St., Helena Highway St., Helena. CA 94574
  * 5401 West Oakridge Road, Orlando, FL 32821
  * 48650 Seminole Drive, Cabazon CA 92230

As a corporation, Escada USA owned 5% or more of the voting or
equity securities of B.E.M. Enterprise within January 1992 and
September 2008.

Within two years to the Petition Date, Gary Prusakowski and
Christian D. Marques kept or supervised the keeping of books of
account and records of Escada AG.  Messrs. Prusakowski and
Marques were in possession of the books and records as of the
Petition Date.

Sal Nobile & Company, LLP, and PriceWaterhouse Coopers rendered
auditing, tax, and tax compliance services to the Company from
1987 to 2009, according to Mr. Marques.

The last two sets of inventories taken of Escada USA's property
totaled US$66,183,598, and were conducted within these periods:

  Inventory Dates              Total Amount of Inventory
  ---------------              -------------------------
  October 18 to 31, 2008           US$32,598,395
  April 18 to May 14, 2009         US$33,585,203

RGIS, Dimple Mishra and Antonella Loria were in possession of the
Inventories, Mr. Marques disclosed.

Escada AG, as shareholder, holds 100% of the shares of Escada
USA's Common A, Common B, Preferred A and Preferred B Stocks.
Dr. Bruno Salzer, Dr. Werner Lackas, Michael Bornicke, Anthony C.
Lucia, William H. Scott, Christian D. Marques and Scott A. Klion
do not hold any Escada USA shares.

Lawrence C. DeParis, former director, president and chief at
Escada, terminated his relationship with Escada USA in September
2008.  Markus Schurholz left his post as director of the Company
in February 2009.

                         About ESCADA AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of 338.9 million as
of April 30, 2009.

ESCADA AG filed of an insolvency petition in Munich, Germany, on
August 13, 2009.  The competent Municipal Court of Munich has
appointed Dr. jur. Christian Gerloff as preliminary insolvency
administrator.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  O'Melveny &
Myers LLP has been tapped as bankruptcy counsel.  Kurtzman Carson
Consultants serves as claims and notice agent.  Judge Stuart M.
Bernstein handles the case.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units.  (http://bankrupt.com/newsstand/or 215/945-7000)


GILDEMEISTER AG: Moody's Withdraws 'Ba3' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service withdrew all ratings for Gildemeister AG
for business reasons.

These ratings have been withdrawn:

* Corporate Family Rating -- Ba3
* Probability of Default Rating -- Ba3
* Negative Rating Outlook

The last rating on Gildemeister occurred on August 12, 2009, when
Moody's downgraded its CFR to Ba3 with a negative outlook from
Ba2.

Headquartered in Bielefeld, Germany, Gildemeister is a leading
global manufacturer of metal-cutting machine tools (both milling
machines and lathes) and a provider of maintenance services.  In
2008, Gildemeister generated revenues of EUR1.9 billion.


HEAT MEZZANINE: Moody's Junks Rating on EUR25.5MM Class C Notes
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by H.E.A.T Mezzanine S.A. -- Compartment 3 Notes.

  -- EUR233M Class A, Downgraded to A2; previously on March 13,
     2009 Aaa Placed Under Review for Possible Downgrade

  -- EUR31M Class B, Downgraded to B2; previously on March 13,
     2009 Aa3 Placed Under Review for Possible Downgrade

  -- EUR25.5M Class C, Downgraded to Caa3; previously on March 13,
     2009 Baa1 Placed Under Review for Possible Downgrade

This transaction is a static mezzanine finance CLO referencing a
portfolio of German subordinated loans.  It closed on 22 February
2007.

The rating actions reflect Moody's revised assumptions with
respect to default probability and the calculation of the
diversity score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs."  These revised assumptions have been applied to all
corporate credits in the underlying portfolio.

According to Moody's, the rating actions are the result of credit
deterioration of the underlying portfolio.  The transaction has
experienced EUR43 million in Principal Deficiency Events and
EUR15 million in Early Terminations.  The Principal Deficiency
Ledger has been reduced to approximately EUR27 million by the
repayment of Class A notes as of the last Investor Report.
However, portfolio deterioration is further observed through a
decline in the average credit rating as measured through the
portfolio weighted average rating factor 'WARF' (currently 604)
from 398 at closing, an increase in the amount and rate of
defaulted securities, and a corresponding reduction in the over
collateralization of the deal.  These measures were taken from the
recent trustee report dated 8th October 2009.

The equivalent Moody's ratings used in Moody's analysis are
obtained through an econometric model called Riskcalc developed by
Moody's KMV, based on financial statements provided by the issuers
on an annual basis.  The results from the Riskcalc model were
first translated to Moody's alpha numeric rating scale and then,
in order to compensate for the absence of credit indicators such
as rating reviews, outlooks and adjustments factoring in cyclical
developments in the economy, a one notch stress was applied.

Moody's also performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF quality and
the use of Permitted Investments in order to cover interest
payments on the portfolio.  In combination with a further decline
in the portfolio WARF, due to the deeply subordinated nature of
the loans recoveries on defaults were assumed to be zero,
reinforcing the impact of the adverse credit migration.  After
applying the Moody's revised assumptions to the portfolio, the
resulting weighted average rating assumed was Ba3/B1.

To address the concentration risk in the portfolio, various stress
scenarios were run, including heavily notching the largest asset
in the portfolio, and stressing by one notch those assets
belonging to sectors which were viewed as particularly vulnerable
such as Automobile, Buildings and Real Estate, Finance, Hotels,
Motels, Inns and Gaming etc.

The deal was modeled using CDOROM 2.5 to create a loss
distribution that was then used as an input in a cash flow model.

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


TITAN EUROPE: Moody's Junks Rating on EUR91.8 Mln Class D Notes
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on Notes
issued by Titan Europe 2007-2 Limited (amounts reflecting initial
outstandings):

  -- EUR971,80M Class A1 Commercial Mortgage Backed Floating Rate
     Notes due 2017, Affirmed at Aaa; previously on June 19, 2007
     Definitive Rating Assigned Aaa

  -- EUR243M Class A2 Commercial Mortgage Backed Floating Rate
     Notes due 2017, Downgraded to Aa1t; previously on April 8,
     2009 Aaa Placed Under Review for Possible Downgrade

  -- EUR164.6M Class B Commercial Mortgage Backed Floating Rate
     Notes due 2017, Downgraded to Baa2; previously on April 8,
     2009 Aa1 Placed Under Review for Possible Downgrade

  -- EUR122.9M Class C Commercial Mortgage Backed Floating Rate
     Notes due 2017, Downgraded to B2; previously on April 8, 2009
     Baa1 Placed Under Review for Possible Downgrade

  -- EUR91.8M Class D Commercial Mortgage Backed Floating Rate
     Notes due 2017, Downgraded to Caa2; previously on April 8,
     2009 Ba2 Placed Under Review for Possible Downgrade

Moody's does not rate the Class E, Class F, Class G, Class V, and
Class X Notes issued by Titan Europe 2007-2 Limited.  The rating
action concludes the review for possible downgrade that was
initiated for the Class A2, Class B, Class C, and Class D on 8
April 2009 and takes Moody's updated central scenarios into
account, as described in Moody's Special Report "Moody's Updates
on Its Surveillance Approach for EMEA CMBS".

1) Transaction and Portfolio Overview

Titan Europe 2007-2 Limited closed in June 2007 and represents the
true-sale securitization of initially 18 mortgage loans originated
by Credit Suisse.  The loans were secured directly and indirectly
by first-ranking legal mortgages over initially 258 (currently
227) commercial and residential properties located in Germany
(59.9% of initial underwriter's market value), the Netherlands
(27.4%), Finland (4.8%), the Czech Republic, France and Ireland.
The overall properties use was mainly office (37.9%), pure retail
(26.7%) and a mix of retail, residential, industrial and hotels.

Since closing, 12.3% of the initial pool repaid or prepaid.  The
Beau Rivage Loan (7.8% of the initial portfolio balance) prepaid
in full in July 2007, bringing down the number of loans in the
pool to 17.  Some partial prepayments also occurred on the Urbis
Loan (18.5% of the initial portfolio balance) as a result of the
disposal of 20 out of 85 properties.  In addition, some of the
loans provide for scheduled amortization.  The current note
balance is approximately EUR1,464 million compared to EUR1,669
million at closing.  The three largest loans in the pool are still
the Tasman MPC Loan, the Project Christie Loan and the Urbis Loan,
which together contribute 71% to the total securitized balance.
The other 14 loans contribute 29% to the current porfolio.  The
current loan Herfindahl index is 5.3, compared to 5.9 at closing.

2) Transaction Performance History

Since closing, all scheduled amortization has been applied to the
notes on a sequential basis.  Prepayments, including the
prepayment of the Beau Rivage Loan, have been allocated 50%
sequential and 50% pro-rata.  The Class A1 subordination level has
marginally increased from 41.8% to 44.7%.  The sequential payment
triggers have not been hit in this transaction.

As of the last interest payment date, three loans, representing
46.2% of the total pool, were on the servicer's watchlist: the
Tasman MPC Loan, the Urbis Loan and the Rose Loan.  None of these
three loans was in default.  One loan (the Portier Loan, 8.9%) was
in default and in special servicing.

The Portier Loan has been in special servicing since September
2008, following the loan sponsor's filling for insolvency and the
subsequent event of default.  The loan, which was granted to seven
limited liability companies incorporated under German law is
secured by a multifamily portfolio located throughout Germany.  On
the July 2008 IPD, the loan had an underwriter's A-loan LTV of
71.5% and a whole loan LTV of 87.5%.  The default event entitled
the servicer to accelerate the loan and the directors of the
German borrower entities have filed for bankruptcy in Germany.
The portfolio is now in the process of being re-valued and
marketed.  Under the terms of the Portier Loan intercreditor
agreement, interest is now only paid to the senior (securitized)
loan and surplus loan receipts are applied to amortize the senior
loan.  Although the Portier Loan seems to be performing in line
with Moody's initial expectation in terms of debt service coverage
levels, Moody's took into consideration the current default
situation in its revised assessment.

In October 2008, Moody's downgraded the Class C Notes from A1 to
Baa1 and the Class D Notes from Baa3 to Ba2.  The downgrade was
driven by (i) the worse than initially expected performance of the
Tasman MPC Loan in terms of net operating income and in terms of
property disposals; (ii) the, in Moody's view, increasing
uncertainty concerning the refinancing and/or maturity date
extension of the Tasman MPC Loan and the Project Christie Loan
during the first half of 2009; and (iii) the event of default and
acceleration of the Portier Loan.

3) Rating Rationale

The affirmation of the Class A1 and the downgrades of the Classes
A2, B, C and D Notes follow a detailed re-assessment of the loan
and property portfolio's credit risk.  Hereby, Moody's main focus
was on property value declines, term default risk, refinancing
risk and the anticipated work-out timing for the already defaulted
loan and potentially defaulting loans.  In its review, Moody's
reassessed each loan in the transaction and especially
concentrated on the largest loans in the portfolio accounting for
on aggregate 85% of the current portfolio, i.e.  the Tasman MPC
Loan, the Project Christie Loan, the Urbis Loan, the Portier Loan
and the Cobalt Loan.

As outlined in more detail below, the rating action is mainly
driven by:

    (i) the adverse refinancing profile of the loans securitised
        in this transaction;

   (ii) the performance of the Continental European commercial
        property markets; and

  (iii) Moody's opinion about future property market performance.

Driven by, in most cases, a higher default risk assessment on the
loan maturity dates, Moody's now anticipates that a very large
portion of the portfolio will default over the course of the
transaction term.  Coupled with the negative impact of reduced
property values, Moody's expects a substantial amount of losses on
the securitized portfolio.  Those expected losses will, given the
anticipated work-out strategy for defaulted loans, crystallize
mostly towards the mid to end of the transaction term, i.e.
between 2012 and 2015.

The current subordination levels of 44.7% for the Class A1 Notes,
29.1% for the Class A2 Notes, 18.6% for the Class B Notes, 10.7%
for the Class C Notes and 4.8% for the Class D Notes provide some
protection against those expected losses.  However, the likelihood
of higher than expected losses on the portfolio has increased
substantially, which results in the downgrade action for all
Moody's rated Classes except the Class A1 Notes.

Since closing, scheduled amortization has been allocated on a
sequential basis.  However, the loan portfolio has only provided
for very limited scheduled principal repayment so far.
Prepayments have been allocated 50% sequential and 50% pro-rata.
As a result, unlike other large multi-borrower transactions ("EMEA
CMBS conduit deals"), the Notes benefited only to a limited extent
from an increase in subordination levels since closing.  In
addition, the Class A2, B, C and D Notes are subordinated in the
transaction's capital structure.  Due to this additional leverage,
the higher portfolio risk assessment has a relatively bigger
impact on the expected loss of the more junior Notes than on the
expected loss of the more senior Notes.

4) Moody's Portfolio Analysis

Property Values.  Property values across the Continental European
markets have declined, in some markets substantially, until mid-
2009 and are expected to continue to decline at least until 2010.
Moody's estimates that compared to the underwriter's values at
closing, the values of the properties securing this transaction
have declined on a like for like basis on average by approximately
29% until mid-2009.  The most substantial value decline occured in
Moody's view with 43% for the property portfolio securing the Rose
Loan.  Five loans benefit in Moody's view from constant or even
increasing property values since closing, namely the Cobalt Loan,
the Notre Dame Loan, the Ohmer Portfolio Loan, the Wuerzburg Loan
and the Nantes Loan.  Such improved value assessment is generally
due to improved net rental cash flows that over-compensate yield
widening.  Looking ahead, Moody's anticipates further declines
until 2010 and 2011, resulting in on average a 32% overall value
decline from the closing U/W value to Moody's trough value.

Based on this property value assessment, Moody's estimates that
the transaction's mid-2009 weighted average securitized loan-to-
value ratio was 100% compared to the current U/W LTV of 77%.  Due
to the further envisaged declines, the WA LTV will increase in
Moody's opinion to 103% in 2010 and will only gradually recover
thereafter.  As some of the loans have additional debt in the form
of B-loans, the overall whole loan leverage will be 112%, based on
anticipated trough values.  Moody's has taken the anticipated
property value development, including a gradual recovery from 2011
onwards, into account when analyzing the default risk at loan
maturity and the loss given default for each securitized loan.

Refinancing Risk.  The two biggest loans in the transaction, the
Tasman MPC Loan and Project Christie Loan, accounting for 53.2% of
the total pool, are currently due to refinance in 2010, but
benefit from extension options which had already been exercised at
the initial maturity dates in 2009.  Moody's expects that term
extension options for these two loans will be exercised again,
bringing the maturity date ultimately to 2012.  Two further loans,
accounting for 1.6% of the current pool, mature in 2011, and 8
loans, or 29.3% of the current pool, mature in 2012.  The
remaining loans have maturity dates in 2013 and 2014.  Moody's
adjustment of the refinancing risk assessment is primarily due to
the decrease in property values and its expectations that
commercial real estate lending will remain scarce over the next 2
to 3 years.  As Moody's expects property values in the Continental
European markets to only slowly recover from 2011 onwards, all the
loans will still be highly leveraged at their respective expected
maturity dates.  Consequently, in Moody's view, the default risk
at maturity has increased substantially compared to the closing
analysis for most of the loans.

Term Default Risk.  The occupational markets in Continental Europe
are currently characterized by falling rents, increasing vacancy
rates and higher than average tenant default rates.  In
particular, loans secured by properties which will experience
significant lease rollover over the next few years (Tasman MPC,
Urbis) could be, in Moody's view, especially exposed to weakening
occupational markets.  As a consequence, Moody's has incorporated
into its analysis an allowance for deterioration in coverage
ratios and weakening tenant qualities, in turn increasing the term
default risk assumption for some of the loans.

Overall Default Risk.  Based on its revised term and maturity
default risk assessment for the securitized loans, Moody's
anticipates that a very large portion of the portfolio will
default over the course of the transaction term.  The default risk
of all the loans is predominantly driven by refinancing risk.  The
Portier Loan is currently in default.  Amongst the loans that are
not currently in default, the Tasman MPC Loan (29.5% of current
pool balance) has, in Moody's view, the highest default risk,
while the Wuerzburg Loan (0.6% of the current portfolio) has the
lowest risk of defaulting.  Due to its predominance within the
pool and relatively high default risk, the Tasman MPC Loan is
accounting for a very large portion of the expected losses Moody's
expects on the loan portfolio.

Concentration Risk.  The portfolio securitized in this transaction
exhibits an average concentration in terms of property types and
property location.

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

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


TITAN EUROPE: Moody's Junks Ratings on Two Classes of Notes
-----------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by Titan Europe 2006-1 plc (amounts reflect initial
outstandings):

  -- EUR112.05M B, Downgraded to Baa1; previously on Jun 18, 2009
     Aaa Placed Under Review for Possible Downgrade

  -- EUR39.76M C, Downgraded to B1; previously on Jun 18, 2009 A1
     Placed Under Review for Possible Downgrade

  -- EUR46.99M D, Downgraded to Caa2; previously on Jun 18, 2009
     Baa2 Placed Under Review for Possible Downgrade

  -- EUR50.61M E, Downgraded to Ca; previously on Jun 18, 2009 Ba3
     Placed Under Review for Possible Downgrade

At the same time Moody's has affirmed the Aaa ratings of the Class
A and the Class X Notes.  Moody's does not rate the Class F, Class
G, and Class H Notes issued by Titan EURope 2006-1 plc.  The
rating action concludes the review for possible downgrade that was
initiated for the Class B, C, D, and E Notes on June 18, 2009.
The rating action takes Moody's updated central scenarios into
account, as described in Moody's Special Report "Moody's Updates
on Its Surveillance Approach for EMEA CMBS".

1) Transaction and Portfolio Overview

Titan EURope 2006-1 plc closed in March 2006 and represents the
securitisation of initially ten commercial mortgage loans
originated by Credit Suisse International.  The loans were secured
by first-ranking legal mortgages over 56 commercial properties
located in Germany.  The properties were predominantly mixed-use
(45% of the original portfolio by underwriter market value)
followed by office (28%), industrial warehouse (15%), hotel (8%)
and retail (4%).

Since closing of the transaction, five loans (47% of the initial
portfolio balance), prepaid in full.  In addition, there was one
property disposal from the portfolio securing the Mangusta Loan.
The prepayment proceeds were allocated 50% sequential and 50% pro-
rata to the Notes.  The remaining loans are not equally
contributing to the portfolio: the largest loan (the Mangusta
Loan) represents 34.1% of the current portfolio balance, while the
smallest loan (the Nuremberg Retail Distribution Centre Loan,
"Nuremberg Loan") represents 5.9%.  The current loan Herfindahl
index is 4.1 compared to 7.5 at closing, indicating a higher loan
concentration after the prepayments.  Following the property
disposal and prepayments, the remaining five loans are secured by
26 properties.  The property type composition of the portfolio has
changed compared with closing with industrial warehouse currently
contributing 31%, office 24%, mixed-use 21%, hotel 17% and retail
6%.

As of the last interest payment date ("IPD") in July 2009, out of
the five loans, one loan (the Mangusta Loan) was subject to an
event of default.  The loan was transferred into special servicing
in June 2008 due to insufficient reporting by the borrower and
suffered payment shortfalls on the April and July 2009 IPDs.
Furthermore, another loan, the KQ Warehouse Loan (23.0% of the
current portfolio balance) appeared on the servicer's watchlist
due to the insolvency of the tenants, Karstadt Quelle AG and
Karstadt Vermietungsgesellschaft mbH, which generate 100% of the
property cash flows for the loan.

Following the default of the Mangusta Loan, the sequential payment
trigger in the transaction has been breached; therefore, further
proceeds from prepayments and balloon payments will be allocated
sequentially to the Notes.

In January 2009, Moody's downgraded the Class C Notes from Aa2 to
A1, the Class D Notes from A2 to Baa2 and the Class E Notes from
Baa3 to Ba3.  The downgrade was driven by the adverse performance
of the Mangusta Loan, namely by (i) the updated valuation for the
property pool securing the loan; (ii) the worse than initially
expected performance of the loan in terms of coverage and property
cash-flows and (iii) the uncertainty created by reporting issues
on the loan, given that no sufficient reporting had been provided
by the borrower since Q3 2007 at that time.  In June 2009,
following the payment default on the Mangusta Loan coupled with
continuing insufficient reporting and cooperation by the borrower;
and the insolvency filing of the tenants for the KQ Warehouse
Loan, Moody's placed the ratings on the Class B, C, D, and Class E
Notes on review for possible downgrade.

2) Rating Rationale

The rating actions follow a detailed re-assessment of the loan and
property portfolio's credit risk.  Hereby, Moody's main focus was
on property value declines, term default risk, refinancing risk
and the anticipated work-out timing for defaulted and potentially
defaulting loans.  In its review, Moody's has undertaken a
detailed analysis of all loans in the pool.

As outlined in more detail below, the rating action is mainly
driven by:

  (i) the adverse performance of the Mangusta Loan and the
      uncertainty surrounding the future performance of the KQ
      Warehouse Loan which together comprise approximately 57% of
      the current portfolio;

(ii) the transaction's refinancing profile;

(iii) the most recent performance of the German commercial
      property markets; and

(iv) Moody's opinion about future property market performance.

Driven by (i) the existing default of the Mangusta Loan, (ii) the
very high default probability of the KQ Warehouse Loan during its
term, and (iii) a higher default risk assessment for the remaining
loans on the loan maturity dates, Moody's now anticipates that a
very large portion of the portfolio will default over the course
of the transaction term.  Coupled with the negative impact of
significantly reduced property values, Moody's expects a very high
amount of losses on the securitised portfolio.  Those expected
losses will, given the anticipated work-out strategy for defaulted
loans, crystallise only towards the mid to end of the transaction
term.

Since closing, five loans amounting to 47% of the original
portfolio balance prepaid in full.  The prepayment proceeds of the
loans were allocated to the Notes on a 50% sequential and 50% pro-
rata basis.  The prepayment proceeds together with scheduled
amortisation payments have resulted in increased credit
enhancement levels available to each of the classes rated by
Moody's.  The current subordination levels for the Class B, the
Class C, the Class D, and the Class E are 38.3%, 29.9%, 20.0%, and
9.2% respectively.  While the subordination provides protection
against losses for the more senior Notes, also the likelihood of
higher than expected losses on the portfolio has increased
substantially, which results in the rating action.

Moody's affirmed the rating of the Class A Notes as this class is
sufficiently protected against the increased expected portfolio
losses with a subordination level of 62.1%.  Moreover, the Class A
Notes can benefit from further increases of the credit enhancement
level as future potential loan prepayments, recoveries and balloon
repayments from the portfolio will be applied fully sequentially
to the Notes in line with the transaction waterfall.  The Class B,
Class C, Class D, and Class E Notes are subordinated in the
transaction's capital structure.  Due to this additional leverage,
the higher portfolio risk assessment has a relatively bigger
impact on the expected loss of the more junior Notes than on the
expected loss of the senior Notes.

The Class X Notes are entitled to receive the difference between
(i) interest payable on the loans and (ii) interest payable on the
Notes and certain costs and rank in relation to their interest
payment pro-rata and pari passi to the Class A Notes.  The
liquidity facility can be used to cover potential interest
shortfalls on the Class X Notes.  In relation to principal, the
net proceeds from the issue of the Class X Notes have been
retained by the Issuer in the Class X Account for the purpose of
repaying the principal amount of the Class X Notes.  Moody's
believes that the Class X Notes have a different risk profile in
comparison to the other classes in the transaction given their
characteristics.  The rating of the Class X Notes is therefore not
directly affected by the credit risk of the loan portfolio.

Moody's anticipates that, following the application of its updated
central scenarios, Titan EURope 2006-1 plc is one of the most
negatively affected EMEA CMBS conduit deals secured by Pan-
EURopean collateral.

3) Moody's Portfolio Analysis

Property Values.  Property values in Germany have declined until
mid 2009 and are expected to continue to decline at least until
2010.  Moody's estimates that the values of the properties
securing this transaction have declined by on aggregate 35% until
mid-2009 (ranging from a 11% decrease for the Nuremberg Loan to a
45% decline for the KQ Warehouse Loan) compared to the
underwriter's values at closing, and by 30% compared to the most
recent U/W values reported for the pool.  For the KQ Warehouse
Loan, the value assessed by Moody's is based on a vacant
possession due to the insolvency of the tenants.  This value is
approximately 12% lower than the vacant possession value of the U/
W at closing and 18% lower than the most recent available U/W
vacant possession value.  Looking ahead, Moody's anticipates
further value declines until 2010, resulting in on aggregate 39%
value decline for the portfolio compared to the U/W value at
closing (ranging from 16% decline for the Nuremberg Loan to a 45%
decline for the KQ Warehouse Loan).

Based on this property value assessment, Moody's estimates that
the transaction's mid-2009 weighted average securitized loan-to-
value ratio was 108% compared to the reported U/W LTV of 76%.  Due
to the further envisaged declines, the WA LTV will increase in
Moody's opinion to 116% in 2010 and will only gradually recover
thereafter.  Based on Moody's anticipated trough values, the LTVs
for the securitized loans range between 125% (Mangusta Loan) and
92% (Nuremberg Loan).  As three loans (Mangusta, KQ Warehouse and
Tiden Portfolio Loan) have additional debt in the form of B-loans
(amounting to GBP45.5 million on aggregate), the whole loan
leverage based on estimated trough values will be on average 131%.

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

Refinancing Risk.  The transaction exposure to loans maturing in
the short-term (2009 and 2010) is considerable with 16% of the
current portfolio maturing in 2010.  23% of the current portfolio
matures in 2011, 40% in 2012 and the remaining 21% matures in
2013.  As Moody's expects property values in the Continental
EURopean markets to only slowly recover from 2011 onwards, all
loans will be still highly leveraged at their respective maturity
dates.  Consequently, in Moody's view, for all of the currently
performing loans, the default risk at maturity has increased
substantially compared to the closing analysis.

Term Default Risk.  The occupational markets in Continental EURope
are currently characterized by falling rents, increasing vacancy
rates and higher than average tenant default rates.  In this
portfolio, the performance of the second largest loan, the KQ
Warehouse Loan, secured by two logistic assets located in Leipzig
and Munich is currently negatively impacted by the insolvency of
the sole tenants, Karstadt Quelle AG and Karstadt
Vermietungsgesellschaft mbH, both of which have filed for
insolvency proceedings in June 2009.  Moody's understands that all
rental payments have been made by the tenants except for the July
2009 rent for the Leipzig property which remains outstanding.  In
Moody's opinion, there is significant uncertainty around the
future tenancy of the properties, hence the borrower's ability to
meet its payment obligations going forward.  In Moody's view, the
default probability of the loan during its term has significantly
increased compared with closing of the transaction as well as
compared to Moody's revised expectations per January 2009.

Taking into account the lease profile of the remaining performing
loans, the Tiden Portfolio Loan (21.3% of current portfolio) could
be in Moody's view especially exposed to weakening occupational
markets.  Based on the current lease profile, Moody's has
incorporated into its analysis an allowance for deterioration in
coverage ratios and weakening tenant qualities on the remaining
loans, in turn increasing the term default risk assumption for the
respective loans.

Loans in Default and/or Special Servicing.  One loan in the
portfolio, the Mangusta Loan which accounts for 34.1% of the
current outstanding balance is in default and in special
servicing.

The Mangusta Loan was initially secured by 14 commercial
properties (currently 13) mainly located in small to medium sized
properties across Germany.  The loan was transferred into special
servicing in June 2008 due to insufficient reporting of financial
information by the borrower.  The borrower has since failed to pay
the full amount of debt service due on the whole loan on the April
and July 2009 IPDs.  Further, Moody's understands that there are
outstanding payments to be made by the borrower to cover swap
breakage costs associated with the sale of one property.  The
servicer is unable to calculate a covenant compliance debt service
coverage ratio for the loan since Q1 2008 due to lack of borrower
reporting, and information on the current tenancy profile is very
limited.  According to the special servicer, negations between the
special servicer, the borrower and a third party investor are
ongoing about a potential refinancing of the loan, and the special
servicer will pursue an enforcement of the loan.

Overall Default Risk.  Based on its revised term and maturity
default risk assessment for the securitised loans, Moody's
anticipates that a very large portion of the portfolio will
default over the course of the transaction term.  In Moody's view,
excluding the Mangusta Loan which is already in default, the KQ
Warehouse Loan currently has the highest default risk, while the
Nuremberg Loan has the lowest risk of defaulting.  The default
risk of the loans is predominantly driven by refinancing risk
except for the KQ Warehouse Loan for which Moody's has determined
a high default risk during the loan term.

Concentration Risk.  The portfolio securitized in Titan EURope
2006-1 plc exhibits an average concentration in terms of property
types and property location.

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

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


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


DRYSHIPS INC: Appoints Ziad Nakhleh as Chief Financial Officer
--------------------------------------------------------------
DryShips Inc. has named Ziad Nakhleh as the Company's Chief
Financial Officer effective November 1, 2009.  The position was
previously occupied on an interim basis by Mr. George Economou,
Chairman and Chief Executive Officer.

Mr. Nakhleh, 37, has over 12 years of finance experience.  From
January 2005 to September 2008, he served as Chief Financial
Officer of Aegean Marine Petroleum Network Inc., a publicly traded
marine fuels logistics company listed on the New York Stock
Exchange, where he led the company's US$200 million IPO in
December 2006.  During his tenure at Aegean, Mr. Nakhleh as well
as managing the corporate finance and accounting aspects of the
company, was extensively involved in maintaining investor
confidence and contributing to the expansion of the company by way
of corporate and asset acquisitions.

For the past year, he was engaged in a consulting capacity to
various companies in the shipping and marine fuels industries.
Prior to his time with Aegean, Mr Nakhleh was employed at Ernst &
Young and Arthur Andersen in Athens.  Mr. Nakhleh is a graduate of
the University of Richmond in Virginia and is a member of the
American Institute of Certified Public Accountants.

George Economou, Chairman and Chief Executive Officer, commented:
"We are pleased to have Ziad join our management team.  He is a
welcome addition to Dryships and his capital and debt markets
experience will be valuable going forward.  We now have an
experienced and talented senior management team in place to help
manage and grow DryShips".

As reported by the Troubled Company Reporter, DryShips on
October 13 said that it has signed agreements with Nord LB and
West LB on waiver terms for US$116 million and US$67 million
respectively of our outstanding debt.  Mr. Economou said, "I am
pleased to report another set of waivers from our banks who remain
extremely supportive of DryShips.  We are now left with
US$187.5 million of outstanding debt, where constructive
discussions with the banks continue for waivers and we expect to
have those concluded shortly."

                        About DryShips Inc.

DryShips Inc. -- http://www.dryships.com/-- 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".


DRYSHIPS INC: To Release Quarterly Results on October 26
--------------------------------------------------------
DryShips Inc. will release its results for the third quarter and
nine months ended September 30, 2009, after the market closes in
New York on Monday, October 26.

DryShips' management team will host a conference call the
following day on Tuesday, October 27, 2009, at 8:30 a.m. Eastern
Daylight Time to discuss the Company's financial results.

Conference Call details:

Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1(866) 819-7111 (from
the US), 0(800) 953-0329 (from the UK) or +(44) (0) 1452 542 301
(from outside the US). Please quote "DryShips".

A replay of the conference call will be available until
October 29, 2009.  The United States replay number is 1(866) 247-
4222; from the UK 0(800) 953-1533; the standard international
replay number is (+44) (0) 1452 550 000 and the access code
required for the replay is: 2133051#

Slides and audio webcast:

There will also be a simultaneous live webcast over the Internet,
through the DryShips Web site.  Participants to the live webcast
should register on the website approximately 10 minutes prior to
the start of the webcast.

As reported by the Troubled Company Reporter, DryShips on
October 13 said that it has signed agreements with Nord LB and
West LB on waiver terms for US$116 million and US$67 million
respectively of our outstanding debt.  Mr. Economou said, "I am
pleased to report another set of waivers from our banks who remain
extremely supportive of DryShips.  We are now left with
$187.5 million of outstanding debt, where constructive discussions
with the banks continue for waivers and we expect to have those
concluded shortly."

                        About DryShips Inc.

DryShips Inc. -- http://www.dryships.com/-- 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".


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


BORSODCHEM NYRT: Has Debt Restructuring Deal with China's Wanhua
----------------------------------------------------------------
Martin Arnold and Sundeep Tucker at The Financial Times report
that Permira has secured a deal to restructure the debts of
BorsodChem Nyrt.

The FT relates BorsodChem said Thursday that, with its biggest
shareholder, it had signed an agreement in principle with China's
Wanhua Industrial over a restructuring of its EUR1.1 billion
(US$1.6 billion) debt and Wanhua's "mid-term" role as a minority
shareholder.

As reported in the Troubled Company Reporter-Europe on July 28,
2009, the FT said the Hungarian government offered a EUR100
million (US$142 million) loan to BorsodChem.  The FT disclosed the
loan from the state-owned Hungarian Development Bank was
conditional on Permira reaching an agreement with Borsodchem's
lenders to restructure its excessive debt in a way that is
acceptable to Budapest.

                       About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt.
(fka BorsodChem Rt) -- http://www.borsodchem.hu/-- produces
chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC
resins, and additives for the plastic and rubber industries.
The Company exports its products mainly to Western Europe.


HUNGARIAN STATE: S&P Puts 'BB' Rating on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'BB' long-
term corporate credit rating on Hungarian State Railways Co. Ltd.
on CreditWatch with negative implications.  The 'B' short-term
rating was affirmed.

"The CreditWatch placement reflects S&P's information that, as a
result of consolidation efforts by the sovereign, the current
central government budget draft for 2010 foresees a reduction in
transfers to MAV by HUF40 billion (EUR150 million), representing a
one-quarter cut in cost reimbursements," said Standard & Poor's
credit analyst Timon Binder.  It is currently unclear whether and
to what extent the network and/or services would be scaled down to
compensate for these potential cutbacks in transfers received.

A reduction in ongoing government transfers without a
corresponding reduction in operating expenditure could negatively
affect S&P's assessment of MAV's stand-alone credit profile, and
therefore the long-term rating on MAV.

S&P intends to meet with MAV's management and with government
officials over the coming weeks to assess the perspective for
ongoing government support and potential cuts in MAV's operating
expenditure.  S&P will also assess the likelihood and scope of
potential extraordinary government support to MAV, particularly in
light of an ongoing consolidation of public finances.

According to management, the reimbursements for public services
are currently being paid on time and on budget.  The rail operator
MAV-Start, a 100% subsidiary of the MAV group, expects to receive
HUF21 billion per month until January 2010, which is in line with
the public service agreement with the Ministry of Transport,
Telecommunication, and Energy.

"We aim to resolve the CreditWatch on MAV within the next three
months, once S&P has clearer information regarding the level of
cutbacks in reimbursements for public services following the
government 2010 budget approval, expected in late November," said
Mr. Binder.  "We also expect to have more visibility regarding any
measures MAV and the government will take to offset lower
government transfers on the expenditure side."


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


CHEMTURA CORP: Gets Nod to Hire A&L Goodbody as Irish Counsel
-------------------------------------------------------------
Chemtura Corp. and its units sought and obtained the Court's
permission to employ A&L Goodbody Solicitors as their Irish
counsel nunc pro tunc to May 12, 2009.

Following the commencement of their Chapter 11 cases, the Debtors
believed it to be in their best interests to employ foreign
counsel to advise them regarding maintaining statutory solvency
under the laws of certain countries, certain statutory audit
consideration and related restructuring matters with respect to
their foreign non-debtor subsidiaries.

Stephen C. Forsyth, the Debtors' executive vice president and
chief financial officer, relates that A&L is particularly well
suited to serve as the Debtors' Irish counsel because it is an
international full-service law firm with more than 236 attorneys
in five offices.  Significantly, A&L has extensive experience in
cross-border insolvencies, including, among others, Waterford
Wedgewood plc, Adams Childrenswear, Lehman Brothers, Sachsen LB
Europe plc, Parmalat and XL Leisure Group, he adds.

As Irish counsel to the Debtors, A&L will provide these specific
services:

  (a) Advise the Debtors with respect to the powers and duties
      of their non-debtor Irish subsidiaries;

  (b) Advise and consult on the impact of the Debtors' Chapter
      11 proceedings on their Irish subsidiaries;

  (c) Take all necessary action to protect and preserve the
      Debtors' interest in their Irish subsidiaries and their
      value;

  (d) Advise the Debtors with respect to the implementation or
      impacts of any asset dispositions relating to the non-
      Debtor Irish subsidiaries; and

  (e) Consult with the Debtors in relation to any accounting,
      tax or other regulatory requirements regarding the non-
      Debtor Irish subsidiaries.

Mr. Forsyth says that by retaining A&L to provide restructuring
advice related exclusively to the Debtors' non-Debtor Irish
entities, A&L will be able to better focus on its respective
competencies in the reorganization of the Debtors.

He clarifies that A&L will not serve as restructuring counsel to
the Debtors in their Chapter 11 cases.  While certain aspects of
A&L's representation will necessarily involve both A&L and the
Debtors' restructuring counsel, the Debtors believe, and will
require, that the services provided by A&L will be complementary
rather than duplicative of the services to be performed by their
restructuring counsel.

The Debtors will pay for A&L's legal services on an hourly basis
in accordance with its ordinary and customary hourly rates in
effect on the date services are rendered, and will reimburse
actual and necessary out-of-pocket expenses.

A&L's applicable hourly rates for each of the above-referenced
services to be provided are:

       Partners                      EUR600
       Associates                    EUR450
       Solicitors                    EUR280 to EUR320
       Trainees/Paralegals           EUR150

David Baxter, Esq., a partner at A&L, assured the Court that his
firm is a "disinterested person" as the term is defined under
Section 101(14) of the Bankruptcy Code.

                       About Chemtura Corp.

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of US$3.5 billion, is
a global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.

Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.

As of December 31, 2008, the Debtors had total assets of
US$3.06 billion and total debts of US$1.02 billion.

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


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


IT HOLDING: Gianfranco Ferre to Post FY Loss, Il Sole Says
----------------------------------------------------------
Gilles Castonguay at Dow Jones Newswires, citing Italian business
daily Il Sole 24, reports that IT Holding SpA's Gianfranco Ferre
brand will run an operating loss for the fiscal year as revenue is
expected to drop to 2001 levels.

According Dow Jones, the daily, citing a document prepared for IT
Holding's trustees, said the brand will have an operating loss of
EUR23 million (US$34.2 million) on revenue of EUR42 million for
the year ending March 31.

Reuters relates Il Sole said another brand, Malo, is expected to
run a loss of EUR8 million on revenue of EUR31 million for the
same period.

As reported in the Troubled Company Reporter-Europe, Bloomberg
News said IT Holding was granted bankruptcy protection in February
along with all of its units after failing to make payments to
lenders and suppliers.

                        About IT Holding SpA

Based in Milan, Italy, IT Holding SpA (BIT:ITH) --
http://www.itholding.com/-- operates in the luxury goods market.
The company and its subsidiaries design, produce and distribute
apparel, accessories, eyewear and perfumes.  Its brand portfolio
embraces: owned brands, Gianfranco Ferre, Malo, Exte, as well as
licensed brands, Versace Jeans Couture, Versace Sport, Just
Cavalli, C'N'C Costume National and Galliano.  The company's
production facilities are located in Italy.  IT Holding SpA has a
worldwide distribution network, including 39 directly operated
stores, 274 monobrand stores and over 6,000 department and
specialty stores.  In order to be present in the most significant
markets, IT Holding SpA has dedicated market companies: ITTIERRE
SpA, ITTIERRE France SA, ITTIERRE Moden GmbH, IT USA HOLDING Inc
and IT Asia Pacific Limited, among others.


SEAT PAGINE: Denies Main Investors Are Seeking to Sell Stake
------------------------------------------------------------
Marco Bertacche and Jerrold Colten at Bloomberg News, citing a
statement distributed through the Italian exchange, say Seat
Pagine Gialle SpA denied a newspaper report that its main
investors are discussing the sale of their stakes in the company
to a group led by businessmen Virgilio Degiovanni and Fabio Arpe.

                       About Seat Pagine Gialle

Seat Pagine Gialle SpA -- http://www.seat.it/-- is an Italy-based
company that operates multimedia platform for assisting in the
development of business contacts between users and advertisers.
It is active in the sector of multimedia profiled advertising,
offering print-voice-online directories, products for the Internet
and for satellite and ortophotometric navigation, and
communication services such as one-to-one marketing.  Its products
include EuroPages, PgineBianche, Tuttocitta and EuroCompass, among
others.  Its activity is divided into four divisions: Directories
Italia, operating through, Seat Pagine Gialle; Directories UK,
through TDL Infomedia Ltd. and its subsidiary Thomson Directories
Ltd.; Directory Assistance, through Telegate AG, Telegate Italia
Srl, 11881 Nueva Informacion Telefonica SAU, Telegate 118 000
Sarl, Telegate Media AG and Prontoseat Srl, and Other Activitites
division, through Consodata SpA, Cipi SpA, Europages SA, Wer
liefert was GmbH and Katalog Yayin ve Tanitim Hizmetleri AS.

                           *     *     *

As reported in the TCR-Europe on May 14, 2009, Standard & Poor's
Ratings Services said that it affirmed  its 'BB-' long-term
corporate credit ratings on Italy-based classified directories
publisher SEAT PagineGialle SpA.  S&P said the outlook is
negative.


SOCOTHERM SPA: Court Opens Restructuring Pre-Insolvency Procedure
-----------------------------------------------------------------
Nigel Tutt at Reuters reports that Socotherm SpA on Friday said a
court in the north Italian city of Vicenza has opened a
restructuring pre-insolvency procedure for the company.

Reuters relates Socotherm, which filed for creditor protection at
the start of August, said in its Friday statement the court has
fixed January 28, 2010, as the date for a creditors meeting.

According to Reuters, in a filing at the end of August, the
company said its debt at the end of July was EUR252.6 million.

As reported in the Troubled Company Reporter-Europe on August 6,
2009, Bloomberg News said Socotherm was suspended indefinitely
from trading in Milan after its board agreed to propose a
pre-insolvency restructuring plan.  Bloomberg disclosed the
company said the restructuring plan protects its goodwill and
would give creditors "a greater value than the liquidation value
of the individual assets".

Socotherm SpA -- http://www.socotherm.com/-- is an Italy-based
company which specializes in external and internal anticorrosion
coating and thermal insulation for onshore and offshore pipelines.
It provides internal and external pipe coating for oil, gas and
water transportation industries and specializes in deep-water pipe
insulation and coating technology.  Other services offered by the
Company are: special insulation for ship carriers transporting
liquefied gas and for district heating pipelines, asphalt road
maintenance, pipeline rehabilitation and the supply of
photovoltaic systems on ground or building integrated.  It
operates throughout the world through four geographical business
areas: EMEA with Europe, Middle East and Africa; Asia Pacific with
Malaysia, China and Australia; Americas with South and North
America, and West Africa with Nigeria and Angola.  Socotherm SpA
operates through some subsidiaries, among them there are Socotherm
(Shashi) Pipe Coating Ltd, Socotherm Field Services Srl and
Socopower Srl.


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


ATAN AKTOBE: Creditors Must File Claims by October 28
-----------------------------------------------------
Creditors of LLP Atan Aktobe have until October 28, 2009, to
submit proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktobe commenced
bankruptcy proceedings against the company on July 31, 2009, after
finding it insolvent.

The Court is located at:

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


FIRMA LOAD: Creditors Must File Claims by October 28
----------------------------------------------------
Creditors of LLP Firma Load Ltd. have until October 28, 2009, to
submit proofs of claim to:

         Zelenaya Str. 40
         Baiserke
         Ilyisky District
         Almaty
         Kazakhstan

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
         Tauelsyzdyk Str. 53
         Almaty
         Kazakhstan


GAMMA TSVETA: Creditors Must File Claims by October 28
------------------------------------------------------
Creditors of LLP Gamma Tsveta 2005 have until October 28, 2009, to
submit proofs of claim to:

         Jumabaev Str. 109-301
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on July 31,
2009, after finding it insolvent.

The Court is located at:

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


GLOBAL SERVICE: Creditors Must File Claims by October 28
--------------------------------------------------------
Creditors of LLP Global Service have until October 28, 2009, to
submit proofs of claim to:

         Abai Str. 10a
         Atyrau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on July 21, 2009, after
finding it insolvent.

The Court is located at:

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


KAZAKHSKY GUMANITARNO: Creditors Must File Claims by October 28
---------------------------------------------------------------
South Kazakhstan Representation of JSC Kazakhsky Gumanitarno
Uridichesky Universitet is currently undergoing liquidation.
Creditors have until October 28, 2009, to submit proofs of claim
to:

          Jangeldin Str. 13a
          Shymkent
          South Kazakhstan
          Kazakhstan


MASH SNUB: Creditors Must File Claims by October 28
---------------------------------------------------
Creditors of LLP Mash Snub Ross have until October 28, 2009, to
submit proofs of claim to:

         Zelenaya Str. 40
         Baiserke
         Ilyisky District
         Almaty
         Kazakhstan

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
         Tauelsyzdyk Str. 53
         Almaty
         Kazakhstan


SEVERO KAZAKHSTANSKAYA: Creditors Must File Claims by October 28
----------------------------------------------------------------
Creditors of LLP Severo Kazakhstanskaya Toplivno Energeticheskaya
Companiya DL have until October 28, 2009, to submit proofs of
claim to:

         Jumabaev Str. 109-301
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on July 31,
2009, after finding it insolvent.

The Court is located at:

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


TAURUS LIMITED: Creditors Must File Claims by October 28
--------------------------------------------------------
Creditors of LLP Taurus Limited have until October 28, 2009, to
submit proofs of claim to:

         Abai Str. 10a
         Atyrau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on July 21, 2009, after
finding it insolvent.

The Court is located at:

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


VODOBORETS LLP: Creditors Must File Claims by October 28
--------------------------------------------------------
Creditors of LLP Vodoborets have until October 28, 2009, to submit
proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktobe commenced
bankruptcy proceedings against the company on July 31, 2009, after
finding it insolvent.

The Court is located at:

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


===========
L A T V I A
===========


BALTIC-AMERICAN MORTGAGE: Moody's Cuts Rating on Cl. B Notes to B1
------------------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by Baltic-American Mortgage Trust, LLC:

  -- Class A, Downgraded to Baa3 from A3; previously on 18 June
     2009 Downgraded from Aa2

  -- Class B, Downgraded to B1 from Ba1, previously on 18 June
     2009 Downgraded from Baa1

The rating action is prompted by the increased loss expectations
for this transaction due to the continuing deterioration of the
Latvian economy and the implications of a potential devaluation of
the Latvian currency.

Currency devaluation in Latvia would lead to increased rate of
default in this transaction, which is backed by mortgage loans
denominated in US Dollars.  Currently, Latvian currency is pegged
to the Euro.  However, if it were to devalue, this would put
significant financial pressure on the borrowers, whose incomes are
mainly denominated in the local currency.  To take this into
account, Moody's has incorporated the increased risk of
devaluation on a probability weighted basis into the expected loss
assumption, which resulted in the increase of the assumed expected
loss to 6.5%.

In addition, since a large proportion of lending in Latvian market
has historically been denominated in foreign currencies, currency
devaluation would result in significant financial pressure on the
Latvian consumer.  This would put increased pressure on the
government to assist its constituents by, for example,
redenominating the mortgage loans from foreign currencies to the
local currency at the unfavorable exchange rates.  The uncertainty
associated with such possible government actions has been further
increased recently by the legislation proposal of the prime
minister to limit the liability of the borrower under the mortgage
loan to the value of the property.  Such program or the
redenomination of the loans into the local currency as described
above could lead to significant increase in losses in this
transaction.

Therefore, in order to incorporate these additional risks Moody's
has increased the probability of the redenomination scenario,
which is incorporated in its cashflow analysis as described in the
Special Report entitled "Impact of Redenomination Risk on Emerging
Market RMBS and ABS Transactions".

Baltic-American Mortgage Trust, LLC closed in 2004 and represented
the first securitization in Latvia and the first mortgage-backed
transaction in the Baltic region.  The mortgage loans backing the
Certificates were originated by the Baltic-American Enterprise
Fund, which is a private US Corporation, initially funded by a US
Government grant, whose mission is to promote the development of
market economy and specifically mortgage market in the Baltic
Region.  In 2008 all existing assets of BAEF were sold to Allied
Irish Banks, p.l.c. (A1, P-1) that had established three local
branches to operate in the Baltics including one in Latvia to
replace Baltic-American Mortgage Holdings, LLC as Servicer for
this transaction.

The pool factor is equal to 9.10% (the current size of the pool is
US$5.9 million) and the credit enhancement to the most senior
class is provided by the subordination of class B (8.06%) and the
overcollateralisation currently equal to 6% of the pool balance.
Class A and Class B are currently paying pro-rata and they would
only revert to sequential repayment in case the excess spread in
the transaction falls below 0.50% of the current pool balance.
Both classes are also benefiting from a basis risk reserve which
can only be used to cover interest rate exposure.  The total
delinquencies in this transaction are at 3.14% of the current
portfolio balance as of September 2009 and there have been no
losses recorded to date in this transaction.  However, the total
delinquencies increased in the last quarter and in Moody's opinion
the performance is likely to deteriorate considering that further
economic contraction is expected in the near term.

Moody's previous rating action on the notes issued by Baltic-
American Mortgage Trust, LLC, was on June 18, 2009 when the
ratings on Class A and Class B were downgraded from Aa2 to A3 and
from Baa1 to Ba1 respectively.


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


BLACK DIAMOND: Moody's Junks Rating on US$45 Mln Class E Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of these
notes issued by Black Diamond CLO 2006-1 (Luxembourg) S.A.:

  -- US$500,000,000 Class A-D Floating Rate Notes, Due April 2019,
     Downgraded to Aa3; previously on January 25, 2007 Assigned
     Aaa;

  -- EUR61,500,000 Class A-E Floating Rate Notes, Due April 2019,
     Downgraded to Aa3; previously on January 25, 2007 Assigned
     Aaa;

  -- US$0.00, EUR30,153,891 and GBP30,716,069 Class A-R
     Redenominatable Floating Rate Notes, Due April 2019,
     Downgraded to Aa3; previously on January 25, 2007 Assigned
     Aaa;

  -- US$90,000,000 Class B Floating Rate Notes, Due April 2019,
     Downgraded to Baa2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$48,000,000 Class C Floating Rate Notes, Due April 2019,
     Downgraded to Ba2; previously on March 4, 2009 A2 Placed
     Under Review for Possible Downgrade;

  -- US$55,000,000 Class D Floating Rate Notes, Due April 2019,
     Downgraded to B2; previously on March 4, 2009 Baa2 Placed
     Under Review for Possible Downgrade;

  -- US$45,000,000 Class E Floating Rate Notes, Due April 2019,
     Downgraded to Caa3; previously on March 4, 2009 Ba2 Placed
     Under Review for Possible Downgrade;

  -- US$10,000,000 Combination Notes (rated balance of
     $8,354,486), Due April 2019, Downgraded to B3; previously on
     March 4, 2009 Baa3 Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  Such
credit deterioration is observed through a decline in the average
credit rating (as measured by the weighted average rating factor),
an increase in the dollar amount of defaulted securities, and an
increase in the proportion of securities from issuers rated Caa1
and below.  In particular, the weighted average rating factor has
increased over the last year and is currently 2862 as of the last
trustee report, dated August 15, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$93 million, accounting for roughly 9% of the collateral balance,
and securities rated Caa1 or lower make up approximately 13% of
the underlying portfolio.

Moody's noted that the portfolio includes a number of investments
in securities that mature after the maturity date of the notes.
These investments potentially expose the notes to market risk in
the event of liquidation at the time of the notes' maturity.
Moody's also observes that the transaction is exposed to a number
of mezzanine and junior CLO tranches in the underlying portfolio.

The rating actions also reflect Moody's revised assumptions with
respect to default probability (including certain stresses
pertaining to credit estimates) and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  Moody's analysis also
reflects the expectation that recoveries for high-yield corporate
bonds and second lien loans will be below their historical
averages, consistent with Moody's research.  Moody's has also
applied resecuritization stress factors to default probability
assumptions for structured finance asset collateral as described
in the press release titled "Moody's updates its key assumptions
for rating structured finance CDOs," published on December 11,
2008.  Other assumptions used in Moody's CLO monitoring are
described in the publication "CLO Ratings Surveillance Brief -
Second Quarter 2009," dated July 17, 2009.  Due to the impact of
all aforementioned stresses, key model inputs used by Moody's in
its analysis, such as par, weighted average rating factor,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers.

Black Diamond CLO 2006-1 (Luxembourg) S.A., issued in January
2007, is a multicurrency collateralized loan obligation, backed
primarily by a portfolio of senior secured loans denominated in
U.S. dollars, EURos and pound sterling.

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


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


CREDIT EUROPE: Fitch Assigns 'D' Individual Rating
--------------------------------------------------
Fitch Ratings has assigned Credit Europe Bank N.V. ratings of
Long-term Issuer Default 'BB' with Stable Outlook, Short-term IDR
'B', Individual 'D', and Support '5'.  The Support Rating Floor is
'No Floor'.

The IDRs and Individual rating reflect CEB's medium size and niche
focus, strong growth and management's demonstrated track record in
steering it through recent turbulent times.  The ratings also
consider asset concentration in emerging markets, sizeable trade
and commodity finance exposures and a rate-sensitive online retail
deposit base.

CEB's ratings will benefit from a demonstrated ability to grow
substantially and further diversify its asset mix away from
developing countries.  CEB's ratings could suffer a downgrade if
the economies where it operates undergo material contraction or
upheaval, if asset quality deteriorates significantly or notable
signs of depositor nervousness emerge.

CEB is ultimately owned by Fiba Group, a leading Turkish group
with significant cash resources, fully owned by Husnu Ozyegin, a
prominent banker and businessman.  CEB's shareholder is committed
to supporting growth and CEB is strategic to Fiba Group.  Although
Fiba Group's propensity to provide support to CEB, if required, is
considered extremely high by Fitch, the probability that such
support would be forthcoming can only be viewed as moderate, given
Fitch's 'BB' Country Ceiling for Turkey.

Following years of rapid expansion, management has focused on
reducing credit risks and shoring up liquidity in 2009.
Geographically, CEB's loans are concentrated in more volatile
countries (Romania 30%, Turkey 25%, Russia 22%, and Ukraine 2%),
and mainly to wholesale customers (62% corporate, including around
30% trade finance, 33% retail, with SMEs making up the 5%
balance).  Concentrations by customer group are moderate, but
given the still fragile economic outlook for many of the countries
in which CEB operates, credit risk is considered to be fairly
high.  Asset quality trends have been worsening.  Impaired loans
at end-June 2009 reached 5.4% of total loans, and reserve coverage
was 66%.  While this coverage seems on the low side, 41% of CEB's
impaired loans are also secured by tangible collateral (largely
real estate) which provides added comfort.

Retail deposits provide the bulk of funding and the maturity of
these has been lengthening.  Deposits are not concentrated and
have proved highly stable throughout periods of market stress.
Asset and Liability management risks are strictly monitored and
self-imposed liquidity limits are tough, with stress tests
envisaging severe shocks.

CEB, established in 1994 as Finansbank (Holland) NV and
headquartered in Amsterdam, is regulated by the Dutch authorities.
At end-June 2009, it had assets of EUR10.7 billion and EUR633
million equity.  It provides worldwide tailor-made trade and
commodity finance services, and retail banking services to around
2.6 million customers through its branches and subsidiaries in the
Netherlands, Germany, Belgium, Russia, Romania, Malta,
Switzerland, Dubai and Ukraine.  It has around 5,500 employees.

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


DSB BANK: Declared Bankrupt After Failing to Find Buyer
-------------------------------------------------------
Marcel van de Hoef and Martijn van der Starre at Bloomberg News
report that the Amsterdam court yesterday declared DSB Bank NV
bankrupt after its owner failed to find a buyer.

Citing yesterday's ruling posted on the court's Web site,
Bloomberg discloses talks with a possible U.S.-based suitor,
Dallas-based buyout firm Lone Star Funds, failed.

Bloomberg recalls the Dutch central bank took control of DSB on
Oct. 12 as an outflow of capital threatened the company's
existence.  The court on Oct. 16 gave DSB Bank's owner, Dirk
Scheringa, until 9:00 a.m. local time yesterday to find a buyer,
Bloomberg relates.

On Oct. 14, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Pieter Lakeman, chairman of a foundation
that represents customers who seek compensation after being
overcharged for their mortgages, called for deposit withdrawals at
DSB on Dutch public television Oct. 1.  Bloomberg disclosed Nout
Wellink, central bank president, said capital outflows at DSB
amounted to EUR600 million (US$888 million) from that day and the
bank currently has about EUR3.5 billion in deposits.

According to Bloomberg, the central bank said attempts to sell DSB
to a group of five banks including ING Groep NV, ABN Amro Holding
NV, Rabobank Groep NV, Fortis Bank Nederland and SNS Reaal NV
failed because there was uncertainty about possible claims on DSB
for lending too much, failing to meet its responsibilities to
clients and possible losses on credits.

DSB Bank -- http://www.dsbbank.com/-- is a fully licensed bank in
the Netherlands, providing mortgages, consumer loans, savings and
insurance products to retail clients.  The bank has a leading
market share in the Dutch market for consumer loans.  DSB Bank
also has operations in Belgium and Germany.  DSB Bank, established
in 1975, is privately owned by Dirk Scheringa, currently CEO of
DSB Bank, Chairman of the Executive Management Board.
Mr. Scheringa is also 100% owner of AZ Alkmaar football club,
which plays in the Dutch Premier League and president of the
Scheringa Museum for Magic Realism, an international collection of
more than 500 works of art.


===========
N O R W A Y
===========


TRICO MARINE: S&P Assigns Corporate Credit Rating at 'CCC'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'CCC'
corporate credit rating to oilfield services provider Trico Marine
Services Inc. and its indirect foreign subsidiary Trico Supply AS.
At the same time, Standard & Poor's placed these ratings on
CreditWatch with developing implications.

In addition, Standard & Poor's assigned Trico Shipping AS's
proposed US$400 million senior secured notes offering a proposed
'B-' issue-level rating and a '2' recovery rating, indicating
expectations of meaningful (50%-70%) recovery in the event of
default.  Trico Marine plans to use the proceeds from the
transaction to repay the debt of Trico Supply and its various
subsidiaries.

Standard & Poor's also assigned its 'CCC-' issue-level rating and
'5' recovery rating to Trico Marine's existing US$202.8 million
8.125% senior convertible notes and a 'CC' issue-level rating and
'6' recovery rating to its existing US$150 million 3% senior
convertible debentures.  In addition, Standard & Poor's placed its
ratings on these convertible notes on CreditWatch with developing
implications.

"The ratings on Woodlands, Texas-based Trico Marine and its
Norway-based subsidiary Trico Supply reflect the companies'
position as oilfield services providers in a cyclical and highly
competitive industry, S&P's expectations of generally weak
industry conditions, the companies' very high debt leverage
measures, and looming liquidity concerns," said Standard & Poor's
credit analyst Paul Harvey.

Given the interrelated nature of the relationship between Trico
Marine and Trico Supply and the lack of ringfencing, S&P links the
two corporate credit ratings together and assign Trico Supply the
same corporate credit rating as Trico Marine.

When ratings are on CreditWatch with developing implications, it
means S&P could raise, lower, or affirm.  If the company
successfully completes its proposed US$400 million senior notes
offering and related transactions, S&P will raise the corporate
credit ratings of Trico Marine and Trico Supply to 'CCC+' and the
ratings of the US$202.8 million and US$150 million convertible
bonds to 'CCC' and to 'CCC-', respectively.  In the event the
transaction is unsuccessful, S&P will lower the corporate credit
ratings to 'CCC-', assign a negative outlook, and downgrade the
convertibles to 'CC' and 'C', respectively.


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


AVTOVAZ OAO: May Seek Creditor Protection
-----------------------------------------
Anastasia Ustinova and Kiyori Ueno at Bloomberg News report that
OAO AvtoVAZ admitted seeking protection from creditors is one of
the options that the company is considering.

Bloomberg relates Igor Burenkov, a spokesman for AvtoVAZ, said
yesterday as it seeks to avoid bankruptcy, the Russian carmaker
plans to sell RUR50 billion of convertible bonds to state banks.

According to Bloomberg, AvtoVAZ President Igor Komarov said
yesterday in an e-mailed statement the carmaker will fire 9,075
workers of "pension age” and 5,267 of "pre-pension age", and will
lay off 7,431 employees of "working age" who may be rehired after
production is modernized in two years.

As reported in the Troubled Company Reporter-Europe on Oct. 14,
2009, Bloomberg News said AvtoVAZ's net loss widened to
RUR19.5 billion (US$659 million) from RUR2.15 billion in the first
half of 2009 from RUR2.15 billion a year earlier.  Bloomberg
disclosed the carmaker's sales declined 46% to RUR53.1 billion.

"The crisis in the financial sector of the Russian economy has
negatively affected the automotive market," Bloomberg quoted
AvtoVAZ as saying.  Without continuing state aid this year and
next, market conditions "create a material uncertainty that gives
rise to significant doubt about the group's ability to continue as
a going concern."

According to Bloomberg, AvtoVAZ is relying on the Russian
government to help restructure RUR58.2 billion of short-term debt
as of June 30.  The state has already spent RUR25 billion to
support AvtoVAZ, Bloomberg said.

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


SISTEMA-HALS JSC: Fitch Downgrades Issuer Default Rating to 'B-'
----------------------------------------------------------------
Fitch Ratings has downgraded Russian property developer JSC
Sistema-Hals's Long-term Issuer Default Rating to 'B-' from 'B,
and the National Long-term rating to 'BB-(rus)' from 'BBB-(rus)'.
The agency has changed the Rating Watch on these ratings to
Negative from Evolving.  The Rating Watch on the Short-term IDR
'B' has also been revised to Negative from Evolving.

The downgrade results from a combination of SH's weakened
underlying trading profile and uncertainty as to the level of
support which may be forthcoming from SH's main shareholders.

The Rating Watch is pending further clarification on parental
support mechanisms related to SH.  Should the resolution of the
Rating Watch result in a downgrade of SH's ratings, this could be
by multiple notches.  The Watch is expected to be resolved within
the coming days.


TMK OAO: Ernst & Young Expresses Going Concern Doubt
----------------------------------------------------
Alex Nicholson and Ilya Khrennikov at Bloomberg News report that
OAO TMK's auditors Ernst & Young said there were doubts about the
company's ability to "continue as a going concern" after it posted
a net loss in the first half and current liabilities exceeded
assets by almost US$1 billion.

Bloomberg relates TMK said the company lost US$203.8 million in
the first half of the year, compared with net income of US$158.2
million a year earlier.

According to Bloomberg, Ernst & Young said in TMK's first half
results that the company's current liabilities of US$2.8 billion
exceeded current assets by US$951.7 million as of June 30.

"Based on the current economic environment and the management's
outlook, when the group's consolidated financial statements for
the year ending Dec. 31, 2009, are published, the group may not be
in compliance with financial covenants under certain of its debt
instruments, which, if not resolved, could also constitute a cross
default under its other debt instruments," Bloomberg quoted Ernst
& Young as saying in the report.

TMK OAO (Trubnaya Metallurgicheskaya Kompaniya OAO or Pipe
Metallurgical Company) -- http://www.tmk-group.com/-- is a
Russia-based engaged in the production of steel pipes.  Its
product portfolio covers seamless threaded pipes for oil and gas
fields, seamless line pipes for infield pipelines, seamless pipes
for industrial use, large-diameter welded pipes, energy tubulars,
welded pipes.  The Company manages production plants in Russia
(TMK-CPW, Volzhsky Pipe Plant, Seversky Tube Works, Sinarsky Pipe
Plant, Taganrog Metallurgical Works and Orsky Machine Building
Plant), Romania (TMK-Artrom and TMK-Resita), Kazakhstan (TMK-
Kaztrubprom) and the United States (TMK-Ipsco).  TMK OAO has five
branches in Russia.  It operates also through 17 subsidiaries in
Russia, Kazakhstan, Germany, Switzerland and the United States.


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


BBVA 4: Moody's Cuts Rating on EUR26.8 Mln Class C Notes to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on the
long-term credit ratings of these notes issued by BBVA 4 PYME,
FTA:

  -- EUR200.6 million Class A2: Aaa confirmed; previously on 23
     March 2009 placed on review for possible downgrade

  -- EUR18.4 million Class B: Upgraded to A1 from A2; previously
     on March 23 2009 placed under review for possible downgrade

  -- EUR26.8 million Class C: Downgraded to Ba1 from Baa3;
     previously on March 23 2009 placed under review for possible
     downgrade

Moody's initially assigned definitive ratings in September 2005.

The rating action concludes the review for downgrade which was
initiated on March 23, 2009, as a result of Moody's revision of
its methodology for SME granular portfolios in EMEA (published on
17 March 2009).

As a result of its revised methodology, Moody's has reviewed its
assumptions for BBVA 4 PYME's collateral portfolio, taking into
account anticipation of performance deterioration of the pool in
the current down cycle and the exposure of the transaction to the
real estate sector (either through security in the form of a
mortgage or debtors operating in the real estate sector).  The
deterioration of the Spanish economy has been reflected in Moody's
negative sector outlook for the Spanish SME securitisation
transactions (see "EMEA ABS, CMBS & RMBS Asset Performance
Outlooks," July 2009).  To date, this transaction has been
performing better than the Spanish SME index published by Moody's
("Spanish SME Q2 2009 Indices," September 2009).  In particular,
cumulative 90 days delinquencies since closing were at 1.63% of
original pool balance as of September 2009.

At the same time, Moody's estimated the remaining weighted-average
life of the portfolio as equal to 2.95 years.  As a consequence,
these revised assumptions have translated into a cumulative mean
default assumption for this transaction of 6.1% of the current
portfolio balance.  Moody's original mean default assumption was
2.7% of original portfolio, with a coefficient of variation of
54%.  Because of the relatively low effective number of borrowers
in the portfolio (304), Moody's used a Monte Carlo simulation to
determine the probability function of the defaults with a
resulting coefficient of variation of 54.6%.  The average recovery
rate assumption was updated at 40% (fixed recovery rate) compared
with a 35% to 50% range assumed at closing.  The prepayment rate
is assumed to be 5%, which is comparable to observed levels CPR
values since closing.

In summary, Moody's has concluded that the negative effects of the
revised default and recovery assumptions were offset by the
increased credit support available for the outstanding Class A and
B notes.  The ratings of these notes were respectively confirmed
and upgraded by one notch.  However, the rating agency considers
that the negative effects of revised assumptions are not fully
offset for the Class C notes by the increased credit enhancement
for this tranche, which is consequently downgraded by one notch.

Moody's also tested the sensitivity of the Class B notes rating to
a stress scenario with a mean default rate increased to 7.45% of
the current balance and a coefficient of variation set at 54.5%.
The sensitivity analysis concluded that the ratings on the notes
were not affected by a change in these assumptions under this
stress scenario.

As of September 2009, the number of debtors in the portfolio was
equal to 1,948.  The concentration in the "building and real
estate" sector was approximately 34.6% as of September 2009 from
27.6% at closing.

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


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


AKTIV KAPITAL: Claims Filing Deadline is October 30
---------------------------------------------------
Creditors of Aktiv Kapital Portfolio Investments AG are requested
to file their proofs of claim by October 30, 2009, to:

         Aktiv Kapital Portfolio Investments AG
         Badstrasse 50
         5200 Brugg
         Switzerland

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


CLIP SYSTEMS: Claims Filing Deadline is November 13
---------------------------------------------------
Creditors of Clip Systems AG are requested to file their proofs of
claim by November 13, 2009, to:

         Harald v. Seefried
         Liquidator
         Bleicherweg 33
         8002 Zurich
         Switzerland

The company is currently undergoing liquidation in Muttenz.  The
decision about liquidation was accepted at a general meeting held
on July 7, 2009.


DEUX SWISS: Claims Filing Deadline is November 9
------------------------------------------------
Creditors of Deux Swiss GmbH are requested to file their proofs of
claim by November 9, 2009, to:

         Andrin Schifferli
         Egg 2
         8824 Schoenenberg
         Switzerland

The company is currently undergoing liquidation in Maienfeld.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on August 19, 2009.


DITRONICS GMBH: Claims Filing Deadline is October 30
----------------------------------------------------
Creditors of ditronics gmbh are requested to file their proofs of
claim by October 30, 2009, to:

         ast Buchhaltung GmbH
         Zeughausstrasse 41
         8004 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a shareholders' meeting
held on April 23, 2008.


E.R. SCHWANK-INSTITUT: Claims Filing Deadline is November 5
-----------------------------------------------------------
Creditors of E.R. Schwank-Institut AG are requested to file their
proofs of claim by November 5, 2009, to:

         E.R. Schwank-Institut AG
         Hauptstrasse 70
         4132 Muttenz
         Switzerland

The company is currently undergoing liquidation in Muttenz.  The
decision about liquidation was accepted at an extraordinary
general meeting held on September 4, 2009.


PROSTAGE GMBH: Claims Filing Deadline is October 30
---------------------------------------------------
Creditors of Prostage GmbH are requested to file their proofs of
claim by October 30, 2009, to:

         Astrid Lebdowicz
         Kuestereiweg 3
         3380 Wangen an der Aare
         Switzerland

The company is currently undergoing liquidation in Deitingen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 26, 2009.


S.K INNOVATION: Claims Filing Deadline is November 10
-----------------------------------------------------
Creditors of S.K Innovation Engineering GmbH are requested to file
their proofs of claim by November 10, 2009, to:

         S.K Innovation Engineering GmbH
         Mattenstutz 16
         3053 Muenchenbuchsee
         Switzerland

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


TSD GMBH: Claims Filing Deadline is November 11
-----------------------------------------------
Creditors of TSD GmbH are requested to file their proofs of claim
by November 11, 2009, to:

         TSD GmbH Hubert Mauchle
         Liquidator
         Spechtweg 17
         4103 Bottmingen
         Switzerland

The company is currently undergoing liquidation in Bottmingen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on August 25, 2009.


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

         VHM AG
         Schuerstrasse 17
         6062 Wilen bei Sarnen
         Switzerland

The company is currently undergoing liquidation in Sarnen.  The
decision about liquidation was accepted at a general meeting held
on August 27, 2009.


WILLIAMS FIRE: Claims Filing Deadline is November 2
---------------------------------------------------
Creditors of Williams Fire & Safety AG are requested to file their
proofs of claim by November 2, 2009, to:

         Allconsult Services Armin L. Landtwing
         Grienbachstrasse 11
         6300 Zug
         Switzerland

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


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


ALEKS-PLUS LLC: Creditors Must File Claims by October 22
--------------------------------------------------------
Creditors of LLC Aleks-Plus (code EDRPOU 31577203) have until
October 22, 2009, to submit proofs of claim to:

         Pension fund of Ukraine in Primorsky district of Mariupol
         Insolvency Manager
         Dnepropetrovsky Lane 15
         Mariupol
         87517 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on August 27, 2009.  The case is docketed
under Case No. 45/169B.

The Court is located at:

         The Economic Court of Donetsk region
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Aleks-Plus
         Mariupolskaya Str. 49
         Mariupol
         87521 Donetsk
         Ukraine


ZVEZDNY CHAS LLC: Creditors Must File Claims by October 22
----------------------------------------------------
Creditors of LLC Zvezdny Chas (code EDRPOU 32690080) have until
October 22, 2009, to submit proofs of claim to:

         I. Gritsenko
         Insolvency Manager
         Office 18
         Tsiolkovsky Str. 2
         36000 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company on September 8, 2009.  The case is docketed
under Case No. 23/138.

The Court is located at:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         LLC Zvezdny Chas
         Osvitianskaya Str. 6
         36021 Poltava
         Ukraine


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


BIRTHDAYS: Clinton Card's Full-Year Loss Widens on Writedown
------------------------------------------------------------
David Altaner at Bloomberg News reports that Clinton Cards Plc
said it net loss widened to GBP33.6 million for the year ended
Aug. 2 (US$54.9 million), from a loss of GBP16.8 million a year
earlier after writing off the value of its Birthdays chain.

Bloomberg recalls Clinton's unprofitable Birthdays chain went into
administration in May, and the company bought back 196 outlets in
June.

Birthdays -- http://www.birthdays.co.uk/-- sells cards, gifts and
gift wrap.


REGENT INNS: Management Buy-Out Talks Fail
------------------------------------------
Kate Walsh and Ben Marlow at The Sunday Times report that
management buy-out talks at Regent Inns plc collapsed on Friday.

According to the report, Regent's chief executive John Leslie and
former Pitcher & Piano boss Mike Dowell were close to completing a
management buy-out, but the pair failed to secure financing at the
11th hour.

The group's bank consortium, led by HSBC, is now hoping it can
persuade a trade buyer to acquire the business, the report says.
The report relates the banks received an approach last Friday and
talks will resume early this week.  If successful, the pub group,
which employs 2,000 staff, will be put into a pre-pack
administration, the report states.

Regent Inns plc -- http://www.regentinns.co.uk/-- is engaged in
the business of creating and managing licensed bars, restaurants
and entertainment venues within the United Kingdom.  The Company
operates in two segments: Entertainment bars and restaurants.  Its
entertainment bars comprises three brands: Walkabout, Jongleurs
and Bar Risa.  Walkabouts are large scale, Australian-themed
venues focused on late-night entertainment and sport.  All
Jongleurs venues operate in conjunction with Bar Risa's or
Walkabout venues under common management and administrative
control.  Its restaurants include Old Orleans and Asha's The
Company's wholly owned subsidiaries include Regent Inns Walkabout
Limited, Regent Inns Bar Risa Limited, Old Orleans Limited, Regent
Inns Property Limited and Regent Inns Finance Limited.  In March
2009, the Company completed the disposal of Brandasia Limited.
The business being disposed of comprises an Indian restaurant
based in Birmingham.


VIRGIN MEDIA: Seeks Amendments to Senior Facilities Agreement
-------------------------------------------------------------
Virgin Media Inc. on October 16 said that it is seeking the
consent of its senior lenders to make certain amendments to its
senior facilities agreement, under which the principal amount of
outstanding debt is GBP3.1 billion.  These amendments will provide
Virgin Media with additional financial flexibility and further
strengthen its capital structure.

The proposed amendments will support the refinancing of the
existing senior bank debt over time by facilitating the reduction
of the principal outstanding amount of senior bank debt to be
refinanced.  The principal aim of the proposed amendments to
Virgin Media's senior facilities agreement is to permit the
issuance of senior secured bonds which rank on a pari passu basis
with the existing senior bank facilities, in order to refinance
part of the existing senior bank facilities and diversify the
sources of funding available to Virgin Media.  Virgin Media's top
ten relationship banks have unanimously confirmed their support
for the proposed amendments.

Neil Berkett, Chief Executive Officer of Virgin Media, said,
"The proactive management of our capital structure has been
reflected by the continued market confidence in our business.  The
amendments to our senior facilities will further enhance our
financial flexibility and allow management to focus on enhancing
our operations while continuing to grow the business and generate
sustained cash flow."

The proposed amendments require the consent of two-thirds of all
lenders under the senior facilities agreement.  The deadline for
lenders to respond to the amendment request is October 30, 2009.

Virgin Media propose to pay a consent fee of 25 bps to each lender
that provides its consent to the proposed amendments.

                       About Virgin Media

Headquartered in London, England, Virgin Media Inc. --
http://www.virginmedia.com/-- is a United Kingdom-based
entertainment and communications business.  Virgin Media is a
residential broadband and mobile virtual network operator, and a
provider in the United Kingdom of pay television and fixed-line
telephone services.  Virgin Media manages its business through
three segments: Cable, Mobile and Content.  The Cable segment
includes the distribution of television programming over the
Company's cable network, and the provision of broadband and fixed-
line telephone services to consumers, businesses and public sector
organizations.  The Mobile segment includes the provision of
mobile telephone services under the name Virgin Mobile to
consumers over cellular networks owned by third parties.  The
Company's Content segment includes the operations of its United
Kingdom television channels, such as Virgin1, Living and Bravo's
portfolio of retail television channels.  In April 2009, Virgin
Media Inc. announced that AURELIUS AG has acquired sit-up Ltd.


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


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

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


AUSTRIA
-------
KOMMUNALKREDIT      3730Z         -1620545332    52261394319.4
LIBRO AG            LBROF       -110486313.84     174004185.02
LIBRO AG            LIB         -110486313.84     174004185.02
LIBRO AG            LB6         -110486313.84     174004185.02
LIBRO AG            LIBR        -110486313.84     174004185.02
SKYEUROPE           SKYP         -89480486.93      159076577.5
SKYEUROPE           SKY          -89480486.93      159076577.5
SKYEUROPE HLDG      SKY          -89480486.93      159076577.5
SKYEUROPE HLDG      SKURF        -89480486.93      159076577.5
SKYEUROPE HLDG      SKYPLN       -89480486.93      159076577.5
SKYEUROPE HLDG      SKY          -89480486.93      159076577.5
SKYEUROPE HLDG      SKYPLN       -89480486.93      159076577.5
SKYEUROPE HLDG      S8E          -89480486.93      159076577.5
SKYEUROPE HLDG      SKYA         -89480486.93      159076577.5
SKYEUROPE HLDG      SKYV         -89480486.93      159076577.5
SKYEUROPE HLDG      SKY          -89480486.93      159076577.5
SKYEUROPE HLDG      SKY          -89480486.93      159076577.5
SKYEUROPE HOL-RT    SK1          -89480486.93      159076577.5


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


CROATIA
-------
BRODOGRADE INDUS    3MAJRA      -388927692.38      624796011.8
DALMACIJAVINO DD    DLVNRA       -78560921.68     140288171.78
IPK OSIJEK DD OS    IPKORA       -20548292.01     131206123.83
OT OPTIMA TELEKO    2299892Z        -48565065     119632635.47
OT-OPTIMA TELEKO    OPTERA          -48565065     119632635.47


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


CZECH REPUBLIC
--------------
CKD PRAHA HLDG      CKDPF        -89435858.16     192305153.03
CKD PRAHA HLDG      CKDH         -89435858.16     192305153.03
CKD PRAHA HLDG      CKDH         -89435858.16     192305153.03
CKD PRAHA HLDG      CDP          -89435858.16     192305153.03
CKD PRAHA HLDG      297687Q      -89435858.16     192305153.03
SETUZA AS           2994767Q     -61453764.17     138582273.56
SETUZA AS           SZA          -61453764.17     138582273.56
SETUZA AS           2994759Q     -61453764.17     138582273.56
SETUZA AS           SETUZA       -61453764.17     138582273.56
SETUZA AS           2994755Q     -61453764.17     138582273.56
SETUZA AS           SETU         -61453764.17     138582273.56
SETUZA AS           SZA          -61453764.17     138582273.56
SETUZA AS           2994763Q     -61453764.17     138582273.56
SETUZA AS           SETUZA       -61453764.17     138582273.56


DENMARK
-------
ELITE SHIPPING      ELSP         -27715991.74     100892900.29
ROSKILDE BAN-NEW    ROSKN        -532868894.9    7876687324.02
ROSKILDE BAN-RTS    ROSKT        -532868894.9    7876687324.02
ROSKILDE BANK       ROSK         -532868894.9    7876687324.02
ROSKILDE BANK       RKI          -532868894.9    7876687324.02
ROSKILDE BANK       ROSK         -532868894.9    7876687324.02
ROSKILDE BANK       ROSK         -532868894.9    7876687324.02
ROSKILDE BANK       ROSKF        -532868894.9    7876687324.02
ROSKILDE BANK       ROSK         -532868894.9    7876687324.02
ROSKILDE BANK       ROSBF        -532868894.9    7876687324.02
ROSKILDE BANK       RSKC         -532868894.9    7876687324.02
ROSKILDE BANK-RT    916603Q      -532868894.9    7876687324.02


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


GERMANY
-------
AGOR AG             DOO            -482446.63     144432986.17
AGOR AG             DOOG           -482446.63     144432986.17
AGOR AG             NDAGF          -482446.63     144432986.17
AGOR AG             DOO            -482446.63     144432986.17
AGOR AG             DOOD           -482446.63     144432986.17
AGOR AG             DOO            -482446.63     144432986.17
AGOR AG-RTS         2301918Z       -482446.63     144432986.17
ALNO AG             ANO          -68516656.94     290459933.75
ALNO AG             ANO          -68516656.94     290459933.75
ALNO AG             ANO          -68516656.94     290459933.75
ALNO AG             ANO          -68516656.94     290459933.75
ALNO AG             ALNO         -68516656.94     290459933.75
ALNO AG-NEW         ANO1         -68516656.94     290459933.75
ALNO AG-RTS         2259765Z     -68516656.94     290459933.75
BROKAT AG           BROFQ        -27139391.98     143536859.72
BROKAT AG           BKISF        -27139391.98     143536859.72
BROKAT AG           BRKAF        -27139391.98     143536859.72
BROKAT AG           BROAF        -27139391.98     143536859.72
BROKAT AG -NEW      BRJ1         -27139391.98     143536859.72
BROKAT AG -NEW      BRJ1         -27139391.98     143536859.72
BROKAT AG-ADR       BROA         -27139391.98     143536859.72
BROKAT TECH -ADR    BROAQ        -27139391.98     143536859.72
BROKAT TECH AG      BRJ          -27139391.98     143536859.72
BROKAT TECH AG      BRJ          -27139391.98     143536859.72
BROKAT TECH AG      BSA          -27139391.98     143536859.72
BROKAT TECH-ADR     BRJA         -27139391.98     143536859.72
CBB HOLD-NEW 97     COB2         -42994732.85     904723627.84
CBB HOLDING AG      COB2         -42994732.85     904723627.84
CBB HOLDING AG      COBG         -42994732.85     904723627.84
CBB HOLDING AG      CUBDF        -42994732.85     904723627.84
CBB HOLDING AG      COB          -42994732.85     904723627.84
CBB HOLDING AG      COB2         -42994732.85     904723627.84
CBB HOLDING AG      COBG         -42994732.85     904723627.84
CBB HOLDING-NEW     COB3         -42994732.85     904723627.84
CBB HOLDING-NEW     COB1         -42994732.85     904723627.84
CINEMAXX AG         MXC          -42008900.33     144431938.27
CINEMAXX AG         MXCG         -42008900.33     144431938.27
CINEMAXX AG         CNEMF        -42008900.33     144431938.27
CINEMAXX AG         MXC          -42008900.33     144431938.27
CINEMAXX AG         MXC          -42008900.33     144431938.27
CINEMAXX AG         MXCUSD       -42008900.33     144431938.27
CINEMAXX AG         MXCUSD       -42008900.33     144431938.27
CINEMAXX AG         MXC          -42008900.33     144431938.27
CINEMAXX AG-RTS     MXC8         -42008900.33     144431938.27
DORT ACTIEN-BRAU    944167Q      -12689156.29     117537053.71
DORT ACTIEN-RTS     DAB8         -12689156.29     117537053.71
EM.TV & MERC-NEW    ETV1         -22067409.41     849175624.65
EM.TV & MERC-NEW    ETV1         -22067409.41     849175624.65
EM.TV & MERC-RTS    ETV8         -22067409.41     849175624.65
EM.TV & MERC-RTS    ETV8         -22067409.41     849175624.65
EM.TV & MERCHAND    ETV          -22067409.41     849175624.65
EM.TV & MERCHAND    ETV          -22067409.41     849175624.65
EM.TV & MERCHAND    ETV          -22067409.41     849175624.65
EM.TV & MERCHAND    ETVMF        -22067409.41     849175624.65
EM.TV & MERCHAND    985403Q      -22067409.41     849175624.65
EM.TV & MERCHAND    EMTVF        -22067409.41     849175624.65
ESCADA AG           ESC          -22323463.23     425598807.76
ESCADA AG           ESCDF        -22323463.23     425598807.76
ESCADA AG           ESC          -22323463.23     425598807.76
ESCADA AG           ESC          -22323463.23     425598807.76
ESCADA AG           ESCG         -22323463.23     425598807.76
ESCADA AG           ESC          -22323463.23     425598807.76
ESCADA AG           ESC          -22323463.23     425598807.76
ESCADA AG           ESC          -22323463.23     425598807.76
ESCADA AG -PFD      ESC3         -22323463.23     425598807.76
ESCADA AG-NEW       835345Q      -22323463.23     425598807.76
ESCADA AG-NEW       ESCN         -22323463.23     425598807.76
ESCADA AG-NEW       ESCC         -22323463.23     425598807.76
ESCADA AG-NEW       ESCD         -22323463.23     425598807.76
ESCADA AG-NEW       3069367Q     -22323463.23     425598807.76
ESCADA AG-NEW       ESCN         -22323463.23     425598807.76
ESCADA AG-NEW       ESCN         -22323463.23     425598807.76
ESCADA AG-RTS       ESCE         -22323463.23     425598807.76
ESCADA AG-SP ADR    ESCDY        -22323463.23     425598807.76
KAUFRING AG         KFR          -19296489.56     150995473.81
KAUFRING AG         KFR          -19296489.56     150995473.81
KAUFRING AG         KFR          -19296489.56     150995473.81
KAUFRING AG         KAUG         -19296489.56     150995473.81
KAUFRING AG         KFR          -19296489.56     150995473.81
MANIA TECHNOLOGI    MNI1          -35060806.5     107465713.61
MANIA TECHNOLOGI    MNI           -35060806.5     107465713.61
MANIA TECHNOLOGI    MNIG          -35060806.5     107465713.61
MANIA TECHNOLOGI    MNI1          -35060806.5     107465713.61
MANIA TECHNOLOGI    MIAVF         -35060806.5     107465713.61
MANIA TECHNOLOGI    2260970Z      -35060806.5     107465713.61
MANIA TECHNOLOGI    MNI           -35060806.5     107465713.61
MANIA TECHNOLOGI    MNI           -35060806.5     107465713.61
MATERNUS KLINI-N    MAK1         -18996733.83     183928734.46
MATERNUS-KLINIKE    MNUKF        -18996733.83     183928734.46
MATERNUS-KLINIKE    MAK          -18996733.83     183928734.46
MATERNUS-KLINIKE    MAKG         -18996733.83     183928734.46
MATERNUS-KLINIKE    MAK          -18996733.83     183928734.46
MATERNUS-KLINIKE    MAK          -18996733.83     183928734.46
MATERNUS-KLINIKE    MAK          -18996733.83     183928734.46
NORDAG AG           DOO1           -482446.63     144432986.17
NORDAG AG-PFD       DOO3           -482446.63     144432986.17
NORDAG AG-RTS       DOO8           -482446.63     144432986.17
NORDSEE AG          533061Q       -8200552.05     194616922.62
PRIMACOM AG         PRC          -18656728.68     610380925.67
PRIMACOM AG         PRC          -18656728.68     610380925.67
PRIMACOM AG         PRCG         -18656728.68     610380925.67
PRIMACOM AG         PRC          -18656728.68     610380925.67
PRIMACOM AG         PCAGF        -18656728.68     610380925.67
PRIMACOM AG         PRCG         -18656728.68     610380925.67
PRIMACOM AG         PRC2         -18656728.68     610380925.67
PRIMACOM AG         PRC          -18656728.68     610380925.67
PRIMACOM AG-ADR     PCAG         -18656728.68     610380925.67
PRIMACOM AG-ADR     PCAGY        -18656728.68     610380925.67
PRIMACOM AG-ADR+    PCAG         -18656728.68     610380925.67
RAG ABWICKL-REG     ROS1          -1744121.91     217776125.75
RAG ABWICKL-REG     ROS1          -1744121.91     217776125.75
RAG ABWICKL-REG     ROS           -1744121.91     217776125.75
RAG ABWICKL-REG     RSTHF         -1744121.91     217776125.75
RAG ABWICKL-REG     ROSG          -1744121.91     217776125.75
RINOL AG            RNLAF               -2.71     168095049.11
RINOL AG            RILB                -2.71     168095049.11
RINOL AG            RILB                -2.71     168095049.11
RINOL AG            RILB                -2.71     168095049.11
RINOL AG            RILB                -2.71     168095049.11
RINOL AG            RILB                -2.71     168095049.11
RINOL AG            RIL                 -2.71     168095049.11
ROSENTHAL AG        2644179Q      -1744121.91     217776125.75
ROSENTHAL AG-ACC    ROS4          -1744121.91     217776125.75
ROSENTHAL AG-ADR    RSTHY         -1744121.91     217776125.75
ROSENTHAL AG-REG    ROSG          -1744121.91     217776125.75
SANDER (JIL) AG     JLSDF         -6153256.92     127548039.68
SANDER (JIL) AG     SAD           -6153256.92     127548039.68
SANDER (JIL)-PRF    SAD3          -6153256.92     127548039.68
SANDER (JIL)-PRF    2916161Q      -6153256.92     127548039.68
SANDER (JIL)-PRF    SAD3          -6153256.92     127548039.68
SANDER (JIL)-PRF    2916157Q      -6153256.92     127548039.68
SINNLEFFERS AG      WHG           -4491629.96     453887060.07
SPAR HAND-PFD NV    SPA3        -442426199.47    1433020960.55
SPAR HANDELS-AG     773844Q     -442426199.47    1433020960.55
SPAR HANDELS-AG     SPHFF       -442426199.47    1433020960.55
TA TRIUMPH-A-RTS    1018916Z    -106778475.76     427535397.03
TA TRIUMPH-ACQ      TWNA        -106778475.76     427535397.03
TA TRIUMPH-ACQ      TWNA        -106778475.76     427535397.03
TA TRIUMPH-ADLER    TWN         -106778475.76     427535397.03
TA TRIUMPH-ADLER    TTZAF       -106778475.76     427535397.03
TA TRIUMPH-ADLER    TWNG        -106778475.76     427535397.03
TA TRIUMPH-ADLER    TWN         -106778475.76     427535397.03
TA TRIUMPH-ADLER    TWN         -106778475.76     427535397.03
TA TRIUMPH-ADLER    TWN         -106778475.76     427535397.03
TA TRIUMPH-NEW      TWN1        -106778475.76     427535397.03
TA TRIUMPH-RT       TWN8        -106778475.76     427535397.03
TA TRIUMPH-RTS      3158577Q    -106778475.76     427535397.03
VIVANCO GRUPPE      VIVGF        -22198683.12     111990951.35
VIVANCO GRUPPE      VVA1         -22198683.12     111990951.35
VIVANCO GRUPPE      VVA          -22198683.12     111990951.35
VIVANCO GRUPPE      VVA1         -22198683.12     111990951.35
VIVANCO GRUPPE      VVA1         -22198683.12     111990951.35
VIVANCO GRUPPE      VVA1         -22198683.12     111990951.35
VIVANCO GRUPPE      VVAG         -22198683.12     111990951.35


GREECE
------
AG PETZETAKIS SA    PTZ1         -30790135.48     234437763.45
AG PETZETAKIS SA    PETZK        -30790135.48     234437763.45
AG PETZETAKIS SA    PZETF        -30790135.48     234437763.45
AG PETZETAKIS SA    PETZK        -30790135.48     234437763.45
AG PETZETAKIS SA    PTZ          -30790135.48     234437763.45
AG PETZETAKIS SA    PETZK        -30790135.48     234437763.45
AG PETZETAKIS SA    PETZK        -30790135.48     234437763.45
ALMA-ATERM-AUCT     ATERME        -4110971.32      105276552.2
ALMA-ATERMON SA     ATERM         -4110971.32      105276552.2
ALMA-ATERMON SA     ATERM         -4110971.32      105276552.2
ALMA-ATERMON SA     ATERM         -4110971.32      105276552.2
ALMA-ATERMON SA     ATERM         -4110971.32      105276552.2
ALTEC SA -AUCT      ALTECE      -103590250.31     177563163.73
ALTEC SA INFO       ALTEC       -103590250.31     177563163.73
ALTEC SA INFO       ALTEC       -103590250.31     177563163.73
ALTEC SA INFO       ALTEC       -103590250.31     177563163.73
ALTEC SA INFO       ALTEC       -103590250.31     177563163.73
ALTEC SA INFO       AXY         -103590250.31     177563163.73
ALTEC SA INFO       ATCQF       -103590250.31     177563163.73
ALTEC SA INFO-RT    ALTECR      -103590250.31     177563163.73
ALTEC SA INFO-RT    ALTED       -103590250.31     177563163.73
EMPEDOS SA          EMPED        -33637669.62      174742646.9
EMPEDOS SA-RTS      EMPEDR       -33637669.62      174742646.9
KOUMBAS INSUR-RT    KOUMD        -39842421.26     236519943.73
KOUMBAS RTS         KOUMR        -39842421.26     236519943.73
KOUMBAS SYNERGY     KOUM         -39842421.26     236519943.73
KOUMBAS SYNERGY     KOUM         -39842421.26     236519943.73
KOUMBAS SYNERGY     KOUM         -39842421.26     236519943.73
KOUMBAS SYNERGY     KOUMF        -39842421.26     236519943.73
KOUMBAS SYNERGY     KOUM         -39842421.26     236519943.73
NAOUSSA SPIN -RT    NAOYD        -44175513.67     341686153.14
NAOUSSA SPIN-AUC    NAOYKE       -44175513.67     341686153.14
NAOUSSA SPIN-RTS    NAOYKR       -44175513.67     341686153.14
NAOUSSA SPINNING    NML1         -44175513.67     341686153.14
NAOUSSA SPINNING    NML          -44175513.67     341686153.14
PETZET - PFD-RTS    PETZPD       -30790135.48     234437763.45
PETZETAKIS - RTS    PETZKD       -30790135.48     234437763.45
PETZETAKIS-AUC      PETZKE       -30790135.48     234437763.45
PETZETAKIS-PFD      PTZ3         -30790135.48     234437763.45
PETZETAKIS-PFD      PETZP        -30790135.48     234437763.45
RADIO KORASS-RTS    KORAR       -100972173.86     180679253.63
RADIO KORASSI-RT    KORAD       -100972173.86     180679253.63
RADIO KORASSIDIS    KORA        -100972173.86     180679253.63
RADIO KORASSIDIS    RKC         -100972173.86     180679253.63
RADIO KORASSIDIS    RAKOF       -100972173.86     180679253.63
THEMELIODOMI        THEME        -55751178.85     232036822.56
THEMELIODOMI-AUC    THEMEE       -55751178.85     232036822.56
THEMELIODOMI-RTS    THEMER       -55751178.85     232036822.56
THEMELIODOMI-RTS    THEMED       -55751178.85     232036822.56
UNITED TEXTILES     NAOYK        -44175513.67     341686153.14
UNITED TEXTILES     UTEX         -44175513.67     341686153.14
UNITED TEXTILES     UTEX         -44175513.67     341686153.14
UNITED TEXTILES     UTEX         -44175513.67     341686153.14
UNITED TEXTILES     NAOSF        -44175513.67     341686153.14
UNITED TEXTILES     UTEX         -44175513.67     341686153.14


HUNGARY
-------
HUNGARIAN TELEPH    HUC             -75973000        835658048
HUNGARIAN TELEPH    HUC             -75973000        835658048
HUNGARIAN TELEPH    HUGC            -75973000        835658048
INVITEL HOLD-ADR    0IN             -75973000        835658048
INVITEL HOLD-ADR    IHO             -75973000        835658048
INVITEL HOLDINGS    3212873Z        -75973000        835658048


ICELAND
-------
AVION GROUP         B1Q            -223771648       2277793536
EIMSKIPAFELAG HF    HFEIMEUR       -223771648       2277793536
EIMSKIPAFELAG HF    AVION          -223771648       2277793536
EIMSKIPAFELAG HF    HFEIM          -223771648       2277793536
EIMSKIPAFELAG HF    HFEIM          -223771648       2277793536
EIMSKIPAFELAG HF    HFEIM          -223771648       2277793536
EIMSKIPAFELAG HF    HFEIM          -223771648       2277793536
EIMSKIPAFELAG HF    HFEIMEUR       -223771648       2277793536


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


ITALY
-----
AEDES AXA+W         AEAXAW       -24405906.61    1350851664.42
AEDES SPA           AE           -24405906.61    1350851664.42
AEDES SPA           AE           -24405906.61    1350851664.42
AEDES SPA           LLB          -24405906.61    1350851664.42
AEDES SPA           AE           -24405906.61    1350851664.42
AEDES SPA           AEDI         -24405906.61    1350851664.42
AEDES SPA           AE           -24405906.61    1350851664.42
AEDES SPA           AE           -24405906.61    1350851664.42
AEDES SPA           AEDSF        -24405906.61    1350851664.42
AEDES SPA RNC       AEDE         -24405906.61    1350851664.42
AEDES SPA-OPA       AEOPA        -24405906.61    1350851664.42
AEDES SPA-OPA       AEDROP       -24405906.61    1350851664.42
AEDES SPA-RTS       AESA         -24405906.61    1350851664.42
AEDES SPA-RTS       AEAA         -24405906.61    1350851664.42
AEDES SPA-SVGS R    AEDRAA       -24405906.61    1350851664.42
BINDA SPA           BNDAF        -11146475.29     128859802.94
BINDA SPA           BND          -11146475.29     128859802.94
BROGGI IZAR FABB    BIF            -178432.46     134255668.53
CART SOTTRI-BIND    DEM          -11146475.29     128859802.94
CIRIO FINANZIARI    FIY          -422095869.5    1583083044.16
CIRIO FINANZIARI    CRO          -422095869.5    1583083044.16
COIN SPA            965089Q     -151690764.75     791310848.67
COIN SPA            GC          -151690764.75     791310848.67
COIN SPA            GUCIF       -151690764.75     791310848.67
COIN SPA-RTS        GCAA        -151690764.75     791310848.67
COIN SPA/OLD        GC          -151690764.75     791310848.67
COMPAGNIA ITALIA    CITU        -137726596.25     527372691.43
COMPAGNIA ITALIA    CGLUF       -137726596.25     527372691.43
COMPAGNIA ITALIA    ICT         -137726596.25     527372691.43
CORNELL BHN         BY             -178432.46     134255668.53
CORNELL BHN         CBX            -178432.46     134255668.53
CORNELL BHN         INN            -178432.46     134255668.53
CORNELL BHN         BY             -178432.46     134255668.53
CORNELL BHN         INO1           -178432.46     134255668.53
CREDITO FOND-RTS    CRFSA       -200209050.26    4213063202.32
CREDITO FONDIARI    CRF         -200209050.26    4213063202.32
ELIOS HOLDING       EH             -178432.46     134255668.53
ELIOS HOLDING-NE    EH00           -178432.46     134255668.53
ELIOS HOLDING-RT    EHAA           -178432.46     134255668.53
ELIOS SPA           EHM            -178432.46     134255668.53
I VIAGGI DEL VEN    VVE          -92020221.43     318192568.61
I VIAGGI DEL VEN    VVE          -92020221.43     318192568.61
I VIAGGI DEL VEN    VVE          -92020221.43     318192568.61
I VIAGGI DEL VEN    VVE          -92020221.43     318192568.61
I VIAGGI DEL VEN    VVE          -92020221.43     318192568.61
I VIAGGI DEL VEN    VVE          -92020221.43     318192568.61
I VIAGGI DEL VEN    IVGIF        -92020221.43     318192568.61
I VIAGGI DEL VEN    IV7          -92020221.43     318192568.61
I VIAGGI-RTS        VVEAA        -92020221.43     318192568.61
INNOTECH SPA        ELIOF          -178432.46     134255668.53
OLCESE SPA          O            -12846689.89     179691572.79
OLCESE SPA-RTS      OAA          -12846689.89     179691572.79
OLCESE VENEZIANO    OLVE         -12846689.89     179691572.79
OMNIA NETWORK SP    ONTI          -47468652.4      322390901.7
OMNIA NETWORK SP    ONT           -47468652.4      322390901.7
OMNIA NETWORK SP    ONT           -47468652.4      322390901.7
OMNIA NETWORK SP    ONT           -47468652.4      322390901.7
OMNIA NETWORK SP    ONT           -47468652.4      322390901.7
OMNIA NETWORK SP    ONT           -47468652.4      322390901.7
PARMALAT FINA-RT    PRFR      -18419390028.95    4120687886.18
PARMALAT FINANZI    PRF       -18419390028.95    4120687886.18
PARMALAT FINANZI    PARAF     -18419390028.95    4120687886.18
PARMALAT FINANZI    PRFI      -18419390028.95    4120687886.18
PARMALAT FINANZI    PMT       -18419390028.95    4120687886.18
PARMALAT FINANZI    PMLFF     -18419390028.95    4120687886.18
PARMALAT FINANZI    PAF       -18419390028.95    4120687886.18
PARMALAT FINANZI    FICN      -18419390028.95    4120687886.18
RISANAMEN-RNC OP    RNROPA        -84106314.4    4618461222.59
RISANAMENTO -OPA    RNOPA         -84106314.4    4618461222.59
RISANAMENTO -RNC    RNR           -84106314.4    4618461222.59
RISANAMENTO NAPO    RN5           -84106314.4    4618461222.59
RISANAMENTO SPA     RNGBX         -84106314.4    4618461222.59
RISANAMENTO SPA     RSMNF         -84106314.4    4618461222.59
RISANAMENTO SPA     RNGBX         -84106314.4    4618461222.59
RISANAMENTO SPA     RN            -84106314.4    4618461222.59
RISANAMENTO SPA     RN            -84106314.4    4618461222.59
RISANAMENTO SPA     RN            -84106314.4    4618461222.59
RISANAMENTO SPA     RN            -84106314.4    4618461222.59
RISANAMENTO SPA     RNGBP         -84106314.4    4618461222.59
RISANAMENTO SPA     RN            -84106314.4    4618461222.59
RISANAMENTO SPA     RN            -84106314.4    4618461222.59
RISANAMENTO-RTS     RNAA          -84106314.4    4618461222.59
SNIA BPD            SN          -141933883.93     150445252.43
SNIA BPD-ADR        SBPDY       -141933883.93     150445252.43
SNIA SPA            SN          -141933883.93     150445252.43
SNIA SPA            SNIXF       -141933883.93     150445252.43
SNIA SPA            SN          -141933883.93     150445252.43
SNIA SPA            SNIA        -141933883.93     150445252.43
SNIA SPA            SIAI        -141933883.93     150445252.43
SNIA SPA            SBPDF       -141933883.93     150445252.43
SNIA SPA            SNIB        -141933883.93     150445252.43
SNIA SPA            SN          -141933883.93     150445252.43
SNIA SPA            SSMLF       -141933883.93     150445252.43
SNIA SPA            SIAI        -141933883.93     150445252.43
SNIA SPA            SN          -141933883.93     150445252.43
SNIA SPA - RTS      SNAAW       -141933883.93     150445252.43
SNIA SPA- RTS       SNAXW       -141933883.93     150445252.43
SNIA SPA-2003 SH    SN03        -141933883.93     150445252.43
SNIA SPA-CONV SA    SPBDF       -141933883.93     150445252.43
SNIA SPA-DRC        SNR00       -141933883.93     150445252.43
SNIA SPA-NEW        SN00        -141933883.93     150445252.43
SNIA SPA-NON CON    SPBNF       -141933883.93     150445252.43
SNIA SPA-RCV        SNIVF       -141933883.93     150445252.43
SNIA SPA-RCV        SNR         -141933883.93     150445252.43
SNIA SPA-RIGHTS     SNAW        -141933883.93     150445252.43
SNIA SPA-RNC        SNRNC       -141933883.93     150445252.43
SNIA SPA-RNC        SNIWF       -141933883.93     150445252.43
SNIA SPA-RTS        SNSO        -141933883.93     150445252.43
SNIA SPA-RTS        SNAA        -141933883.93     150445252.43
SOCOTHERM SPA       SCT         -120739761.47     431104046.09
SOCOTHERM SPA       SCT         -120739761.47     431104046.09
SOCOTHERM SPA       SCT         -120739761.47     431104046.09
SOCOTHERM SPA       SCT         -120739761.47     431104046.09
SOCOTHERM SPA       SOCEF       -120739761.47     431104046.09
SOCOTHERM SPA       SCTI        -120739761.47     431104046.09
SOCOTHERM SPA       SCTM        -120739761.47     431104046.09
TECNODIFF ITALIA    TEF          -89894162.82     152045757.48
TECNODIFF ITALIA    TDI          -89894162.82     152045757.48
TECNODIFF ITALIA    TDIFF        -89894162.82     152045757.48
TECNODIFF ITALIA    TDI          -89894162.82     152045757.48
TECNODIFF-RTS       TDIAOW       -89894162.82     152045757.48
TECNODIFFUSIONE     TDIAAW       -89894162.82     152045757.48
TISCALI - RTS       TISAAW      -382501586.12    1284058962.83
TISCALI - RTS       TIQA        -382501586.12    1284058962.83
TISCALI SPA         TISN        -382501586.12    1284058962.83
TISCALI SPA         TIS         -382501586.12    1284058962.83
TISCALI SPA         TIS         -382501586.12    1284058962.83
TISCALI SPA         TISGBX      -382501586.12    1284058962.83
TISCALI SPA         TISN        -382501586.12    1284058962.83
TISCALI SPA         TIS         -382501586.12    1284058962.83
TISCALI SPA         TIQG        -382501586.12    1284058962.83
TISCALI SPA         TIS         -382501586.12    1284058962.83
TISCALI SPA         TIS         -382501586.12    1284058962.83
TISCALI SPA         TSCXF       -382501586.12    1284058962.83
TISCALI SPA         TIQ         -382501586.12    1284058962.83
TISCALI SPA         TIS         -382501586.12    1284058962.83
TISCALI SPA         TISN        -382501586.12    1284058962.83
TISCALI SPA         TISGBP      -382501586.12    1284058962.83
TISCALI SPA         TIS         -382501586.12    1284058962.83
TISCALI SPA         TISGBX      -382501586.12    1284058962.83
TISCALI SPA         TISN        -382501586.12    1284058962.83
TISCALI SPA         TIS         -382501586.12    1284058962.83
TISCALI SPA         TISN        -382501586.12    1284058962.83
TISCALI SPA         TIS         -382501586.12    1284058962.83
TISCALI SPA         TIS         -382501586.12    1284058962.83
TISCALI SPA         TIQ1        -382501586.12    1284058962.83
TISCALI SPA- RTS    TISAXA      -382501586.12    1284058962.83
TISCALI SPA- RTS    3391621Q    -382501586.12    1284058962.83
YORKVILLE BHN       BY             -178432.46     134255668.53
YORKVILLE BHN       CBXI           -178432.46     134255668.53
YORKVILLE BHN       BY             -178432.46     134255668.53


LUXEMBOURG
----------
CARRIER1 INT-AD+    CONE            -94729000        472360992
CARRIER1 INT-ADR    CONEE           -94729000        472360992
CARRIER1 INT-ADR    CONE            -94729000        472360992
CARRIER1 INT-ADR    CONEQ           -94729000        472360992
CARRIER1 INTL       CJN             -94729000        472360992
CARRIER1 INTL       CJN             -94729000        472360992
CARRIER1 INTL       CJNA            -94729000        472360992
CARRIER1 INTL SA    1253Z           -94729000        472360992
CARRIER1 INTL SA    CONEF           -94729000        472360992
N.A.                RIICE            -1244740        136149008


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


NORWAY
------
PETRO GEO-SERV      265143Q      -18066142.21     399710323.59
PETRO GEO-SERV      PGS          -18066142.21     399710323.59
PETRO GEO-SERV      PGS          -18066142.21     399710323.59
PETRO GEO-SERV-N    PGSN         -18066142.21     399710323.59
PETRO GEO-SV-ADR    PGOGY        -18066142.21     399710323.59
PETRO GEO-SV-ADR    PGSA         -18066142.21     399710323.59


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


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


ROMANIA
--------
OLTCHIM RM VALCE    OLTCF         -86519981.9     521264507.61
OLTCHIM RM VALCE    OLT           -86519981.9     521264507.61
OLTCHIM RM VALCE    OLT           -86519981.9     521264507.61
OLTCHIM RM VALCE    OLT           -86519981.9     521264507.61
OLTCHIM RM VALCE    OLTEUR        -86519981.9     521264507.61
OLTCHIM RM VALCE    OLT           -86519981.9     521264507.61
OLTCHIM RM VALCE    OLTEUR        -86519981.9     521264507.61
RAFO SA             RAF         -457922636.25     356796459.26
UZINELE SODICE G    UZIM         -35878364.71     104942905.83


RUSSIA
------
ALFA CEMENT-BRD     ALCE           -672832.37     105454563.92
ALFA CEMENT-BRD     ALCE*          -672832.37     105454563.92
ALFA CEMENT-BRD     AFMTF          -672832.37     105454563.92
AMO ZIL             ZILL        -171193521.47     350870451.06
AMO ZIL-CLS         ZILL        -171193521.47     350870451.06
AMO ZIL-CLS         ZILL*       -171193521.47     350870451.06
DAGESTAN ENERGY     DASB         -33465586.31     128437866.54
DAGESTAN ENERGY     DASB*        -33465586.31     128437866.54
DAGESTAN ENERGY     DASB         -33465586.31     128437866.54
EAST-SIBERIA-BRD    VSNK*       -116177580.51     140342466.16
EAST-SIBERIA-BRD    VSNK        -116177580.51     140342466.16
EAST-SIBERIAN-BD    VSNK$       -116177580.51     140342466.16
GUKOVUGOL           GUUG         -57835245.31     143665227.24
GUKOVUGOL           GUUG*        -57835245.31     143665227.24
GUKOVUGOL-PFD       GUUGP*       -57835245.31     143665227.24
GUKOVUGOL-PFD       GUUGP        -57835245.31     143665227.24
KOMPANIYA GL-BRD    GMST         -75483851.36    1248071411.99
KOMPANIYA GL-BRD    GMST*        -75483851.36    1248071411.99
SAMARANEFTEGA-P$    SMNGP       -331600428.45     891998590.74
SAMARANEFTEGAS      SVYOF       -331600428.45     891998590.74
SAMARANEFTEGAS      SMNG        -331600428.45     891998590.74
SAMARANEFTEGAS      SMNG$       -331600428.45     891998590.74
SAMARANEFTEGAS      SMNG*       -331600428.45     891998590.74
SAMARANEFTEGAS-$    SMNG        -331600428.45     891998590.74
SAMARANEFTEGAS-P    SMNGP$      -331600428.45     891998590.74
SAMARANEFTEGAS-P    SMNGP*      -331600428.45     891998590.74
SAMARANEFTEGAS-P    SMNGP       -331600428.45     891998590.74
TERNEYLES-BRD       TERL*         -15178937.2     182115156.77
TERNEYLES-BRD       TERL          -15178937.2     182115156.77
URGALUGOL-BRD       YRGL*        -15706613.04     105440541.07
URGALUGOL-BRD       YRGL         -15706613.04     105440541.07
URGALUGOL-BRD-PF    YRGLP        -15706613.04     105440541.07
VOLGOGRAD KHIM      VHIM          -6661016.16     113935933.35
VOLGOGRAD KHIM      VHIM*         -6661016.16     113935933.35
ZIL AUTO PLANT      ZILL$       -171193521.47     350870451.06
ZIL AUTO PLANT-P    ZILLP       -171193521.47     350870451.06
ZIL AUTO PLANT-P    ZILLP*      -171193521.47     350870451.06
ZIL AUTO PLANT-P    ZILLP       -171193521.47     350870451.06


SERBIA
------
DUVANSKA            DIVR          -7729350.78     109207260.53
IMK 14 OKTOBAR A    IMKO          -5175836.42     110102264.18
PINKI AD            PNKI         -36537862.34     120707517.98
ZASTAVA AUTOMOBI    ZAKG        -396504649.08     174692011.08


SPAIN
-----
ACTUACIONES ACTI    AISA        -148097530.94     674738808.26
ACTUACIONES ACTI    AGR         -148097530.94     674738808.26
ACTUACIONES ACTI    AISA        -148097530.94     674738808.26
ACTUACIONES ACTI    AISA        -148097530.94     674738808.26
ACTUACIONES ACTI    AISA        -148097530.94     674738808.26
AGRUPACIO - RT      AGR/D       -148097530.94     674738808.26
MARTINSA FADESA     MTF        -1720343226.17    8544474235.64
MARTINSA FADESA     MTF        -1720343226.17    8544474235.64
MARTINSA FADESA     MTF        -1720343226.17    8544474235.64
MARTINSA FADESA     4PU        -1720343226.17    8544474235.64
MARTINSA FADESA     MFAD       -1720343226.17    8544474235.64
MARTINSA FADESA     MTF1       -1720343226.17    8544474235.64
MARTINSA-FADESA     MTF        -1720343226.17    8544474235.64


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


UKRAINE
-------
AZOVZAGALMASH MA    AZGM         -16212049.02     277693905.54
BANK FORUM -GDR     639540Z        -5331676.8    2243068981.53
BANK FORUM -GDR     B5F            -5331676.8    2243068981.53
BANK FORUM -GDR     FRMB038        -5331676.8    2243068981.53
BANK FORUM -GDR     BFJG           -5331676.8    2243068981.53
BANK FORUM JSC      FORM           -5331676.8    2243068981.53
DNEPROPETROVSK      DMZP         -15926384.43     424303604.81
DNIPROOBLENERGO     DNON          -8466062.15     297261661.11
DONETSKOBLENERGO    DOON        -222373172.26     391097664.92
LUGANSKOBLENERGO    LOEN         -27999610.26     206103874.91
NAFTOKHIMIK PRIC    NAFP         -18319042.42     308665797.86
NAFTOKHIMIK-GDR     N3ZA         -18319042.42     308665797.86
ODESSA OIL REFIN    ONPZ         -70727947.39     325964086.89
ZAPORIZHOBLENERG    ZAON          -5929792.72     132397404.71


UNITED KINGDOM
--------------
ABBOTT MEAD VICK    648824Q        -1685852.9     168258996.33
ADVANCE DISPLAY     ADTP       -3015578834.69    2590007903.69
AEA TECHNOLO-FPR    AATF        -149279984.66     121254240.42
AEA TECHNOLO-FPR    AATF        -149279984.66     121254240.42
AEA TECHNOLO-NPR    AATN        -149279984.66     121254240.42
AEA TECHNOLO-NPR    AATN        -149279984.66     121254240.42
AEA TECHNOLOGY      AATGBP      -149279984.66     121254240.42
AEA TECHNOLOGY      AAT         -149279984.66     121254240.42
AEA TECHNOLOGY      AAT         -149279984.66     121254240.42
AEA TECHNOLOGY      AEY         -149279984.66     121254240.42
AEA TECHNOLOGY      AAT         -149279984.66     121254240.42
AEA TECHNOLOGY      AAT         -149279984.66     121254240.42
AEA TECHNOLOGY      AAT         -149279984.66     121254240.42
AEA TECHNOLOGY      AAT         -149279984.66     121254240.42
AEA TECHNOLOGY      AAT         -149279984.66     121254240.42
AEA TECHNOLOGY      EAETF       -149279984.66     121254240.42
AIRTOURS PLC        ATORF       -379721841.57    1817512773.61
AIRTOURS PLC        AIR         -379721841.57    1817512773.61
AIRTOURS PLC        AIR         -379721841.57    1817512773.61
ALLDAYS PLC         ALDYF       -120493900.04     252232072.87
ALLDAYS PLC         317056Q     -120493900.04     252232072.87
AMER BUS SYS        ARB            -497127008        121439000
AMEY PLC            AMY          -48862569.33     931527720.46
AMEY PLC            AMY          -48862569.33     931527720.46
AMEY PLC            AMEYF        -48862569.33     931527720.46
AMEY PLC-ASSENT     AMYA         -48862569.33     931527720.46
AMEY PLC-NEW        AMYN         -48862569.33     931527720.46
ANKER PLC           ANK          -21861359.81        115463159
ANKER PLC           ANK          -21861359.81        115463159
ANKER PLC           DW14         -21861359.81        115463159
ANKER PLC - ASSD    ANKC         -21861359.81        115463159
ANKER PLC - ASSD    ANKB         -21861359.81        115463159
ANKER PLC-ASSD      ANKA         -21861359.81        115463159
ATKINS (WS) PLC     ATKGBP       -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATKEUR       -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATKEUR       -62199993.61    1184945671.16
ATKINS (WS) PLC     WATKF        -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK          -62199993.61    1184945671.16
ATKINS (WS) PLC     ATK          -62199993.61    1184945671.16
BCH GROUP PLC       BCH           -5728274.38     187993198.22
BLACK & EDGINGTO    BLE         -134177517.41     149159301.57
BNB RECRUITMENT     BNB          -10242627.53     103637704.96
BNB RECRUITMENT     BNBRF        -10242627.53     103637704.96
BNB RECRUITMENT     BQX          -10242627.53     103637704.96
BNB RECRUITMENT     BNB          -10242627.53     103637704.96
BNB RECRUITMENT     BNB          -10242627.53     103637704.96
BOOKER PLC          1330Q         -59832880.4    1298182548.71
BOOKER PLC          BKERF         -59832880.4    1298182548.71
BOOKER PLC          987188Q       -59832880.4    1298182548.71
BOOKER PLC-ADR      BOK$          -59832880.4    1298182548.71
BOOKER PLC-ADR      BKRUY         -59832880.4    1298182548.71
BRADSTOCK GROUP     BDK           -1855444.44     268563822.49
BRADSTOCK GROUP     BSKGF         -1855444.44     268563822.49
BRIT ENERGY LTD     523362Q    -5822867500.78    4921095749.61
BRIT ENERGY PLC     BGYEF      -5822867500.78    4921095749.61
BRIT ENERGY PLC     BEN1       -5822867500.78    4921095749.61
BRIT ENERGY PLC     555140Q    -5822867500.78    4921095749.61
BRIT ENERGY PLC     BHEGF      -5822867500.78    4921095749.61
BRIT ENERGY-A       BENA       -5822867500.78    4921095749.61
BRIT ENERGY-ADR     BHEFF      -5822867500.78    4921095749.61
BRIT NUCLEAR        1046Z       -4247644149.6   40325778907.11
BRIT SKY BRO-ADR    BSY$        -105366394.04    7522172619.36
BRIT SKY BRO-ADR    BSY         -105366394.04    7522172619.36
BRIT SKY BROADCA    BSYB        -105366394.04    7522172619.36
BRIT TELECOM        BTE         -5223868149.3   46894630327.28
BRIT TELECOM        9484        -5223868149.3   46894630327.28
BRIT TELECOM PLC    BTPWF       -5223868149.3   46894630327.28
BRIT TELECOM PLC    BT/A        -5223868149.3   46894630327.28
BRIT TELECOM PLC    BTPLF       -5223868149.3   46894630327.28
BRIT TELECOM-ADR    BTEA        -5223868149.3   46894630327.28
BRIT TELECOM-ADR    1481Q       -5223868149.3   46894630327.28
BRIT TELECOM-RTS    BTY-R       -5223868149.3   46894630327.28
BRITISH ENER-$US    BGYNYD     -5822867500.78    4921095749.61
BRITISH ENER-$US    BGYD       -5822867500.78    4921095749.61
BRITISH ENER-ADR    BGYNY      -5822867500.78    4921095749.61
BRITISH ENER-BLK    BGYNYB     -5822867500.78    4921095749.61
BRITISH ENER-BLK    BGYB       -5822867500.78    4921095749.61
BRITISH ENER-C/E    BGYNYC     -5822867500.78    4921095749.61
BRITISH ENER-C/E    BGYC       -5822867500.78    4921095749.61
BRITISH ENER-CED    BGYNY      -5822867500.78    4921095749.61
BRITISH ENER-CED    BGY        -5822867500.78    4921095749.61
BRITISH ENERGY-A    BGYA       -5822867500.78    4921095749.61
BRITISH ENERGY-A    3012442Q   -5822867500.78    4921095749.61
BRITISH ENERGY-A    BHEAF      -5822867500.78    4921095749.61
BRITISH ENERGY-A    BGYGF      -5822867500.78    4921095749.61
BRITISH ENERGY-A    BGYA       -5822867500.78    4921095749.61
BRITISH SKY BROA    BSY         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY         -105366394.04    7522172619.36
BRITISH SKY BROA    BSYUSD      -105366394.04    7522172619.36
BRITISH SKY BROA    BSB         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY         -105366394.04    7522172619.36
BRITISH SKY BROA    BSYEUR      -105366394.04    7522172619.36
BRITISH SKY BROA    BSYGBP      -105366394.04    7522172619.36
BRITISH SKY BROA    BSYUSD      -105366394.04    7522172619.36
BRITISH SKY BROA    BSY         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY         -105366394.04    7522172619.36
BRITISH SKY BROA    BSY         -105366394.04    7522172619.36
BRITISH SKY BROA    BSYEUR      -105366394.04    7522172619.36
BRITISH SKY BROA    BSY         -105366394.04    7522172619.36
BRITISH SKY BROA    BSYBF       -105366394.04    7522172619.36
BRITISH SKY BROA    BSY         -105366394.04    7522172619.36
BRITISH TELE-FP     BT/F        -5223868149.3   46894630327.28
BRITISH TELE-NP     BTPXF       -5223868149.3   46894630327.28
BRITISH TELE-NP     BT/N        -5223868149.3   46894630327.28
BRITVIC             B6S            -731325.03    1222775450.71
BRITVIC PLC         BVICGBP        -731325.03    1222775450.71
BRITVIC PLC         BVIC           -731325.03    1222775450.71
BRITVIC PLC         BVIC           -731325.03    1222775450.71
BRITVIC PLC         BVICEUR        -731325.03    1222775450.71
BRITVIC PLC         BTVCF          -731325.03    1222775450.71
BRITVIC PLC         BVIC           -731325.03    1222775450.71
BRITVIC PLC         BVIC           -731325.03    1222775450.71
BRITVIC PLC         BVIC           -731325.03    1222775450.71
BRITVIC PLC         BVICEUR        -731325.03    1222775450.71
BRITVIC PLC         BVIC           -731325.03    1222775450.71
BRITVIC PLC         BVIC           -731325.03    1222775450.71
BRITVIC PLC         BVICUSD        -731325.03    1222775450.71
BRITVIC PLC         BVICUSD        -731325.03    1222775450.71
BRITVIC PLC         BVIC           -731325.03    1222775450.71
BRITVIC PLC         BVIC           -731325.03    1222775450.71
BRITVIC PLC         BVIC           -731325.03    1222775450.71
BRITVIC PLC         BVIC           -731325.03    1222775450.71
BRITVIC PLC         BVIC           -731325.03    1222775450.71
BT GROUP PLC        BT/A        -5223868149.3   46894630327.28
BT GROUP PLC        BT          -5223868149.3   46894630327.28
BT GROUP PLC        BT/AGBP     -5223868149.3   46894630327.28
BT GROUP PLC        BT/AUSD     -5223868149.3   46894630327.28
BT GROUP PLC        BT/A        -5223868149.3   46894630327.28
BT GROUP PLC        BT/A        -5223868149.3   46894630327.28
BT GROUP PLC        BT/A        -5223868149.3   46894630327.28
BT GROUP PLC        BT/A        -5223868149.3   46894630327.28
BT GROUP PLC        BT/A        -5223868149.3   46894630327.28
BT GROUP PLC        BT/APEN     -5223868149.3   46894630327.28
BT GROUP PLC        BTEG        -5223868149.3   46894630327.28
BT GROUP PLC        BT/A        -5223868149.3   46894630327.28
BT GROUP PLC        BT/A        -5223868149.3   46894630327.28
BT GROUP PLC        BT/AEUR     -5223868149.3   46894630327.28
BT GROUP PLC        BT/APEN     -5223868149.3   46894630327.28
BT GROUP PLC        BT          -5223868149.3   46894630327.28
BT GROUP PLC        BT/AUSD     -5223868149.3   46894630327.28
BT GROUP PLC        BTGOF       -5223868149.3   46894630327.28
BT GROUP PLC        BT/A        -5223868149.3   46894630327.28
BT GROUP PLC        BTQ         -5223868149.3   46894630327.28
BT GROUP PLC        BT/AEUR     -5223868149.3   46894630327.28
BT GROUP PLC        BT/A        -5223868149.3   46894630327.28
BT GROUP PLC        BT/         -5223868149.3   46894630327.28
BT GROUP PLC-ADR    BT/$        -5223868149.3   46894630327.28
BT GROUP PLC-W/I    BTWI        -5223868149.3   46894630327.28
BT GROUP-ADR        BTQA        -5223868149.3   46894630327.28
BT GROUP-ADR WI     BTY-W       -5223868149.3   46894630327.28
BT GROUP-CED $US    BTD         -5223868149.3   46894630327.28
BT GROUP-CED $US    BTYD        -5223868149.3   46894630327.28
BT GROUP-CED BLK    BTB         -5223868149.3   46894630327.28
BT GROUP-CED BLK    BTYB        -5223868149.3   46894630327.28
BT GROUP-CED C/E    BTC         -5223868149.3   46894630327.28
BT GROUP-CED C/E    BTYC        -5223868149.3   46894630327.28
BT GROUP-CEDEAR     BT          -5223868149.3   46894630327.28
BT GROUP-CEDEAR     BTY         -5223868149.3   46894630327.28
BT GROUP-SPON AD    BT          -5223868149.3   46894630327.28
BT GROUP-SPON AD    BTYN        -5223868149.3   46894630327.28
BT GROUP-SPON AD    BTY         -5223868149.3   46894630327.28
BT GROUP-SPON AD    BT          -5223868149.3   46894630327.28
CARLISLE GROUP      506819Q      -11904426.45     203548565.03
CHRYSALIS GROUP     CHSUSD        -5851089.05     101497520.61
CHRYSALIS GROUP     CHSUSD        -5851089.05     101497520.61
CHRYSALIS GROUP     CHSGBP        -5851089.05     101497520.61
CHRYSALIS GROUP     CHSEUR        -5851089.05     101497520.61
CHRYSALIS GROUP     5CY           -5851089.05     101497520.61
CHRYSALIS GROUP     CHS           -5851089.05     101497520.61
CHRYSALIS GROUP     CHS           -5851089.05     101497520.61
CHRYSALIS GROUP     CHSEUR        -5851089.05     101497520.61
CHRYSALIS GROUP     CHS           -5851089.05     101497520.61
CHRYSALIS GROUP     CYGUF         -5851089.05     101497520.61
CHRYSALIS GROUP     HR4           -5851089.05     101497520.61
CHRYSALIS GROUP     CHS           -5851089.05     101497520.61
CHRYSALIS GROUP     CHS           -5851089.05     101497520.61
CHRYSALIS GROUP     CHS           -5851089.05     101497520.61
CHRYSALIS GROUP     CHS           -5851089.05     101497520.61
CHRYSALIS GROUP     CLYSF         -5851089.05     101497520.61
CLIPPER WINDPOWE    CWP            -218336000        776211968
CLIPPER WINDPOWE    C2W            -218336000        776211968
CLIPPER WINDPOWE    CWP            -218336000        776211968
CLIPPER WINDPOWE    CWP            -218336000        776211968
CLIPPER WINDPOWE    CRPWF          -218336000        776211968
CLIPPER WINDPOWE    CWP            -218336000        776211968
CLIPPER WINDPOWE    CWP            -218336000        776211968
CLIPPER WINDPOWE    CWPA           -218336000        776211968
CLIPPER WINDPOWE    CWP            -218336000        776211968
COMPASS GROU-OLD    1259Q       -668101173.88    2972459078.38
COMPASS GROUP       QOP         -668101173.88    2972459078.38
COMPASS GRP-ADR     CMSJY       -668101173.88    2972459078.38
COMPASS GRP-ADR     CMSGY       -668101173.88    2972459078.38
COSTAIN GROU-RTS    COSN         -19097658.92     649978943.25
COSTAIN GROU-RTS    COSF         -19097658.92     649978943.25
COSTAIN GROUP       COSTEUR      -19097658.92     649978943.25
COSTAIN GROUP       COST         -19097658.92     649978943.25
COSTAIN GROUP       COSTEUR      -19097658.92     649978943.25
COSTAIN GROUP       COSTGBP      -19097658.92     649978943.25
COSTAIN GROUP       COST         -19097658.92     649978943.25
COSTAIN GROUP       COST         -19097658.92     649978943.25
COSTAIN GROUP       COST         -19097658.92     649978943.25
COSTAIN GROUP       COST         -19097658.92     649978943.25
COSTAIN GROUP       COSTUSD      -19097658.92     649978943.25
COSTAIN GROUP       CSGFF        -19097658.92     649978943.25
COSTAIN GROUP       COST         -19097658.92     649978943.25
COSTAIN GROUP       COSTUSD      -19097658.92     649978943.25
COSTAIN GROUP       COST         -19097658.92     649978943.25
DANKA BUS SYSTEM    3205283Q       -497127008        121439000
DANKA BUS SYSTEM    3205291Q       -497127008        121439000
DANKA BUS SYSTEM    DNK            -497127008        121439000
DANKA BUS SYSTEM    DNK            -497127008        121439000
DANKA BUS SYSTEM    DNK            -497127008        121439000
DANKA BUS SYSTEM    DNK            -497127008        121439000
DANKA BUS SYSTEM    DANKF          -497127008        121439000
DANKA BUS SYSTEM    DNK            -497127008        121439000
DANKA BUS SYSTEM    3205287Q       -497127008        121439000
DANKA BUS-$US CE    DANKD          -497127008        121439000
DANKA BUS-ADR       DANKY          -497127008        121439000
DANKA BUS-ADR       DANKE          -497127008        121439000
DANKA BUS-ADR       DB6            -497127008        121439000
DANKA BUS-ADR       AP39           -497127008        121439000
DANKA BUS-BLK CE    DANKB          -497127008        121439000
DANKA BUS-C/E CE    DANKC          -497127008        121439000
DANKA BUS-CEDEAR    DANK           -497127008        121439000
DAWSON HOLDINGS     DWN          -54451186.72     128196101.01
DAWSON HOLDINGS     DWHGF        -54451186.72     128196101.01
DAWSON HOLDINGS     DWN          -54451186.72     128196101.01
DAWSON HOLDINGS     DWN1GBP      -54451186.72     128196101.01
DAWSON HOLDINGS     DWN1         -54451186.72     128196101.01
DAWSON HOLDINGS     DWN          -54451186.72     128196101.01
DAWSON HOLDINGS     DWN1         -54451186.72     128196101.01
DAWSON HOLDINGS     DWN1EUR      -54451186.72     128196101.01
DAWSON HOLDINGS     DWN          -54451186.72     128196101.01
DAWSON HOLDINGS     DWN1EUR      -54451186.72     128196101.01
DAWSON HOLDINGS     DWN          -54451186.72     128196101.01
DEVELICA DEUTSCH    DDE          -41866600.36    1178479579.31
DEVELICA DEUTSCH    DDE          -41866600.36    1178479579.31
DEVELICA DEUTSCH    D4B          -41866600.36    1178479579.31
DEVELICA DEUTSCH    DDE          -41866600.36    1178479579.31
DEVELICA DEUTSCH    DDE          -41866600.36    1178479579.31
EASYNET GROUP       ESY          -45232889.17     322770283.93
EASYNET GROUP       EAY          -45232889.17     322770283.93
EASYNET GROUP       ESY          -45232889.17     322770283.93
EASYNET GROUP       EZNGF        -45232889.17     322770283.93
EASYNET GROUP       ESY          -45232889.17     322770283.93
EASYNET GROUP-CV    91009Z       -45232889.17     322770283.93
EMI GROUP -ASSD     EMIA       -2265916256.89    2950021937.14
EMI GROUP LTD       EMI        -2265916256.89    2950021937.14
EMI GROUP PLC       3020138Q   -2265916256.89    2950021937.14
EMI GROUP PLC       EMIPF      -2265916256.89    2950021937.14
EMI GROUP PLC       EMI        -2265916256.89    2950021937.14
EMI GROUP PLC       EMI        -2265916256.89    2950021937.14
EMI GROUP PLC       EMI        -2265916256.89    2950021937.14
EMI GROUP PLC-B     1019425Q   -2265916256.89    2950021937.14
EMI GROUP-ADR       EMIPY      -2265916256.89    2950021937.14
EMI GROUP-ADR       EMI$       -2265916256.89    2950021937.14
EMI GROUP-ADR       38IS       -2265916256.89    2950021937.14
EUROPEAN HOME       EHR          -14328735.16     110864081.39
EUROPEAN HOME       EHR          -14328735.16     110864081.39
EUROPEAN HOME       EHR          -14328735.16     110864081.39
EUROPEAN HOME       EHREUR       -14328735.16     110864081.39
EUROPEAN HOME       EHR          -14328735.16     110864081.39
EUROPEAN HOME       FPAKF        -14328735.16     110864081.39
EUROPEAN HOME       EHREUR       -14328735.16     110864081.39
EUROPEAN HOME       EHR          -14328735.16     110864081.39
EUROPEAN HOME       EHRGBP       -14328735.16     110864081.39
EUROPEAN HOME       KLZ          -14328735.16     110864081.39
EUROPEAN HOME       EHR          -14328735.16     110864081.39
EUROPEAN HOME       KLZ          -14328735.16     110864081.39
EUROPEAN MINERAL    EPMLF          -103725000        149477216
EUROPEAN MINERAL    EUM            -103725000        149477216
EUROPEAN MINERAL    EUM            -103725000        149477216
EUROPEAN MINERAL    EPM/U          -103725000        149477216
EUROPEAN MINERAL    EPM            -103725000        149477216
FAREPAK PLC         FPK          -14328735.16     110864081.39
FARNELL ELEC-ADR    FRNZ         -45246567.32     692389353.06
FARNELL ELEC-ADR    FRN$         -45246567.32     692389353.06
FARNELL ELEC-RFD    FRNR         -45246567.32     692389353.06
FARNELL ELECTRON    FRNL         -45246567.32     692389353.06
GALIFORM PLC        GFRM        -116415877.06     612420067.12
GALIFORM PLC        GFRMGBP     -116415877.06     612420067.12
GALIFORM PLC        GFRM        -116415877.06     612420067.12
GALIFORM PLC        GFRM        -116415877.06     612420067.12
GALIFORM PLC        GFRM        -116415877.06     612420067.12
GALIFORM PLC        GFRM        -116415877.06     612420067.12
GALIFORM PLC        GFRM        -116415877.06     612420067.12
GALIFORM PLC        GFRM        -116415877.06     612420067.12
GALIFORM PLC        GFRM        -116415877.06     612420067.12
GALIFORM PLC        GFRMEUR     -116415877.06     612420067.12
GALIFORM PLC        GFRM        -116415877.06     612420067.12
GALIFORM PLC        MFIFF       -116415877.06     612420067.12
GALIFORM PLC        GFRM        -116415877.06     612420067.12
GALIFORM PLC        GLFMF       -116415877.06     612420067.12
GALIFORM PLC        GFRM        -116415877.06     612420067.12
GALIFORM PLC        GFRMNOK     -116415877.06     612420067.12
GALIFORM PLC        GFRM        -116415877.06     612420067.12
GALIFORM PLC        MFI         -116415877.06     612420067.12
GALIFORM PLC        MFI         -116415877.06     612420067.12
GALIFORM PLC        MFI         -116415877.06     612420067.12
GALIFORM PLC        GFRMNOK     -116415877.06     612420067.12
GALIFORM PLC        GFRMEUR     -116415877.06     612420067.12
GALIFORM PLC        GFRM        -116415877.06     612420067.12
GARTLAND WHALLEY    GWB          -10986769.42     145352034.49
GO-AHEAD GROUP      G9X          -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG          -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG          -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG          -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG          -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG          -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG          -15712050.26    1619995129.64
GO-AHEAD GROUP      GOGEUR       -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG          -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG          -15712050.26    1619995129.64
GO-AHEAD GROUP      GOGEUR       -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG          -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG          -15712050.26    1619995129.64
GO-AHEAD GROUP      GHGUF        -15712050.26    1619995129.64
GO-AHEAD GROUP      GOGGBP       -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG          -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG          -15712050.26    1619995129.64
GO-AHEAD GROUP      GOG          -15712050.26    1619995129.64
HAWTIN PLC          HTI           -3873861.33     110875080.83
HAWTIN PLC          HTI           -3873861.33     110875080.83
HAWTIN PLC          HTI           -3873861.33     110875080.83
HAWTIN PLC          HTI           -3873861.33     110875080.83
HAWTIN PLC          HTI           -3873861.33     110875080.83
HAWTIN PLC          HTI           -3873861.33     110875080.83
HAWTIN PLC          HTI           -3873861.33     110875080.83
HAWTIN PLC          HWN           -3873861.33     110875080.83
HAWTIN PLC          HTI           -3873861.33     110875080.83
HILTON G-CRT OLD    HIGT        -547740614.03    1922113569.01
HILTON GROUP PLC    HLTGF       -547740614.03    1922113569.01
HILTON GROUP PLC    HG          -547740614.03    1922113569.01
HILTON GROUP PLC    HG/         -547740614.03    1922113569.01
HILTON GROUP-ADR    HLTGY       -547740614.03    1922113569.01
HILTON GROUP-CER    HG          -547740614.03    1922113569.01
HILTON GROUP-CRT    HIG         -547740614.03    1922113569.01
INTERCONTIN-ADR     IHG             -91000000       3076999936
INTERCONTIN-ADR     IHGA            -91000000       3076999936
INTERCONTIN-ADR     IHG-W           -91000000       3076999936
INTERCONTINENTAL    IHG             -91000000       3076999936
INTERCONTINENTAL    IHGCHF          -91000000       3076999936
INTERCONTINENTAL    IHG             -91000000       3076999936
INTERCONTINENTAL    IHG             -91000000       3076999936
INTERCONTINENTAL    IHG             -91000000       3076999936
INTERCONTINENTAL    988082Q         -91000000       3076999936
INTERCONTINENTAL    IHGUSD          -91000000       3076999936
INTERCONTINENTAL    IHG             -91000000       3076999936
INTERCONTINENTAL    IHG             -91000000       3076999936
INTERCONTINENTAL    IHG             -91000000       3076999936
INTERCONTINENTAL    ICHGF           -91000000       3076999936
INTERCONTINENTAL    IHGGBP          -91000000       3076999936
INTERCONTINENTAL    IC1B            -91000000       3076999936
INTERCONTINENTAL    IC1             -91000000       3076999936
INTERCONTINENTAL    IHGOF           -91000000       3076999936
INTERCONTINENTAL    IC1C            -91000000       3076999936
INTERCONTINENTAL    IC1A            -91000000       3076999936
INTERCONTINENTAL    IHGUSD          -91000000       3076999936
INTERCONTINENTAL    IHG             -91000000       3076999936
INTERCONTINENTAL    IHG             -91000000       3076999936
INTERCONTINENTAL    IHG             -91000000       3076999936
INTERCONTINENTAL    IHGEUR          -91000000       3076999936
INTERCONTINENTAL    IHGCHF          -91000000       3076999936
INTERCONTINENTAL    IHGEUR          -91000000       3076999936
INTERCONTINENTAL    INCNF           -91000000       3076999936
INTERCONTINENTAL    IHG             -91000000       3076999936
INTERCONTINENTAL    IHG             -91000000       3076999936
INTERCONTINENTAL    IHG             -91000000       3076999936
JARVIS PLC          JRVS         -48330109.98     155571478.27
JARVIS PLC          JRVS         -48330109.98     155571478.27
JARVIS PLC          JRVSEUR      -48330109.98     155571478.27
JARVIS PLC          JRVSGBP      -48330109.98     155571478.27
JARVIS PLC          JRVSEUR      -48330109.98     155571478.27
JARVIS PLC          JRVS         -48330109.98     155571478.27
JARVIS PLC          JRVS         -48330109.98     155571478.27
JARVIS PLC          JVSPF        -48330109.98     155571478.27
JARVIS PLC          JRVS         -48330109.98     155571478.27
JARVIS PLC          JRVS         -48330109.98     155571478.27
JARVIS PLC          JVR          -48330109.98     155571478.27
JARVIS PLC          JRVS         -48330109.98     155571478.27
JESSOPS PLC         JSP           -42702021.2     112964060.38
JESSOPS PLC         JSPEUR        -42702021.2     112964060.38
JESSOPS PLC         JSPEUR        -42702021.2     112964060.38
JESSOPS PLC         JS4           -42702021.2     112964060.38
JESSOPS PLC         JSP           -42702021.2     112964060.38
JESSOPS PLC         JSP           -42702021.2     112964060.38
JESSOPS PLC         JSP           -42702021.2     112964060.38
JESSOPS PLC         JSP           -42702021.2     112964060.38
JESSOPS PLC         JSP           -42702021.2     112964060.38
JESSOPS PLC         JSP           -42702021.2     112964060.38
JESSOPS PLC         JSPGBP        -42702021.2     112964060.38
KAZAKHSTAN MNRLS    KMC/U          -103725000        149477216
KAZAKHSTAN MNRLS    KMCO           -103725000        149477216
KAZAKHSTAN MNRLS    KMCOF          -103725000        149477216
KAZAKHSTAN MNRLS    KMCO/U         -103725000        149477216
KLEENEZE PLC        KLZ          -14328735.16     110864081.39
LADBROKE GROUP      LADB        -547740614.03    1922113569.01
LADBROKE GRP-IDR    695767Q     -547740614.03    1922113569.01
LADBROKE GRP-OLD    LADB        -547740614.03    1922113569.01
LADBROKES - FPR     LADF        -547740614.03    1922113569.01
LADBROKES PLC       LADEUR      -547740614.03    1922113569.01
LADBROKES PLC       LADGBP      -547740614.03    1922113569.01
LADBROKES PLC       LADUSD      -547740614.03    1922113569.01
LADBROKES PLC       LDBKF       -547740614.03    1922113569.01
LADBROKES PLC       LAD         -547740614.03    1922113569.01
LADBROKES PLC       LAD         -547740614.03    1922113569.01
LADBROKES PLC       LAD         -547740614.03    1922113569.01
LADBROKES PLC       LAD         -547740614.03    1922113569.01
LADBROKES PLC       LAD         -547740614.03    1922113569.01
LADBROKES PLC       LAD         -547740614.03    1922113569.01
LADBROKES PLC       LAD         -547740614.03    1922113569.01
LADBROKES PLC       LADEUR      -547740614.03    1922113569.01
LADBROKES PLC       HG/         -547740614.03    1922113569.01
LADBROKES PLC       LAD         -547740614.03    1922113569.01
LADBROKES PLC       LAD         -547740614.03    1922113569.01
LADBROKES PLC       LADNZD      -547740614.03    1922113569.01
LADBROKES PLC       LAD         -547740614.03    1922113569.01
LADBROKES PLC       LADNZD      -547740614.03    1922113569.01
LADBROKES PLC       LAD         -547740614.03    1922113569.01
LADBROKES PLC       LAD         -547740614.03    1922113569.01
LADBROKES PLC       LAD         -547740614.03    1922113569.01
LADBROKES PLC       LAD         -547740614.03    1922113569.01
LADBROKES PLC-AD    LDBKY       -547740614.03    1922113569.01
LADBROKES PLC-AD    LDBKY       -547740614.03    1922113569.01
LADBROKES PLC-CE    LAD         -547740614.03    1922113569.01
LADBROKES PLC-NP    LADN        -547740614.03    1922113569.01
LADBROKES PLC-NP    LADN        -547740614.03    1922113569.01
LAMBERT FENCHURC    LMF           -1453050.04    1826806853.46
LEEDS SPORTING      LEDPF         -73166148.8     143762193.66
LEEDS SPORTING      LES           -73166148.8     143762193.66
LEEDS UNITED PLC    LDSUF         -73166148.8     143762193.66
LEEDS UNITED PLC    889687Q       -73166148.8     143762193.66
LEEDS UNITED PLC    LUFC          -73166148.8     143762193.66
LONDON TOWN PLC     LTW          -21897636.36      175672299.2
LONDON TOWN PLC     LTWR         -21897636.36      175672299.2
LONDON TOWN PLC     LOU          -21897636.36      175672299.2
LONDON TOWN PLC     LTWX         -21897636.36      175672299.2
LONDON TOWN PLC     LTW          -21897636.36      175672299.2
LONDON TOWN PLC     LTW          -21897636.36      175672299.2
LONDON TOWN PLC     LTW          -21897636.36      175672299.2
LONDON TOWN PLC     LTW          -21897636.36      175672299.2
LONDON TOWN PLC     LTW          -21897636.36      175672299.2
LONDON TOWN PLC     LTW          -21897636.36      175672299.2
M 2003 PLC          MTWOF      -2203513803.24    7204891601.83
M 2003 PLC          203055Q    -2203513803.24    7204891601.83
M 2003 PLC-ADR      MTWOE      -2203513803.24    7204891601.83
M 2003 PLC-ADR      MTWOY      -2203513803.24    7204891601.83
MARCONI PLC         MONI       -2203513803.24    7204891601.83
MARCONI PLC         MNI        -2203513803.24    7204891601.83
MARCONI PLC         203083Q    -2203513803.24    7204891601.83
MARCONI PLC         MRCQF      -2203513803.24    7204891601.83
MARCONI PLC         MNI        -2203513803.24    7204891601.83
MARCONI PLC         MY2        -2203513803.24    7204891601.83
MARCONI PLC-ADR     MCBA       -2203513803.24    7204891601.83
MARCONI PLC-ADR     MY2A       -2203513803.24    7204891601.83
MARCONI PLC-ADR     MONI       -2203513803.24    7204891601.83
MARCONI PLC-ADR     MONIE      -2203513803.24    7204891601.83
MARCONI PLC-ADR     MRCQY      -2203513803.24    7204891601.83
MARCONI PLC-ADR     MCONY      -2203513803.24    7204891601.83
MARCONI PLC-ADR     QUQMON     -2203513803.24    7204891601.83
MARCONI PLC-ADR     MONIY      -2203513803.24    7204891601.83
MFI FURNITURE GR    MFI         -116415877.06     612420067.12
MINERVA PLC         MNR          -76016914.25    1319730522.55
MINERVA PLC         MNR          -76016914.25    1319730522.55
MINERVA PLC         MNRGBP       -76016914.25    1319730522.55
MINERVA PLC         MNR          -76016914.25    1319730522.55
MINERVA PLC         MNREUR       -76016914.25    1319730522.55
MINERVA PLC         MNR          -76016914.25    1319730522.55
MINERVA PLC         MNR          -76016914.25    1319730522.55
MINERVA PLC         MNR          -76016914.25    1319730522.55
MINERVA PLC         MNR          -76016914.25    1319730522.55
MINERVA PLC         M7E          -76016914.25    1319730522.55
MINERVA PLC         MNVAF        -76016914.25    1319730522.55
MINERVA PLC         MNREUR       -76016914.25    1319730522.55
MINERVA PLC         MNR          -76016914.25    1319730522.55
MINERVA PLC         MNR          -76016914.25    1319730522.55
MINERVA PLC-NP      MNRN         -76016914.25    1319730522.55
MYTRAVEL GROUP      MT/S        -379721841.57    1817512773.61
MYTRAVEL GROUP      MT/S        -379721841.57    1817512773.61
MYTRAVEL GROUP      MT/S        -379721841.57    1817512773.61
MYTRAVEL GROUP      MT          -379721841.57    1817512773.61
MYTRAVEL GROUP      MYTPF       -379721841.57    1817512773.61
MYTRAVEL GROUP      ARO2        -379721841.57    1817512773.61
MYTRAVEL GROUP P    MYTGF       -379721841.57    1817512773.61
MYTRAVEL GROUP P    1018144Q    -379721841.57    1817512773.61
MYTRAVEL GROUP P    MT/         -379721841.57    1817512773.61
MYTRAVEL GROUP-A    2281919Q    -379721841.57    1817512773.61
MYTRAVEL GROUP-A    MYTVF       -379721841.57    1817512773.61
NEW STAR ASSET      3226439Q    -397718038.04     292972732.12
NEW STAR ASSET      NSAM        -397718038.04     292972732.12
NEW STAR ASSET      3226431Q    -397718038.04     292972732.12
NEW STAR ASSET      NSAM        -397718038.04     292972732.12
NEW STAR ASSET      3226435Q    -397718038.04     292972732.12
NEW STAR ASSET      NSAM        -397718038.04     292972732.12
NEW STAR ASSET      NSAM        -397718038.04     292972732.12
NEW STAR ASSET      N6S         -397718038.04     292972732.12
NEW STAR ASSET      3226443Q    -397718038.04     292972732.12
NEW STAR ASSET      3226447Q    -397718038.04     292972732.12
NEW STAR ASSET      NWSAF       -397718038.04     292972732.12
NEW STAR ASSET      NSAA        -397718038.04     292972732.12
NEW STAR ASSET      NSAM        -397718038.04     292972732.12
NORTHERN ROCK       2733269Q    -586206492.33  152084295061.92
NORTHERN ROCK       2733289Q    -586206492.33  152084295061.92
NORTHERN ROCK       NRKI        -586206492.33  152084295061.92
NORTHERN ROCK       NRK         -586206492.33  152084295061.92
NORTHERN ROCK       2733273Q    -586206492.33  152084295061.92
NORTHERN ROCK       2733285Q    -586206492.33  152084295061.92
NORTHERN ROCK       2733281Q    -586206492.33  152084295061.92
NORTHERN ROCK       NRK         -586206492.33  152084295061.92
NORTHERN ROCK       NHRKF       -586206492.33  152084295061.92
NORTHERN ROCK       NRK         -586206492.33  152084295061.92
NORTHERN ROCK       2733277Q    -586206492.33  152084295061.92
NORTHERN ROCK       NR3         -586206492.33  152084295061.92
NORTHERN ROCK       NRK         -586206492.33  152084295061.92
NORTHERN ROCK       NRK         -586206492.33  152084295061.92
NORTHERN ROCK       2733265Q    -586206492.33  152084295061.92
O TWELVE ESTATES    O2T          -10555410.41     267391338.05
O TWELVE ESTATES    OTE          -10555410.41     267391338.05
O TWELVE ESTATES    OTE          -10555410.41     267391338.05
O TWELVE ESTATES    OTE          -10555410.41     267391338.05
O TWELVE ESTATES    OTE          -10555410.41     267391338.05
O TWELVE ESTATES    OTE          -10555410.41     267391338.05
O TWELVE ESTATES    OTEEUR       -10555410.41     267391338.05
O TWELVE ESTATES    OTE          -10555410.41     267391338.05
ORANGE PLC          951641Q     -593935051.02     2902299501.9
ORANGE PLC          1460Q       -593935051.02     2902299501.9
ORANGE PLC          ORNGF       -593935051.02     2902299501.9
ORANGE PLC-ADR      ORA$        -593935051.02     2902299501.9
ORANGE PLC-ADR      ONG         -593935051.02     2902299501.9
ORANGE PLC-ADR      ORNGY       -593935051.02     2902299501.9
ORBIS PLC           OBS           -4168498.48      127701679.5
ORBIS PLC           ORBSF         -4168498.48      127701679.5
ORBIS PLC           OBS           -4168498.48      127701679.5
ORBIS PLC           OBS           -4168498.48      127701679.5
ORBIS PLC           OBS           -4168498.48      127701679.5
ORBIS PLC           RLP           -4168498.48      127701679.5
ORBIS PLC           OBG           -4168498.48      127701679.5
ORSU METALS CORP    ORSM007        -103725000        149477216
ORSU METALS CORP    EPMCF          -103725000        149477216
ORSU METALS CORP    OSU            -103725000        149477216
ORSU METALS CORP    E4M            -103725000        149477216
ORSU METALS CORP    OSU            -103725000        149477216
ORSU METALS CORP    OSU            -103725000        149477216
ORSU METALS CORP    ORSM007*       -103725000        149477216
ORSU METALS CORP    OSU            -103725000        149477216
ORSU METALS CORP    EUM            -103725000        149477216
ORSU METALS CORP    OSUMF          -103725000        149477216
PATIENTLINE PLC     PTL          -54677284.64      124948245.8
PATIENTLINE PLC     PTL          -54677284.64      124948245.8
PATIENTLINE PLC     PTL          -54677284.64      124948245.8
PATIENTLINE PLC     2928903Q     -54677284.64      124948245.8
PATIENTLINE PLC     PTL          -54677284.64      124948245.8
PATIENTLINE PLC     2928907Q     -54677284.64      124948245.8
PATIENTLINE PLC     PTL          -54677284.64      124948245.8
PATIENTLINE PLC     2928899Q     -54677284.64      124948245.8
PREMIER FARN-ADR    PIFLY        -45246567.32     692389353.06
PREMIER FARN-ADR    2246804Q     -45246567.32     692389353.06
PREMIER FARN-ADR    PFLZ         -45246567.32     692389353.06
PREMIER FARNELL     PFL          -45246567.32     692389353.06
PREMIER FARNELL     PFL          -45246567.32     692389353.06
PREMIER FARNELL     PFL          -45246567.32     692389353.06
PREMIER FARNELL     PFL          -45246567.32     692389353.06
PREMIER FARNELL     PFLUSD       -45246567.32     692389353.06
PREMIER FARNELL     PFLSEK       -45246567.32     692389353.06
PREMIER FARNELL     PFLGBP       -45246567.32     692389353.06
PREMIER FARNELL     PIFLF        -45246567.32     692389353.06
PREMIER FARNELL     PFL          -45246567.32     692389353.06
PREMIER FARNELL     PFL          -45246567.32     692389353.06
PREMIER FARNELL     PFL          -45246567.32     692389353.06
PREMIER FARNELL     PFL          -45246567.32     692389353.06
PREMIER FARNELL     PFLUSD       -45246567.32     692389353.06
PREMIER FARNELL     PFL          -45246567.32     692389353.06
PREMIER FARNELL     PFL          -45246567.32     692389353.06
PREMIER FARNELL     PFL          -45246567.32     692389353.06
PREMIER FARNELL     PFLEUR       -45246567.32     692389353.06
PREMIER FARNELL     PFL          -45246567.32     692389353.06
PREMIER FARNELL     PFLEUR       -45246567.32     692389353.06
PREMIER FARNELL     PFLSEK       -45246567.32     692389353.06
PREMIER FARNELL     PML          -45246567.32     692389353.06
PREMIER FARNELL     PFL          -45246567.32     692389353.06
PROSTRAKAN GROUP    PSK           -1646349.91     143067806.91
PROSTRAKAN GROUP    PSK           -1646349.91     143067806.91
PROSTRAKAN GROUP    PSKEUR        -1646349.91     143067806.91
PROSTRAKAN GROUP    PSK           -1646349.91     143067806.91
PROSTRAKAN GROUP    PSK           -1646349.91     143067806.91
PROSTRAKAN GROUP    PSKGBP        -1646349.91     143067806.91
PROSTRAKAN GROUP    PSKEUR        -1646349.91     143067806.91
PROSTRAKAN GROUP    PSK           -1646349.91     143067806.91
PROSTRAKAN GROUP    PKNGF         -1646349.91     143067806.91
PROSTRAKAN GROUP    PSK           -1646349.91     143067806.91
PROSTRAKAN GROUP    PSK           -1646349.91     143067806.91
REAL ESTATE OP-O    REOGBP      -145048365.85    2933767506.67
REAL ESTATE OP-O    REO         -145048365.85    2933767506.67
REAL ESTATE OP-O    REA         -145048365.85    2933767506.67
REAL ESTATE OP-O    REO         -145048365.85    2933767506.67
REAL ESTATE OP-O    REO         -145048365.85    2933767506.67
REAL ESTATE OP-O    REO         -145048365.85    2933767506.67
REAL ESTATE OP-O    REO         -145048365.85    2933767506.67
REAL ESTATE OP-O    REO         -145048365.85    2933767506.67
REAL ESTATE OP-O    REO         -145048365.85    2933767506.67
REGUS LTD           273187Q      -46111835.37        367181111
REGUS PLC           RGU          -46111835.37        367181111
REGUS PLC           REGSF        -46111835.37        367181111
REGUS PLC           273195Q      -46111835.37        367181111
REGUS PLC           2296Z        -46111835.37        367181111
REGUS PLC-ADS       RGUA         -46111835.37        367181111
REGUS PLC-ADS       REGSV        -46111835.37        367181111
REGUS PLC-ADS       REGSY        -46111835.37        367181111
REGUS PLC-ADS       REGS         -46111835.37        367181111
RENTOKIL INITIAL    RTOG        -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOUSD      -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOUSD      -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOEUR      -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOEUR      -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO         -351331070.14    3368925867.22
RENTOKIL INITIAL    RKLIF       -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOGBP      -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO1        -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTOKF       -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO         -351331070.14    3368925867.22
RENTOKIL INITIAL    RTO         -351331070.14    3368925867.22
RENTOKIL-SP ADR     AP76        -351331070.14    3368925867.22
RENTOKIL-SP ADR     RTOKY       -351331070.14    3368925867.22
SAATCHI & SA-ADR    SSA         -119260804.15     705060824.55
SAATCHI & SA-ADR    SSI$        -119260804.15     705060824.55
SAATCHI & SAATCH    188190Q     -119260804.15     705060824.55
SAATCHI & SAATCH    SSATF       -119260804.15     705060824.55
SAATCHI & SAATCH    SSI         -119260804.15     705060824.55
SCOTTISH MEDIA      1442Q        -49061227.23     212049868.01
SCOTTISH MEDIA      SSM          -49061227.23     212049868.01
SCOTTISH MEDIA      SSMR         -49061227.23     212049868.01
SCOTTISH TELEV      SCTVF        -49061227.23     212049868.01
SETON HEALTHCARE    2290Z        -10585179.82     156822902.77
SFI GROUP PLC       SUYFF       -108067115.81     177647536.08
SFI GROUP PLC       SUF         -108067115.81     177647536.08
SKYEPHAR-RTS F/P    SKPF        -134177517.41     149159301.57
SKYEPHAR-RTS F/P    SKPF        -134177517.41     149159301.57
SKYEPHAR-RTS N/P    SKPN        -134177517.41     149159301.57
SKYEPHAR-RTS N/P    SKPN        -134177517.41     149159301.57
SKYEPHARMA -SUB     2976665Z    -134177517.41     149159301.57
SKYEPHARMA PLC      SK8A        -134177517.41     149159301.57
SKYEPHARMA PLC      SK8C        -134177517.41     149159301.57
SKYEPHARMA PLC      SKP1        -134177517.41     149159301.57
SKYEPHARMA PLC      SKP         -134177517.41     149159301.57
SKYEPHARMA PLC      SKPEUR      -134177517.41     149159301.57
SKYEPHARMA PLC      SKP         -134177517.41     149159301.57
SKYEPHARMA PLC      SKPGBP      -134177517.41     149159301.57
SKYEPHARMA PLC      SKYEF       -134177517.41     149159301.57
SKYEPHARMA PLC      SKP         -134177517.41     149159301.57
SKYEPHARMA PLC      SKP         -134177517.41     149159301.57
SKYEPHARMA PLC      SKP         -134177517.41     149159301.57
SKYEPHARMA PLC      SKP         -134177517.41     149159301.57
SKYEPHARMA PLC      SKP         -134177517.41     149159301.57
SKYEPHARMA PLC      SKPEUR      -134177517.41     149159301.57
SKYEPHARMA PLC      SKP         -134177517.41     149159301.57
SKYEPHARMA-ADR      SK8N        -134177517.41     149159301.57
SKYEPHARMA-ADR      SK8         -134177517.41     149159301.57
SKYEPHARMA-ADR      AP80        -134177517.41     149159301.57
SKYEPHARMA-ADR      SKYE        -134177517.41     149159301.57
SKYEPHARMA-ADR      SKYPY       -134177517.41     149159301.57
SKYEPHARMA-ADR      SKYEY       -134177517.41     149159301.57
SMG PLC             SMG          -49061227.23     212049868.01
SMG PLC             SMG          -49061227.23     212049868.01
SMG PLC-FUL PAID    SMGF         -49061227.23     212049868.01
SMG PLC-NIL PAID    SMGN         -49061227.23     212049868.01
SMITHS NEWS PLC     NWS1         -97992746.54     146917382.81
SMITHS NEWS PLC     NWS2GBP      -97992746.54     146917382.81
SMITHS NEWS PLC     NWS          -97992746.54     146917382.81
SMITHS NEWS PLC     NWS2         -97992746.54     146917382.81
SMITHS NEWS PLC     NWS          -97992746.54     146917382.81
SMITHS NEWS PLC     NWS1         -97992746.54     146917382.81
SMITHS NEWS PLC     SMWPF        -97992746.54     146917382.81
SMITHS NEWS PLC     NWS          -97992746.54     146917382.81
SMITHS NEWS PLC     NWS2EUR      -97992746.54     146917382.81
SMITHS NEWS PLC     NWS2EUR      -97992746.54     146917382.81
SMITHS NEWS PLC     NWS          -97992746.54     146917382.81
SMITHS NEWS PLC     NWS2         -97992746.54     146917382.81
SMITHS NEWS PLC     NWS1         -97992746.54     146917382.81
SMITHS NEWS PLC     NWS2         -97992746.54     146917382.81
SMITHS NEWS PLC     NWS          -97992746.54     146917382.81
SMITHS NEWS PLC     SMWPY        -97992746.54     146917382.81
SMITHS NEWS PLC     NWS1GBP      -97992746.54     146917382.81
STAGECOACH GROUP    SHP          -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1EUR      -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1GBP      -14183327.87    2231066974.58
STAGECOACH GROUP    SGCG         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC2         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1AUD      -14183327.87    2231066974.58
STAGECOACH GROUP    SHP4         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC          -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1USD      -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1USD      -14183327.87    2231066974.58
STAGECOACH GROUP    SGC          -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC          -14183327.87    2231066974.58
STAGECOACH GROUP    SAGKF        -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1         -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1AUD      -14183327.87    2231066974.58
STAGECOACH GROUP    SGC1EUR      -14183327.87    2231066974.58
STAGECOACH GRP-B    SGCB         -14183327.87    2231066974.58
STAGECOACH-NEW      SGCN         -14183327.87    2231066974.58
STV GROUP PLC       STVG         -49061227.23     212049868.01
STV GROUP PLC       STVG         -49061227.23     212049868.01
STV GROUP PLC       SMG          -49061227.23     212049868.01
STV GROUP PLC       SMGPF        -49061227.23     212049868.01
STV GROUP PLC       SMG          -49061227.23     212049868.01
STV GROUP PLC       STVGGBP      -49061227.23     212049868.01
STV GROUP PLC       STVG         -49061227.23     212049868.01
STV GROUP PLC       SMG          -49061227.23     212049868.01
STV GROUP PLC       STVG         -49061227.23     212049868.01
STV GROUP PLC       STVGEUR      -49061227.23     212049868.01
STV GROUP PLC       STVGEUR      -49061227.23     212049868.01
TELASI JSC          AEST          -38496626.3     121421179.22
TELEWEST COM-ADR    940767Q    -3702234580.99    7581020925.22
TELEWEST COM-ADR    TWSTY      -3702234580.99    7581020925.22
TELEWEST COM-ADR    TWT$       -3702234580.99    7581020925.22
TELEWEST COM-ADR    TWSTD      -3702234580.99    7581020925.22
TELEWEST COMM       715382Q    -3702234580.99    7581020925.22
TELEWEST COMM       604296Q    -3702234580.99    7581020925.22
TELEWEST COMM       TWSTF      -3702234580.99    7581020925.22
TELEWEST COMM       TWT        -3702234580.99    7581020925.22
THORN EMI PLC       THNE       -2265916256.89    2950021937.14
THORN EMI-ADR       THN$       -2265916256.89    2950021937.14
THORN EMI-ADR       TORNY      -2265916256.89    2950021937.14
THORN EMI-CDR       THN        -2265916256.89    2950021937.14
THORN EMI-REGD      1772Q      -2265916256.89    2950021937.14
TOPPS TILES PLC     TPT          -78172467.48      131014414.4
TOPPS TILES PLC     TPT          -78172467.48      131014414.4
TOPPS TILES PLC     TPTEUR       -78172467.48      131014414.4
TOPPS TILES PLC     TPT          -78172467.48      131014414.4
TOPPS TILES PLC     TPTGBP       -78172467.48      131014414.4
TOPPS TILES PLC     TPTJF        -78172467.48      131014414.4
TOPPS TILES PLC     TPT          -78172467.48      131014414.4
TOPPS TILES PLC     TPT          -78172467.48      131014414.4
TOPPS TILES PLC     TPT          -78172467.48      131014414.4
TOPPS TILES PLC     TPTJY        -78172467.48      131014414.4
TOPPS TILES PLC     TPTEUR       -78172467.48      131014414.4
TOPPS TILES PLC     TPT          -78172467.48      131014414.4
TOPPS TILES PLC     TPT          -78172467.48      131014414.4
TOPPS TILES PLC     TPT          -78172467.48      131014414.4
TOPPS TILES-NEW     TPTN         -78172467.48      131014414.4
UTC GROUP           UGR          -11904426.45     203548565.03
VIRGIN MOB-ASSD     VMOA        -392165437.58     166070003.71
VIRGIN MOB-ASSD     VMOC        -392165437.58     166070003.71
VIRGIN MOBILE       UEM         -392165437.58     166070003.71
VIRGIN MOBILE       VMOB        -392165437.58     166070003.71
VIRGIN MOBILE       VGMHF       -392165437.58     166070003.71
VIRGIN MOBILE       VMOB        -392165437.58     166070003.71
VIRGIN MOBILE       VMOB        -392165437.58     166070003.71
WATSON & PHILIP     WTSN        -120493900.04     252232072.87
WINCANTON PL-ADR    WNCNY        -47615167.52    1316638025.67
WINCANTON PLC       WIN1         -47615167.52    1316638025.67
WINCANTON PLC       WIN1         -47615167.52    1316638025.67
WINCANTON PLC       WIN          -47615167.52    1316638025.67
WINCANTON PLC       WIN          -47615167.52    1316638025.67
WINCANTON PLC       WIN1USD      -47615167.52    1316638025.67
WINCANTON PLC       WIN          -47615167.52    1316638025.67
WINCANTON PLC       WIN1         -47615167.52    1316638025.67
WINCANTON PLC       WIN          -47615167.52    1316638025.67
WINCANTON PLC       WIN1EUR      -47615167.52    1316638025.67
WINCANTON PLC       WIN1         -47615167.52    1316638025.67
WINCANTON PLC       WIN1         -47615167.52    1316638025.67
WINCANTON PLC       WIN1         -47615167.52    1316638025.67
WINCANTON PLC       WIN          -47615167.52    1316638025.67
WINCANTON PLC       WNCNF        -47615167.52    1316638025.67
WINCANTON PLC       WIN1         -47615167.52    1316638025.67
WINCANTON PLC       WIN1USD      -47615167.52    1316638025.67
WINCANTON PLC       WIN1GBP      -47615167.52    1316638025.67
WINCANTON PLC       WIN1EUR      -47615167.52    1316638025.67
XXPERT RENTAL       XPRT           -103725000        149477216

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *