TCREUR_Public/091027.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 27, 2009, Vol. 10, No. 212

                            Headlines

A U S T R I A

GMB-TEX GMBH: Claims Filing Deadline is November 2
JAEGER KEG: Claims Filing Deadline is November 9
ZOU YONGZHU: Claims Filing Deadline is November 10


B U L G A R I A

UNITED BULGARIAN: Fitch Downgrades Individual Rating to 'D'


F R A N C E

CHRISTIAN LACROIX: Sheik Set to Take Over Business Today


G E R M A N Y

ARCANDOR AG: Karstadt Unit Is Profitable, Focus Says
GENERAL MOTORS: Delays Signing of Magna-Opel Sale Deal
LEHMAN BROTHERS BANKHAUS: Discloses Stake in Five Companies
TALISMAN-5 FINANCE: Fitch Junks Ratings on Two Classes of Notes
WILHELM KARMANN: Liquidity Dries Up; Volkswagen Eyes Takeover


G R E E C E

ARIES MARITIME: Closes Grandunion Securities Purchase Agreement
ARIES MARITIME: Investment Bank of Greece Discloses 9.7% Stake
ARIES MARITIME: Goldman Advisors Disclose Equity Stake
DRYSHIPS INC: Posts US$35.6MM Net Profit for Q3 2009
WIND HELLAS: Mulls GBP3.2 Billion Debt Restructuring


I R E L A N D

CELF LOAN: Moody's Cuts Rating on Class E Notes to 'Caa2'
RAHAXI INC: Registers 50 Mil. Shares Issuable Under 2007 Plan


K A Z A K H S T A N

BTA BANK: Court Accepts Debt Restructuring Application
CONTAL SECURITY: Creditors Must File Claims by November 5
EKIBASTUZ CONTRACT: Creditors Must File Claims by November 5
FIMARAT SERVICE: Creditors Must File Claims by November 5
KAZ MUNAI: Creditors Must File Claims by November 5

OMEGA AUTO LTD: Creditors Must File Claims by November 5
PHOENIX CONSTRUCTION: Creditors Must File Claims by November 5
SERVICE SNUB 2007: Creditors Must File Claims by November 5
UYUT SERVICE: Creditors Must File Claims by November 5


K Y R G Y Z S T A N

ASIA UG: Creditors Must File Claims by November 11
SPECTRUS TRADE: Creditors Must File Claims by November 11


R U S S I A

ACRON JSC: Fitch Assigns Long-Term Issuer Default Rating at 'B+'
CONSTRUCTION UNION: Creditors Must File Claims by November 2
GREMAYCHENSKOY QUARRY: Creditors Must File Claims by November 2
KOSTROMA-LES: Creditors Must File Claims by November 2
NIZHNEANGARSK-TRANS: Creditors Must File Claims by November 2

PAVLOVSLIY KRAY-POTREB: Creditors Must File Claims by November 2
ROSTOV-SPETS: Creditors Must File Claims by November 2
ROSTOVSKAYA CONSTRUCTION: Creditors Must File Claims by November 2
SIBIRSKAYA OIL: Creditors Must File Claims by November 2
STALEKS LLC: Creditors Must File Claims by November 2

TATTELECOM OJSC: Fitch Affirms Issuer Default Rating at 'B+'
UC RUSAL: 50% of Foreign Creditors Back Debt Restructuring


S P A I N

AYT SA: Fitch Assigns 'B+' Rating on Class D Notes
BANCAJA LEASING: Moody's Assigns 'Caa1' Rating on Class C Notes
BBVA FINANZIA: Moody's Junks Rating on EUR29.2 Mln Class C Notes
CIE AUTOMOTIVE: Burdened with EUR650 Million Debt Pile


S W I T Z E R L A N D

DUNE ENERGY: UBS AG reports 40.39% Equity Stake
DUNE ENERGY: Reports 3rd Quarter 2009 Operating Results
EXPORTWERBUNG AG: Claims Filing Deadline is November 2
KORTE PROFILE: Claims Filing Deadline is November 2
SOFUS AG: Claims Filing Deadline is November 2

UEBERBAUUNG RUETIWEG: Claims Filing Deadline is November 2
WW BAUAKKORD: Claims Filing Deadline is November 2


U K R A I N E

DSK LLC: Creditors Must File Claims by October 30
KIOSK-SOUTH LLC: Creditors Must File Claims by October 30
NEXT CAR: Creditors Must File Claims by October 30
PHARM POLYSERVICE: Creditors Must File Claims by October 30
RUSSIA LLC: Creditors Must File Claims by October 30


U N I T E D   K I N G D O M

BRADFORD & BINGLEY: Mulls Split of Good and Bad Assets to Pay Loan
DEUTSCHE BANK: S&P Withdraws 'CCC+' Rating on EUR50 Mil. Swap
LLOYDS BANKING: To Gauge Investor Interest in Rights Offering
LUPUS CAPITAL: Ex-Chairman Greg Hutchings Seeks Comeback
ROYAL BANK: Fitch Changes Watch on 'B' Share Rating to Evolving

YELL GROUP: Fails to Secure Enough Support for Debt Restructuring


X X X X X X X X

* Large Companies with Insolvent Balance Sheet


                         *********



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


GMB-TEX GMBH: Claims Filing Deadline is November 2
--------------------------------------------------
Creditors of Gmb-Tex 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 12, 2009 at 10:10 a.m.

For further information, contact the company's administrator:

         Dr. Gerhard Mueller
         Maria-Theresien-Strasse 8
         6890 Lustenau
         Austria
         Tel: 05577/88644
         Fax: 05577/88644-3
         E-mail: kanzlei@grabherr-mueller.jet2web.at


JAEGER KEG: Claims Filing Deadline is November 9
------------------------------------------------
Creditors of Jaeger KEG have until November 9, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 19, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Gernot Klocker
         Mozartstrasse 18
         6850 Dornbirn
         Austria
         Tel: 05572/386869
         Fax: 05572/386869-3
         E-mail: office@kgk.co.at


ZOU YONGZHU: Claims Filing Deadline is November 10
--------------------------------------------------
Creditors of Zou Yongzhu Gastronomie GmbH have until November 10,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 26, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Wolfgang Reinisch
         Hauptplatz 28
         8430 Leibnitz
         Austria
         Tel: 03452/83296
         Fax: 03452/83296-20
         E-mail: leibnitz@reinisch-wisiak.at


===============
B U L G A R I A
===============


UNITED BULGARIAN: Fitch Downgrades Individual Rating to 'D'
-----------------------------------------------------------
Fitch Ratings has affirmed United Bulgarian Bank's ratings at
Long-term Issuer Default 'BBB+' and downgraded the Individual
rating to 'D' from 'C/D'.  The agency has also affirmed the Short-
term IDR at 'F2' and the Support rating at '2'.  The Outlook for
the Long-term IDR is Negative.

The downgrade of the Individual rating reflects the bank's
deteriorating asset quality and lower internal capital generation
given higher credit costs.

The bank's IDRs and Support rating reflect Fitch's view of the
high potential support UBB can expect to receive from its 99%-
shareholder, National Bank of Greece (NBG, rated 'A-'/Outlook
Negative), in case of need.

Asset quality ratios weakened considerably in H109, with NPLs
(loans overdue by 90 days) reaching a high 5.6% of gross loans and
this trend has continued.  The coverage ratio also declined to a
low 57%.  Credit risk remains the main risk for UBB and Fitch
expects asset quality ratios to deteriorate further as loans
season in a contracting economy.  Market risk is limited given
UBB's fairly conservative and small investment portfolio.

Profitability and performance ratios, which have been primarily
driven by strong loan growth in recent years, significantly
deteriorated in H109.  The weakening operating environment in
Bulgaria resulted in higher loan impairment charges, which
dramatically dampened profitability.  Fitch expects profitability
and performance ratios to continue their downward trend on
additional loan impairment charges and lower business volumes.

Customer deposits, UBB's main non-equity funding source, decreased
3% year-to-date in H109 as corporate deposits shrank 17%.  This
led to further tightening in liquidity and the loans/deposits
ratio increased to a high level of 176% at end-H109.  Fitch
nonetheless gains comfort from the parent's ability and propensity
to support UBB's liquidity, if need be.  Capitalisation is
satisfactory to date with a Fitch- eligible capital ratio of 15.1%
at end-H109, providing an extra buffer for further asset quality
deterioration.

UBB was Bulgaria's third-largest bank by assets (about 14.1% and
10.4% national market shares of loans and deposits, respectively)
at end-H109.  Traditionally a corporate bank, UBB has been
actively developing its retail and SME banking operations to
become a universal bank.

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.


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


CHRISTIAN LACROIX: Sheik Set to Take Over Business Today
--------------------------------------------------------
Adam Sage at The Times reports that Sheikh Hassan bin Ali
al-Nuaimi, a nephew of the ruler of Ajman, the smallest member of
the United Arab Emirates, is likely to take over Christian Lacroix
SNC today, Oct. 27, when his EUR100 million (GBP92 million) rescue
deal goes before the Paris Commercial Court.

The Times discloses the sheik's offer includes an injection of
EUR70 million into the business and a pledge to take on all 124
employees, with debts of EUR14 million to suppliers and part of
EUR30 million that it owes to the Falic Group, Lacroix's Florida-
based owner.  The Times relates Reis Valliot, the administrator,
said "it fulfills perfectly all the necessary criteria.  It is the
fantastic solution we dared not hope for."

On June 4, 2009, the Troubled Company Reporter-Europe, citing AFP,
reported a commercial court in Paris placed Christian Lacroix into
administration.  AFP disclosed the company declared insolvency in
May, blaming "the sharp downturn of the luxury market."


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


ARCANDOR AG: Karstadt Unit Is Profitable, Focus Says
----------------------------------------------------
Holger Elfes at Bloomberg News, citing Focus, reports that
Arcandor AG's Karstadt department store chain is working
profitably.

According to Bloomberg, the news magazine said Rolf Weidmann, the
insolvency administrator's commissary for Karstadt, expects to
find a buyer for the unit by the second quarter of 2010.

                        About Arcandor AG

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

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

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


GENERAL MOTORS: Delays Signing of Magna-Opel Sale Deal
------------------------------------------------------
Chris Reiter at Bloomberg News reports that General Motors Co.
delayed the signing of a final agreement to sell its Opel unit to
Magna International Inc. until next month at the earliest so its
board can respond to a European Union review of the deal.

Bloomberg relates John Smith, GM's lead negotiator on the sale,
wrote Friday in a blog the U.S. carmaker's board will use its
Nov. 3 regular meeting to consider changes to the proposal from
Magna and partner OAO Sberbank.  Bloomberg recalls Magna and
Sberbank have agreed to invest EUR500 million in Opel in exchange
for a 55% stake.

According to Bloomberg, GM will also examine a letter from German
Economy Minister Karl-Theodor zu Guttenberg that said Germany's
financial backing for Opel's restructuring wasn't reserved for
Magna.  Bloomberg says the European Commission wants GM to confirm
that it picked Magna without political influence before the
Brussels-based regulator would approve the deal.

                       About General Motors

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

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

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

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

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

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


LEHMAN BROTHERS BANKHAUS: Discloses Stake in Five Companies
-----------------------------------------------------------
Lehman Brothers Bankhaus AG (i. Ins.) discloses it may be deemed
to beneficially own:

     -- 9,571,945 shares or roughly 6.1% of the common stock of
        Electronic Sensor Technology, Inc.

     -- 426,684 shares or roughly 5.8% of the common stock of
        VocalTec Communications Ltd.

     -- 2,860,500 shares or roughly 7.7% of the common stock of
        Noah Education Holdings, Ltd.

     -- 260,041 shares or roughly 8.8% of the common stock of
        Merrimac Industries, Inc.

     -- 662,002 shares or roughly 9.1% of the common stock of
        Vyteris, Inc.

As of December 31, 2008, Lehman Brothers Bankhaus had shared
voting and investment power over the securities.  At some time
prior to September 16, 2008, Lehman Brothers Bankhaus purchased
the Securities pursuant to a master repurchase agreement.  Under
this agreement, Lehman Brothers Bankhaus had shared voting and
investment power over the Securities with other parties to the
agreement.

Lehman Brothers Bankhaus commenced insolvency proceedings in
Germany on November 13, 2008.  As of October 22, 2009, Lehman
Brothers Bankhaus has not been able to locate any confirmation for
its purchase of the Securities.  As a result, Lehman Brothers
Bankhaus has not been able to rule out the possibility that it had
shared voting or investment power over the Securities prior to
2008.  Prior to the commencement of insolvency proceedings, Lehman
Brothers Bankhaus may also have shared voting and investment power
with Lehman Brothers Holdings, Inc., of which Lehman Brothers
Bankhaus is a wholly owned subsidiary.

                About Electronic Sensor Technology

Electronic Sensor Technology Inc. develops and manufactures
electronic devices used for vapor analysis.  It markets its
products through distribution channels in more than 20 countries.

As of June 30, 2009, Electronic Sensor Technology had US$1,700,751
in total assets and US$3,460,983 in total liabilities, resulting
in US$1,760,232 stockholders' deficit.

                          About VocalTec

Israel-based VocalTec Communications Ltd. Provides carrier-class
voice-over-IP solutions for communication service providers.

                       About Noah Education

Noah Education Holdings Limited provides supplementary education
products and services in China.  Noah's core offering includes the
development and marketing of electronic learning products,
interactive educational courseware content, software, children's
English training and after-school education services.  Noah
combines standardized education content with digital and
multimedia technologies to create a dynamic learning experience
and improve academic performance for students throughout China.

                         About Merrimac

Merrimac Industries, Inc. designs, manufactures and sells
electronic components, integrated circuits and subsystems offering
extremely broad frequency coverage, high performance
characteristics and extraordinary thermal management.  Its
operations are conducted through two operating facilities located
in West Caldwell, New Jersey, and San Jose, Costa Rica.

                           About Vyteris

Vyteris, Inc., holds approximately 50 U.S. patents relating to the
delivery of drugs across the skin using a mild electric current
and operates in one business segment.  The Company is pursuing
peptide and small molecule opportunities through, among other
things, drug development partnerships.

As of June 30, 2009, the Company had US$1,051,443 in total assets
and US$35,151,494 in total liabilities, resulting in US$34,100,051
in stockholders' deficit.

The Company said the report of the independent registered public
accounting firm relating to the audit of the Company's
consolidated financial statements for the year ended December 31,
2008, contains an explanatory paragraph expressing uncertainty
regarding the Company's ability to continue as a going concern
because of its operating losses and its continuing need for
additional capital.  The Company said failure to obtain financing
will require management to substantially curtail, if not cease,
operations, which will result in a material adverse effect on the
financial position and results of operations of the Company.

                  About Lehman Brothers Bankhaus

Lehman Brothers Bankhaus AG filed for Chapter 15 bankruptcy
protection in New York on April 29, 2009 (Bankr. S.D.N.Y. Case No.
09-12704).  The petition for Chapter 15 bankruptcy listed more
than US$1 billion each in debts and assets.  The report discloses
as of April 1, 457 creditors had filed claims against the German
unit, of which 22 were based in the U.S.

The German affiliate, established in 1987, has branch offices in
South Korea, London and Milan, the report states.  The offices in
London and Milan are being wound down as part of the German court
proceedings and the Korean office is subject to a moratorium on
business activities by local banking authorities.

In the Chapter 15 petition, Dr. Michael C. Frege served as
insolvency administrator and foreign representative.  Judge James
M. Peck presides over the case.  David Farrington Yates, Esq., at
Sonnenschein, Nath & Rosenthal LLP in New York, serves as Chapter
15 Petitioner's Counsel.


TALISMAN-5 FINANCE: Fitch Junks Ratings on Two Classes of Notes
---------------------------------------------------------------
Fitch Ratings has downgraded Talisman-5 Finance Plc's A to E note
classes, excluding the class X notes which were affirmed.  The
rating actions are:

  -- EUR268.9 million class A (XS0278333736) downgraded to 'A'
     from 'AAA'; Outlook Stable

  -- EUR0.01 million class X (XS0278334205) affirmed at 'AAA';
     Outlook Stable


  -- EUR37.0 million class B (XS0278334460) downgraded to 'BBB'
     from 'AA'; Outlook Negative

  -- EUR26.9 million class C (XS0278334973) downgraded to 'B' from
     'A'; Outlook Negative

  -- EUR20.2 million class D (XS0278335277) downgraded to 'CCC'
     from 'BBB'; assigned a Recovery Rating of RR5

  -- EUR4.1 million class E (XS0278335863) downgraded to 'CC' from
     'BBB-'; assigned RR6

The downgrades have been driven by the deterioration of the
European commercial real estate market since the transaction
closed in December 2006.  In particular, Fitch believes that the
property backing the Bird loan is likely to have suffered a
substantial upward yield shift.  The overall transaction also
suffers from short weighted-average lease lengths that could
result in declining collateral income: the WA term to lease break
stands at 3.2 years (4.1 years excluding the multifamily
collateral).

The two largest loans in the pool, the Penguin and Mouse loans,
account for just under half of the transaction's outstanding loan
balance.  The largest loan, Mouse (22.7% of the pool balance), is
secured by a multifamily portfolio predominantly located in
Berlin.  In the case of many properties, individual units have
been sold since closing.  Fitch believes this would make the
properties harder to market as a potential buyer would ultimately
have less control in operating the assets.  The second largest
loan, Penguin (22.6% of the pool balance), is secured by a
portfolio of nine Greater Paris offices with significant lettings
to strong tenants including Thales ('A-'/Outlook Stable),
Carrefour ('A-'/Outlook Stable), and DNRED, a French government
entity.  However, the short WA lease length to first break of 2.4
years, albeit typical in France, is a point of concern in a market
characterized by increasing vacancy rates and falling rents.

The transaction originally comprised seven loans.  The prepayment
of the Tiger loan, combined with scheduled amortization, has had
the effect of reducing the total securitized balance to EUR353.7
million from EUR539.0 million.  Only the Penguin and Reindeer
loans have been re-valued since closing.  Based on the valuations
in place, the reported WA current and exit loan-to-value ratios
stand at 69.3% and 66.4%, respectively.  This compares to WA Fitch
current and exit LTVs of 87.3% and 83.8%, respectively, implying a
WA market value decline of 19.5%.  The loan maturity dates are
concentrated: 68.3% of the loans by balance are scheduled to
mature in 2011, while the other loans all mature in 2013.  Final
legal maturity is in July 2016.

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

Fitch will continue to monitor the performance of the transaction.


WILHELM KARMANN: Liquidity Dries Up; Volkswagen Eyes Takeover
-------------------------------------------------------------
Arno Schuetze in Hanover and Tomas Gonzalez at Reuters report that
Wilhelm Karmann GmbH is nearing liquidation.

"If new money does not arrive quickly, liquidity will tend towards
zero soon," Reuters quoted a spokesman for administrator Ottmar
Hermann as saying on Friday.  "Without money we will not be able
to pursue business and will not be able to avoid closure."

Reuters relates after delivering its last Mercedes CLK in June,
Karmann was left without work, and customers remain unwilling to
pay their bills.  According to Reuters, customers owe Karmann an
amount in the double-digit million euro range.

                             Takeover

Volkswagen aims to take over Karmann, which filed insolvency in
April, Reuters reports, citing two people familiar with the
situation.

"Talks have been going on for some time, but there is no agreement
yet on a price," Reuters quoted one of the sources as saying on
Sunday.

According to Reuters, sources said three families that own Karmann
-- Battenfeld, Boll and Karmann -- want to fetch a price of about
EUR65 million (US$97.5 million) from any buyer.

Headquartered in Osnabrueck, Wilhelm Karmann GmbH --
http://www.karmann.com/-- is the largest independent motor
vehicle manufacturing company in Germany.


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G R E E C E
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ARIES MARITIME: Closes Grandunion Securities Purchase Agreement
---------------------------------------------------------------
Aries Maritime Transport Limited reports that on October 13, 2009,
it closed the transaction under the Securities Purchase Agreement
dated September 13, 2009, with Grandunion Inc., a company
controlled by Michail S. Zolotas and Nicholas G. Fistes.
Grandunion acquired 18,977,778 newly issued common shares in Aries
in exchange for three capesize drybulk carriers.

Of the shares, Aries reports, 2,666,667 were transferred to Rocket
Marine Inc., a company controlled by two former Aries directors
and principal shareholders, in exchange for Rocket and its
affiliates entering into a voting agreement with Grandunion.
Under this voting agreement, Grandunion controls the voting rights
relating to the shares owned by Rocket and its affiliates.

Grandunion now owns roughly 34.2% of Aries and, as a result of the
voting agreement controls the vote of roughly 71% of Aries’
outstanding shares.  A copy of Grandunion's Form SC 13D filing is
available at no charge at http://ResearchArchives.com/t/s?475c

                 Management and Board Constituency

Simultaneously with the closing of the transaction, the then
officers of Aries resigned and Mr. Zolotas was appointed as Chief
Executive Officer and Allan Shaw was appointed as Chief Financial
Officer, effective as of the closing on October 13, 2009.  In
addition, simultaneously with the closing, all but one of the then
members of the Board of Directors of Aries resigned and new
members of the Board of Directors were appointed.  All of the
current members of the Board of Directors are:

     Mr. Nicholas G. Fistes -- Executive Director (Chairman)

     Mr. Michail S. Zolotas -- Executive Director (Deputy
     Chairman), President and Chief Executive Officer

     Mr. Allan Shaw -- Executive Director and Chief Financial
     Officer

     Mr. Masaaki Kohsaka -- Non-Executive Director

     Mr. Spyros Gianniotis -- Non-Executive Director

     Mr. Apostolos Tsitsirakis -- Non-Executive Director

     Mr. Panagiotis Skiadas -- Non-Executive Director

Certain biographical information concerning Aries' new executive
officers and directors:

          (A) Nicholas G. Fistes was appointed the Executive
Chairman of Aries' Board of Directors on October 13, 2009.
Mr. Fistes holds a Bachelor of Science Degree in Naval
Architecture and Shipbuilding from Newcastle Upon-Tyne University
and a Masters of Science Degree in Ocean Systems Management from
the Massachusetts Institute of Technology.  He started his career
as a Naval Architect and Marine Engineer in charge of new
construction and shipbuilding worldwide with Ceres Hellenic
Shipping Enterprises Ltd.  He has served in various management
positions, and to the post of CEO of Seachem Tankers Ltd. a
commercial chemical tanker operating company, CEO of Ceres
Hellenic Shipping Enterprises Ltd.  one of the biggest ship
management companies managing various types of ships including
crude oil tankers, chemical tankers, LNG ships and dry bulk
carriers, he also served as CEO of CCBC (Coeclerici Ceres Bulk
Carriers) a bulk carrier shipping company.

He is the Chairman of GRANDUNION INC.; since March 2007, he is the
Chairman of THE INTERNATIONAL ASSOCIATION OF INDEPENDENT TANKER
OWNERS (INTERTANKO) and serves on the Board of the HELLENIC MARINE
ENVIRONMENT PROTECTION ASSOCIATION (HELMEPA). He is a member in a
number of industry-related associations, member of the Executive
Committee of the INTERNATIONAL ASSOCIATION OF DRY CARGO SHIPOWNERS
(INTERCARGO), council member of American Bureau of Shipping (ABS),
member of BUREAU VERITAS (BV) Hellenic Committee, member of
REGISTRO ITALIANO NAVALE (RINA) Hellenic Committee, member of
CHINA CLASSIFICATION SOCIETY (CCS) Mediterranean Committee, member
of Korean Register of Shipping (KR) Hellenic Committee.

          (B) Michail S. Zolotas was appointed the Deputy Chairman
of the Aries' Board of Directors and the Chief Executive Officer
of Aries on October 13, 2009. Mr. Zolotas entered the family
business (Stamford Navigation Inc.) as a superintendent engineer
and spent almost three years in sea service and in pure technical
matters including repairs and conversions.  In 1999 he took over
as General Manager of Stamford Navigation Inc. From 2000 up to
2006 he has expanded the family business from two vessels to close
to thirty bulkcarrier vessels ranging from 17,000 dwt up to
170,000 dwt tons.  During this period he was involved in all
commercial, operational and technical matters. From 2001 to 2007
he served on the board of the CTM Pool, a bulkcarrier pool. In
2005 he was nominated as member of BV Black Sea Mediterranean
Committee on which he serves as board member.  In 2006 he was
nominated as member of Registro Italiano Navale (RINA).  In 2006
together with Mr. Nicholas G. Fistes they founded GRANDUNION INC.,
where he serves as Chief Executive Officer and is a board member.
In 2008 he was nominated as member of the China Classification
Society (CCS) Mediterranean Committee.  Mr. Zolotas holds a
Bachelor degree in Mechanical Engineering from the Stevens
Institute of Technology.  During his studies he spent two years at
a university in Japan undertaking studies related with Naval
Architecture.

          (C) Allan Shaw was appointed to the Aries' Board of
Directors and the Chief Financial Officer of Aries on October 13,
2009.  Mr. Shaw has been a member of Navios Maritime Holdings
Inc.'s (NYSE: NM) board of directors since October 25, 2005 and
has over 20 years of financial management experience.  Mr Shaw is
the Founder and Senior Managing Director of Shaw Strategic Capital
LLC, an international financial advisory firm.  From November 2002
to April 2004, Mr. Shaw was the Chief Financial Officer and
Executive Management Board Member of Serono International S.A., a
global biotechnology company.  Prior to joining Serono, Mr. Shaw
was with Viatel Inc., an international telecommunications company,
where he was a member of the board of directors and Chief
Financial Officer.  Mr. Shaw, a United States Certified Public
Accountant, was also a manager with Deloitte & Touche and received
a Bachelor of Science degree from the State University of New
York, Oswego in 1986.

          (D) Masaaki Kohsaka was appointed as a director of
Aries' Board of Directors on October 13, 2009.  Mr. Kohsaka is a
graduate of The Faculty of Law, Hitotsubashi University, Tokyo.
Mr. Kohsaka began his career in 1959 working in the Liner
Department of Nissan Steamship Co. Ltd.  In 1964, Mr. Kohsaka
worked in the Tramp Department of Showa Line Ltd. (following the
merger of Nissan Steamship Co. Ltd. and Nippon Oil-Tanker Ltd.).
Subsequently, Mr. Kohsaka has held various positions relating to
steel products, tramp cargoes, new-buildings, sale and purchase,
ship management, insurance and legal matters. Mr. Kohsaka has also
been a Maritime Arbitrator since 1991 and a Member of the Tokyo
Maritime Arbitration Commission during the period 1991-1997.

          (E) Spyros Gianniotis was appointed as a director of
Aries' Board of Directors on October 13, 2009.  Mr. Gianniotis has
been the Chief Financial Officer of Aegean Marine Petroleum
Network Inc. (NYSE:ANW) since September 1, 2008.  Prior to joining
the Aegean, Mr. Gianniotis served for 21 years in various
positions in major banks in Greece and USA.  Prior to 2001, Mr.
Gianniotis worked at Citigroup in Athens, Piraeus and New York.
Since 2001, Mr. Gianniotis was holding the position of the Head of
Shipping at Piraeus Bank SA where he terminated this assignment as
Assistant General Manager in order to join Aegean. Mr. Gianniotis
holds a BA, MSc and an MBA from American Universities.

          (F) Apostolos Tsitsirakis was appointed as a director of
Aries' Board of Directors on October 13, 2009.  Since 2003
Mr. Tsitsirakis served as President and founder of Maritime
Capital Management Ltd, a private consulting and investment
management firm specializing in international business development
with particular emphasis on the shipping and international oil
industries.  Mr. Tsitsirakis has served on the Board of Directors
of Aegean Marine Petroleum Inc (NYSE:ANW) from the company's IPO
on 2006 until November 2007. In 2004 Mr. Tsitsirakis participated
as partner and investor with Fleet Acquisition LLC, in the
acquisition of the fleet that formed Genco Shipping (NYSE:GNK).
From 1997 to 2003, Mr. Tsitsirakis was affiliated with a family
ship-owning and management company based in Piraeus, Greece, where
he served as Director of Marine Operations while holding several
other management positions.

Prior to 1997, Mr. Tsitsirakis worked for various ship-owners and
shipbrokers in London and Piraeus, Greece.  Mr. Tsitsirakis holds
a Master's degree in Business Administration from Webster
University, London.

          (G) Panagiotis Skiadas has served as a member of Aries'
Board of Directors since the closing of its initial public
offering in June 2005.  Mr. Skiadas has been the Environmental
Manager of Viohalco S.A., responsible for all environmental and
climate change issues as well as certain energy related matters.
Viohalco S.A. is the holding company of the largest Greek metals
processing group that incorporates roughly 90 companies and
accounts for roughly 10% of Greece's total exports.  Prior to
joining Viohalco in April 2006, Mr. Skiadas performed the same
role for a subsidiary of Viohalco, ELVAL S.A., since 2004.  He has
also served as the Section Manager of Environmental Operations for
the Organizational Committee of Olympic Games, Athens 2004 S.A.
Mr. Skiadas holds a B.S. from the University of Florida and a
Master of Engineering from the Massachusetts Institute of
Technology (MIT) in Environmental Engineering.

In connection with the transactions consummated at closing, and
for the services provided by such directors, certain members of
the former and current Board of Directors received compensation,
in the aggregate, of US$87,500 and 87,500 shares of common stock,
as well as the outstanding restricted common stock of such
directors immediately vested.  In addition, pursuant to the terms
of his employment agreement, Jeffrey Parry, Aries' Chief Executive
Officer prior to his resignation upon the closing, received a lump
sum of US$885,752.69 and outstanding options previously granted to
Mr. Parry vested immediately, as part of his severance.

                      Financing Arrangements

          (A) Convertible Notes

At the closing, Aries issued US$145.0 million in aggregate
principal amount of 7% senior unsecured convertible notes due
2015.  The 7% Notes are convertible into shares of common stock at
a conversion price of US$0.75 per share, subject to adjustment for
certain events, including certain distributions by Aries of cash,
debt and other assets, spin offs and other events.  The issuance
of the 7% Notes was pursuant to an Indenture dated October 13,
2009 between Aries and Marfin Egnatia Bank S.A., and a Note
Purchase Agreement, executed by each of Investment Bank of Greece
and Focus Maritime Corp. as purchasers.

Currently, Investment Bank of Greece retains US$100,000
outstanding principal amount of the 7% Notes and the remainder is
owned by Focus Maritime Corp., a company controlled by Mr.
Zolotas.  All of the outstanding 7% notes owned by Focus Maritime
Corp. were pledged to, and their acquisition was financed by,
Marfin Egnatia Bank S.A.  The proceeds of the 7% Notes are
expected to be used for general corporate purposes, to fund vessel
acquisitions and to partially repay existing indebtedness.  The
Note Purchase Agreement and the Indenture with respect to the 7%
Notes contain certain covenants, including limitations on the
incurrence of additional indebtedness, except in connection with
approved vessel acquisitions, and limitations on mergers and
consolidations.

In connection with the issuance of the 7% Notes, Aries entered
into a Registration Rights Agreement providing certain demand and
other registration rights for the shares of common stock
underlying the 7% Notes.

          (B) Bank Financing

At the closing, Aries' existing syndicate of lenders entered into
a newUS$221,429,999 Facility Agreement with (i) Bank of Scotland
plc, Nordea Bank Finland plc, London Branch, HSH Nordbank AG, The
Governor and the Company of the Bank of Ireland, Sumitomo Mitsui
Banking Corporation, Brussels Branch, Bayerische Hypo-und
Vereinsbank AG, Commerzbank Aktiengesellschaft, General Electric
Capital Corporation, Natixis and Swedbank AB (publ) as banks, (ii)
The Governor and Company of The Bank of Ireland, Hsh Nordbank AG
and Sumitomo Mitsui Banking Corporation, Brussels Branch, as co-
arrangers, (iii) Bank of Scotland Plc (Formerly HBOS Treasury
Services Plc), Nordea Bank Finland Plc, London Branch, The
Governor and Company of the Bank of Ireland, Hsh Nordbank AG SMBC
Capital Markets, Inc. as swap banks and (iv) Bank of Scotland Plc
as agent dated October 13, 2009, to refinance Aries' existing
revolving credit facility.  Aries applied US$20.0 million of the
proceeds of the issuance of the 7% Notes to reduce the outstanding
amount under the Facility Agreement, which has been structured to
extend amortization that now includes a US$163.4 million repayment
due in October 2014.

In connection with the execution of the Facility Agreement, Aries
issued, pursuant to a Warrant Purchase Agreement and a Warrant
Agreement, each dated October 13, 2009, to Investment Bank of
Greece warrants to purchase up to 5 million shares of Aries'
common stock at an exercise price of US$2.00 per share, with an
expiration date of October 13, 2015, as evidenced by a Warrant
Certificate.  The warrants are subject to adjustment upon the
occurrence of certain events, including certain distributions by
Aries of cash, debt and other assets, spin offs and other events.

In connection with the closing, Aries entered into a Registration
Rights Agreement providing certain demand and other registration
rights for the shares of common stock underlying the Warrants.

                         Fleet Composition

Following the closing on October 13, 2009, Aries' fleet consists
of 14 vessels, comprised of:

     four Panamax tankers (all double-hulled);

     five MR tankers (three double-hulled);

     two container vessels (2,917 TEU); and

     three capesize drybulk vessels totaling 477,000 dwt.

Five of the 14 vessels are secured on period charters.  Charters
for two of Aries' products tanker vessels, as well as one capesize
vessel, currently have profit-sharing components.

                          Going Concern

As reported by the Troubled Company Reporter on July 8, 2009,
Aries Maritime said the audit report of the Company's independent
registered public accounting firm, PricewaterhouseCoopers S.A.,
included in the Company's Form 20-F filed with the U.S. Securities
and Exchange Commission contains an explanatory paragraph which
notes that there are specific factors which raise substantial
doubt about the Company's ability to continue as a going concern.
These factors include the Company's 2008 and 2007 net losses and a
previously announced re-classification of long term debt due to
its inability to meet certain financial covenants under its
revolving credit facility.

Aries Maritime is currently in negotiations with its lenders to
obtain waivers for certain financial covenants.  The Company has
plans in place to improve the performance and financial strength
of the Company.  These plans primarily relate to the reduction of
expenses, possible sales of vessels and the potential addition of
assets to enhance future cash earnings.

As of June 30, 2009, the Company had US$299.5 million in total
assets and US$246.2 million in total liabilities.  As of March 31,
2009, the Company had US$309.4 million in total assets and
US$248.0 million in total liabilities.

                       About Aries Maritime

Aries Maritime Transport Limited (NASDAQ: RAMS) is an
international shipping company that owns and operates products
tankers and container vessels.  The Company's products tanker
fleet consists of five MR tankers and four Panamax tankers, all of
which are double-hulled.  The Company also owns a fleet of two
container vessels with a capacity of 2,917 TEU per vessel.  Four
of the Company's 11 vessels are secured on period charters.
Charters for two of the Company's products tanker vessels
currently have profit-sharing components.


ARIES MARITIME: Investment Bank of Greece Discloses 9.7% Stake
--------------------------------------------------------------
Investment Bank of Greece Societe Anonyme; Marfin Egnatia Bank
Societe Anonyme; and Marfin Popular Bank Public Company Limited
disclose holding 5,133,333 shares or roughly 9.7% of the common
stock of Aries Maritime Transport Limited as of October 21, 2009.

IBG beneficially owns 5,133,333 shares of Common Stock, consisting
of (i) 5,000,000 warrants to purchase an equal amount of shares of
Common Stock at an exercise price ofUS$2.00 per share and (ii) a
7% convertible senior note due 2015 in the principal amount
ofUS$100,000, which is convertible into 133,333 shares of Common
Stock at a price ofUS$0.75 per share.  Marfin Egnatia is deemed to
beneficially own the shares as a result of its roughly 92%
ownership of IBG and Marfin Popular is deemed to beneficially own
such shares as a result of its roughly 97% ownership of Marfin
Egnatia.

                          Going Concern

As reported by the Troubled Company Reporter on July 8, 2009,
Aries Maritime said the audit report of the Company's independent
registered public accounting firm, PricewaterhouseCoopers S.A.,
included in the Company's Form 20-F filed with the U.S. Securities
and Exchange Commission contains an explanatory paragraph which
notes that there are specific factors which raise substantial
doubt about the Company's ability to continue as a going concern.
These factors include the Company's 2008 and 2007 net losses and a
previously announced re-classification of long term debt due to
its inability to meet certain financial covenants under its
revolving credit facility.

Aries Maritime is currently in negotiations with its lenders to
obtain waivers for certain financial covenants.  The Company has
plans in place to improve the performance and financial strength
of the Company.  These plans primarily relate to the reduction of
expenses, possible sales of vessels and the potential addition of
assets to enhance future cash earnings.

As of June 30, 2009, the Company had US$299.5 million in total
assets and US$246.2 million in total liabilities.  As of March 31,
2009, the Company had US$309.4 million in total assets and
US$248.0 million in total liabilities.

                       About Aries Maritime

Aries Maritime Transport Limited (NASDAQ: RAMS) is an
international shipping company that owns and operates products
tankers and container vessels.  The Company's products tanker
fleet consists of five MR tankers and four Panamax tankers, all of
which are double-hulled.  The Company also owns a fleet of two
container vessels with a capacity of 2,917 TEU per vessel.  Four
of the Company's 11 vessels are secured on period charters.
Charters for two of the Company's products tanker vessels
currently have profit-sharing components.


ARIES MARITIME: Goldman Advisors Disclose Equity Stake
------------------------------------------------------
S. Goldman Advisors, LLC, and Sheldon M. Goldman disclose holding
7,500,000 shares or roughly 13.5% of the common stock of Aries
Maritime Transport Limited as of October 22, 2009.

Goldman Advisors beneficially own 7,500,000 shares of Common
Stock, consisting of the 2,500,000 Shares to be issued to Goldman
Advisors and the 5,000,000 shares of Common Stock issuable upon
exercise of the Warrants to be issued to Goldman Advisors, which
shares represent in the aggregate roughly 13.5% of the 47,939,655
shares of Common Stock outstanding as of October 13, 2009, based
upon representations made by Aries in connection with the issuance
of the Senior Notes.  If all US$145,000,000 in aggregate principal
amount of the outstanding Senior Notes were converted into Common
Stock, such percentage would be approximately 3.0%.

Goldman Advisors explains that pursuant to the terms of a
Financial Advisory Engagement Letter, dated as of June 24, 2009,
between Grandunion Inc. and Goldman Advisors, Grandunion agreed to
issue, or cause Aries to issue, to Goldman Advisors or its
designees 2,500,000 shares of Common Stock and 5,000,000 warrants
for an equal number of shares of Common Stock.  The Shares and
Warrants are to be issued as compensation to Goldman Advisors for
financial advisory services provided to Grandunion in connection
with Grandunion’s acquisition of 18,977,778 shares of Aries Common
Stock on October 13, 2009.  As a result of the consummation of the
Grandunion Transaction on October 13, 2009, Goldman Advisors
became entitled to receive the Shares and Warrants, although the
Shares and Warrants have not been issued to Goldman Advisors.

                          Going Concern

As reported by the Troubled Company Reporter on July 8, 2009,
Aries Maritime said the audit report of the Company's independent
registered public accounting firm, PricewaterhouseCoopers S.A.,
included in the Company's Form 20-F filed with the U.S. Securities
and Exchange Commission contains an explanatory paragraph which
notes that there are specific factors which raise substantial
doubt about the Company's ability to continue as a going concern.
These factors include the Company's 2008 and 2007 net losses and a
previously announced re-classification of long term debt due to
its inability to meet certain financial covenants under its
revolving credit facility.

Aries Maritime is currently in negotiations with its lenders to
obtain waivers for certain financial covenants.  The Company has
plans in place to improve the performance and financial strength
of the Company.  These plans primarily relate to the reduction of
expenses, possible sales of vessels and the potential addition of
assets to enhance future cash earnings.

As of June 30, 2009, the Company had US$299.5 million in total
assets and US$246.2 million in total liabilities.  As of March 31,
2009, the Company had US$309.4 million in total assets and
US$248.0 million in total liabilities.

                       About Aries Maritime

Aries Maritime Transport Limited (NASDAQ: RAMS) is an
international shipping company that owns and operates products
tankers and container vessels.  The Company's products tanker
fleet consists of five MR tankers and four Panamax tankers, all of
which are double-hulled.  The Company also owns a fleet of two
container vessels with a capacity of 2,917 TEU per vessel.  Four
of the Company's 11 vessels are secured on period charters.
Charters for two of the Company's products tanker vessels
currently have profit-sharing components.


DRYSHIPS INC: Posts US$35.6MM Net Profit for Q3 2009
----------------------------------------------------
DryShips Inc. announced its unaudited financial and operating
results for the third quarter and nine month period ended
September 30, 2009.

Third Quarter 2009 Financial Highlights:

     -- For the third quarter of 2009, the Company reported a net
        profit of US$35.6 million or US$0.12 basic and diluted
        profit per share. Included in the third quarter 2009
        results is a loss of US$39.3 million or US$0.15 per share
        associated with the valuation of the Company’s interest
        rate swaps.  Excluding this item, net income would amount
        to US$74.9 million or US$0.27 per share.

     -- Basic earnings per share for the third quarter of 2009
        include a non-cash accrual for the cumulative dividends on
        the Series A Convertible Preferred Stock, amounting to
        US$4.0 million, which reduces the income available to
        common shareholders (basic earnings per share is
        calculated as net income less accrued dividends on
        preferred stock divided by weighted average number of
        common shares outstanding).

George Economou, Chairman and Chief Executive Officer of the
Company commented: "We are pleased to report another quarter of
profitable operating results for DryShips as both our drilling and
drybulk units continued to perform at high utilization rates.  We
are particularly pleased with the high utilization rates achieved
by the Eirik Raude, which is drilling off Ghana at the Jubilee
field for Tullow Oil.  The Leiv Eiriksson is expected to complete
its assignment with Shell in the North Sea during October and
commence mobilization for  drilling operations in the Black Sea
under a 3-year contract for Petrobras.  Most economic indicators
for the world economy seem to indicate the end of the recession
and we are also seeing the signs of recovery from countries
besides China and India.  The stimulus plan implemented by the
Chinese government earlier in the year has by no means played
itself out, as the majority of this money went to infrastructure
development which is medium to long term projects.  While drybulk
shipping demand is projected to remain strong for the coming
years, the large orderbook remains a cause for concern, especially
for 2010.  Actual deliveries in the first nine months of 2009 were
much smaller than were anticipated at the beginning of the year
and offer some hope that cancellations and delays will alleviate
the projected oversupply.

"Our drybulk fleet is now virtually fully fixed for the remainder
of 2009 and 2010 and 77% fixed for 2011 at healthy levels and we
are prepared to leverage the volatility in freight rates in the
future through further vessel acquisitions.  DryShips now has
US$1.44 billion in fixed EBITDA from its dry bulk and drilling
units over the next 2.25 years and we are well positioned to take
advantage of acquisition opportunities as they arise."

As of September 30, 2009, the Company had US$5,404,843,000 in
total assets against US$1,900,444 in total current liabilities and
US$836,760,000 in total non-current liabilities, resulting in
US$2,667,639,000 in stockholders' equity.

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

A full-text copy of the Company's earnings release is available at
no charge at http://ResearchArchives.com/t/s?477d

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."

DryShips Inc. (NASDAQ: DRYS) 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 39
drybulk carriers comprising seven Capesize, 30 Panamax and  two
Supramax, with a combined deadweight tonnage of over 3.4 million
tons, 2 ultra deep water semisubmersible drilling rigs and 4 ultra
deep water newbuilding drillships.


WIND HELLAS: Mulls GBP3.2 Billion Debt Restructuring
----------------------------------------------------
Wind Hellas is expected to hold discussions with creditors over
the coming days to consider proposals to restructure its
EUR3.2 billion (US$4.8 billion) debt, Anousha Sakoui, Martin
Arnold and Kerin Hope at The Financial Times report, citing people
close to the situation.

The FT relates proposals were submitted ahead of a Thursday
deadline last week, including one from the owner of Wind Hellas, a
vehicle controlled by Naguib Sawiris, the Egyptian entrepreneur.

According to the FT, Hellas said in a statement that it hoped to
conclude its strategic review by November 15.

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

                           *     *     *

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


=============
I R E L A N D
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CELF LOAN: Moody's Cuts Rating on Class E Notes to 'Caa2'
---------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by CELF Loan Partners IV PLC

  -- EUR150M Class A-1 Senior Secured Floating Rate Variable
     Funding Notes due 2023, Downgraded to Aa1; previously on
     Aug. 20, 2007 Assigned Aaa

  -- EUR199M Class A-2a Senior Secured Floating Rate Notes due
     2023, Downgraded to Aa1; previously on Aug. 20, 2007 Assigned
     Aaa

  -- EUR50M Class A-2b Senior Secured Floating Rate Notes due
     2023, Downgraded to Aa2; previously on March 4, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- EUR42M Class B Senior Secured Deferrable Floating Rate Notes
     due 2023, Downgraded to A3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- EUR39M Class C Senior Secured Deferrable Floating Rate Notes
     due 2023, Downgraded to Ba1; previously on March 17, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR33M Class D Senior Secured Deferrable Floating Rate Note
     due 2023, Confirmed at B1; previously on March 17, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- EUR25.5M Class E Senior Secured Deferrable Floating Rate
     Notes due 2023, Downgraded to Caa2; previously on March 17,
     2009 Downgraded to Caa1 and Remained On Review for Possible
     Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine loan exposure (16.55%)
and structured finance securities (0.52%).

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2890), an increase in the amount of defaulted
securities (currently 3.37% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently16.02% of the portfolio), and a failure of Class D and
Class E par value tests.  These measures were taken from the
recent trustee report dated August 28, 2009.  Moody's also
performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF.

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


RAHAXI INC: Registers 50 Mil. Shares Issuable Under 2007 Plan
-------------------------------------------------------------
Rahaxi, Inc., formerly known as FreeStar Technology Corporation,
filed with the Securities and Exchange Commission a Registration
Statement to register 50,000,000 shares of Common Stock to be
issued pursuant to the Company’s 2007 Stock Incentive Plan.  The
Company says the Proposed Maximum Aggregate Offering Price is
US$1,500,000.

The Registration Statement also includes an indeterminate number
of additional shares which may be offered and issued to prevent
dilution from stock splits, stock dividends or similar
transactions as provided in the Company's 2007 Stock Incentive
Plan.

A full-text copy of the Company's registration statement is
available at no charge at http://ResearchArchives.com/t/s?4776

The Company warned in a filing with the U.S. Securities and
Exchange Commission in August its anticipated revenues from
operations will be insufficient to satisfy its ongoing capital
requirements for the next 12 months.  Rahaxi's fiscal year ends
June 30.  The Company has not yet filed its annual report for the
fiscal year ended June 30, 2009.

If its financial resources are insufficient, the Company will
require additional financing to execute its operating plan and
continue as a going concern.  The Company cannot predict whether
the additional financing will be in the form of equity or debt, or
be in another form.  The Company may not be able to obtain the
necessary additional capital on a timely basis, on acceptable
terms, or at all.  In any of these events, the Company may be
unable to implement its current plans for expansion, repay  its
debt obligations as they become due, or respond to competitive
pressures, any of which circumstances would have a material
adverse effect on its business, prospects, financial condition and
results of operations.

Management believes that with this financing, the Company will be
able to generate additional revenues that will allow the Company
to continue as a going concern.  This will be accomplished by
hiring additional personnel and focusing sales and marketing
efforts on the distribution of product through key marketing
channels currently being developed by the Company.  The Company
may also pursue the acquisition of certain strategic industry
partners where appropriate, and may also seek to raise funds
through debt and other financings.

In August, Rahaxi reported to the U.S. Securities and Exchange
Commission a net loss of US$3,675,124 and US$12,226,686 for the
three and nine months ended March 31, 2009, and US$23,150,901 for
the year ended June 30, 2008, and had an accumulated deficit of
US$109,796,498 as of March 31, 2009.

As of March 31, 2009, the Company had US$3,014,871 in total assets
against US$5,165,092 in total liabilities, all current, and
US$539,013 in non-controlling interest; resulting in US$2,689,234
in stockholders' deficit.

                           About Rahaxi

Rahaxi, Inc., formerly FreeStar Technology Corporation, provides
payment services and processing.  Its principal offices are in
Dublin, Ireland; the Company also has offices in Helsinki,
Finland; Stockholm, Sweden; Geneva, Switzerland; and Santo
Domingo, the Dominican Republic.  On November 21, 2008, it filed a
Certificate of Amendment to its Articles of Incorporation with the
Nevada Secretary of State changing its name to "Rahaxi, Inc." and
implementing a one-for-three reverse stock split of its common
stock.


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


BTA BANK: Court Accepts Debt Restructuring Application
------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that BTA Bank said a
court in Kazakhstan accepted a "lenders debt-restructuring
application."

According to Bloomberg, BTA spokesman Adil Dosymov said the Kazakh
court's Oct. 16 ruling will shield BTA from potential creditor
lawsuits.

Bloomberg relates the court ordered the bank to get creditor
approval for the plan.  Kazakhstan's financial regulator has set a
Dec. 7 deadline for the bank to reach an agreement with creditors,
Bloomberg notes.

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


CONTAL SECURITY: Creditors Must File Claims by November 5
---------------------------------------------------------
Creditors of LLP Contal Security have until November 5, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 29, 2009.


EKIBASTUZ CONTRACT: Creditors Must File Claims by November 5
------------------------------------------------------------
Creditors of LLP Ekibastuz Contract Energo have until November 5,
2009, to submit proofs of claim to:

         Post Office Box 562
         140004 Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on July 30,
2009, after finding it insolvent.

The Court is located at:

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


FIMARAT SERVICE: Creditors Must File Claims by November 5
---------------------------------------------------------
Creditors of LLP Fimarat Service have until November 5, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 29, 2009.


KAZ MUNAI: Creditors Must File Claims by November 5
---------------------------------------------------
Creditors of LLP Kaz Munai Onym have until November 5, 2009, to
submit proofs of claim to:

         Jambyl Str. 9
         Karaganda
         Kazakhstan

The Specialized Inter-Regional Economic Court of Karaganda
commenced bankruptcy proceedings against the company on July 30,
2009, after finding it insolvent.

The Court is located at:

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


OMEGA AUTO LTD: Creditors Must File Claims by November 5
--------------------------------------------------------
Creditors of LLP Omega Auto Ltd. have until November 5, 2009, to
submit proofs of claim to:

         Tole bi Str. 295
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 28, 2009, after
finding it insolvent.

The Court is located at:

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


PHOENIX CONSTRUCTION: Creditors Must File Claims by November 5
--------------------------------------------------------------
Creditors of LLP Phoenix Construction have until November 5, 2009,
to submit proofs of claim to:

         Tole bi Str. 295
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 28, 2009, after
finding it insolvent.

The Court is located at:

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


SERVICE SNUB 2007: Creditors Must File Claims by November 5
-----------------------------------------------------------
Creditors of LLP Service Snub 2007 have until November 5, 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 28, 2009, after
finding it insolvent.

The Court is located at:

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


UYUT SERVICE: Creditors Must File Claims by November 5
------------------------------------------------------
Creditors of LLP Uyut Service Atyrau have until November 5, 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 28, 2009, after
finding it insolvent.

The Court is located at:
         The Specialized Inter-Regional
         Economic Court of Atyrau
         Satpaev Str. 3
         Atyrau
         Kazakhstan


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


ASIA UG: Creditors Must File Claims by November 11
--------------------------------------------------
LLC Asia Ug is currently undergoing liquidation.  Creditors have
until November 11, 2009, to submit proofs of claim to:

         Kara-Suuisky Tract, 1 kilometer
         Osh
         Kyrgyzstan


SPECTRUS TRADE: Creditors Must File Claims by November 11
---------------------------------------------------------
Representation of LLC Spectrus Trade is currently undergoing
liquidation.  Creditors have until November 11, 2009, to submit
proofs of claim.

Inquiries can be addressed to (+996 312) 33-75-45.


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


ACRON JSC: Fitch Assigns Long-Term Issuer Default Rating at 'B+'
----------------------------------------------------------------
Fitch Ratings has assigned Russia-based fertilizer producer JSC
Acron these ratings:

  -- Long-term foreign currency Issuer Default Rating 'B+';
     Outlook Negative

  -- Long-term local currency IDR 'B+'; Outlook Negative

  -- National Long-term rating 'A(rus)'; Outlook Negative

  -- Short-term IDR 'B'

The ratings are supported by Acron's diversified product portfolio
with value-added complex fertilizers underpinning strong margins,
its access to competitively priced feedstock in Russia and its
integrated marketing and distribution operations.  The ratings
also capture the proximity of the group's plants to open-sea ports
and its focus on asset modernization and upgrades, which together
should partly offset the cost pressures from increasing rail
tariffs and natural gas and electricity prices in Russia.

Fitch regards Acron's dependency on dominant suppliers for complex
fertilizer inputs as a key constraint on its ratings, as it limits
the group's ability to derive higher margins from the value-added
component of its product mix and poses material supply disruption
risks, with associated earnings volatility.  While the start of
works on the group's Oleiniy Ruchey phosphate mine in 2008 is a
step towards raw material self-sufficiency, Fitch stresses that
the project entails significant execution risks, including
potential cost overruns and delays.  The mine's commissioning is
planned for 2012 and Fitch forecasts assume cumulated capex
outlays of around RUB20 billion during 2009-2012, the bulk of
which will be spent on the phosphate mine.  The agency expects
free cash flow (FCF) to be negative during this period.

Acron's ratings are also constrained by its relatively small size
in comparison to peers rated by Fitch and by its complex
organizational structure, with part ownership of fully
consolidated material operating subsidiaries.  The absence of
financial information on some of those entities reduces visibility
on the group's performance, thus impairing Fitch's ability to
assess potential restriction of cash movements and repayment
capacity.  The ratings also reflect the agency's outlook on the
global fertilizer market, with poor visibility on the timing of a
potential recovery in 2010, and competitive pressures from new
low-cost nitrogen fertilizer capacity in the medium term.

The Negative Outlook reflects refinancing concerns and
uncertainties regarding Acron's ability to secure long-term
financing (with possible state participation) for the Oleiniy
Ruchey phosphate project.  Gross debt increased to RUB28.9 billion
at FYE08 from RUB5.6 billion at FYE07, due to the combined effect
of the RUB16.8 billion acquisition of a license for development of
part of the Verkhnekamsk potash deposit and the impact of the
ruble devaluation on Acron's US denominated debt (60% of FYE08
debt).  Net leverage (net adjusted debt/EBITDAR) rose to 1.4x at
FYE08 from 0.5x at FYE07.  Of FYE08 gross debt, RUB18.4 billion
(64%) represented short term borrowings.  In mitigation, Fitch
notes that while Acron's absolute level of borrowings has remained
roughly flat through FY09, the portion of short-dated maturities
has been reduced to roughly 34% of total debt.  According to the
company, as at 19 October 2009, gross debt amounted to roughly
RUB29.1 billion, of which RUB10.1 billion comes due in the 12-
months to October 31, 2010, including RUB4.9 billion under short
term revolving lines.  Cash balances were estimated at RUB5.7
billion.  In September 2009, the group successfully raised the
first tranche of a domestic bond, and used half of the proceeds
from the 4-year RUB3.5 billion notes to refinance upcoming
maturities.  Acron's debt repayment capacity was also boosted by
the sale of a 21% stake in OAO Sibirskaya Neftegazovaya Kompaniya
(Sibneftegaz) in early September for EUR92.5 million (RUB4
billion).  The group plans to issue the second tranche of the
domestic bond in Q409 and will again apply half of the proceeds
towards debt refinancing, thereby further alleviating short term
refinancing pressure.

Assuming a 13-15% drop in revenues in 2009 and limited growth in
2010, Fitch forecasts net leverage of 2.9x at FYE09, peaking at
3.2x at FYE10.  These metrics do not factor in any debt-funded
expenditure towards the development of the Verkhnekamsk potash
field.  A negative rating action could result from Acron's failure
to refinance its 2010 maturities and a visible impairment of its
liquidity position, or from a significant weakening in performance
resulting in a sustained deterioration in net leverage beyond the
levels currently envisaged by Fitch.


CONSTRUCTION UNION: Creditors Must File Claims by November 2
------------------------------------------------------------
Creditors of LLC Construction Union (TIN 6102016603, PSRN
1026100660750) have until November 2, 2009, to submit proofs of
claims to:

         I. Dobryakov
         Temporary Insolvency Manager
         Office 81
         Izvilistaya Str. 10A
         344091 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 11:30 a.m. on
February 2, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?53–18904/09.

The Debtor can be reached at:

         LLC Construction Union
         Office 36
         Bulevar Velikoy Pobedy 13
         Volgodonsk
         Rostovskaya
         Russia


GREMAYCHENSKOY QUARRY: Creditors Must File Claims by November 2
---------------------------------------------------------------
Creditors of LLC Gremyachenskiy Quarry Management (TIN 5912200084,
PSRN 1025902085681) have until November 2, 2009, to submit proofs
of claims to:

         T. Volkova
         Temporary Insolvency Manager
         Post User Box 6952
         614068 Perm
         Russia

The Arbitration Court of Permskiy will convene at 10:30 a.m. on
February 19, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?50–24866/2009.

The Debtor can be reached at:

         LLC Gremyachenskiy Quarry Management
         KomsomolskiyProspect 62
         614039 Perm
         Russia


KOSTROMA-LES: Creditors Must File Claims by November 2
------------------------------------------------------
Creditors of LLC Kostroma-Les Timber Trade (PSRN 1044434560103)
have until November 2, 2009, to submit proofs of claims to:

         G. Romanov
         Temporary Insolvency Manager
         Shchorsa Str. 26A
         610035 Kirov
         Russia

The Arbitration Court of Kostromskaya will convene at 11:00 a.m.
on January 14, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?31–5384/2009.

The Court is located at:

         The Arbitration Court of Kostromskaya
         Courtroom 2
         Dolmatova Str. 2
         Kostroma
         Russia

The Debtor can be reached at:

         LLC Kostroma-Les
         Industrialnaya Str. 62A
         156019 Kostroma
         Russia


NIZHNEANGARSK-TRANS: Creditors Must File Claims by November 2
-------------------------------------------------------------
Creditors of OJSC Nizhneangarsk-Trans-Stroy (TIN 322000460)
(Construction) have until November 2, 2009, to submit proofs of
claims to:

         A. Sazhin
         Temporary Insolvency Manager
         Post User Box 77
         664047 Irkutsk
         Russia

The Arbitration Court of Buryatia will convene at 2:15 p.m. on
December 2, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?10–3187/2009.

The Debtor can be reached at:

         OJSC Nizhneangarsk-Trans-Stroy
         KosmonavtovStr. 15
         Severobaykalsk
         671700 Buryatia
         Russia


PAVLOVSLIY KRAY-POTREB: Creditors Must File Claims by November 2
----------------------------------------------------------------
Creditors of LLC Pavlovskiy Kray-Potreb-Soyuz Food Factory have
until November 2, 2009, to submit proofs of claims to:

         K. Dovbenko
         Temporary Insolvency Manager
         Osipenko Str. 10
         355004 Stavropol
         Russia

The Arbitration Court of Krasnodarskiy commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?32–
7546/2009–27/217-B.

The Debtor can be reached at:

         LLC Pavlovskiy Kray-Potreb-Soyuz Food Factory
         Molodezhnaya Str. 6
         Pavlovskaya
         Pavlovskiy
         352040 Krasnodarskiy
         Russia


ROSTOV-SPETS: Creditors Must File Claims by November 2
------------------------------------------------------
Creditors of LLC Rostov-Spets-Vod-Stroy (TIN 6163066168, PSRN
1036163001500) (Construction) have until November 2, 2009, to
submit proofs of claims to:

         V/Vakhnin
         Temporary Insolvency Manager
         Veteranskaya Str. 22
         344065 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 3:30 p.m. on
December 22, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?53–12548/2009.

The Debtor can be reached at:

         LLC Rostov-Spets-Vod-Stroy
         Nansena Str.156A
         344010 Rostov-on-Don
         Russia


ROSTOVSKAYA CONSTRUCTION: Creditors Must File Claims by November 2
------------------------------------------------------------------
Creditors of LLC Rostov Construction Company (TIN 6163008960, PSRN
1026103163470) have until November 2, 2009, to submit proofs of
claims to:

         V. Vakhnin
         Temporary Insolvency Manager
         Veteranskaya Str. 22
         344065 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 12:30 p.m. on
December 8, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?53–15423/2009.

The Debtor can be reached at:

         LLC Rostov Construction Company
         Pushkinskaya Str. 225/41/224, 16B/68
         Rostov-on-Don
         Russia


SIBIRSKAYA OIL: Creditors Must File Claims by November 2
--------------------------------------------------------
Creditors of CJSC Sibirskaya Oil Leasing Company (TIN 7202101156,
PSRN 1027200790143) have until November 2, 2009, to submit proofs
of claims to:

         A. Yulygin
         Temporary Insolvency Manager
         M. Gorkogo Str. 59-177
         625048 Tumen
         Russia

The Arbitration Court of Tummenskaya will convene on December 22,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?70–5574/2009.


STALEKS LLC: Creditors Must File Claims by November 2
-----------------------------------------------------
Creditors of LLC Staleks (TIN 5258067369, PSRN 1075258001224)
(Plastics Articles Production) have until November 2, 2009, to
submit proofs of claims to:

         K. Volkov
         Insolvency Manager
         Office 2
         Nevzorovykh Str. 89
         603024 Nizhny Novgorod
         Russia

The Arbitration Court of Nizhegorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?43–26809/2009 27–190.

The Debtor can be reached at:

         LLC Staleks
         Shekspira Str. 10G
         Nizhny Novgorod
         Russia


TATTELECOM OJSC: Fitch Affirms Issuer Default Rating at 'B+'
------------------------------------------------------------
Fitch Ratings has affirmed OJSC Tattelecom's Long-term foreign
currency Issuer Default rating at 'B+' and Short-term foreign
currency IDR at 'B'.  The Outlook on the Long-term IDR is Stable.

Tattelecom's ratings reflect its stable operational performance
and resilient EBITDA generation in the economic downturn.  Its
EBITDA margin was 39.6% at end-2008 and is likely to remain above
38% at end-2009.  The ratings also factor in the company's
moderate leverage (net debt/EBITDA) of 1.6x at end-2008, which
Fitch expects to remain at this level, or to decline to 1.5x, at
end-2009 and to decrease afterwards.  In addition, the ratings
reflect expected positive free cash flow from 2009 due to capex
reduction following the completion of the company's network
digitization in 2008.

The ratings are supported by Tattelecom's dominant market position
in the fixed-line voice segment in the Republic of Tatarstan
('BBB-'/'F3'/Stable Outlook) within the Russian Federation
('BBB'/'F3'/Negative Outlook).  Due to the company's extensive
"last mile" network, its market share (73% by line at end-2008) is
likely to remain unrivalled in the short- to medium-term, in the
absence of local loop unbundling regulation.  Alternative
operators are unlikely to be able to afford the considerable capex
required for development of comparable infrastructure in the
foreseeable future.

The ratings are also underpinned by Tattelecom's strong position
in the broadband market in its region, with a 48% share by line
and 62% by revenue at end-2008.  Unlike many of its local
competitors, in the current challenging economic environment,
Tattelecom continues to invest in network expansion and
modernization, which should allow the company to increase its user
base ahead of competitors.  Broadband is expected to be the main
revenue growth driver for Tattelecom in the medium term.

Tattelecom's ratings are constrained by substantial refinancing
risks resulting from a high share of short-term debt in the
company's portfolio which is not covered by existing liquidity.
This makes Tattelecom dependent on new external financing.
However, given the company's resilient EBITDA generation, expected
de-leveraging and positive FCF, Fitch believes that Tattelecom has
reasonably good prospects of refinancing its debt, which is
reflected in the Stable Outlook.  Fitch understands that the
company is close to securing new bank financing which would
improve its liquidity.  At the same time, Fitch notes that
refinancing risks will remain substantial until the company
reduces the share of short-term debt in its portfolio.

Although 87.2% of Tattelecom is held by the Tatarstan government-
controlled holding OJSC Svyazinvestneftekhim (SINEK, rated
'BBB-'/'F3'/Stable Outlook), Tattelecom is rated on a stand-alone
basis as its operational and financial ties with SINEK are weak.
However, it is reasonable to expect that SINEK may provide
Tattelecom with financial support in case of need.


UC RUSAL: 50% of Foreign Creditors Back Debt Restructuring
----------------------------------------------------------
Yuriy Humber at Bloomberg News reports that United Co. Rusal said
banks holding half of its foreign debt approved a restructuring of
the company's borrowings.

According to Bloomberg, Oleg Mukhamedshin, head of capital
markets, said on a conference call Rusal will meet foreign
creditors, who hold a total of US$7.4 billion of the company's
debt, after agreeing new terms with Russian banks and shareholder
Onexim Group.

Bloomberg recalls four people familiar with the matter said Rusal
might extend a deadline to agree repayment terms with foreign
banks for a fifth time should an accord on key terms not be
reached by Oct. 28.

                      US$8.7-Mil. Alfa Claim

Bloomberg, citing the Moscow court's Web site, discloses Alfa Bank
filed an US$8.7 million claim against Rusal yesterday morning.
Bloomberg relates Vladimir Tatarchuk, the bank's head of the
corporate finance, said on Oct. 23 Alfa hasn't received interest
and penalties from Rusal after it delayed repayment on a US$85.9
million loan.

                            About Rusal

Headquartered in Moscow, Russia, United Co. RUSAL --
http://www.rusal.com/-- is among the world's top aluminum
producers, along with Rio Tinto Alcan and Alcoa.  Formed in 2000
from various parts of the old Soviet state apparatus, RUSAL
produces about 4 million tons of aluminum, 11 million tons of
alumina, and 6 million tons of bauxite.  Its aluminum business
include packaging and foil operations in addition to a network of
smelters.  Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit.  RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.


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


AYT SA: Fitch Assigns 'B+' Rating on Class D Notes
--------------------------------------------------
Fitch Ratings has assigned final ratings to AyT SA NOSTRA
FINANCIACION I Fondo de Titulizacion de Activos's (AyT SA NOSTRA
FINANCIACION I) asset-backed securities notes:

  -- Class A: assigned 'AAA'; Stable Outlook; Loss Severity Rating
     'LS-1'

  -- Class B: assigned 'A'; Stable Outlook; Loss Severity Rating
     'LS-3'

  -- Class C: assigned 'BBB-'; Stable Outlook; Loss Severity
     Rating 'LS-4'

  -- Class D: assigned 'B+'; Stable Outlook; Loss Severity Rating
     'LS-4'

The transaction is a securitization of a static pool of consumer
loans originated by Caja de Ahorros y Monte de Piedad de Las
Baleares (Sa Nostra, rated 'BBB+'/Outlook Negative/'F2').  Sa
Nostra is the regional Spanish savings bank for the Balearic
Islands.  Most loans were granted to pre-existing customers of the
bank, who are residents in the Balearic Islands, and all loans
were originated via the bank's branch network.  The issuer is
legally represented and managed by Ahorro y Titulizacion, S.A.,
S.G.F.T. (the Sociedad Gestora), a special-purpose management
company with limited liability incorporated under the laws of
Spain.

Class A notes are rated for the ultimate payment of principal and
the timely payment of interest, whereas class B, C, and D notes
are rated for the ultimate payment of principal and interest since
the transaction documents allow interest on these notes to be
deferred if certain triggers are hit.

The key rating drivers are the default rate, geographic
concentration, interest rate swap, interest deferral triggers on
the junior notes and the general asset outlook for consumer loans
in Spain.  Fitch used its new consumer ABS methodology to rate
this transaction.  In particular, when setting the default base
case Fitch applied a forward-looking adjustment to reflect asset
performance expected during the life of the transaction.  The
forward-looking adjustment was applied on top of Fitch's standard
rating multipliers.  Fitch also analyzed the transaction using its
in-house cash-flow model which takes into account structural
features of the transaction such as excess spread, the interest
rate swap, prepayment rates, the timing of defaults and recoveries
and the impact of the priority of payments.

In this transaction AyT SA NOSTRA FINANCIACION I will purchase a
pool of 13,161 consumer loans for a total collateral amount of
EUR100 million and finance the purchase via the issuance of four
classes of notes.  The issuer will also benefit from a fully
disbursed cash reserve fund sized at EUR7.9 million or 7.9% of the
total notes balance available to cover interest shortfalls and
losses.  Each class of notes is sequentially subordinated such
that the total level of credit enhancement available to the most
senior class A note totals 30.4%.


BANCAJA LEASING: Moody's Assigns 'Caa1' Rating on Class C Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to these
notes:

Issuer: Bancaja Leasing 1, FTA

* EUR576M A Notes, Definitive Rating Assigned Aaa
* EUR96M B Notes, Definitive Rating Assigned B2
* EUR128M C Notes, Definitive Rating Assigned Caa1

BANCAJA LEASING 1, Fondo de Titulizacion de Activos, is a
securitization of credit rights (interest and principal, excluding
the purchase option) derived from financial lease contracts
granted by Bancaja (A3/P-2) to Spanish enterprises.  The portfolio
will be also serviced by Bancaja.

As of September 2009, the provisional pool of underlying assets
comprised credit rights derived from 5,737 lease contracts
granted to 3,698 Spanish enterprises, for a total amount of
EUR869 million.  However, the definitive pool comprises
EUR800 million of assets, which is equal to the notes issued.
The contracts were originated between 2001 and June 2009, with a
weighted average seasoning of 2.9 years and a weighted average
remaining life of 10.3 years.  The interest rate is floating for
almost 100% of the pool.  The weighted average interest rate is
3.5%.  In terms of underlying assets, 57.6% of the outstanding of
the portfolio finance real estate properties, with a weighted
average loan-to-value equal to 80%; the remaining 42.4%
corresponds to equipment.  Geographically, the pool is
concentrated in Valencia (51.9%), Madrid (13.5%) and Castilla-La
Mancha (9.1%), and is around 30% and 24% concentrated in the
"Utilities -- electric" and "Construction and building" sectors
respectively, according to Moody's industry classification.  At
closing, there will be no loans more than 30 days in arrears.

According to Moody's, this deal benefits from several credit
strengths, such as a relatively high concentration in the
Utilities - Electric sector (traditionally less pro-cyclical than
other sectors), coupled by relatively good granularity (effective
number of obligors above 500 in the provisional pool) and good
seasoning of almost three years, which Moody's took into
consideration in its portfolio analysis.  However, Moody's notes
that the transaction features a number of credit weaknesses,
including high regional concentration in Valencia, a long weighted
average life of 5.5 years and an important exposure to the
Construction and Building sector.  These portfolio features and
the structural weakness of having no swap in place to protect
against interest rate risk were reflected in Moody's analysis and
definitive ratings, where several simulations tested the available
credit enhancement and 15.5% reserve fund to cover potential
shortfalls in interest or principal envisioned in the transaction
structure.

Moody's initially analyzed and will monitor this transaction using
the rating methodology for EMEA SME ABS transactions as described
in the Rating Methodology reports "Refining the ABS SME Approach:
Moody's Probability of Default assumptions in the rating analysis
of granular Small and Mid-sized Enterprise portfolios in EMEA",
March 2009 and "Moody's Approach to Rating Granular SME
Transactions in Europe, Middle East and Africa", June 2007.
Moody's analysis focused primarily on (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the credit
enhancement provided by the pool spread, the cash reserve and the
subordination of the notes; and (iv) the legal and structural
integrity of the transaction.  Moody's also took into
consideration the legal uncertainty associated with recoveries on
leased assets following potential bankruptcy of the originator, by
running simulations where it further stressed the recoveries on
defaults.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes (June 2034).  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on Series A, B, and C at par on or
before the rated final legal maturity date.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

The previous rating action relates to the assignment of the
provisional rating on October 19, 2009.


BBVA FINANZIA: Moody's Junks Rating on EUR29.2 Mln Class C Notes
----------------------------------------------------------------
Moody's Investors Service has downgraded these classes of notes
issued by BBVA Finanzia Autos 1, FTA:

  -- EUR487.9 million Class A notes: Downgraded to A2 from Aaa;
     previously on 2 July 2009 placed on review for possible
     downgrade

  -- EUR26.8 million Class B notes: Downgraded to Ba3 from A1;
     previously on 2 July 2009 placed on review for possible
     downgrade

  -- EUR29.2 million Class C notes: Downgraded to Ca from Baa1;
     previously on 2 July 2009 placed on review for possible
     downgrade

Moody's says that the downgrades were prompted by the rapidly
deteriorating collateral performance and the greater than expected
weakening of macro-economic conditions in Spain during the past
year.  The rating action takes into account revised assumptions
for the mean default rate, standard deviation and recovery rate to
reflect the worse than expected performance.  The magnitude of the
downgrade reflects current credit enhancement levels, which,
combined with the revised assumptions, lead to a significantly
higher expected loss on the rated notes.

The rapid deterioration in performance is evidenced by the
swift reduction of the reserve fund from the target level of
EUR13.52 million to EUR7.24 million between October 2008 and
July 2009.  As of July 2009, the outstanding reserve fund level
was significantly lower than the outstanding amount of 90 days
plus delinquencies which reached 4.42% of current pool balance.
Already in July 2008, 90 days plus delinquencies exceeded 2.2%
and the early amortization trigger was breached after four
replenishment periods (eight replenishment periods were expected).
As of August 2009, cumulative artificial write-offs were 2.61% of
total securitized pool balance compared to 0.50% a year ago, while
cumulative 90 days plus delinquencies (excluding cumulative write-
offs) increased to 8.21% from 4.82% of total securitized pool
balance during the same period.  As of July 2009, the pool factor
was 68%.

During its analysis, Moody's assessed macro-economic indicators as
well as information made available from the management company
Europea de Titulización, S.G.F.T, S.A.  As part of its collateral
analysis, Moody's analyzed forecasts for the main macro-economic
drivers behind a collateral deterioration, namely, unemployment
and GDP contraction.  For instance, the unemployment rate in
Spain, which could potentially surpass 20% in 2010, was assessed.
As of Q2 2009, the unemployment rate in Spain had reached 17.9%.
Subsequently, the current amount of written-off loans was taken
into consideration and a roll rate analysis was conducted for the
non-written off pool portion.  Moody's adjusted the cumulative
mean default rate of 3.5% to 9.2% of total securitized pool
balance and the standard deviation of 1.05% to 2.3%.  The key
driver behind the increased cumulative mean default rate is the
expected increase in unemployment in Spain especially in light of
the considerable exposure of this pool to Andalusia and Valencia
which are the regions with the highest unemployment rates in
Spain.

The recovery rate was decreased to 20% from the original
assumption of 20% to 40% to reflect the stressed macro-economic
environment in Spain.  In particular, the potential oversupply in
the automobile market in Spain in the near term, which would add
pressure to used automobile prices, could affect the recovery rate
given that the portfolio consists of auto loans.  The revised
recovery rate is also based on the fact that the revised mean
default assumption is primarily focusing on 12 months plus
delinquencies rather than 180 days plus delinquencies as at
closing.  As of August 2009, the recovery rate on loans delinquent
for more than 12 months was below 8%.  Moody's notes that re-
performing loans might artificially elevate the overall recovery
rate of a pool since these loans have a recovery rate of 100%.

BBVA Finanzia Autos 1, FTA closed in May 2007.  The transaction is
backed by a portfolio of loans granted to individuals resident in
Spain to finance the acquisition of a new or a used car.  The
loans were originated between 2005 and January 2007.  At present,
almost 50% of the outstanding pool was originated in 2006.  The
loan of longest duration matures in February 2017.  All the loans
bear a fixed interest rate.  The pool is concentrated in the
regions of Catalonia (30%), Andalusia (25%) and Valencia (10%).

The ratings address the expected loss posed to investors by the
legal final maturity (April 2021).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the final legal maturity
date.


CIE AUTOMOTIVE: Burdened with EUR650 Million Debt Pile
------------------------------------------------------
Arno Schuetze in Hanover and Tomas Gonzalez at Reuters report that
CIE Automotive SA is struggling with a EUR650 million debt load.

The company suffered a sharp drop in operative earnings in the
first six months of 2009, Reuters says.

Reuters recalls after drastic job cuts in the last months, there
are 1,700 jobs remaining.

CIE Automotive SA -- http://www.cieautomotive.com/-- is a
Spain-based company that, through its subsidiaries, is engaged in
the biofuels industry, as well as in the supply of components and
subassemblies used in the automotive industry.  The Company's
activities are structured in two business units: Automotive,
comprising the manufacture, distribution and sale of a variety of
automobile components made of aluminum, wrought iron, metals and
plastic, and Biofuels, focusing on the production and marketing of
biodiesel.  The Company is a parent of Grupo CIE Automotive, a
group which comprises a number of controlled entities with
operations established in the United States, Mexico, Guatemala,
Brazil, Portugal, France, Italy, Germany, Lithuania, Romania, the
Czech Republic and China. The Company’s majority shareholder is
Instituto Sectorial de Promocion y Gestion de Empresas SA, with
64.75% of its interests.


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


DUNE ENERGY: UBS AG reports 40.39% Equity Stake
-----------------------------------------------
UBS AG reports that as of October 20, 2009, it may be deemed to
beneficially own 115,848,794 shares of Dune Energy, Inc. common
stock, consisting of 115,848,794 Common Shares underlying 10%
Senior Redeemable Convertible Preferred Stock, or roughly 40.39%
of the outstanding Common Shares.

UBS says as of October 20, 2009, each share of Preferred Stock
converts into 571.43 Common Shares plus a make-whole premium as of
October 20, 2009 amounted to an additional 737.60 Common Shares
for 1 share of Preferred Stock.  The make whole premium is equal
to the discounted net present value of future dividends (until
June 2010) divided by the Volume Weighted Average Price of the
common stock for the last 10 trading days prior to the conversion
date discounted 10%.  Therefore, the make whole premium fluctuates
with the changes in the price of the Common Shares and the amount
of future dividends.

UBS says the Preferred Stock was acquired for investment and
proprietary trading purposes.  UBS intends to review continuously
its position with Dune Energy. Depending on future evaluations of
the business prospects of Dune Energy and upon other development,
including, but not limited to, general and economic business
conditions and stock market conditions, UBS may retain or dispose
from time to time of all or a portion of their holdings, subject
to any applicable legal and contractual restrictions on their
ability to do so.  UBS is exploring the possibility of liquidating
the Preferred Shares or converting into Common Shares for
liquidation.  UBS has made no decision regarding liquidation or
conversion or other activity with regards to this position.

                       About Dune Energy

Based in Houston, Texas, Dune Energy, Inc., is an independent
energy company.  Since May of 2004, it has been engaged in the
exploration, development, acquisition and exploitation of natural
gas and crude oil properties, with interests along the
Louisiana/Texas Gulf Coast.  Its properties cover 100,000 gross
acres across 23 producing oil and natural gas fields.

As of June 30, 2009, the Company had US$382.3 million in total
assets; and US$355.6 million in total liabilities and US$213.4
million in Redeemable convertible preferred stock; resulting in
US$186.7 million in stockholders' deficit.  The Company had
US$252.0 million in accumulated deficit as of June 30, 2009.


DUNE ENERGY: Reports 3rd Quarter 2009 Operating Results
-------------------------------------------------------
Dune Energy, Inc., on Thursday, disclosed operating results
updates for the third quarter ended September 30, 2009.

(A) Drilling and Completion Operations

The Company said the Wieting #32 well at the Chocolate Bayou
Field, Brazoria County, Texas, was drilled and logged to a total
measured depth of 12,750 feet.  A private party operated the
drilling, and Dune will operate the completion procedure and
production.  Electric logs indicate roughly 50' of high quality
gas pay in the primary objective of the 12,000 S Sand.  Completion
and flowline installations are expected to be in place by early
November 2009.  The Wieting #30 well was recently recompleted and
is currently flowing at roughly 5 MMcfe/day.  Dune has a 50%
working interest in the completion of the Wieting #32 and a 100%
working interest in the Wieting #30.

At South Alvin Field in Brazoria County, Texas, Dune has completed
drilling operations and flow testing and is preparing to lay a
pipeline for production.  The well has tested over 3 MMcfe/day,
and first production is anticipated in early December 2009. Dune
operates the Alvin Townsite GU #1 ST2 well with a 76.6% working
interest.  Several workovers of existing wells within the Garden
Island Bay Field, Plaquemines Parish, Louisiana are currently
ongoing.

At Leeville Field, Lafouche Parish, Louisiana, Dune has a 5% ORRI
in a 12,500’ exploratory test well currently drilling below 8,967’
measured depth.  The well is operated by a private entity. At
Bateman Lake Field, St. Mary Parish, Louisiana the company
anticipates one exploratory well to be drilled in the fourth
quarter of 2009 or first quarter of 2010 based on an exploration
agreement with a private entity.  Dune can choose to be carried
for a 20% working interest or to participate for an approximate
35% working interest including a carried percentage.  Additional
workovers of existing wells in several fields are planned during
the fourth quarter.  Dune anticipates commencing drilling
operations in Garden Island Bay in late 2009 or early in 2010 on a
2 to 5 well program primarily focused on oil reservoirs.

(B) Production Volumes

Third quarter production volumes averaged between 22 and 24 MMcfe/
day as compared to roughly 26 MMcfe/day for the first half of
2009.  The recent activity is anticipated to result in fourth
quarter volumes averaging between 29 and 33 MMcfe/day depending on
sustained rates and timing on new well production.

(C) Liquidity

At the end of the third quarter, Dune had US$19.9 million in cash.
Additionally, availability under the Wells Fargo Foothill revolver
was increased to US$40 million of which US$17 million is currently
drawn and US$8.3 million is issued in standby letters of credit,
resulting in almost US$35 million of liquidity at the end of the
quarter.

(D) Hedging

In addition to Dune's hedges for the remainder of 2009, Dune has
put costless collars in place for 2010 for both gas and oil
production.  Over the year roughly 6.5 MMcf/day of gas is hedged
with a floor of US$4.50 per MMcf and a ceiling of US$7.68 per
MMcf, and for the same time frame roughly 900 BO is hedged with a
floor of US$60.00 per BO and a ceiling of US$88.10 per BO.  This
is slightly above the 50% of proved developed producing volumes
currently forecast for 2010 as required under its Wells Fargo
Foothill credit agreement.

James A. Watt, President and Chief Executive Officer stated “We
are pleased with the results of the third quarter activity and
plan to continue well workovers in various fields along with
initiating a new well drilling program at Garden Island Bay late
in 2009 or early 2010.  We severely limited our capital programs
during the low commodity price environment but now feel with
improved prices we can more aggressively pursue drilling
operations within our fields.  This increased activity will be
scheduled to remain within the liquidity constraints of our cash
on hand and availability under the revolver”.

                    Special Shareholders' Meeting


A Special Meeting of Dune Stockholders will be held November 30,
2009, at 9:00 a.m. Central Time, at Dune's corporate offices,
located at Two Shell Plaza, 777 Walker Street, Suite 2300, in
Houston, Texas.

The purpose of the meeting:

     -- To ratify and approve an amendment to Dune's Certificate
        of Incorporation to effect a reverse stock split of Dune's
        outstanding shares of common stock at a ratio of 1-for-5;
        and

     -- To ratify and approve an amendment to Dune's 2007 Stock
        Incentive Plan to increase the number of shares of Dune
        common stock that may be issued under the plan from
        7.0 million shares to 16.0 million shares, which number of
        shares shall be subject to the reverse stock split if
        approved by the stockholders.

Stockholders of record at the close of business on October 2,
2009, may vote.

A full-text copy of Dune's proxy statement is available at no
charge at http://ResearchArchives.com/t/s?475a

                       About Dune Energy

Based in Houston, Texas, Dune Energy, Inc., is an independent
energy company.  Since May of 2004, it has been engaged in the
exploration, development, acquisition and exploitation of natural
gas and crude oil properties, with interests along the
Louisiana/Texas Gulf Coast.  Its properties cover 100,000 gross
acres across 23 producing oil and natural gas fields.

As of June 30, 2009, the Company hadUS$382.3 million in total
assets; andUS$355.6 million in total liabilities andUS$213.4
million in Redeemable convertible preferred stock; resulting in
$186.7 million in stockholders' deficit.  The Company had
$252.0 million in accumulated deficit as of June 30, 2009.


EXPORTWERBUNG AG: Claims Filing Deadline is November 2
------------------------------------------------------
Creditors of Exportwerbung AG are requested to file their proofs
of claim by November 2, 2009, to:
         Exportwerbung AG
         Mutschellenstrasse 18
         8002 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted by board of management on
May 13, 2009.


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

         Duss Treuhand GmbH
         Baarerstrasse 86
         6302 Zug
         Switzerland

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


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

         Patrick Robert
         Champs-Blanchon 13
         Mail box: 9
         1422 Grandson 2
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
general meeting held on December 9, 2005.


UEBERBAUUNG RUETIWEG: Claims Filing Deadline is November 2
----------------------------------------------------------
Creditors of Ueberbauung Ruetiweg GmbH are requested to file their
proofs of claim by November 2, 2009, to:

         Gasser Rolf
         Einschlagweg 10
         4710 Balsthal
         Switzerland

The company is currently undergoing liquidation in Oensingen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 16, 2009.


WW BAUAKKORD: Claims Filing Deadline is November 2
--------------------------------------------------
Creditors of WW Bauakkord GmbH are requested to file their proofs
of claim by November 2, 2009, to:

         Marc Wyss
         Bei der Brueckenwaage
         8526 Oberneunforn TG
         Switzerland

The company is currently undergoing liquidation in Bottighofen TG.
The decision about liquidation was accepted at a shareholders'
meeting held on August 28, 2009.


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


DSK LLC: Creditors Must File Claims by October 30
-------------------------------------------------
Creditors of LLC DSK (code EDRPOU 32809454) have until October 30,
2009 to submit proofs of claim to A. Shramenko, the company's
insolvency manager.

The Economic Court of Herson commenced bankruptcy proceedings
against the company on August 11, 2009.  The case is docketed
under Case No. 5/49-B-09.

The Court is located at:

         The Economic Court of Herson
         Gorky Str. 18
         73000 Herson
         Ukraine

The Debtor can be reached at:

         LLC DSK
         Domostroitelnaya Str. 11
         73000 Herson
         Ukraine


KIOSK-SOUTH LLC: Creditors Must File Claims by October 30
---------------------------------------------------------
Creditors of LLC Kiosk-South (code EDRPOU 34598509) have until
October 30, 2009, to submit proofs of claim to V. Driga, the
company's insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on September 22, 2009.  The case is docketed
under Case No. 7/337-09-4317.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Ave. 29
         65032 Odessa
         Ukraine


NEXT CAR: Creditors Must File Claims by October 30
--------------------------------------------------
Creditors of LLC Next Car (code EDRPOU 35670355) have until
October 30, 2009, to submit proofs of claim to:

         A. Kandaurova
         Insolvency Manager
         Office 40
         Kibalchich Str. 5A
         02183 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on September 28, 2009.  The case is docketed
under Case No. 44/574-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Next Car
         Siretskaya Str. 28/2
         04037 Kiev
         Ukraine


PHARM POLYSERVICE: Creditors Must File Claims by October 30
-----------------------------------------------------------
Creditors of LLC Pharm Polyservice (code EDRPOU 34251670) have
until October 30, 2009, to submit proofs of claim to A. Gazhalov,
the company's insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on September 15, 2009.  The case is docketed
under Case No. 7/251-09-3518.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Ave. 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Pharm Polyservice
         Office 40
         Botanichesky Lane 4
         Odessa
         Ukraine


RUSSIA LLC: Creditors Must File Claims by October 30
----------------------------------------------------
Creditors of LLC RUSSIA (code EDRPOU 30742959) have until
October 30, 2009, to submit proofs of claim to:

         A. Berezhnoy
         Insolvency Manager
         Office 1
         Chaykovsky Str. 33B
         61024 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on September 18, 2009.  The case is docketed
under Case No. B-19/67-08.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC RUSSIA
         Sadovaya Str. 14
         Chernoye
         Veliky Burluk
         Kharkov
         Ukraine


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


BRADFORD & BINGLEY: Mulls Split of Good and Bad Assets to Pay Loan
------------------------------------------------------------------
Katherine Griffiths at The Times reports that Bradford & Bingley
plc is to divide its GBP50 billion balance sheet into "good" and
"bad" assets.

According to the Times, the plan is part of B&B's drive to repay
its loan as quickly as possible.

The Times recalls B&B was closed to new business last September
and its mortgage book nationalized with an GBP18.4 billion loan
from the Financial Services Compensation Scheme.  Santander of
Spain bought its GBP20 billion deposits book.  B&B, the Times
says, has been told it must repay the sum as quickly as possible.
It must also wean itself off the working capital that it receives
from the Government, which currently stands at GBP8.5 billion, the
Times states.

The bank, the Times notes, is also considering selling books of
business to speed up the repayment of the loan.

                      About Bradford & Bingley

Headquartered in Bingley, United Kingdom, Bradford & Bingley plc
-- http://www.bbg.co.uk/-- offers residential mortgages, and
focus on a range of areas providing mortgages for individuals.  It
focuses on its savings business and provides a range of
savings products through 197 branches and network of 140 third-
party branch-type agents, by phone, post and Online.


DEUTSCHE BANK: S&P Withdraws 'CCC+' Rating on EUR50 Mil. Swap
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its CCC+/Watch Neg
credit rating on the EUR50 million credit-default swap between
Deutsche Bank AG (London) and DekaBank Deutsche Girozentrale.

S&P withdrew the rating having recently been notified that this
swap has terminated.


LLOYDS BANKING: To Gauge Investor Interest in Rights Offering
-------------------------------------------------------------
Lloyds Banking Group Plc is expected to sound out investors on a
GBP22.5-billion (US$37 billion) investment package as soon as this
week, Gonzalo Vina at Bloomberg News reports, citing a person with
knowledge of the matter.

According to Bloomberg, the person, who asked not to be identified
because the discussions are confidential, said Lloyds will ask
shareholders to buy GBP11.5 billion of stock through a rights
offer and present plans to convert a further GBP11 billion of
subordinated debt into equity.

Bloomberg notes the person said the Treasury, which owns a 43%
percent stake in Lloyds, hasn't yet decided on whether it will
exercise its rights to buy about GBP5 billion of the shares.  A
final decision may come as soon as next weekend, Reuters states.

Bloomberg recalls Lloyds has said it wants to raise capital from
investors instead of paying a GBP15.6-billion fee to the Treasury
for entering the government's asset protection program.

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

                  About Lloyds Banking Group PLC

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


LUPUS CAPITAL: Ex-Chairman Greg Hutchings Seeks Comeback
--------------------------------------------------------
Jack Farchy at The Financial Times reports that Greg Hutchings
requisitioned an extraordinary general meeting in an attempt to
unseat four of the current directors and reinstate himself as
chairman of Lupus Capital plc.

According to the FT, the meeting will be held on Friday, Oct. 30.
Mr. Hutchings, the FT says, requires the backing of 50% of votes
cast.  The board of Lupus claims the support of institutional
shareholders representing 40.8% of the shares, and has urged
shareholders to vote against Mr. Hutchings' resolutions, the FT
notes.

The FT relates the current board say that Mr. Hutchings'
personality-driven management style, along with unorthodox
corporate governance practices -- Mr. Hutchings performed the
roles of chairman and chief executive -- led to the company's
troubles.

"This company had a pile of debt and went into default.  Anybody
who tries to escape from that is missing the point," the FT quoted
Keith Taylor, the new chief executive, as saying.

The FT recalls Mr. Hutchings was replaced at Lupus after the
company breached a banking covenant.

On July 7, 2009, the Troubled Company Reporter-Europe, citing
Daily Mail, reports that Lupus, which has been hit badly by the
downturn in the building market, ran into problems with its
lenders earlier this year after the strengthening of the dollar
pushed up the size of its debt pile.  Daily Mail disclosed in
April the company breached a loan facility and triggered a default
on part of its GBP145 million debt mountain.  Lupus said on
June 30 it had renegotiated its banking agreements but at the cost
of GBP7.5 million.

Lupus Capital plc -- http://www.lupuscapital.co.uk/-- is a
holding company.  The Company, along with its subsidiaries, is
engaged in the manufacture, supply and distribution of building
products, and of goods to the oil and gas industries. Its
subsidiary, Gall Thomson, is an international supplier of marine
breakaway couplings.  Its other subsidiaries include Octroi Group
Limited, an investment company; Lupus Capital Management Limited,
engaged in management services; Schlegel Acquisition Holdings
Limited, a holding company, and Jasper Acquisition Holdings
Limited, a holding company.  On April 27, 2007, the Company
acquired 100% interest in Laird Security Systems Division.


ROYAL BANK: Fitch Changes Watch on 'B' Share Rating to Evolving
---------------------------------------------------------------
Fitch Ratings has revised the rating watch on three of The Royal
Bank of Scotland Group plc's (RBS Group, rated 'AA-'/ Stable)
cumulative preference shares and one tier 1 security -- all rated
'B' -- to Evolving from Negative.  It has also revised the Watch
on 14 upper tier 2 securities issued by its subsidiary, The Royal
Bank of Scotland plc and seven upper tier 2 securities issued by
its subsidiary, National Westminster Bank plc  -- which are all
rated 'B+' -- to RWE from RWN.  A full rating breakdown is
provided below.

In addition, Fitch has placed five dated subordinated (lower tier
2) bonds issued by RBS Group and one dated subordinated bond
issued by RBS, which are all rated 'A+', on RWN.

The rating actions reflect a review of the securities' coupon
deferral risk following a clarification by RBS Group on its
contractual rights and technical deferral features in respect of
these securities.

The three non-cumulative preference shares on RWE have 'must pay'
features.  However, coupon payments are still contingent on RBS
Group having sufficient distributable reserves and not being in
breach of the Financial Services Authority's regulatory capital
requirements.  Fitch notes that the main risk to distributable
reserves would be another substantial impairment charge against
the carrying value of RBS Group's investments in its subsidiaries,
like the 2008 write-down of its investment in the ABN AMRO
acquisition vehicle.  RBS Group created GBP14 billion of
distributable reserves at the time of its share-raising in 2008
and Fitch understands that a similar scheme could be used to
create further distributable reserves when RBS Group issues new
shares as part of its expected participation in the UK
government's asset protection scheme.  RBS Group's participation
in the APS is critical for its capital position.  Assuming
participation in the APS is confirmed by end-2009, Fitch believes
RBS Group's capital levels to be sound.  However, Fitch notes that
the FSA has flexibility to set capital requirements of individual
banks at levels considerably in excess of the minimum, and may
well be under pressure from the European Commission to do so in
order to adhere to the objective of "burden sharing".

Fitch will resolve the RWE on the three non-cumulative preference
shares once there is confirmation of RBS Group's participation in
the APS and the nature of any "burden sharing" imposed by the
European Commission in assessing its approval of the state aid
received by the group.  The ratings could be upgraded should the
'must pay' features be sustained.

The RWE on the 14 upper tier 2 securities issued by RBS and one
innovative tier 1 security by RBS Group reflects the fact that
interest payments cannot be deferred if RBS Group pays a coupon on
any class of its share capital.  As RBS Group's share capital
includes both ordinary and preference shares, the interest
deferral risk for these securities is most immediately linked to
the abovementioned non-cumulative preference shares with "must
pay" features i.e. a payment on the non-cumulative preference
shares effectively "pushes" the upper tier 2 and innovative tier 1
security coupons.

The five dated subordinated (lower tier 2) securities placed on
RWN permit interest payments to be deferred, but only on a
cumulative basis (and with interest accruing on deferred payments)
and only for as long as RBS Group is in deferral on all
coupons/dividends in respect of all of its shares, both ordinary
and preference.  Fitch believes their cumulative nature, with
interest accruing on deferred payments, effectively make these
instruments incapable of 'burden sharing' unless RBS Group never
makes a dividend/coupon payment on any class of its shares again,
which Fitch views as improbable.

Additionally, the European Commission has always maintained that
it will balance any deferral requirements with needing to ensure a
bank's refinancing capability.  RBS Group and its subsidiaries are
substantial issuers of debt and the non-payment of interest on
these dated subordinated securities, even if technically
permitted, would potentially be detrimental to the group's
relationships with bondholders, particularly in the US, where the
dated subordinated securities were issued.  Such a non-payment
would also be contrary to a core objective of the European
Commission for banks to wean themselves off state aid as quickly
as possible.  The RWN in respect of these securities reflects the
possibility of coupon deferral, but Fitch believes the risk to be
very limited.

The RWN on the the dated subordinated security issued by RBS,
rated 'A+', reflects the technical ability, as outlined in the
underlying prospectus and pricing supplement, to defer coupons
should the FSA require it.  Given the disruption this could cause
to the group's relationships with investors and the group's
imminent re-capitalization, Fitch deems it unlikely that the FSA
would require this, but the RWN nonetheless reflects this risk.

The RWN on the dated subordinated securities will also be resolved
once there is a definitive resolution of the issues surrounding
the non-cumulative preference shares.

The ratings actions are:

The Royal Bank of Scotland Group plc (RBS Group)

  -- Preference shares: 'B'; Rating Watch revised to RWE from RWN

  -- US$300m non-cumulative preference shares, Series H
     (US7800978790)

  -- US$1bn non-cumulative preference shares, Series 1
     (US780097AE13)

  -- GBP 200m non-cumulative preference shares, Series 1
     (XS0121856859)

  -- Innovative tier 1: 'B'; Rating Watch revised to RWE from RWN

  -- US$1.2bn regulatory tier 1 securities (US780097AH44)

All other rated preference shares and tier 1 securities are rated
'B' and remain on RWN.

  -- Dated subordinated bonds: 'A+'; placed on RWN
  -- US$350m subordinated bonds due 2018 (US780097AM39)
  -- US$750m subordinated bonds due 2014 (US780097AN12)
  -- US$1bn subordinated bonds due 2014 (US780097AL55)
  -- US$300m subordinated bonds due 2011 (US780097AB73)
  -- US$675m subordinated bonds due 2015 (US780097AP69)

All other subordinated bonds rated 'A+' are affirmed.

The Royal Bank of Scotland plc (RBS)

  -- Upper tier 2 securities: 'B+'; Rating Watch revised to
     Evolving from Negative

  -- GBP175m Undated Subordinated Notes (XS0116447599)

  -- GBP400m Undated Subordinated Callable Step-Up Notes
     (XS0247645160)

  -- GBP350m Fixed Rate Undated Subordinated Notes (XS0137784426)

  -- EUR500m Undated Subordinated Notes (XS0195230635)

  -- EUR1bn Undated Subordinated Notes (XS0195231526)

  -- GBP500m Undated Subordinated Notes (XS0193721544)

  -- GBP500m Undated Subordinated Notes (XS0164828385)

  -- CAD700m Undated Subordinated Callable Step-Up Notes
     (CA780097AR28)

  -- GBP200m Undated Subordinated Bonds (XS0045071932)

  -- GBP600m Undated Subordinated Notes (XS0206633082)

  -- GBP500m Undated Subordinated Notes (XS0144810529)

  -- GBP900m Undated Subordinated Notes (XS0154144132)

  -- GBP500m Undated Subordinated Notes (XS0138939854)

  -- JPY25bn Unsubordinated Notes (XS0203781660

  -- Dated subordinated bonds: 'A+'; placed on RWN

  -- EUR1bn dated subordinated bond due 2021 (XS0201065496)

All other subordinated bonds rated 'A+' are affirmed.

National Westminster Bank plc (NatWest)

  -- Upper tier 2 securities: 'B+'; Rating Watch revised to
     Evolving from Negative

  -- EUR100m Undated Subordinated Notes (XS0102480786)

  -- EUR400m Undated Subordinated Notes (XS0102480869)

  -- GBP200m Undated Subordinated Step-Up Notes (XS0102493680)

  -- GBP325m Undated Subordinated Step-up Notes (XS0102493508)

  -- US$500m Primary Capital Floating Rate Notes (Series 'A')
     (GB0006267073)

  -- US$500m Primary Capital Floating Rate Notes (Series 'B')
     (GB0006267180)

  -- US$500m Primary Capital FRNs (Series 'C') (LU0001547172)

  * Fitch does not rate all capital issued by RBS Group, RBS and
    NatWest.


YELL GROUP: Fails to Secure Enough Support for Debt Restructuring
-----------------------------------------------------------------
Salamander Davoudi and Anousha Sakoui at The Financial Times
report that Yell Group plc has failed to meet its deadline to win
enough lender support for plans to restructure its GBP3.8 billion
(US$6.3 billion) debt.

According to the FT, the company is expected to announce today a
second deadline extension to give lenders more time to approve the
plans.

The FT relates a person close to the talks said the extension
would be "two to three days".

The company, the FT discloses, needs 95% of its lenders to approve
a package aimed at changing its lending terms, including
rescheduling its debt repayments in exchange for increased
interest payments.

                          About Yell Group

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US.  Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America.  Yell's revenue for the twelve
months ended March 31, 2008 was GBP2,219 million and its
Adjusted EBITDA was GBP738.9 million.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 29,
2009, Standard and Poor's Ratings Services said that it affirmed
its 'B' long-term corporate credit rating on United Kingdom-based
classified directories publisher Yell Group PLC.  S&P said the
outlook is negative.


===============
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 * * *