/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/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 * * *