TCREUR_Public/091103.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, November 3, 2009, Vol. 10, No. 217

                            Headlines

B U L G A R I A

KREMIKOVTZI AD: Shareholders Reject Recovery Plan


E S T O N I A

PINDI KINNISVARA: To Exit Bankruptcy; Has Deal on Payments


G E R M A N Y

GENERAL MOTORS: Board to Discuss Opel Fate at Tuesday's Meeting
WILHELM KARMANN: Volkswagen Mulls Asset Acquisition Not Takeover


H U N G A R Y

CIB BANK: Fitch Downgrades Individual Rating to 'D'
KERESKEDELMI ES: Fitch Affirms Individual Rating at 'D'


K A Z A K H S T A N

ASIA SNYN: Creditors Must File Claims by November 18
BATYS KASIET: Creditors Must File Claims by November 18
BATYS STROY: Creditors Must File Claims by November 18
DOSTAR DM: Creditors Must File Claims by November 18
ISTIT LLP: Creditors Must File Claims by November 18

JAYIK KURYLYS: Creditors Must File Claims by November 18
KAZ MUNAI: Creditors Must File Claims by November 18
LISTER KROSS: Creditors Must File Claims by November 18
TABYS 2005: Creditors Must File Claims by November 18
TOLLEDO LLP: Creditors Must File Claims by November 18


K Y R G Y Z S T A N

BAHA TECH: Creditors Must File Claims by November 27
BECK MOBILE: Creditors Must File Claims by November 25
CREATIVE BUSINESS: Creditors Must File Claims by November 27


N E T H E R L A N D S

OPERA BV: Fitch Junks Rating on EUR67.4 Mln Class D Notes


P O L A N D

TVN SA: Seeks Financing to Buy More "n" Shares From Parent


R U S S I A

AVTOVAZ OAO: Renault Willing to Share Technology, Won't Give Cash
GRAD'-STROY: Creditors Must File Claims by November 9
NKNK FINANCE: Fitch Assigns 'B' Rating on Loan Participation Notes
NOVATOR-LES: Creditors Must File Claims by November 9
OMSKIY HEAT: Creditors Must File Claims by November 9

POKHVISTNEVSKIY BUTTER: Creditors Must File Claims by November 9
STROY-ALYANS: Creditors Must File Claims by November 9
SERVIS-STROY: Creditors Must File Claims by November 9
SHLAKOVSKIY LES: Creditors Must File Claims by November 9
SIB-STROY: Creditors Must File Claims by November 9

STROY-KOMLEKT: Creditors Must File Claims by November 9
STROY-TEK: Creditors Must File Claims by November 9


S W E D E N

FORD MOTOR: Europe Posts US$193MM Q3 Pre-Tax Operating Profit


S W I T Z E R L A N D

BSF IMMOBILIEN: Claims Filing Deadline is November 5
BUCO TREUHAND: Claims Filing Deadline is November 5
EHRAT-OSSWALD: Claims Filing Deadline is November 5
ENKU HOLDING: Claims Filing Deadline is November 5
MOBILE WORLD: Claims Filing Deadline is November 5

PHOENIX WIDNAU: Claims Filing Deadline is November 5
SCHWALLER GIPSERGESCHAEFT: Claims Filing Deadline is November 5
TSS TOOL: Claims Filing Deadline is November 5


U K R A I N E

COMPAN OF UKRAINE: Creditors Must File Claims by November 5
LK GOLFSTREAM: Creditors Must File Claims by November 5
NIKA-SERVICE: Creditors Must File Claims by November 5
POKROVSKOYE LLC: Creditors Must File Claims by November 5
SHTURMAN SV: Creditors Must File Claims by November 5

SOFIYA-11 LLC: Creditors Must File Claims by November 5
UKRGASBANK OJSB: Bondholders Reject Restructuring Proposal

* CITY OF IVANO-FRANKIVSK: S&P Changes Outlook to Stable
* CITY OF DNIPROPETROVSK: S&P Changes Outlook to Stable
* CITY OF IVANO-FRANKIVSK: S&P Changes Outlook to Stable
* CITY OF LUGANSK: S&P Changes Outlook to Stable
* CRIMEA REPUBLIC: S&P Changes Outlook to Stable


U N I T E D   K I N G D O M

CORSAIR NO 4: Moody's Junks Rating on Series 10 Notes from 'Ba1'
EUROSAIL UK: Danske Deal Non-Renewal Won't Affect Fitch's Rating
INDEPENDENT NEWS: Profits Down 37%; Gets Debt Repayment Extension
LUPUS CAPITAL: Ex-Chairman's Comeback Bid Fails
MARBLE ARCH: Moody's Cuts Rating on Class E1C Notes to 'Ca'

NATIONAL EXPRESS: Should Reconsider Seeking Buyer, Cosmens Say
NORTHERN ROCK: S&P Downgrades Rating on US$700 Mil. Notes to 'C'
VEDANTA RESOURCES: Sesa Fraud Probe Won't Affect Moody's Ratings
VIRGIN MEDIA: Amendments to Senior Facilities Agreement Approved
WHITE YOUNG: Draws Up Debt Restructuring Plan

YELL GROUP: Close to Securing Approval for Debt Restructuring Plan


X X X X X X X X

* Large Companies with Insolvent Balance Sheet


                         *********


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


KREMIKOVTZI AD: Shareholders Reject Recovery Plan
-------------------------------------------------
Novinite.com reports that shareholders of Kremikovtzi AD rejected
the recovery plan proposed by the assignee in bankruptcy, Tsvetan
Bankov.

The report, citing Darik Radio, says the shareholders are
unwilling to go ahead with the plan which provides for the
recapitalization of BGN944 million owed to creditors by
transforming them into Kremikovtzi shares.

According to the report, bondholders have until Nov. 9 to make a
final decision on the recovery plan after any potential
readjustments.

                         About Kremikovtzi

Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a company principally engaged in
the steel industry.  Its production capacity includes a complete
steel production cycle, from ore mining to finished products, such
as hot rolled and cold rolled products (coils, slabs, plates,
blooms and billets), different thickness wire rods and tubes.  The
Company's product range also includes coke and chemical products,
ferro-alloys and metallurgical lime.  The Company operates through
a number of subsidiaries, including Kremikovtzi Trans EOOD,
Nezavisima laboratoriya za analizi EOOD, Kremikovtzi rudodobiv AD,
Ferosplaven zavod EOOD, Global Trade Trans and Kremi Logistics
EOOD, among others.  The Company has undergone the insolvency
process since August 6, 2008.

As reported in the Troubled Company Reporter-Europe on Aug. 8,
2008, the Sofia City Court commenced insolvency proceedings
against Kremikovtzi AD after declaring it bankrupt.  The court
appointed a temporary bankruptcy administrator for the steelmaker.
The court also ruled that Kremikovtzi's insolvency started on
Dec. 31, 2005.


=============
E S T O N I A
=============


PINDI KINNISVARA: To Exit Bankruptcy; Has Deal on Payments
----------------------------------------------------------
Marge Tubalkain-Trell at aripaev.ee, citing ERR News, reports that
Pindi Kinnisvara is to exit bankruptcy after reaching an agreement
with its creditor, OU Uue Veski Vara.

The report relates Kalev Roosivali, member of Pindi's management
board confirmed they reached agreement on payments.

As reported in the Troubled Company Reporter-Europe on Oct. 21,
2009, aripaev.ee, citing Eesti Paevaleht, said that OU Uue Veski
Vara, the former owner of a bureau building in Parnus, filed a
bankruptcy application against Pindi Kinnisvara in the beginning
of July.


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


GENERAL MOTORS: Board to Discuss Opel Fate at Tuesday's Meeting
---------------------------------------------------------------
The Wall Street Journal's John D. Stoll reports that General
Motors Co.'s board of directors was to meet Tuesday on GM's stance
in relation to its Opel and Vauxhall operations in Europe.  The
meeting was the fourth formal gathering for the board on the
matter.

According to Mr. Stoll, New GM's board was to consider at the
meeting the company's management team's request for approval of
the contents of a letter drafted in mid-October to address the
European Union's concerns related to the sale of 55% of Opel to
Magna International Inc.

"The board has had a heavy hand in challenging GM Chief Executive
Frederick Henderson's course on Opel, but has thus far agreed to
support management's plans for the European unit.  It is unclear
whether it will continue supporting Mr. Henderson's plan in light
of the EU's latest concerns," Mr. Stoll writes.

Mr. Stoll says GM's board was to revisit the Magna deal because
the EU raised questions about whether political pressure by
Germany was too big a factor in GM's choice of Magna.  German
officials, emboldened by the EUR4.5 billion (US$6.6 billion)
commitment the country made to fund Opel's restructuring, were
said to strongly favor a sale to Magna because the Ontario-based
company committed to the least amount of job loss, according to
Mr. Stoll.

German officials have said "there were no strings attached to its
loans to GM," Mr. Stoll says.

GM had also been considering a rival Opel bid for by RHJ
International Inc., as well as the option of keeping Opel for
itself.  Those two options were investigated by GM's board in
August and September, but ultimately were turned down, Mr. Stoll
says.

"GM executives, including Mr. Henderson, are hoping the board
signs off on the letter so that it can quickly turn around and
sign binding agreements with Magna and get on the road to closing
the sale by the end of November, according to people familiar with
the plan," Mr. Stoll reports.

The EU is expected to rule on Opel's fate soon after those
agreements are signed, Mr. Stoll adds.

If GM continues to delay signing the agreements, it could run into
problems, according to Mr. Stoll:

     -- On Nov. 30, a EUR1.5 billion bridge loan expires,
        triggering changes in the governance of Opel.

     -- Magna officials are likely to push for a restructuring of
        the deal with GM if binding agreements aren't signed by
        Nov. 30, according to a person briefed on the company's
        plans.  Magna estimates every month in delay of the
        closing of Opel costs the parties $100 million, this
        person said.

                       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).


WILHELM KARMANN: Volkswagen Mulls Asset Acquisition Not Takeover
----------------------------------------------------------------
Volkswagen AG is considering buying assets of Wilhelm Karmann GmbH
instead of a complete takeover of the car manufacturer, Andreas
Cremer at Bloomberg News reports, citing three people familiar
with the situation.

According to Bloomberg, the people, who declined to be identified
because the talks are confidential, said Volkswagen may buy
Karmann's German premises including assembly halls, manufacturing
facilities and a paint shop in Osnabrueck about 170 kilometers
(106 miles) west of the VW headquarters in Wolfsburg.  Bloomberg
discloses the people said talks have been held up by differences
in the purchasing price with a proposed EUR20-million (US$29.6
million) offer from VW falling short of what Karmann is seeking.

Bloomberg relates the people said Volkswagen's supervisory board
plans to discuss possible steps regarding Karmann at a special
meeting on Nov. 11.  Bloomberg notes one of the people said that’s
the day when liquidity at Karmann, which employs another 1,150
staff at foreign units unaffected by insolvency dealings, will dry
up.

Bloomberg recalls Karmann filed for bankruptcy protection in April
as the worst slump in automotive markets for decades left the
manufacturer unable to pay workers.

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


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


CIB BANK: Fitch Downgrades Individual Rating to 'D'
---------------------------------------------------
Fitch Ratings has affirmed Hungary-based CIB Bank Zrt's Long- and
Short-term Issuer Default ratings at 'A' and 'F1' respectively.
The agency has revised the Outlook on the Long-term IDR to
Negative from Stable.  Fitch has also affirmed the bank's Support
Rating at '1' and downgraded the Individual Rating to 'D' from 'C/
D'.

"The downgrade of CIB's Individual Rating reflects a sharp asset
quality deterioration which has been influenced by the
recessionary operating environment in Hungary, material foreign-
currency lending and the depreciation of the Hungarian forint,"
said Zarema Lyanova, Associate Director in Fitch's Financial
Institutions' team.  "As the coverage ratio of impaired loans may
require strengthening, Fitch has some concerns about the potential
negative impact of larger loan impairment charges on CIB's
profitability.  The agency expects asset quality and profitability
to continue to weaken in 2010 because the operating environment
remains difficult."

The bank's Long-term IDR is currently constrained by the Country
Ceiling for Hungary, and as a result shares the Negative Outlook
on the Sovereign's Long-term IDR of 'BBB'.  CIB's Long-term IDR is
based on the extremely high probability of support from the
majority shareholder, Italy's Intesa Sanpaolo ('AA-'/Stable
Outlook).

Alongside other international banking groups with strategic
investments in Hungary, Intesa Sanpaolo confirmed its commitment
in May 2009 to maintain its overall exposure to Hungary at a
meeting with the International Monetary Fund, the European
Commission (EC), the Hungarian Financial Supervisory Authority and
the National Bank of Hungary.  Fitch understands that such a
commitment may include a capital injection if necessary.  The
agency notes that the bank received a capital injection of EUR150
million in summer 2009.  Unlike many other major European banks
which have experienced liquidity problems during the global
financial crisis, CIB's parent has not received any state aid.
CIB's current Long- and Short-term IDRs are based on Fitch's
opinion that the bank will remain a core entity of Intesa Sanpaolo
in central and eastern Europe.

At end-H109, CIB had total assets of HUF3,062 billion and total
equity of HUF215.9 billion.  CIB had around a 11.5% market share
in loans and 10% in savings at end-H109.

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.


KERESKEDELMI ES: Fitch Affirms Individual Rating at 'D'
-------------------------------------------------------
Fitch Ratings has affirmed Hungary's Kereskedelmi es Hitelbank
Nyrt's Long- and Short-term Issuer Default ratings at 'A-' and
'F2', respectively.  The Outlook on the Long-term IDR is Stable.
Fitch has also affirmed K&H's Individual Rating at 'D' and Support
Rating at '1'.

The Individual Rating reflects a sound domestic franchise but also
weakened operating profitability and asset quality and moderate
capital adequacy.  "Asset quality has continued to deteriorate
sharply in 2009 and the agency expects this trend to persist in
2010," said Zarema Lyanova, Associate Director in Fitch's
Financial Institutions' team.

The operating environment remains challenging which, together with
material depreciation of the Hungarian forint, continues to put
pressure on asset quality given the predominance of foreign-
currency lending and industry/borrower concentrations.  As the
coverage ratio of impaired loans may require strengthening, Fitch
has some concerns about the potential negative impact of larger
loan impairment charges on profitability.  Furthermore, high loan
impairment charges, weaker revenues stemming from the contracting
economy and higher funding costs are likely to put material
pressure on profitability in 2009 and 2010."

The Long- and Short-term IDRs and Support rating are based on the
extremely high probability of support from the majority
shareholder, Belgium-based KBC Bank (KBC: 'A'/ Stable Outlook).
Alongside other international banking groups with strategic
investments in Hungary, KBC confirmed in May 2009 its commitment
to maintain its overall exposure to Hungary at a meeting with the
International Monetary Fund, the European Commission and the
Hungarian Financial Supervisory Authority and the National Bank of
Hungary.  Fitch understands that such commitment may include a
capital injection if necessary.  In October 2009, KBC Group
submitted a revised strategic plan for approval to the EC as part
of the EC's assessment of KBC's capacity to redeem government
securities received as part of state aid.  The current Long- and
Short-term IDRs are based on Fitch's opinion that K&H will remain
a core entity of KBC Group in central and eastern Europe.

At end-H109, K&H had total assets of HUF3,205 billion and total
equity of HUF202.8 billion.  K&H had around 10% market share each
in the retail and corporate sectors in Hungary at end-H109.


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


ASIA SNYN: Creditors Must File Claims by November 18
----------------------------------------------------
Creditors of LLP Asia Shyn Complect have until November 18, 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.


BATYS KASIET: Creditors Must File Claims by November 18
-------------------------------------------------------
Creditors of LLP Batys Kasiet have until November 18, 2009, to
submit proofs of claim to:

         Almazov Str. 28
         Uralsk
         West Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of West Kazakhstan
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 West Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan
         Kazakhstan


BATYS STROY: Creditors Must File Claims by November 18
------------------------------------------------------
Creditors of LLP Batys Stroy Montage have until November 18, 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 August 12, 2009,
after finding it insolvent.

The Court is located at:

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


DOSTAR DM: Creditors Must File Claims by November 18
----------------------------------------------------
Creditors of LLP DOSTAR DM have until November 18, 2009, to submit
proofs of claim to:

         Sembinov Str. 37/1, Office 32
         Astana
         Kazakhstan

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


ISTIT LLP: Creditors Must File Claims by November 18
----------------------------------------------------
Creditors of LLP Istit have until November 18, 2009, to submit
proofs of claim to:

         Kazybek Bi Str. 50
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on August 7, 2009,
after finding it insolvent.

The Court is located at:

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


JAYIK KURYLYS: Creditors Must File Claims by November 18
--------------------------------------------------------
LLP Jayik Kurylys Gas is currently undergoing liquidation.
Creditors have until November 18, 2009, to submit proofs of claim
to:

          Panfilov Str. 98/60
          050000 Almaty
          Kazakhstan


KAZ MUNAI: Creditors Must File Claims by November 18
----------------------------------------------------
Creditors of LLP Kaz Munai Onym have until November 18, 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 August 7,
2009, after finding it insolvent.

The Court is located at:

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


LISTER KROSS: Creditors Must File Claims by November 18
-------------------------------------------------------
Creditors of LLP Lister Kross Ltd. have until November 18, 2009,
to submit proofs of claim to:

         Kazybek Bi Str. 50
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on August 7, 2009,
after finding it insolvent.

The Court is located at:

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


TABYS 2005: Creditors Must File Claims by November 18
-----------------------------------------------------
Creditors of LLP TABYS 2005 have until November 18, 2009, to
submit proofs of claim to:

         Sembinov Str. 37/1, Office 32
         Astana
         Kazakhstan

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


TOLLEDO LLP: Creditors Must File Claims by November 18
------------------------------------------------------
Creditors of LLP Tolledo have until November 18, 2009, to submit
proofs of claim to:

         Isataya Str. 113
         Micro District Kalkaman 2
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on August 4, 2009,
after finding it insolvent.

The Court is located at:

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


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


BAHA TECH: Creditors Must File Claims by November 27
----------------------------------------------------
LLC Baha Tech is currently undergoing liquidation.  Creditors have
until November 27, 2009, to submit proofs of claim to:

         Armeyskaya Str. 15
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 69-18-74


BECK MOBILE: Creditors Must File Claims by November 25
------------------------------------------------------
Representation of LLC Beck Mobile is currently undergoing
liquidation.  Creditors have until November 25, 2009, to submit
proofs of claim:

Inquires can be addressed to (0-550) 04-01-22


CREATIVE BUSINESS: Creditors Must File Claims by November 27
------------------------------------------------------------
LLC Creative Business is currently undergoing liquidation.
Creditors have until November 27, 2009, to submit proofs of claim:

Inquires can be addressed to (0-772) 00-16-22


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


OPERA BV: Fitch Junks Rating on EUR67.4 Mln Class D Notes
---------------------------------------------------------
Fitch Ratings has downgraded Opera (Uni-Invest) B.V.'s commercial
mortgage-backed floating rate notes and placed them on Rating
Watch Negative:

  -- EUR491.7 million class A (XS0218487436): downgraded to 'A'
     from 'AAA'; placed on RWN

  -- EUR102.2 million class B (XS0218489135): downgraded to 'BBB'
     from 'AA'; placed on RWN

  -- EUR107.6 million class C (XS0218490653): downgraded to 'B'
     from 'A'; placed on RWN

  -- EUR67.4 million class D (XS0218492279): downgraded to 'CCC'
     from 'BBB'; placed on RWN

The downgrades reflect ongoing declines in European commercial
real estate values, and Fitch's view of the significant risk of
failure of an orderly refinancing of the loan which matures in
February 2010.  The EUR768.9 million loan has a reported loan-to-
value ratio of 67.6% compared to Fitch's LTV estimate of 103.9%,
indicating a WA market value decline of 34.9% since closing in May
2005.

At closing, this transaction was a refinancing of a commercial
mortgage loan originated by Eurohypo AG to Uni-Invest B.V. (the
borrower), Uni-Invest Holding B.V. and certain subsidiaries.  The
financing package consisted of a EUR1,009 million senior loan,
which was securitized, and a EUR277 million mezzanine loan.

The collateral originally consisted of 318 secondary and tertiary
quality office and industrial properties located across the
Netherlands and one asset in Belgium.  Since closing, 76 assets
have been either completely, or partially, sold and the current
portfolio consists of 242 assets with a reported market value of
EUR1,136 million.  The assets have not been revalued since
closing.

Given the current financing market conditions, Fitch does not
expect the loan to be repaid by its expected maturity date in
February 2010.  Fitch understands that Eurohypo, acting as
servicer, has been involved in active discussions with the
borrower and the junior creditors to determine a mutually
agreeable course of action.  A forced 'fire-sale' of the entire
portfolio following the scheduled loan maturity date does not
appear to be in the interests of any of the parties.  Therefore
Fitch expects some form of orderly disposal plan to be
implemented.  The Rating Watch Negative will be resolved once
greater clarity emerges with regards to the business plan and its
likely effects on the notes.

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


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


TVN SA: Seeks Financing to Buy More "n" Shares From Parent
----------------------------------------------------------
Pawel Kozlowski and Maciej Martewicz at Bloomberg News report that
TVN SA is seeking financing to buy more shares in unprofitable
digital TV platform "n" from its parent company.

"This is a bit of a surprise to the market, as expectations were
that any stake increase wouldn't come for a year or two,"
Bloomberg quoted Leszek Iwaszko, a Warsaw-based analyst at KBC
Securities, as saying.  "The deal may boost the company's debt
significantly."

Bloomberg, citing Rzeczpospolita, discloses TVN, whose debt stood
at PLN3.1 billion at the end of June, may look for PLN500 million
(US$175 million) of financing to buy more shares in 'n' from ITI
Holdings.

TVN SA -- http://www.tvn.pl/-- is a Polish privately owned media
group.  The Group owns and operates 13 television channels: TVN,
TVN 7, TVN 24, TVN Meteo, TVN Turbo, ITVN, TVN Style, TVN Lingua,
NTL Radomsko, Discovery Historia, Telezakupy Mango 24, TVN CNBC
Biznes and TVN Warszawa. TVN offers information and entertainment
programs.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 30,
2009, Standard & Poor's Ratings Services said that it has lowered
its long-term corporate credit rating on Poland's private TV
broadcaster TVN S.A. to 'BB-' from 'BB'.  The outlook is negative.

"The downgrade follows S&P's review of TVN's business and
financial profiles after the successful renegotiation by TVN's
parent company, ITI Holdings, of its EUR320 million senior credit
facility due 2012," said Standard & Poor's credit analyst Melvyn
Cooke.  "The lower rating also integrates S&P's view that TVN's
majority ownership of "n", following the acquisition of an
additional 26% minus one share in "n" from ITI in March 2009, will
likely result in material weakening of TVN's free cash flow
generation and liquidity over the next two years, and sizable
deterioration in TVN's credit measures."

In particular, liquidity, which S&P previously considered as a
support to the ratings, is now in its opinion weak for the ratings
in light of the ongoing, substantial funding needs for "n" and
TVN's obligation to pay dividends to cover debt service at ITI.


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


AVTOVAZ OAO: Renault Willing to Share Technology, Won't Give Cash
-----------------------------------------------------------------
Dow Jones Newswires' David Pearson reports that Christian Esteve,
head of Renault SA's Russian operations, said Renault is prepared
to provide OAO Avtovaz with its technology and know-how but it
isn't willing to inject cash into its Russian partner.

According to Dow Jones, Mr. Esteve told journalists the two
companies on Nov. 10 will present the Russian authorities with
their latest proposals for Avtovaz's survival by revamping its
business plan and reinforcing its core vehicle-making business.
Renault bought a 25% interest in Avtovaz in early 2008.

According to Dow Jones, Mr. Esteve, who took over as head of
Renault's Russian operations this year, said he has never
considered that he had been given an ultimatum by Prime Minister
Vladimir Putin to help Avtovaz financially.  Mr. Putin in
September said Renault could have its 25% stake in Avtovaz diluted
if it doesn't contribute to the bailout, Dow Jones relates.

Mr. Pearson relates Mr. Esteve declined to put a value on
Renault's contribution to the Avtovaz rescue plan.  Negotiations
on how Renault will make a contribution that allows it to preserve
its 25% shareholding will continue in the coming months,
Mr. Esteve said.  A debt for equity swap is one possibility,
Mr. Pearson adds.

Avtovaz's original agreement with Renault calls for the Russian
company to make two vehicles based on the platform used for the
Renault/Dacia Logan low-budget Logan, according to Mr. Pearson.
If adopted, the new plan would involve Renault making two new
models and Nissan making one vehicle based on the same platform,
Mr. Esteve said, according to Mr. Pearson.

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


GRAD'-STROY: Creditors Must File Claims by November 9
-----------------------------------------------------
Creditors of LLC Grad’-Stroy (TIN 7205019260, PSRN 7205019260)
(Construction)have until November 9, 2009, to submit proofs of
claims to:

         V. Dmitriev
         Insolvency Manager
         Post User Box 2004
         650000 Kemerovo
         Russia

The Arbitration Court of Tumenskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?70–6629/2009.

The Debtor can be reached at:

         LLC Grad'-Stroy
         Lunacharskogo Str.74
         Ishim
         627750 Tumenskaya
         Russia


NKNK FINANCE: Fitch Assigns 'B' Rating on Loan Participation Notes
------------------------------------------------------------------
Fitch Ratings has assigned NKNK Finance plc's proposed issue of
US$101,394,000 12% loan participation notes due in 2012 (new
notes) an expected senior unsecured 'B' rating.  The expected
rating is in line with the 'B' Long-term Issuer Default rating of
NKNK-F's parent, OAO Nizhnekamskneftekhim's.  The rating is placed
on Rating Watch Negative in line with the RWN on NKNK's Long-term
Issuer Default 'B' Rating (see Fitch's comment dated October 7,
2009).

A final rating will be assigned following receipt of final
documentation and upon closure of the transaction expected on
November 3, 2009.

The new notes will form part of the exchange offer by NKNK-F
(announced on October 5, 2009) for up to US$200 million of its
8.5% loan participation notes due in 2015 (existing notes).  In
exchange for the existing notes, noteholders will receive a 40%
cash consideration at par value and new notes for the remaining
60% of their holding.  On October 28, 2009, NKNK announced that
around 84% of noteholders have agreed to take up the offer and in
conjunction with the offer NKNK has also received noteholders'
approval to remove the December 2010 put option attached to the
existing notes.  As a result of the take-up, NKNK will pay a total
cash consideration of US$67,597,600 while US$31,006,000 (around
16%) of the existing notes will remain outstanding.

NKNK-F is a public limited liability company fully owned by NKNK
and incorporated under the laws of Ireland.  The company's purpose
is to issue the notes and lend, under a loan agreement, the
proceeds to NKNK.  The notes will be repaid in three equal
installments from April 2011.

The loan agreement, the trust deed and other related documents are
governed by English law.  To secure payments to noteholders, NKNK-
F will charge in favour of the trustee, Deutsche Trustee Company
Limited, by way of a first fixed charge, all rights to principal,
interest and other amounts paid by NKNK and the right to receive
all sums, which may be paid by NKNK under any claim, award or
judgment relating to the loan agreement.  The notes have an equal
ranking with present or future unsecured creditors of NKNK and
contain a negative pledge and cross default clauses.  Covenants in
the loan agreement include, among others, a total consolidated
debt-to-consolidated EBITDA (excluding the impact of foreign
exchange fluctuations) restriction of less than 3.5x.

NKNK is based in the Republic of Tatarstan and is the largest
petrochemicals producer in Russia.


NOVATOR-LES: Creditors Must File Claims by November 9
-----------------------------------------------------
Creditors of LLC Novator-Les-Prom (Lumbering) have until
November 9, 2009, to submit proofs of claims to:

         M. Rets
         Temporary Insolvency Manager
         Post User Box 264
         662500 Sosnovoborsk
         Russia

The Arbitration Court of Krasnoyarskiy will convene on
December 14, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?33–8188/2009.


OMSKIY HEAT: Creditors Must File Claims by November 9
-----------------------------------------------------
Creditors of LLC Omskiy Heat-Insulating Materials Plant (TIN
5501096020, PSRN 1065501053947) have until November 9, 2009, to
submit proofs of claims to:

         V. Atroshchenko
         Temporary Insolvency Manager
         Volochaevskaya Str. 19D
         644043 Omsk
         Russia

The Arbitration Court of Omskaya will convene at 10:40 a.m. on
February 16, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?46–17280/2009.

The Debtor can be reached at:

         LLC Omskiy Heat-Insulating Materials Plant
         Apt. 1
         Gubkina Prospect 2
         644040 Omsk
         Russia


POKHVISTNEVSKIY BUTTER: Creditors Must File Claims by November 9
----------------------------------------------------------------
Creditors of OJSC Pokhvistnevskiy Butter Plant have until
November 9, 2009, to submit proofs of claims to:

         N. Artemyeva
         Temporary Insolvency Manager
         Post User Box 2199
         443052 Samara
         Russia

The Arbitration Court of Samarskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?55–
15524/2009.

The Court is located at:

         The Arbitration Court of Samarskaya
         AvroryStr. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         OJSC Pokhvistnevskiy
         Lermontova Str. 17
         446450 Pokhvistnevo
         Russia


STROY-ALYANS: Creditors Must File Claims by November 9
------------------------------------------------------
Creditors of LLC Alyans-Stroy (TIN 3666140246, PSRN 1073667004157)
(Construction)have until November 9, 2009, to submit proofs of
claims to:

         D. Lushin
         Temporary Insolvency Manager
         Dorozhnaya Str. 22B
         394038 Voronezh
         Russia

The Arbitration Court of Voronezhskaya will convene at 10:00 a.m.
on February 18, 2010, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?14–10690-2009 40/7B.

The Court is located at:

         The Arbitration Court of Voronezhskaya
         Courtroom 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         LLC Alyans-Stroy
         Dorozhnaya Str. 22B
         394038 Voronezh
         Russia


SERVIS-STROY: Creditors Must File Claims by November 9
------------------------------------------------------
Creditors of LLC Servis-Stroy (Construction) have until
November 9, 2009, to submit proofs of claims to:

         S. Alakhkuliev
         Temporary Insolvency Manager
         SovetskayaStr. 16
         603002 Nizhny Novgorod
         Russia

The Arbitration Court of Rostovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?53–
16459/2009.

The Court is located at:

         The Arbitration Court of Rostovskaya
         Stanislavskogo Str. 8A
         344002 Rostov-on-Don
         Russia

The Debtor can be reached at:

         LLC Servis-Stroy
         Knizhnyy pereulok 4
         Bataysk
         346880 Rostovskaya
         Russia


SHLAKOVSKIY LES: Creditors Must File Claims by November 9
---------------------------------------------------------
Creditors of OJSC Shlakovskiy Les-Prom-Khoz (TIN 4322000073, PSRN
1024300962840) (Forestry) have until November 9, 2009, to submit
proofs of claims to:

         O. Goreva
         Temporary Insolvency Manager
         Office 14
         Gertsena Str. 15
         610002 Kirov
         Russia

The Arbitration Court of Kirovskaya will convene at 10:00 a.m. on
February 10, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?28–10553/2009–312/19.

The Debtor can be reached at:

         OJSC Shlakovskiy Les-Prom-Khoz
         Morozova Str. 120
         Peskovka
         Omutninskiy
         612730 Kirovskaya
         Russia


SIB-STROY: Creditors Must File Claims by November 9
---------------------------------------------------
Creditors of LLC Sib-Stroy-Servis (TIN 5406366439, PSRN
1065406160412) (Construction) have until November 9, 2009, to
submit proofs of claims to:

         V.Atroshchenko
         Temporary Insolvency Manager
         Volochaevskaya Str. 19D
         644043 Omsk
         Russia

The Arbitration Court of Novosibirskaya will convene at 10:30 a.m.
on December 15, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?45–16012/2009.

The Debtor can be reached at:

         LLC Sib-Stroy-Servis
         Derzhavina Str. 9
         630091 Novosibirsk
         Russia


STROY-KOMLEKT: Creditors Must File Claims by November 9
-------------------------------------------------------
Creditors of LLC Stroy-Komplekt (TIN 5259042857) (Construction
Materials)have until November 9, 2009, to submit proofs of claims
to:

         A. Serebryakov
         Temporary Insolvency Manager
         Apt. 259
         ProletarskayaStr. 8
         603159 Nizhny Novgorod
         Russia

The Arbitration Court of Nizhegorodskaya will convene at 9:00 a.m.
on January 26, 2010, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?43–27505|2009 27–201.

The Debtor can be reached at:

         LLC Stroy-Komplekt
         Strazh Revolyutsii Str. 28/35
         603014 Nizhny Novgorod
         Russia


STROY-TEK: Creditors Must File Claims by November 9
---------------------------------------------------
Creditors of CJSC Stroy-TEK (TIN 0721013077) (Construction) have
until November 9, 2009, to submit proofs of claims to:

         A. Volobuev
         Temporary Insolvency Manager
         Office 219
         Prospect Kulakova 10D
         355044 Stavropol
         Russia

The Arbitration Court of Kabardino-Balkaria will convene at
10:30 a.m. on November 20, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. ?20–1314/2009.

The Debtor can be reached at:

         CJSC Stroy-TEK
         Kabardinskaya Str. 19
         Nalchik
         Kabardino-Balkaria
         Russia


===========
S W E D E N
===========


FORD MOTOR: Europe Posts US$193MM Q3 Pre-Tax Operating Profit
-------------------------------------------------------------
Ford Motor Company on Tuesday said for the third quarter, Ford
Europe reported a pre-tax operating profit of US$193 million,
compared with a profit of US$69 million a year ago.  The
improvement was more than explained by structural cost reductions,
lower material costs and favorable net pricing, offset partially
by unfavorable volume and mix and exchange.  Third quarter revenue
was US$7.6 billion, down from US$9.7 billion a year ago.

Ford Europe's market share was 9.2 percent for the quarter, up 0.6
points from last year and the highest third-quarter level in 10
years.  Market share was 10.1 percent in September, the highest
monthly share in eight years.

During the quarter, Ford began production of the Ford Transit
Connect small commercial van at the new manufacturing plant in
Craiova, Romania.

Meanwhile, Volvo reported a pre-tax operating loss of US$135
million for the third quarter, compared with a loss of US$458
million a year ago.  The improvement is more than explained by
continued progress on cost reductions, favorable exchange, and
higher volume and mix.  Third quarter revenue was US$3 billion, up
from US$2.9 billion a year ago.

Ford has confirmed Geely as the preferred bidder in the ongoing
discussions concerning the possible sale of Volvo Cars.

In Europe, Ford expects that full-year 2009 industry sales will be
about 15.7 million units, which is higher than its previous
guidance.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                           *     *     *

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P said that the outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring in
order to achieve the same UAW concessions that General Motors and
Chrysler are likely to achieve as a result of the recently-
approved government bailout loans.  Such a balance sheet
restructuring would likely entail a loss for bond holders and
would be viewed by Moody's as a distressed exchange and
consequently treated as a default for analytic purposes.


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


BSF IMMOBILIEN: Claims Filing Deadline is November 5
----------------------------------------------------
Creditors of Bsf Immobilien AG are requested to file their proofs
of claim by November 5, 2009, to:

         Fritz Siegrist, liquidator
         Bahnhofstrasse 21
         5615 Fahrwangen
         Switzerland

The company is currently undergoing liquidation in Fahrwangen.
The decision about liquidation was accepted at a general meeting
held on September 25, 2008.


BUCO TREUHAND: Claims Filing Deadline is November 5
---------------------------------------------------
Creditors of Buco Treuhand AG are requested to file their proofs
of claim by November 5, 2009, to:

         Buco Treuhand AG
         Bahnhofplatz 6
         5400 Baden
         Switzerland

The company is currently undergoing liquidation in Baden.  The
decision about liquidation was accepted at an extraordinary
general meeting held on September 8, 2009.


EHRAT-OSSWALD: Claims Filing Deadline is November 5
---------------------------------------------------
Creditors of Ehrat-Osswald AG are requested to file their proofs
of claim by November 5, 2009, to:

         Bernhard Ehrat
         Liquidator
         Bergstrasse 9
         8212 Neuhausen am Rheinfall
         Switzerland

The company is currently undergoing liquidation in Neuhausen am
Rheinfall.  The decision about liquidation was accepted at a
general meeting held on August 18, 2009.


ENKU HOLDING: Claims Filing Deadline is November 5
--------------------------------------------------
Creditors of Enku Holding GmbH are requested to file their proofs
of claim by November 5, 2009, to:

         Johann Berther
         Liquidator
         Ennermattstrasse 18
         6314 Unteraegeri
         Switzerland

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


MOBILE WORLD: Claims Filing Deadline is November 5
--------------------------------------------------
Creditors of Mobile World AG are requested to file their proofs of
claim by November 5, 2009, to:

         Mattle Treuhand AG
         Liquidator
         Bohlstrasse 18
         9450 Luechingen SG
         Switzerland

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


PHOENIX WIDNAU: Claims Filing Deadline is November 5
----------------------------------------------------
Creditors of Phoenix Widnau GmbH are requested to file their
proofs of claim by November 5, 2009, to:

         P.J. Frei, liquidator
         Diepoldsauerstrasse 52a
         9443 Widnau
         Switzerland

The company is currently undergoing liquidation in Widnau.  The
decision about liquidation was accepted at a general meeting held
on September 3, 2009.


SCHWALLER GIPSERGESCHAEFT: Claims Filing Deadline is November 5
---------------------------------------------------------------
Creditors of Schwaller Gipsergeschaeft GmbH are requested to file
their proofs of claim by November 5, 2009, to:

         Schwaller-Schlatter Barbara
         Liquidator
         Engehofweg 6
         8222 Beringen
         Switzerland

The company is currently undergoing liquidation in Beringen.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 4, 2007.


TSS TOOL: Claims Filing Deadline is November 5
----------------------------------------------
Creditors of TSS Tool-Storing-Systems GmbH are requested to file
their proofs of claim by November 5, 2009, to:

         Johann Berther
         Liquidator
         Ennermattstrasse 18
         6314 Unteraegeri
         Switzerland

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


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


COMPAN OF UKRAINE: Creditors Must File Claims by November 5
-----------------------------------------------------------
Creditors of Enterprise Company Trading Enterprise Poland
Subsidiary Company Compan of Ukraine (code EDRPOU 30583640) have
until November 5, 2009, to submit proofs of claim to:

         S. Bogach
         Insolvency Manager
         Stus Str. 5
         Malekhov
         Zhovkovsky
         80383 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company on September 21, 2009.  The case is docketed
under Case No 29/68.

The Court is located at:

         The Economic Court of Lvov
         Lichakovskaya Str. 128
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         Enterprise Company Trading Enterprise
         Poland Subsidiary Company Compan of Ukraine
         Shyrokaya Str. 61/87
         79052 Lvov
         Ukraine


LK GOLFSTREAM: Creditors Must File Claims by November 5
-------------------------------------------------------
Creditors of LLC LK Golfstream (code EDRPOU 33514302) have until
November 5, 2009, to submit proofs of claim to M. Tsurika, the
company's insolvency manager.

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on September 25, 2009.  The case is docketed
under Case No. 11/223/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Str. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC LK Golfstream
         Office 39
         K. Liebkneht Str. 12
         54001 Nikolayev
         Ukraine


NIKA-SERVICE: Creditors Must File Claims by November 5
------------------------------------------------------
Creditors of LLC Nika-Service Plus (code EDRPOU 34157685) have
until November 5, 2009, to submit proofs of claim to:

         N. Martinenko
         Insolvency Manager
         Post Office Box 151
         69006 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on September 14, 2009.  The case is docketed
under Case No. 16/171/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Nika-Service Plus
         Office 63
         Lermontov Str. 23
         69005 Zaporozhye
         Ukraine


POKROVSKOYE LLC: Creditors Must File Claims by November 5
---------------------------------------------------------
Creditors of LLC Pokrovskoye have until November 5, 2009, to
submit proofs of claim to:

         D. Leonchenko
         Insolvency Manager
         Pobeda Str. 13/9
         Zimogorye
         Slavianoserbsky
         93740 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on September 3, 2009.  The case is docketed
under Case No. 20/75b.

The Court is located at:

         The Economic Court of Lugansk
         Heroes of GPW Square 3-a
         91000 Lugansk
         Ukraine


SHTURMAN SV: Creditors Must File Claims by November 5
-----------------------------------------------------
Creditors of LLC Shturman SV (code EDRPOU 35989576) have until
November 5, 2009, to submit proofs of claim to:

         L. Timofeyeva
         Insolvency Manager
         Post Office Box 179
         54017 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on September 29, 2009.  The case is docketed
under Case No. 5/237/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Str. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Shturman SV
         Peschanaya Str. 4
         V. Korenikha
         57176 Nikolayev
         Ukraine


SOFIYA-11 LLC: Creditors Must File Claims by November 5
-------------------------------------------------------
Creditors of LLC Sofiya-11 (code EDRPOU 36109235) have until
November 5, 2009, to submit proofs of claim to:

         T. Kiyenko
         Insolvency Manager
         Office 9
         Preobrazhenskaya Str. 58
         Odessa
         Ukraine

The Economic Court of Odessa region commenced bankruptcy
proceedings against the company on September 3, 2009.  The case is
docketed under Case No. 21/101-09-3707.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sofiya-11
         Office 2-A
         Marazleyevskaya Str. 20
         65005 Odessa
         Ukraine


UKRGASBANK OJSB: Bondholders Reject Restructuring Proposal
----------------------------------------------------------
Ukrainian Journal reports that creditors of Ukrgasbank OJSB
rejected the company's restructuring proposal for A and C Series
bonds worth UAH47.5 million.

According to Ukrainian Journal, the bondholders said that the
terms of the restructuring are unacceptable.

Citing a Concorde Capital report, Ukrainian Journal discloses
independent investors hold over 70% of the bank's A and C Series
bonds.

Headquartered in Kiev, Ukraine, OJSB UkrGasBank operates as a
national bank of Ukraine.  The company offers retail banking
services.  It also provides Internet banking services.


* CITY OF IVANO-FRANKIVSK: S&P Changes Outlook to Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on the Autonomous Republic of Crimea and the cities of
Dnipropetrovsk, Lugansk, Ivano-Frankivsk, to stable from positive,
and on the cities of Odessa and Lviv to negative from developing.
This follows the revision of the outlook on Ukraine arising from
renewed uncertainty regarding the implementation of the country's
IMF Stand-by Arrangement.  The outlook on the City of Kyiv remains
negative.

At the same time, the local and foreign currency and national
scale ratings on all seven local and regional governments were
affirmed.

The ratings reflect the LRGs' very high dependence on the
sovereign's decisions regarding their revenue and expenditure
responsibilities, as well as their exposure to central budget
transfers and treasury loans for liquidity purposes.

The ratings on all Ukrainian LRGs incorporate S&P's view that they
will continue to have uninterrupted access to short-term treasury
loans for liquidity purposes, including for financing their most
important operating expenditures and interest payments.

The Autonomous Republic of Crimea and the cities of
Dnipropetrovsk, Lugansk, and Ivano-Frankivsk have only zero to
very modest debt and debt service in 2009-2010, resulting in
stable outlooks.  If they were to continue to demonstrate cautious
financial policies and a conservative approach to debt, further
rating actions on these LRGs would likely follow those on the
sovereign.

The cities of Odessa and Lviv have more aggressive debt policies.
Odessa already bears some foreign currency risk on its direct
debt.  Lviv has aggressive plans to accumulate Ukrainian hryvnia
(UAH) debt to prepare for the Euro 2012 football championship.
The outlooks on Odessa and Lviv are now negative, as there is no
more room for positive actions on these cities unless there is a
positive action on the sovereign.  If these two LRGs were to
maintain modest debt service, S&P could revise the outlooks to
stable.  However, faster-than-expected debt accumulation--
especially of short-term debt--and/or a lack of prudent management
of exchange rate risks could result in negative rating actions on
Lviv and Odessa.

The negative outlook on Kyiv reflects S&P's view of the level of
risk in its debt structure, which suffers from foreign exchange
risks, poor liquidity, and weakening budgetary performance.  S&P's
rating scenario for Kyiv factors in S&P's view that the central
government would provide timely and sufficient support to Kyiv to
either extend, refinance, or repay its UAH750 million loan due in
December 2009.

                           Ratings List

          Ratings Affirmed; CreditWatch/Outlook Revision

                  Crimea (Autonomous Republic of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                     Dnipropetrovsk (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                         Lugansk (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                     Ivano-Frankivsk (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                         Odessa (City of)

                               To               From
                               --               ----
Issuer credit rating           CCC+/Negative/-- CCC+/Developing/--
Ukraine national scale rating  uaBB              uaBB

                          Lviv (City of)

                               To               From
                               --               ----
Issuer credit rating           CCC+/Negative/-- CCC+/Developing/--
Ukraine national scale rating  uaBB              uaBB

                          Kyiv (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Negative/--  CCC+/Negative/--

       N.B. This list does not include all ratings affected.


* CITY OF DNIPROPETROVSK: S&P Changes Outlook to Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on the Autonomous Republic of Crimea and the cities of
Dnipropetrovsk, Lugansk, Ivano-Frankivsk, to stable from positive,
and on the cities of Odessa and Lviv to negative from developing.
This follows the revision of the outlook on Ukraine arising from
renewed uncertainty regarding the implementation of the country's
IMF Stand-by Arrangement.  The outlook on the City of Kyiv remains
negative.

At the same time, the local and foreign currency and national
scale ratings on all seven local and regional governments were
affirmed.

The ratings reflect the LRGs' very high dependence on the
sovereign's decisions regarding their revenue and expenditure
responsibilities, as well as their exposure to central budget
transfers and treasury loans for liquidity purposes.

The ratings on all Ukrainian LRGs incorporate S&P's view that they
will continue to have uninterrupted access to short-term treasury
loans for liquidity purposes, including for financing their most
important operating expenditures and interest payments.

The Autonomous Republic of Crimea and the cities of
Dnipropetrovsk, Lugansk, and Ivano-Frankivsk have only zero to
very modest debt and debt service in 2009-2010, resulting in
stable outlooks.  If they were to continue to demonstrate cautious
financial policies and a conservative approach to debt, further
rating actions on these LRGs would likely follow those on the
sovereign.

The cities of Odessa and Lviv have more aggressive debt policies.
Odessa already bears some foreign currency risk on its direct
debt.  Lviv has aggressive plans to accumulate Ukrainian hryvnia
(UAH) debt to prepare for the Euro 2012 football championship.
The outlooks on Odessa and Lviv are now negative, as there is no
more room for positive actions on these cities unless there is a
positive action on the sovereign.  If these two LRGs were to
maintain modest debt service, S&P could revise the outlooks to
stable.  However, faster-than-expected debt accumulation--
especially of short-term debt--and/or a lack of prudent management
of exchange rate risks could result in negative rating actions on
Lviv and Odessa.

The negative outlook on Kyiv reflects S&P's view of the level of
risk in its debt structure, which suffers from foreign exchange
risks, poor liquidity, and weakening budgetary performance.  S&P's
rating scenario for Kyiv factors in S&P's view that the central
government would provide timely and sufficient support to Kyiv to
either extend, refinance, or repay its UAH750 million loan due in
December 2009.

                           Ratings List

          Ratings Affirmed; CreditWatch/Outlook Revision

                  Crimea (Autonomous Republic of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                     Dnipropetrovsk (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                         Lugansk (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                     Ivano-Frankivsk (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                         Odessa (City of)

                               To               From
                               --               ----
Issuer credit rating           CCC+/Negative/-- CCC+/Developing/--
Ukraine national scale rating  uaBB              uaBB

                          Lviv (City of)

                               To               From
                               --               ----
Issuer credit rating           CCC+/Negative/-- CCC+/Developing/--
Ukraine national scale rating  uaBB              uaBB

                          Kyiv (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Negative/--  CCC+/Negative/--

       N.B. This list does not include all ratings affected.


* CITY OF IVANO-FRANKIVSK: S&P Changes Outlook to Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on the Autonomous Republic of Crimea and the cities of
Dnipropetrovsk, Lugansk, Ivano-Frankivsk, to stable from positive,
and on the cities of Odessa and Lviv to negative from developing.
This follows the revision of the outlook on Ukraine arising from
renewed uncertainty regarding the implementation of the country's
IMF Stand-by Arrangement.  The outlook on the City of Kyiv remains
negative.

At the same time, the local and foreign currency and national
scale ratings on all seven local and regional governments were
affirmed.

The ratings reflect the LRGs' very high dependence on the
sovereign's decisions regarding their revenue and expenditure
responsibilities, as well as their exposure to central budget
transfers and treasury loans for liquidity purposes.

The ratings on all Ukrainian LRGs incorporate S&P's view that they
will continue to have uninterrupted access to short-term treasury
loans for liquidity purposes, including for financing their most
important operating expenditures and interest payments.

The Autonomous Republic of Crimea and the cities of
Dnipropetrovsk, Lugansk, and Ivano-Frankivsk have only zero to
very modest debt and debt service in 2009-2010, resulting in
stable outlooks.  If they were to continue to demonstrate cautious
financial policies and a conservative approach to debt, further
rating actions on these LRGs would likely follow those on the
sovereign.

The cities of Odessa and Lviv have more aggressive debt policies.
Odessa already bears some foreign currency risk on its direct
debt.  Lviv has aggressive plans to accumulate Ukrainian hryvnia
(UAH) debt to prepare for the Euro 2012 football championship.
The outlooks on Odessa and Lviv are now negative, as there is no
more room for positive actions on these cities unless there is a
positive action on the sovereign.  If these two LRGs were to
maintain modest debt service, S&P could revise the outlooks to
stable.  However, faster-than-expected debt accumulation--
especially of short-term debt--and/or a lack of prudent management
of exchange rate risks could result in negative rating actions on
Lviv and Odessa.

The negative outlook on Kyiv reflects S&P's view of the level of
risk in its debt structure, which suffers from foreign exchange
risks, poor liquidity, and weakening budgetary performance.  S&P's
rating scenario for Kyiv factors in S&P's view that the central
government would provide timely and sufficient support to Kyiv to
either extend, refinance, or repay its UAH750 million loan due in
December 2009.

                           Ratings List

          Ratings Affirmed; CreditWatch/Outlook Revision

                  Crimea (Autonomous Republic of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                     Dnipropetrovsk (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                         Lugansk (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                     Ivano-Frankivsk (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                         Odessa (City of)

                               To               From
                               --               ----
Issuer credit rating           CCC+/Negative/-- CCC+/Developing/--
Ukraine national scale rating  uaBB              uaBB

                          Lviv (City of)

                               To               From
                               --               ----
Issuer credit rating           CCC+/Negative/-- CCC+/Developing/--
Ukraine national scale rating  uaBB              uaBB

                          Kyiv (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Negative/--  CCC+/Negative/--

       N.B. This list does not include all ratings affected.


* CITY OF LUGANSK: S&P Changes Outlook to Stable
------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on the Autonomous Republic of Crimea and the cities of
Dnipropetrovsk, Lugansk, Ivano-Frankivsk, to stable from positive,
and on the cities of Odessa and Lviv to negative from developing.
This follows the revision of the outlook on Ukraine arising from
renewed uncertainty regarding the implementation of the country's
IMF Stand-by Arrangement.  The outlook on the City of Kyiv remains
negative.

At the same time, the local and foreign currency and national
scale ratings on all seven local and regional governments were
affirmed.

The ratings reflect the LRGs' very high dependence on the
sovereign's decisions regarding their revenue and expenditure
responsibilities, as well as their exposure to central budget
transfers and treasury loans for liquidity purposes.

The ratings on all Ukrainian LRGs incorporate S&P's view that they
will continue to have uninterrupted access to short-term treasury
loans for liquidity purposes, including for financing their most
important operating expenditures and interest payments.

The Autonomous Republic of Crimea and the cities of
Dnipropetrovsk, Lugansk, and Ivano-Frankivsk have only zero to
very modest debt and debt service in 2009-2010, resulting in
stable outlooks.  If they were to continue to demonstrate cautious
financial policies and a conservative approach to debt, further
rating actions on these LRGs would likely follow those on the
sovereign.

The cities of Odessa and Lviv have more aggressive debt policies.
Odessa already bears some foreign currency risk on its direct
debt.  Lviv has aggressive plans to accumulate Ukrainian hryvnia
(UAH) debt to prepare for the Euro 2012 football championship.
The outlooks on Odessa and Lviv are now negative, as there is no
more room for positive actions on these cities unless there is a
positive action on the sovereign.  If these two LRGs were to
maintain modest debt service, S&P could revise the outlooks to
stable.  However, faster-than-expected debt accumulation--
especially of short-term debt--and/or a lack of prudent management
of exchange rate risks could result in negative rating actions on
Lviv and Odessa.

The negative outlook on Kyiv reflects S&P's view of the level of
risk in its debt structure, which suffers from foreign exchange
risks, poor liquidity, and weakening budgetary performance.  S&P's
rating scenario for Kyiv factors in S&P's view that the central
government would provide timely and sufficient support to Kyiv to
either extend, refinance, or repay its UAH750 million loan due in
December 2009.

                           Ratings List

          Ratings Affirmed; CreditWatch/Outlook Revision

                  Crimea (Autonomous Republic of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                     Dnipropetrovsk (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                         Lugansk (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                     Ivano-Frankivsk (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                         Odessa (City of)

                               To               From
                               --               ----
Issuer credit rating           CCC+/Negative/-- CCC+/Developing/--
Ukraine national scale rating  uaBB              uaBB

                          Lviv (City of)

                               To               From
                               --               ----
Issuer credit rating           CCC+/Negative/-- CCC+/Developing/--
Ukraine national scale rating  uaBB              uaBB

                          Kyiv (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Negative/--  CCC+/Negative/--

       N.B. This list does not include all ratings affected.


* CRIMEA REPUBLIC: S&P Changes Outlook to Stable
------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on the Autonomous Republic of Crimea and the cities of
Dnipropetrovsk, Lugansk, Ivano-Frankivsk, to stable from positive,
and on the cities of Odessa and Lviv to negative from developing.
This follows the revision of the outlook on Ukraine arising from
renewed uncertainty regarding the implementation of the country's
IMF Stand-by Arrangement.  The outlook on the City of Kyiv remains
negative.

At the same time, the local and foreign currency and national
scale ratings on all seven local and regional governments were
affirmed.

The ratings reflect the LRGs' very high dependence on the
sovereign's decisions regarding their revenue and expenditure
responsibilities, as well as their exposure to central budget
transfers and treasury loans for liquidity purposes.

The ratings on all Ukrainian LRGs incorporate S&P's view that they
will continue to have uninterrupted access to short-term treasury
loans for liquidity purposes, including for financing their most
important operating expenditures and interest payments.

The Autonomous Republic of Crimea and the cities of
Dnipropetrovsk, Lugansk, and Ivano-Frankivsk have only zero to
very modest debt and debt service in 2009-2010, resulting in
stable outlooks.  If they were to continue to demonstrate cautious
financial policies and a conservative approach to debt, further
rating actions on these LRGs would likely follow those on the
sovereign.

The cities of Odessa and Lviv have more aggressive debt policies.
Odessa already bears some foreign currency risk on its direct
debt.  Lviv has aggressive plans to accumulate Ukrainian hryvnia
(UAH) debt to prepare for the Euro 2012 football championship.
The outlooks on Odessa and Lviv are now negative, as there is no
more room for positive actions on these cities unless there is a
positive action on the sovereign.  If these two LRGs were to
maintain modest debt service, S&P could revise the outlooks to
stable.  However, faster-than-expected debt accumulation--
especially of short-term debt--and/or a lack of prudent management
of exchange rate risks could result in negative rating actions on
Lviv and Odessa.

The negative outlook on Kyiv reflects S&P's view of the level of
risk in its debt structure, which suffers from foreign exchange
risks, poor liquidity, and weakening budgetary performance.  S&P's
rating scenario for Kyiv factors in S&P's view that the central
government would provide timely and sufficient support to Kyiv to
either extend, refinance, or repay its UAH750 million loan due in
December 2009.

                           Ratings List

          Ratings Affirmed; CreditWatch/Outlook Revision

                  Crimea (Autonomous Republic of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                     Dnipropetrovsk (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                         Lugansk (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                     Ivano-Frankivsk (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Stable/--    CCC+/Positive/--
Ukraine national scale rating  uaBB              uaBB

                         Odessa (City of)

                               To               From
                               --               ----
Issuer credit rating           CCC+/Negative/-- CCC+/Developing/--
Ukraine national scale rating  uaBB              uaBB

                          Lviv (City of)

                               To               From
                               --               ----
Issuer credit rating           CCC+/Negative/-- CCC+/Developing/--
Ukraine national scale rating  uaBB              uaBB

                          Kyiv (City of)

                               To                From
                               --                ----
Issuer credit rating           CCC+/Negative/--  CCC+/Negative/--

       N.B. This list does not include all ratings affected.


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


CORSAIR NO 4: Moody's Junks Rating on Series 10 Notes from 'Ba1'
----------------------------------------------------------------
Moody's Investors Service took this rating action on notes issued
by Corsair (Jersey) No. 4 under series 10, a collateralized debt
obligation transaction referencing a static portfolio of corporate
entities.

Issuer: Corsair (Jersey) No. 4 Limited Series 10

  -- US$40,000,000 Partial Credit Loss Protected Step-Down
     Portfolio Credit-Linked Notes due 2027, Downgraded to Caa2;
     previously on Mar 6, 2009 Downgraded to Ba1

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The reference portfolio includes an exposure to CIT
Group, Inc. now rated Ca by Moody's, and Syncora Guarantee Inc.
that suffered a credit event in July 2009.  Since inception of the
transaction, the subordination of the rated tranche has been
reduced due to credit events on Federal National Mortgage
Association, Lehman Brothers Holdings Inc. and Syncora Guarantee
Inc. These credit events have led to a decrease of approximately
0.9% of the subordination of the notes.  The Sovereign & Public
Finance, Telecommunication and Banking sectors are the most
represented, weighting 9%, 7% and 7%, respectively, of the
portfolio initial notional.

Moody's says that while the legal final maturity of the notes is
2027, noteholders have the option to tender the notes to the
issuer for redemption in 2017.  In the event noteholders choose
not to exercise the option, the note coupon will drop to US$-libor
minus 20 bps.  The rating action reflects a low likelihood of such
option not being exercised and is therefore based on the expected
loss to the optional redemption date of 2017.

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

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (September 2009)

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


EUROSAIL UK: Danske Deal Non-Renewal Won't Affect Fitch's Rating
----------------------------------------------------------------
Fitch Ratings says there is no further rating impact on Eurosail
UK 07-5 NP PLC and Eurosail Prime UK 2007-A plc from the decision
by Danske Bank ('A+'/'F1'/Outlook Stable), the liquidity facility
provider, not to renew the existing agreements with the issuer.
In addition, according to Danske Bank, the issuer is not eligible
to make a withdrawal of the available funds as it believes the
issuer of these transactions is unable to meet a "no default"
representation according to the liquidity facility agreement,
thereby leaving both transactions without further sources of
liquidity to meet liquidity shortfalls should they arise.  Fitch
believes that, in the future, more transactions might be affected
by this interpretation of existing liquidity facility agreements.

Fitch notes the lack of further rating impact is due to the
significant rating action already taken on these deals following
the bankruptcy of the currency swap provider Lehman Brothers in
September 2008, which left both transactions exposed to currency
risk.  In December 2008, when it became clear that no replacement
was likely, Fitch assessed the impact of the absence of a currency
swap provider on the ratings of the notes issued in these two
deals, and downgraded them to their current ratings (listed at the
end of this comment).

The purpose of liquidity facilities in structured finance is to
provide support for short-term liquidity shortfalls.  In Fitch's
analysis these typically only occur in higher rating scenarios,
when the deals are tested against high default and loss
assumptions.  To date, only a limited number of European RMBS
transactions have actually needed to use such facilities, and in
no transactions has the facility been fully utilized.

The ratings of the two deals are:

Eurosail-UK 07-5 NP PLC

  -- Class A1a (ISIN XS0328024608) rated 'CCC'; Recovery Rating
     'RR3'

  -- Class A1c (ISIN XS0328025241) rated 'CCC'; Recovery Rating
     'RR3'

  -- Class B1c (ISIN XS0328025324) rated 'C'; Recovery Rating
     'RR5'

  -- Class C1c (ISIN XS0328025597) rated 'C'; Recovery Rating
     'RR5'

  -- Class D1c (ISIN XS0328025670) rated 'C'; Recovery Rating
     'RR5'

Eurosail Prime-UK 2007-A plc

  -- Class A (ISIN XS0328494157) rated 'CCC'; Recovery Rating
     'RR3'

  -- Class M (ISIN XS0328496368) rated 'C'; Recovery Rating 'RR6'

  -- Class B (ISIN XS0328504567) rated 'C'; Recovery Rating 'RR6'

  -- Class C (ISIN XS0328511265) rated 'C'; Recovery Rating 'RR6'

  -- Class D (ISIN XS0328517205) rated 'C'; Recovery Rating 'RR6'

Danske Bank is also the liquidity facility provider on these EMEA
RMBS transactions:

  -- ALBA 2006-1 plc issued on 18 May 2006, where a stand-by
     drawing has been made

  -- ALBA 2006-2 plc issued on 17 October 2006

  -- Bluestone Securities plc - Series 2007-1 issued on 3 May
     2007, where a stand-by drawing has been made

  -- Clavis Securities plc Series 2006-01 issued on 16 May 2006

  -- Clavis Securities plc Series 2007-01 issued on 31 May 2007

  -- EuroMASTR Series 2007-1V plc issued on 18 June 2007, where a
     stand-by drawing has been made

  -- Eurosail 2006-4NP Plc issued on 27 November 2006, where a
     stand-by drawing has been made

  -- Eurosail Prime-UK 2007-A PLC issued on 13 November 2007

  -- Eurosail-NL 2007-1 B.V. issued on 29 June 2007

  -- Eurosail-NL 2007-2 B.V. issued on 29 November 2007

  -- Eurosail-UK 07-4 BL PLC issued on 16 August 2007

  -- Eurosail-UK 2007-2 NP Plc issued on 15 March 2007, where a
     stand-by drawing has been made

  -- Eurosail-UK 2007-6 NC Plc issued on 28 November 2007

  -- Farringdon Mortgages No. 1 Plc issued on 24 February 2005,
     where a stand-by drawing has been made

  -- Farringdon Mortgages No. 2 Plc issued on 23 August 2005

  -- Great Hall Mortgages No. 1 plc (Series 2006-1) issued on 12
     December 2006, where a stand-by drawing has been made

  -- Great Hall Mortgages No. 1 plc (Series 2007-1) issued on 14
     March 2007, where a stand-by drawing has been made

  -- Great Hall Mortgages No. 1 plc (Series 2007-2) issued on 28
     June 2007, where a stand-by drawing has been made

  -- Leek Finance Number Eighteen Plc issued on 26 October 2006

  -- Leek Finance Number Nineteen Plc issued on 17 April 2007

  -- Mansard Mortgages 2006-1 PLC issued 12 October 2006

  -- Mansard Mortgages 2007-1 PLC issued 2 April 2007, where a
     stand-by drawing has been made

  -- Uropa Securities plc Series 2007-01B issued 21 June 2007


INDEPENDENT NEWS: Profits Down 37%; Gets Debt Repayment Extension
-----------------------------------------------------------------
Salamander Davoudi at The Financial Times reports that Independent
News & Media plc's profits fell 37% in the year to October.

According to the FT, INM said that full-year group revenue had
fallen 14.9% and that full-year operating profit was expected to
be between EUR170 million and EUR190 million (GBP152 million and
GBP170 million).

                         Debt Refinancing

City AM reports that creditors have given INM until Dec. 23 to
finalize plans on the payment of a bond originally due in May.
City AM recalls after being granted several extensions to the
deadline on the EUR200 million (GBP179 million) bond, INM last
month agreed a deal with bondholders that could give them a 47%
stake in the publishing group.

As reported in the Troubled Company Reporter-Europe on Oct.9,
2009, the FT said as part of the refinancing, INM is set to carry
out a debt-for-equity swap that would see its bondholders swap
EUR123 million of bonds for a 46% stake in the company, followed
by a rights issue of about EUR90 million at 5 cents -- an 80%
discount to the current share price of 23.5 cents.

                    About Independent News & Media

Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South Africa
and the United Kingdom.  It also has radio operations in Australia
and New Zealand, and outdoor advertising operations in Australia,
New Zealand, South-East Asia and across Africa.  The Company also
has online operations across each of its principal markets.  The
Company has three business segments: printing, publishing, online
and distribution of newspapers and magazines and commercial
printing; radio, and outdoor advertising.  INM publishes over 200
newspaper and magazine titles, delivering a combined weekly
circulation of over 32 million copies with a weekly audience of
over 100 million consumers.  In March 2008, it acquired The Sligo
Champion.  During the year ended December 31, 2007, the Company
acquired the remaining 50% interest in Toowoomba Newspapers Pty
Ltd.


LUPUS CAPITAL: Ex-Chairman's Comeback Bid Fails
-----------------------------------------------
Jack Farchy at The Financial Times reports that Greg Hutchings
failed in his bid to be reinstated at Lupus Capital plc, from
which he was ousted as executive chairman in July.

According to the FT, at an extraordinary general meeting on
Friday, Oct. 30, more than 58% of votes cast went against
Mr. Hutchings with a turnout of 83% of the company's voting
rights.

The FT relates Mr. Hutchings, who also sought the removal of four
directors of Lupus, said he would not walk away from the company.

"I still have GBP9 million invested in the business, I still
believe strongly in the company, I still feel it has got a good
management team who I work well with," the FT quoted Mr. Hutchings
as saying on Friday.  "I will be scrutinizing what [the directors]
do and reviewing what they said at the meeting [Fri]day."

Mr. Hutchings, the FT discloses, has an 11% stake in Lupus, which
he left when it renegotiated its debt following the breach of 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.


MARBLE ARCH: Moody's Cuts Rating on Class E1C Notes to 'Ca'
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 4 classes
of notes and has confirmed the ratings of 6 classes of notes
issued by Marble Arch Residential Securitization No.4 PLC.  The 10
affected tranches, listed below, had been placed on review for
possible downgrade on September 17, 2008 because of their exposure
to Lehman Brothers Holdings Inc.  These notes were also under
review due to worse-than-expected collateral performance as
detailed in a press release dated June 26, 2009 when Moody's
placed on review 13 UK Non-Conforming RMBS transactions and
commented on 14 other UK NC RMBS transactions.  The rating actions
conclude the review and take into account increased loss
expectations for the portfolio as well as the exposure to LBHI or
to entities ultimately owned by LBHI performing servicing and cash
management functions.

Marble Arch 4 closed in October 2006 and the current pool factor
is approximately 40%.  The assets supporting the notes are
mortgage loans secured by residential properties located in
England and Wales, with approximately 21% of the outstanding
portfolio represented by second lien loans.  The original weighted
average LTV at closing was approximately 79% while the current
weighted average indexed LTV has increased to approximately 83%.
As a result of the house price depreciation after closing,
approximately 8% of the outstanding portfolio is currently
characterized by an indexed LTV higher than 100%.

The loans in arrears by more than 90 days (excluding
repossessions) amount to approximately 15.4% of the current
portfolio balance, while outstanding repossessions equal 3.1% of
the current portfolio balance.  The cumulative losses realized
since closing amount to 2.8% of the original portfolio balance,
with an average loss severity of 32.6% reported in the last
quarter.  The reserve fund, fully funded at closing, has been
completely depleted and the E Note PDL outstanding amounts to
approximately GBP240,000.  Marble Arch 4 benefits from a liquidity
facility provided by Lloyds TSB Bank plc and currently equal to
GBP60.9 million.  The facility is not allowed to amortise due to
the breach of performance triggers in the transaction.  Following
the downgrade of the liquidity facility provider below the
required rating, a stand-by drawing has taken place and the full
commitment of the facility has been credited to the transaction
account.

Moody's has assessed updated loan-by-loan information of the
outstanding portfolio to determine the increase in credit support
needed and the volatility of future losses.  As a consequence,
Moody's has revised its Milan Aaa CE for Marble Arch 4 to 32%.
The current available credit enhancement (excluding excess spread)
for Class A3c is approximately equal to 50.2%.  Considering the
current amount of realized losses, and completing a roll-rate and
severity analysis for the non-defaulted portion of the portfolio,
Moody's has also increased its total loss expectations to 7% of
the original portfolio balance.

The loss expectation and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into Moody's RMBS cash-flow
model.  Moody's has also factored into its analysis the negative
sector outlook for UK non-conforming RMBS.  The sector outlook
reflects these expectations of key macro-economic indicators: GDP
to contract by 4.3% in 2009, followed by growth of 1.2% in 2010,
unemployment to increase to 9.5% by 2010 from 7.8%, house prices
to decrease by around 25% from their peak in 2007 to a trough in
2010 and further increases in personal insolvencies.

Approximately 21% of the current portfolio balance is composed by
mortgages paying a fixed interest rate until maturity, while the
remaining 79% of the portfolio is indexed to the Bank of England
Base Rate.  Moody's notes that following the bankruptcy filing of
LBHI, an event of default has occurred in the fixed-to-floating
and in the basis swap agreements in place in Marble Arch 4.  As of
both swaps have been terminated but no replacement swaps have been
entered into by the issuer.  In its current rating review, Moody's
has assumed that the issuer will not enter into replacement swaps
and will be exposed to interest rate and basis risk until
transaction maturity.

Finally, the rating actions incorporate the potential operational
risks associated with Capstone Mortgage Services Ltd performing
the servicing and cash management functions.  The servicing of the
mortgage portfolio in Marble Arch 4 is delegated to Vertex
Mortgage Services Limited, although Capstone remains the nominated
servicer.  Following a review of Capstone servicing operations,
Moody's is satisfied of the ability of the servicer to perform its
duties considering current resources, systems and procedures.
Uncertainties remain on the ownership structure and funding
strategy of Capstone in the future.  Moody's considers the back-up
cash management arrangements in place with HML to be not
sufficiently hot to ensure, in Aaa-equivalent circumstance, a
timely payment of principal and interest on the notes within the
grace period.  The consideration of this residual operational risk
has affected the ratings of the Class A3c by one notch.  The
rating of the Detachable A3c Coupon, due to expire in December
2009, has been confirmed due to the very short time of exposure to
operational risk.

The classes of notes affected by the rating action are:

  -- Class A3c, downgraded to Aa1; previously on 17 September 2008
     Aaa and placed under review for possible downgrade;

  -- Detachable A3c Coupon, confirmed at Aaa; previously on 17
     September 2008 Aaa and placed under review for possible
     downgrade;

  -- Class B1a, confirmed at Aa3; previously on 17 September 2008
     Aa3 and placed under review for possible downgrade;

  -- Class B1b, confirmed at Aa3; previously on 17 September 2008
     Aa3 and placed under review for possible downgrade;

  -- Class B1c, confirmed at Aa3; previously on 17 September 2008
     Aa3 and placed under review for possible downgrade;

  -- Class C1a, confirmed at A2; previously on 17 September 2008
     A2 and placed under review for possible downgrade;

  -- Class C1c, confirmed at A2; previously on 17 September 2008
     A2 and placed under review for possible downgrade;

  -- Class D1a, downgraded to B2; previously on 17 September 2008
     Baa3 and placed under review for possible downgrade;

  -- Class D1c, downgraded to B2; previously on 17 September 2008
     Baa3 and placed under review for possible downgrade; and

  -- Class E1c, downgraded to Ca; previously on 17 September 2008
     B2 and placed under review for possible downgrade.

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

Moody's will continue to monitor closely the above transaction.


NATIONAL EXPRESS: Should Reconsider Seeking Buyer, Cosmens Say
--------------------------------------------------------------
Beth Mellor at Bloomberg News reports that members of Spain's
Cosmen family, National Express Group Plc's largest investor, said
the company should reconsider seeking a buyer instead of pursuing
a stock sale.

According to Bloomberg, the Cosmens said in a statement Friday
that they are "greatly concerned" that London-based National
Express, which rejected a GBP1.6-billion merger from Stagecoach
Group plc, risks losing value and want the debt-laden bus and
train company's board to seek outside advice on strategy.

"What the Cosmens are saying is that an equity fundraising isn't
going to be the end of this," Bloomberg quoted Gert Zonneveld, an
analyst at Panmure Gordon in London with a "hold" rating on
National Express, as saying.  "It will give the company a bit of
breathing space, but at the same time the Cosmens say they still
need to consider where the business is going in the longer term."

As reported in the Troubled Company Reporter-Europe on Oct. 26,
2009, Bloomberg News said National Express will sell shares in the
next two months and has won agreement from lenders to reschedule
debt repayments.

National Express Group PLC -- http://www.nationalexpressgroup.com/
-- is the holding company of the National Express Group of
companies.  Its subsidiary companies provide mass passenger
transport services in the United Kingdom and overseas.  The
Company's segments comprise: UK Bus; UK Coach; UK Trains; North
American Bus; European Coach and Bus, and Central functions.  Its
subsidiaries include Tayside Public Transport Co. Limited, Durham
School Services LP, Stock Transportation Limited, Dabliu
Consulting SLU, Tury Express SA, General Tecnica Industrial SLU
and Continental Auto SLU.  In June 2009, the Company announced the
completion of the sale of Travel London, its London bus business,
to NedRailways Limited, a subsidiary of NS Dutch Railways.


NORTHERN ROCK: S&P Downgrades Rating on US$700 Mil. Notes to 'C'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its rating
on the US$700 million 5.6% Upper Tier 2 subordinated debt
instrument issued by Northern Rock PLC (A/Watch Neg/A-1) to 'C'
from 'CC'.  The counterparty credit ratings on Northern Rock are
unaffected by this action.

On Aug. 18, 2009, Northern Rock announced its intention to cease
coupon payments on eight hybrid capital issues, of which seven are
rated by us.  On Aug. 19, 2009, S&P downgraded the rated issues to
'CC' from 'CCC' and stated that S&P expected to downgrade them to
'C' when coupon payments were actually missed.  A coupon on the
US$700 million 5.6% issue is due and, in line with Northern Rock's
August 2009 announcement, will not be paid.  S&P has consequently
lowered the rating on this issue to 'C' from 'CC'.

Northern Rock's GBP300 million 8.399% Reserve Capital Instruments
and GBP200 million 7.053% Tier One Notes missed coupon payments on
Sept. 21, 2009, and the ratings on these instruments were lowered
to 'C' from 'CC' on that date.  The ratings on four other rated
hybrid issues mentioned in Northern Rock's August 2009
announcement remain 'CC'.  S&P expects to downgrade these issues
to 'C' once coupons become due and go unpaid.  S&P understand that
the next scheduled coupon payment dates on these four instruments
range between November 2009 and June 2010.

                           Ratings List

                            Downgraded

     US$700 mil 5.6% upper tier 2 perp callable jr sub hybrid
                       (ISIN: US66567GAW06)

                      To                From
                      --                ----
                      C                 CC


VEDANTA RESOURCES: Sesa Fraud Probe Won't Affect Moody's Ratings
----------------------------------------------------------------
Moody's Investors Service notes that Sesa Goa Limited, a 57.1%-
owned subsidiary of Vedanta Resources plc, has received an
investigation order from the Serious Fraud Investigation Office of
the Government of India.

While the investigation does not have an immediate effect on
Vedanta's ratings, Moody's will closely monitor the situation for
signs of any potential material impact on Vedanta's operating or
financial profile stemming from this investigation.

According to the order, the investigation must be completed within
six months.

Sesa Goa has received requests from the Registrar of Companies for
information for the period from 2001 to 2009.  The scope of the
investigation includes the state of affairs in respect of
mismanagement, malpractices, financial and other irregularities.

Sesa Goa believes that the investigation originates from a
complaint filed by a shareholder against its subsidiary company,
Sesa Industries Limited, and its directors in 2003.

"Vedanta acquired a 51% controlling stake in Sesa Goa in April
2007, well after the matters that are believed to be subject to
investigation occurred," said Ivan Palacios, a Moody's
AVP/Analyst.

"However, there is limited information at this time regarding the
specific possible financial or management irregularities which the
government is investigating," added Mr. Palacios.

Moody's expects to comment more fully once there is greater
visibility regarding the outcome of the investigation and the
potential impact on Sesa Goa and Vedanta.

On other matters, Vedanta's indirectly wholly-owned subsidiary,
Sterlite Energy Limited, announced a proposed initial public
officering of its shares to raise Rs51 billion (around
US$1.1 billion).  The proceeds of the offering are expected to be
partially used to finance the construction and development of
power projects in Jharsuguda and Talwandi and for general
corporate purposes.

"The announced IPO, if realized, would be a credit positive for
Vedanta, as the net proceeds will give the group additional
financial flexibility to support its capex plan," said
Mr. Palacios.

"However, it would not have an immediate impact on Vedanta's
rating or its outlook given the company's aggressive expansion
plans and its relatively limited impact on financial metrics," he
adds.

In addition, the proposed IPO would dilute Vedanta's indirect
ownership in Sterlite Energy.  Moody's notes that the reduction in
effective ownership is not in line with the group's strategy to
streamline its complex corporate structure.

Vedanta currently has a Ba1 corporate family rating and Ba2 senior
unsecured rating, both with stable outlooks.

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

Headquartered in London, Vedanta Resources plc is a metals and
mining company focusing on integrated zinc, aluminum, copper, iron
ore mining and commercial power generation.  Its operations are
predominantly located in India.  It is listed on the London Stock
Exchange and is 59.35% owned by Volcan Investments Ltd.


VIRGIN MEDIA: Amendments to Senior Facilities Agreement Approved
----------------------------------------------------------------
Virgin Media Inc.'s senior lenders on October 30 approved proposed
amendments to its senior facilities agreement.  Virgin Media
expects that the amendments will be signed and become effective
shortly.

These amendments will provide Virgin Media with additional
financial flexibility, which will support ongoing efforts to
further strengthen its capital structure.  The principal aim of
the amendments is to permit the issuance of senior secured bonds,
which would rank on a pari passu basis with the existing senior
bank facilities, in order to refinance part of the existing senior
bank facilities and diversify the sources of funding available to
Virgin Media.

                        About Virgin Media

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


WHITE YOUNG: Draws Up Debt Restructuring Plan
---------------------------------------------
David Fickling at The Financial Times reports that White Young
Green plc -- which has been struggling with debt that stood at
GBP89 million at the end of June -- has drawn up a restructuring
package that will hand 60% of the company over to its lenders.

The restructuring will see its lenders write off GBP50 million of
debt in exchange for the equity stake, the FT discloses.

The FT relates principal lenders Lloyds Banking Group, Fortis UK
and RBS Royal Bank of Scotland have been deferring tests on debt
covenants since June, and will further delay them until after an
extraordinary meeting to approve the restructuring, which must
occur before December 14.

According to the FT, David Wilton, finance director, said that the
value of equity in the company was now "pretty much worthless",
giving existing shareholders no interest in voting against the
proposal to cut their holding to just 15% of the total.  The FT
says the restructuring, if approved, will see the value of their
investments cut down to less than GBP1 million.

                     About White Young Green plc

Headquartered in Leeds, White Young Green plc --
http://www.wyg.com/-- operates as a consultant to the built,
natural and social environment.  WYG provides a range of
complementary engineering services to clients covering all key
engineering disciplines and many associated specialist skills.  It
offers non-design-related management services, including project
management, property management, cost management, dispute
resolution, health and safety management, security consultancy and
socio- economic advisory services.  The Company provides
environmental services to clients, including noise, air and water
quality, environmental management systems, ecology, environmental
impact assessments, waste management, landscape and urban design,
pollution control, geotechnical investigations, asbestos surveys
and contaminated land remediation services.


YELL GROUP: Close to Securing Approval for Debt Restructuring Plan
------------------------------------------------------------------
Salamander Davoudi and Anousha Sakoui at The Financial Times
report that Yell Group plc is likely to push ahead with a planned
restructuring of its GBP3.8 billion debt.

The FT relates that on Friday, Yell needed just one remaining
lender to approve the plan.  The company is poised to use a scheme
of arrangement to force through its debt restructuring plans if
the final lender, understood to be a Spanish bank, does not
approve the plan, the FT says.

The FT recalls that on Friday morning Yell extended the deadline
for acceptances again to allow the final two lenders to approve
the deal.  According to the FT, it was unclear whether the
acceptance would be received, but one person close to the
situation said the outlook was positive for the refinancing
without the need for a scheme, which if it was implemented could
delay the company’s associated equity raising until after
Christmas.

Yell, the FT discloses, plans to reduce its debt to GBP3.3 billion
with a GBP500 million equity raising, before paying off a further
GBP300 million within 18 months, either with any extra proceeds
from the offering or by other means.

                         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.

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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.


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