TCREUR_Public/091201.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, December 1, 2009, Vol. 10, No. 237

                            Headlines

A R M E N I A

MARANI BRANDS: Reports US$209,500 Profit in Sept. Quarter


A U S T R I A

MEPRO WERBEAGENTUR: Claims Filing Deadline is December 28
PETER WIMMER: Claims Filing Deadline is December 28
PRO11 UNTERNEHMENSBERATUNG: Claims Filing Deadline is December 28
TRANS-SPEED LOGISTIK: Claims Filing Deadline is December 28
TRMBE HANDELS: Claims Filing Deadline is December 28


B U L G A R I A

DSK BANK: Moody's Confirms Bank Financial Strength Rating at 'D+'
FIRST INVESTMENT: Moody's Cuts Bank Fin'l Strength Rating to 'D-'
MKB UNIONBANK: Moody's Affirms 'D-' Bank Financial Strength Rating
RAIFFEISENBANK: Moody's Affirms 'D+' Bank Fin'l Strength Rating


F R A N C E

TITAN CEMENT: S&P Gives Positive Outlook; Keeps 'BB+/B' Rating


G E R M A N Y

ARCANDOR AG: ORWO Net Acquires Foto Quelle Assets
ARCANDOR AG: CEO Says German Bankruptcy Law Should Be Changed
ARGON CAPITAL: Moody's Withdraws Ratings on Two Series of Notes
EUROHOME MORTGAGES: Fitch Cuts Rating on Class D Notes to 'C'
IMMEO RESIDENTIAL: Moody's Cuts Rating on Class D Notes to 'Ba1'


G R E E C E

WIND HELLAS: Appoints Nassos Zarkalis as New CEO

* GREECE: Eyes Sale of at Least EUR25-Bil. Bonds to Chinese Banks


I R E L A N D

CELF LOAN: Moody's Downgrades Rating on Class D Notes to 'Caa3'
GALVINS WHOLESALE: Goes Into Liquidation
KINTYRE CLO: Moody's Downgrades Rating on Class E Notes to 'Ca'
LINEN SUPPLY: To Close Galway Plant; 103 Jobs Affected
MMB HOTELS: Goes Into Liquidation; Jim Stafford Appointed

PALMER SQUARE: S&P Downgrades Ratings on Three Classes of Notes
RMF EURO: Moody's Downgrades Rating on Class R Notes to 'Caa3'


I T A L Y

MARIELLA BURANI: Mulls Creditor Protection; In Talks with Lenders


K A Z A K H S T A N

AHBK-NIMEX: Creditors Must File Claims by December 9
AL GAS: Creditors Must File Claims by December 9
EKIBASTUZ SHEBEN: Creditors Must File Claims by December 9
GRAND BUILDING: Creditors Must File Claims by December 9
HDM KAZAKHSTAN: Creditors Must File Claims by December 9

KAZAKHGOLD GROUP: Event of Default on US$200 Mln Notes Likely
NIMEX LAND: Creditors Must File Claims by December 9
ORDABASY CORPORATION: Creditors Must File Claims by December 9
PIPELINE LLP: Creditors Must File Claims by December 9
SBS ALMATY: Creditors Must File Claims by December 9

TSEHT BIPARZ: Creditors Must File Claims by December 9


K Y R G Y Z S T A N

BISHKEK STROY: Creditors Must File Claims by December 23
RUBIN LTD: Creditors Must File Claims by December 23


N E T H E R L A N D S

LYONDELL CHEMICAL: Disc. Statement Hearing Adjourned to Jan. 5
LYONDELL CHEMICAL: Wants to Amend European Securitization Program
ROMPETROL GROUP: Fitch Upgrades Issuer Default Rating to 'B+'


R U S S I A

AVTO-SPETS: Creditors Must File Claims by December 9
AVTOVAZ OAO: Russia Inks Deal with Renault; To Inject RUR50 Bln
BUILD-HOUSE: Creditors Must File Claims by December 6
DON-LES: Creditors Must File Claims by December 9
ORENBURGSKIY REINFORCED: N. Mishchenko Named Insolvency Manager

REGION-GAS: Creditors Must File Claims by December 6
SAINT-PETERSBURG: Creditors Must File Claims by December 6
SARAPULSKIY TIMBER: Creditors Must File Claims by December 9
SPETST-REM-STROY: Creditors Must File Claims by December 6
STROY-MONOLIT: Creditors Must File Claims by December 9

STROY-PAK: Creditors Must File Claims by December 6
STROY-RODOLIT: Creditors Must File Claims by December 9
TABAK-PROM: Creditors Must File Claims by December 9
TULA CHAIN: Creditors Must File Claims by December 6
UFIMSKIY REINFORCED: Creditors Must File Claims by December 6

VYAZEMSKAYA MECHANICAL: Creditors Must File Claims by December 6
X5 RETAIL: Peterson Sale Won't Affect S&P's 'BB-' Rating

* LIPETSK REGION: Fitch Affirms 'BB' Long-Term Currency Ratings


S P A I N

OBRASCON HUARTE: Fitch Affirms Issuer Default Rating at 'BB-'


S W E D E N

GENERAL MOTORS: Saab Gets Serious Expressions of Interest


S W I T Z E R L A N D

BAU- UND INDUSTRIESPENGLEREI: Claims Filing Deadline is December 3
EURASIA INVEST: Claims Filing Deadline is December 3
IMBIONIC BIOLOGICAL: Claims Filing Deadline is December 3
HEATMARK GMBH: Claims Filing Deadline is December 3
JDFX RISK: Claims Filing Deadline is December 3

LEAL ARCHITEKTUR: Claims Filing Deadline is December 3


U K R A I N E

CHEMICAL EVERYDAY: Creditors Must File Claims by December 3
KHARKOV CONCRETE-C LLC: Creditors Must File Claims by December 3
KHLEBODAR OJSC: Creditors Must File Claims by December 3
MAMALIGA REPAIR: Creditors Must File Claims by December 3
MAYDAN LLC: Creditors Must File Claims by December 3

MRIYA AGRICULTURAL: Creditors Must File Claims by December 3
UKRAINE AGRICULTURAL: Creditors Must File Claims by December 3


U N I T E D   K I N G D O M

FIRST QUENCH: Closes 391 Stores; 2,140 Jobs Affected
NATIONAL EXPRESS: Shareholders Back GBP360 Mln Rights Issue
ROYAL BANK: Has Large Exposure to Dubai World; Owed US$1 Billion
UBS AG: Moody's Withdraws Low-B Ratings on Two Classes of Notes
YELL GROUP: Gets Help From Bank of England on Debt Restructuring


X X X X X X X X

* Large Companies with Insolvent Balance Sheet


                         *********



=============
A R M E N I A
=============


MARANI BRANDS: Reports US$209,500 Profit in Sept. Quarter
---------------------------------------------------------
Marani Brands, Inc., reported net income of US$209,536 on sales of
US$106,737 for the three months ended September 30, 2009, compared
with a net loss of US$773,405 on sales of US$21,574 for the same
period of 2008.

Net income over the three months ending September 30, 2009,
resulted from an increase in revenue and a significant decrease in
total general and administrative expenses as a result of the
cancellation of 1,635,000 shares of the Company's common stock
issued in payment of US$620,810 for outsourced services, which
payments were reported as a general and administrative expense in
the last two quarters of the Company's 2009 fiscal year ending
June 30, 2009.

At September 30, 2009, the Company's consolidated balance sheets
showed US$1,420,067 in total assets and US$2,843,825 in total
liabilities, resulting in a US$1,423,758 stockholders' deficit.

The Company's consolidated balance sheets at September 30, 2009,
also showed strained liquidity with US$1,409,812 in total current
assets available to pay US$2,843,825 in total current liabilities.

A full-text copy of the Company's Form 10-Q for the three months
ended September 30, 2009, is available for free at:

               http://researcharchives.com/t/s?4ac1

The Company posted a restated net loss of US$3,374,867 for the
three months ended December 31, 2008, compared with a net loss of
US$1,300,042 for the same period ended December 31, 2007.

A full-text copy of the Company's Form 10-Q/A for the three months
ended December 31, 2008, is available for free at:

               http://researcharchives.com/t/s?4ac2

The Company reported a restated net loss of US$773,405 for the
three months ended September 30, 2008, compared with a net loss of
US$118,786 for the same period ended September 30, 2007.

A full-text copy of the Company's Form 10-Q/A for the three months
ended September 30, 2008, is available for free at:

               http://researcharchives.com/t/s?4ac3

                      Going Concern Doubt

As of September 30, 2009, the Company has an accumulated deficit
of US$24,179,722.  The Company's current business plan requires
additional funding beyond its anticipated cash flows from
operations. The Company believes these and other factors raise
substantial doubt about the Company's ability to continue as a
going concern.

                      About Marani Brands

Based in North Hollywood, Calif., Marani Brands, Inc. (OTC BB:
MRIB) primarily engages in the distribution of wine and spirit
products manufactured in Armenia.  The Company's signature product
is Marani Vodka, a premium vodka which is manufactured exclusively
for the Company in Armenia.


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


MEPRO WERBEAGENTUR: Claims Filing Deadline is December 28
---------------------------------------------------------
Creditors of mepro Werbeagentur GmbH have until December 28, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 8, 2010 at 10:55 a.m.

For further information, contact the company's administrator:

         Dipl. Ing. Mag. Michael Neuhauser
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 90 333
         Fax: 90 333 55
         E-mail: wien@snwlaw.at


PETER WIMMER: Claims Filing Deadline is December 28
---------------------------------------------------
Creditors of Peter Wimmer & Co Investment GmbH have until
December 28, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 12, 2010 at 10:45 a.m.

For further information, contact the company's administrator:

         Dr. Clemens Jaufer
         Einspinnergasse 3/II
         8010 Graz
         Austria
         Tel: 0316/832460
         Fax: 0316/832460-20
         E-mail: office@scherbaum-seebacher.at


PRO11 UNTERNEHMENSBERATUNG: Claims Filing Deadline is December 28
-----------------------------------------------------------------
Creditors of Pro11 Unternehmensberatung GmbH have until
December 28, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 12, 2010 at 10:15 a.m.

For further information, contact the company's administrator:

         Mag. Georg Dieter
         Kalchberggasse 10
         8010 Graz
         Austria
         Tel: 0316/228922
         Fax: 0316/228922-89
         E-mail: office@sdra.at


TRANS-SPEED LOGISTIK: Claims Filing Deadline is December 28
-----------------------------------------------------------
Creditors of Trans-Speed Logistik GmbH have until December 28,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 8, 2010 at 11:25 a.m.

For further information, contact the company's administrator:

         Mag. Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at


TRMBE HANDELS: Claims Filing Deadline is December 28
----------------------------------------------------
Creditors of TRMBE Handels GmbH have until December 28, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 8, 2010 at 10:45 a.m.

For further information, contact the company's administrator:

         MMag. Dr. Franz Stefan Pechmann
         Prinz-Eugen-Strasse 70/2/1.1
         1040 Vienna
         Austria
         Tel: 89 00 826
         Fax: 89 00 826 20
         E-mail: office@pechmann.cc


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


DSK BANK: Moody's Confirms Bank Financial Strength Rating at 'D+'
-----------------------------------------------------------------
Moody's Investors Service took rating actions on four Bulgarian
banks following its reassessment of the vulnerability of their
earnings and capital positions to increased credit losses arising
from the deepening recession in Bulgaria.  The affected banks are:
First Investment Bank AD, DSK Bank, Raiffeisenbank (Bulgaria) EAD
and MKB Unionbank AD.

First Investment Bank AD: The bank financial strength rating was
downgraded to D- from D.  The bank's long-term local and foreign
currency deposit ratings were also downgraded to Ba2 from Ba1.
All ratings carry a negative outlook.

DSK Bank: The D+ BFSR (previously on review) was confirmed but the
outlook was changed to negative.  The bank's local currency
deposit ratings were downgraded to Baa3/Prime-3 from Baa2/Prime-2.
The foreign currency deposit ratings were affirmed at Baa3/Prime-
3.  The bank's local and foreign currency deposit ratings carry a
negative outlook, to reflect the negative outlook on the BFSR.

Raiffeisenbank (Bulgaria) EAD: The D+ BFSR and Baa3/Prime-3 local
and foreign currency deposit ratings were all affirmed with their
existing negative outlook.

MKB Unionbank AD: The D- BFSR and Ba2/Not Prime local and foreign
currency deposit ratings were all affirmed with their existing
negative outlook.

                Rating Actions on Bulgarian Banks

Moody's rating actions on the banks were prompted by its
reassessment of the vulnerability of their earnings and capital
position to increased credit losses arising from the deepening
recession in Bulgaria, which has resulted in higher corporate
defaults, rising unemployment levels and lower disposable income
for individuals.

More specifically, the corporate sector's financial performance in
the country has weakened significantly, mostly due to lower demand
for Bulgaria's exports from its main export partners and from the
declining foreign direct investment.  At the same time, the retail
sector has also been pressurized by the deteriorating labor
market, which has led to a decline in disposable income and, in
turn, to lower consumer demand.  Although the banking sector
continues to remain profitable, strongly capitalized and has good
liquidity levels, Moody's notes that the above conditions led to
increased credit losses in the system, with total systemic non-
performing loans growing to 5.63% of total loans as at end-
September 2009, up from 2.41% at end-2008.

In view of the above and given the negative pressure on the
Bulgarian banks' asset quality and profitability due to the
weakened operating environment in the country, Moody's analysis
focused on determining whether the banks' stand-alone ratings,
i.e. their BFSRs, were appropriately placed at their current
level.

"Given that asset quality metrics lag behind macroeconomic
indicators by several months, it is crucial that the banks'
current ratings incorporate Moody's expectations of their future
losses," said Elena Panayiotou, lead analyst at Moody's for the
Bulgarian banks.

                    Rating Action on DSK Bank

Regarding DSK Bank, the rating action concludes the review of the
bank, which was initiated in May 2009.  Moody's decision to
confirm the bank's BFSR at D+ and assign a negative outlook
captures the impact of the deteriorating operating environment on
the bank's financial fundamentals, which remain at healthy levels.
The rating agency notes that the bank continues to generate good
profitability levels on its loan book, despite lower growth in
business volumes, and has sufficient capital buffer to absorb
credit losses as per Moody's expected scenario and maintain its
ratings at the current level.

The negative outlook that was assigned on the BFSR reflects
Moody's expectation that future credit losses may rise, which
could impact profitability and future capitalization, though this
is to be monitored within the credit cycle.

The downgrade of DSK Bank's local currency deposit ratings was
driven by Moody's revision of its approach to systemic support.
The changes implied by the revision are being implemented
globally, affecting 50 banking systems, including Bulgaria.
Moody's explains this new assessment of systemic support in detail
in the Special Comment "Financial Crisis More Closely Aligns Bank
Credit Risk and Government Ratings in Non-Aaa Countries",
published in May 2009.

The rating agency continues to believe that most governments are
likely to support their nation's banks to avoid a crisis in the
local payments system.  The probability of such support is an
important part of Moody's credit analysis and provides an uplift
to debt and deposit ratings from a bank's standalone level of
strength.  However, Moody's also believes that the capacity of a
country and its central bank to support its financial sector is
now more closely aligned with the government's own
creditworthiness.

Moody's new systemic support indicator for Bulgaria is at Baa2,
which is one notch above the government's Baa3 local currency bond
rating and replaces the previously used Baa1 local currency
deposit ceiling as the support input.

              Rating Action On First Investment Bank

With regard to FIB's ratings, the downgrades conclude the rating
review initiated on 26 May 2009.  Moody's decision to downgrade
FIB's ratings and assign a negative outlook captures the impact of
the deteriorating operating environment on the bank's credit
quality and profitability levels, which have been impacted by
lower growth in business volumes and reduced interest rate margins
compared to earlier years.  Moreover, given the challenging
funding conditions in Bulgaria and the absence of a strong foreign
shareholder in the bank's capital, FIB's funding costs have risen,
reflecting the bank's diverse but expensive deposit base, which
impacts its profit levels.  Expectations of a modest recovery in
the Bulgarian economy in the next two years and a negative outlook
in the labor market suggest that future credit losses will
continue to rise, impacting further the bank's profitability and
its capital levels.  Moreover, given the fierce competition in
Bulgaria for raising customer deposits and in view of the absence
of a strong foreign parent bank from FIB's capital, Moody's
expects the bank's funding costs to remain relatively high,
pressuring the interest rate margins and profitability levels.
The negative outlook captures the above and is to be monitored
within the coming months.

             Affirmation of Raiffeisenbank's Ratings

The decision to affirm Raiffeisenbank's BFSR and local and foreign
currency deposit rating, with a negative outlook, captures Moody's
view that the bank is well-placed at the D+ rating level -- at the
highest level of BFSR assigned to Bulgarian banks -- and reflects
the bank's good revenue generation, solid funding profile and
ample capital buffer to absorb future losses.  However, the
negative outlook also reflects expectations that future credit
losses may rise, which could impact profitability and future
capitalization, though this is to be monitored within the credit
cycle.

              Affirmation of MKB Unionbank's Ratings

The decision to affirm MKB Unionbank's ratings captures Moody's
view that, although the bank is well-placed at the D- rating
level, there is negative pressure on the bank's financial
fundamentals due to the weakened operating environment in
Bulgaria.  According to the rating agency, the bank is currently
strongly capitalized and benefits from funding support from its
parent bank -- MKB Rt (Hungary) -- which supports its business
growth and provides relatively low-cost funds to the Bulgarian
institution.  Nevertheless, Moody's expectations that future
credit losses on the bank's loan portfolio may rise, impacting
profitability and future capitalization, are captured in the
negative outlook.

Moody's will continue to closely monitor the ongoing economic
crisis and cautions that if the deterioration in the asset quality
of any of the Bulgarian institutions exceeds its current
expectations for 2010, resulting in higher-than-anticipated credit
losses, it could downgrade the ratings of those Bulgarian banks
that exhibit weakened financial strength.

In a recent Special Comment entitled "Moody's Approach to
Estimating Bulgarian Banks' Credit Losses" (published in November
2009), Moody's explained that all the rated Bulgarian banks
currently have sufficient loss absorption capacity -- comprising
capital, existing provisions and ongoing profit generation
capacity -- and are expected to withstand a likely further
deterioration in asset quality in accordance with Moody's expected
scenario.

Following the rating actions, ratings of the affected issuers are:

DSK Bank AD

  -- D+ BFSR

  -- Baa3/Prime-3, long-term and short-term local and foreign
     currency deposit rating

  -- All ratings carry a negative outlook

First Investment Bank AD

  -- D- BFSR
  -- Ba2 long-term local and foreign currency deposit ratings
  -- All ratings carry a negative outlook

Raiffeisenbank (Bulgaria) EAD

  -- D+ BFSR

  -- Baa3/P-3 long-term and short-term local and foreign currency
     deposit ratings

  -- All ratings carry a negative outlook

MKB Unionbank AD

  -- D- BFSR
  -- Ba2 long-term local and foreign currency deposit ratings
  -- All ratings carry a negative outlook

The last rating action on DSK Bank was on 26 May 2009 when Moody's
placed the bank's BFSR and local currency deposit ratings on
review for possible downgrade.  The rating action reflected
Moody's review of stresses arising from the ongoing crisis and the
increasing convergence between the government's ability to support
the banks and its own debt capacity.  At the same time, Moody's
also downgraded DSK Bank's long-term local currency deposit rating
due to the downgrade of the ratings of its parent bank, OTP Bank
of Hungary.

The previous rating action on First Investment Bank was on 26 May
2009 when Moody's placed the bank's BFSR, long-term local and
foreign currency deposit and the ratings assigned to its EMTN
program on review for possible downgrade.

The previous rating action on Raiffeisenbank (Bulgaria) EAD was on
1 April 2009 when Moody's downgraded the long-term and short-term
local currency deposit ratings of the bank to Baa3/Prime-3 from
Baa1/Prime-2, with a negative outlook.

The previous rating action on MKB Unionbank was on 21 May 2009
when Moody's downgraded the long-term local and foreign currency
deposit ratings of the bank to Ba2 from Ba1, with a negative
outlook.

At the end of September 2009, DSK Bank had total assets of
BGN8.688 billion (EUR4.440 billion), Raiffeisenbank (Bulgaria) EAD
had total assets of BGN6.815 billion (EUR3.484 billion), First
Investment Bank had total assets of BGN 4.031billion
(EUR2.061 billion) and MKB Unionbank had total assets of
BGN1.592 billion (EUR813.98 million).  All the banks are
headquartered in Sofia, Bulgaria.


FIRST INVESTMENT: Moody's Cuts Bank Fin'l Strength Rating to 'D-'
-----------------------------------------------------------------
Moody's Investors Service took rating actions on four Bulgarian
banks following its reassessment of the vulnerability of their
earnings and capital positions to increased credit losses arising
from the deepening recession in Bulgaria.  The affected banks are:
First Investment Bank AD, DSK Bank, Raiffeisenbank (Bulgaria) EAD
and MKB Unionbank AD.

First Investment Bank AD: The bank financial strength rating was
downgraded to D- from D.  The bank's long-term local and foreign
currency deposit ratings were also downgraded to Ba2 from Ba1.
All ratings carry a negative outlook.

DSK Bank: The D+ BFSR (previously on review) was confirmed but the
outlook was changed to negative.  The bank's local currency
deposit ratings were downgraded to Baa3/Prime-3 from Baa2/Prime-2.
The foreign currency deposit ratings were affirmed at Baa3/Prime-
3.  The bank's local and foreign currency deposit ratings carry a
negative outlook, to reflect the negative outlook on the BFSR.

Raiffeisenbank (Bulgaria) EAD: The D+ BFSR and Baa3/Prime-3 local
and foreign currency deposit ratings were all affirmed with their
existing negative outlook.

MKB Unionbank AD: The D- BFSR and Ba2/Not Prime local and foreign
currency deposit ratings were all affirmed with their existing
negative outlook.

                Rating Actions on Bulgarian Banks

Moody's rating actions on the banks were prompted by its
reassessment of the vulnerability of their earnings and capital
position to increased credit losses arising from the deepening
recession in Bulgaria, which has resulted in higher corporate
defaults, rising unemployment levels and lower disposable income
for individuals.

More specifically, the corporate sector's financial performance in
the country has weakened significantly, mostly due to lower demand
for Bulgaria's exports from its main export partners and from the
declining foreign direct investment.  At the same time, the retail
sector has also been pressurized by the deteriorating labor
market, which has led to a decline in disposable income and, in
turn, to lower consumer demand.  Although the banking sector
continues to remain profitable, strongly capitalized and has good
liquidity levels, Moody's notes that the above conditions led to
increased credit losses in the system, with total systemic non-
performing loans growing to 5.63% of total loans as at end-
September 2009, up from 2.41% at end-2008.

In view of the above and given the negative pressure on the
Bulgarian banks' asset quality and profitability due to the
weakened operating environment in the country, Moody's analysis
focused on determining whether the banks' stand-alone ratings,
i.e. their BFSRs, were appropriately placed at their current
level.

"Given that asset quality metrics lag behind macroeconomic
indicators by several months, it is crucial that the banks'
current ratings incorporate Moody's expectations of their future
losses," said Elena Panayiotou, lead analyst at Moody's for the
Bulgarian banks.

                    Rating Action on DSK Bank

Regarding DSK Bank, the rating action concludes the review of the
bank, which was initiated in May 2009.  Moody's decision to
confirm the bank's BFSR at D+ and assign a negative outlook
captures the impact of the deteriorating operating environment on
the bank's financial fundamentals, which remain at healthy levels.
The rating agency notes that the bank continues to generate good
profitability levels on its loan book, despite lower growth in
business volumes, and has sufficient capital buffer to absorb
credit losses as per Moody's expected scenario and maintain its
ratings at the current level.

The negative outlook that was assigned on the BFSR reflects
Moody's expectation that future credit losses may rise, which
could impact profitability and future capitalization, though this
is to be monitored within the credit cycle.

The downgrade of DSK Bank's local currency deposit ratings was
driven by Moody's revision of its approach to systemic support.
The changes implied by the revision are being implemented
globally, affecting 50 banking systems, including Bulgaria.
Moody's explains this new assessment of systemic support in detail
in the Special Comment "Financial Crisis More Closely Aligns Bank
Credit Risk and Government Ratings in Non-Aaa Countries",
published in May 2009.

The rating agency continues to believe that most governments are
likely to support their nation's banks to avoid a crisis in the
local payments system.  The probability of such support is an
important part of Moody's credit analysis and provides an uplift
to debt and deposit ratings from a bank's standalone level of
strength.  However, Moody's also believes that the capacity of a
country and its central bank to support its financial sector is
now more closely aligned with the government's own
creditworthiness.

Moody's new systemic support indicator for Bulgaria is at Baa2,
which is one notch above the government's Baa3 local currency bond
rating and replaces the previously used Baa1 local currency
deposit ceiling as the support input.

              Rating Action On First Investment Bank

With regard to FIB's ratings, the downgrades conclude the rating
review initiated on 26 May 2009.  Moody's decision to downgrade
FIB's ratings and assign a negative outlook captures the impact of
the deteriorating operating environment on the bank's credit
quality and profitability levels, which have been impacted by
lower growth in business volumes and reduced interest rate margins
compared to earlier years.  Moreover, given the challenging
funding conditions in Bulgaria and the absence of a strong foreign
shareholder in the bank's capital, FIB's funding costs have risen,
reflecting the bank's diverse but expensive deposit base, which
impacts its profit levels.  Expectations of a modest recovery in
the Bulgarian economy in the next two years and a negative outlook
in the labor market suggest that future credit losses will
continue to rise, impacting further the bank's profitability and
its capital levels.  Moreover, given the fierce competition in
Bulgaria for raising customer deposits and in view of the absence
of a strong foreign parent bank from FIB's capital, Moody's
expects the bank's funding costs to remain relatively high,
pressuring the interest rate margins and profitability levels.
The negative outlook captures the above and is to be monitored
within the coming months.

             Affirmation of Raiffeisenbank's Ratings

The decision to affirm Raiffeisenbank's BFSR and local and foreign
currency deposit rating, with a negative outlook, captures Moody's
view that the bank is well-placed at the D+ rating level -- at the
highest level of BFSR assigned to Bulgarian banks -- and reflects
the bank's good revenue generation, solid funding profile and
ample capital buffer to absorb future losses.  However, the
negative outlook also reflects expectations that future credit
losses may rise, which could impact profitability and future
capitalization, though this is to be monitored within the credit
cycle.

              Affirmation of MKB Unionbank's Ratings

The decision to affirm MKB Unionbank's ratings captures Moody's
view that, although the bank is well-placed at the D- rating
level, there is negative pressure on the bank's financial
fundamentals due to the weakened operating environment in
Bulgaria.  According to the rating agency, the bank is currently
strongly capitalized and benefits from funding support from its
parent bank -- MKB Rt (Hungary) -- which supports its business
growth and provides relatively low-cost funds to the Bulgarian
institution.  Nevertheless, Moody's expectations that future
credit losses on the bank's loan portfolio may rise, impacting
profitability and future capitalization, are captured in the
negative outlook.

Moody's will continue to closely monitor the ongoing economic
crisis and cautions that if the deterioration in the asset quality
of any of the Bulgarian institutions exceeds its current
expectations for 2010, resulting in higher-than-anticipated credit
losses, it could downgrade the ratings of those Bulgarian banks
that exhibit weakened financial strength.

In a recent Special Comment entitled "Moody's Approach to
Estimating Bulgarian Banks' Credit Losses" (published in November
2009), Moody's explained that all the rated Bulgarian banks
currently have sufficient loss absorption capacity -- comprising
capital, existing provisions and ongoing profit generation
capacity -- and are expected to withstand a likely further
deterioration in asset quality in accordance with Moody's expected
scenario.

Following the rating actions, ratings of the affected issuers are:

DSK Bank AD

  -- D+ BFSR

  -- Baa3/Prime-3, long-term and short-term local and foreign
     currency deposit rating

  -- All ratings carry a negative outlook

First Investment Bank AD

  -- D- BFSR
  -- Ba2 long-term local and foreign currency deposit ratings
  -- All ratings carry a negative outlook

Raiffeisenbank (Bulgaria) EAD

  -- D+ BFSR

  -- Baa3/P-3 long-term and short-term local and foreign currency
     deposit ratings

  -- All ratings carry a negative outlook

MKB Unionbank AD

  -- D- BFSR
  -- Ba2 long-term local and foreign currency deposit ratings
  -- All ratings carry a negative outlook

The last rating action on DSK Bank was on 26 May 2009 when Moody's
placed the bank's BFSR and local currency deposit ratings on
review for possible downgrade.  The rating action reflected
Moody's review of stresses arising from the ongoing crisis and the
increasing convergence between the government's ability to support
the banks and its own debt capacity.  At the same time, Moody's
also downgraded DSK Bank's long-term local currency deposit rating
due to the downgrade of the ratings of its parent bank, OTP Bank
of Hungary.

The previous rating action on First Investment Bank was on 26 May
2009 when Moody's placed the bank's BFSR, long-term local and
foreign currency deposit and the ratings assigned to its EMTN
program on review for possible downgrade.

The previous rating action on Raiffeisenbank (Bulgaria) EAD was on
1 April 2009 when Moody's downgraded the long-term and short-term
local currency deposit ratings of the bank to Baa3/Prime-3 from
Baa1/Prime-2, with a negative outlook.

The previous rating action on MKB Unionbank was on 21 May 2009
when Moody's downgraded the long-term local and foreign currency
deposit ratings of the bank to Ba2 from Ba1, with a negative
outlook.

At the end of September 2009, DSK Bank had total assets of
BGN8.688 billion (EUR4.440 billion), Raiffeisenbank (Bulgaria) EAD
had total assets of BGN6.815 billion (EUR3.484 billion), First
Investment Bank had total assets of BGN 4.031billion
(EUR2.061 billion) and MKB Unionbank had total assets of
BGN1.592 billion (EUR813.98 million).  All the banks are
headquartered in Sofia, Bulgaria.


MKB UNIONBANK: Moody's Affirms 'D-' Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service took rating actions on four Bulgarian
banks following its reassessment of the vulnerability of their
earnings and capital positions to increased credit losses arising
from the deepening recession in Bulgaria.  The affected banks are:
First Investment Bank AD, DSK Bank, Raiffeisenbank (Bulgaria) EAD
and MKB Unionbank AD.

First Investment Bank AD: The bank financial strength rating was
downgraded to D- from D.  The bank's long-term local and foreign
currency deposit ratings were also downgraded to Ba2 from Ba1.
All ratings carry a negative outlook.

DSK Bank: The D+ BFSR (previously on review) was confirmed but the
outlook was changed to negative.  The bank's local currency
deposit ratings were downgraded to Baa3/Prime-3 from Baa2/Prime-2.
The foreign currency deposit ratings were affirmed at Baa3/Prime-
3.  The bank's local and foreign currency deposit ratings carry a
negative outlook, to reflect the negative outlook on the BFSR.

Raiffeisenbank (Bulgaria) EAD: The D+ BFSR and Baa3/Prime-3 local
and foreign currency deposit ratings were all affirmed with their
existing negative outlook.

MKB Unionbank AD: The D- BFSR and Ba2/Not Prime local and foreign
currency deposit ratings were all affirmed with their existing
negative outlook.

                Rating Actions on Bulgarian Banks

Moody's rating actions on the banks were prompted by its
reassessment of the vulnerability of their earnings and capital
position to increased credit losses arising from the deepening
recession in Bulgaria, which has resulted in higher corporate
defaults, rising unemployment levels and lower disposable income
for individuals.

More specifically, the corporate sector's financial performance in
the country has weakened significantly, mostly due to lower demand
for Bulgaria's exports from its main export partners and from the
declining foreign direct investment.  At the same time, the retail
sector has also been pressurized by the deteriorating labor
market, which has led to a decline in disposable income and, in
turn, to lower consumer demand.  Although the banking sector
continues to remain profitable, strongly capitalized and has good
liquidity levels, Moody's notes that the above conditions led to
increased credit losses in the system, with total systemic non-
performing loans growing to 5.63% of total loans as at end-
September 2009, up from 2.41% at end-2008.

In view of the above and given the negative pressure on the
Bulgarian banks' asset quality and profitability due to the
weakened operating environment in the country, Moody's analysis
focused on determining whether the banks' stand-alone ratings,
i.e. their BFSRs, were appropriately placed at their current
level.

"Given that asset quality metrics lag behind macroeconomic
indicators by several months, it is crucial that the banks'
current ratings incorporate Moody's expectations of their future
losses," said Elena Panayiotou, lead analyst at Moody's for the
Bulgarian banks.

                    Rating Action on DSK Bank

Regarding DSK Bank, the rating action concludes the review of the
bank, which was initiated in May 2009.  Moody's decision to
confirm the bank's BFSR at D+ and assign a negative outlook
captures the impact of the deteriorating operating environment on
the bank's financial fundamentals, which remain at healthy levels.
The rating agency notes that the bank continues to generate good
profitability levels on its loan book, despite lower growth in
business volumes, and has sufficient capital buffer to absorb
credit losses as per Moody's expected scenario and maintain its
ratings at the current level.

The negative outlook that was assigned on the BFSR reflects
Moody's expectation that future credit losses may rise, which
could impact profitability and future capitalization, though this
is to be monitored within the credit cycle.

The downgrade of DSK Bank's local currency deposit ratings was
driven by Moody's revision of its approach to systemic support.
The changes implied by the revision are being implemented
globally, affecting 50 banking systems, including Bulgaria.
Moody's explains this new assessment of systemic support in detail
in the Special Comment "Financial Crisis More Closely Aligns Bank
Credit Risk and Government Ratings in Non-Aaa Countries",
published in May 2009.

The rating agency continues to believe that most governments are
likely to support their nation's banks to avoid a crisis in the
local payments system.  The probability of such support is an
important part of Moody's credit analysis and provides an uplift
to debt and deposit ratings from a bank's standalone level of
strength.  However, Moody's also believes that the capacity of a
country and its central bank to support its financial sector is
now more closely aligned with the government's own
creditworthiness.

Moody's new systemic support indicator for Bulgaria is at Baa2,
which is one notch above the government's Baa3 local currency bond
rating and replaces the previously used Baa1 local currency
deposit ceiling as the support input.

              Rating Action On First Investment Bank

With regard to FIB's ratings, the downgrades conclude the rating
review initiated on 26 May 2009.  Moody's decision to downgrade
FIB's ratings and assign a negative outlook captures the impact of
the deteriorating operating environment on the bank's credit
quality and profitability levels, which have been impacted by
lower growth in business volumes and reduced interest rate margins
compared to earlier years.  Moreover, given the challenging
funding conditions in Bulgaria and the absence of a strong foreign
shareholder in the bank's capital, FIB's funding costs have risen,
reflecting the bank's diverse but expensive deposit base, which
impacts its profit levels.  Expectations of a modest recovery in
the Bulgarian economy in the next two years and a negative outlook
in the labor market suggest that future credit losses will
continue to rise, impacting further the bank's profitability and
its capital levels.  Moreover, given the fierce competition in
Bulgaria for raising customer deposits and in view of the absence
of a strong foreign parent bank from FIB's capital, Moody's
expects the bank's funding costs to remain relatively high,
pressuring the interest rate margins and profitability levels.
The negative outlook captures the above and is to be monitored
within the coming months.

             Affirmation of Raiffeisenbank's Ratings

The decision to affirm Raiffeisenbank's BFSR and local and foreign
currency deposit rating, with a negative outlook, captures Moody's
view that the bank is well-placed at the D+ rating level -- at the
highest level of BFSR assigned to Bulgarian banks -- and reflects
the bank's good revenue generation, solid funding profile and
ample capital buffer to absorb future losses.  However, the
negative outlook also reflects expectations that future credit
losses may rise, which could impact profitability and future
capitalization, though this is to be monitored within the credit
cycle.

              Affirmation of MKB Unionbank's Ratings

The decision to affirm MKB Unionbank's ratings captures Moody's
view that, although the bank is well-placed at the D- rating
level, there is negative pressure on the bank's financial
fundamentals due to the weakened operating environment in
Bulgaria.  According to the rating agency, the bank is currently
strongly capitalized and benefits from funding support from its
parent bank -- MKB Rt (Hungary) -- which supports its business
growth and provides relatively low-cost funds to the Bulgarian
institution.  Nevertheless, Moody's expectations that future
credit losses on the bank's loan portfolio may rise, impacting
profitability and future capitalization, are captured in the
negative outlook.

Moody's will continue to closely monitor the ongoing economic
crisis and cautions that if the deterioration in the asset quality
of any of the Bulgarian institutions exceeds its current
expectations for 2010, resulting in higher-than-anticipated credit
losses, it could downgrade the ratings of those Bulgarian banks
that exhibit weakened financial strength.

In a recent Special Comment entitled "Moody's Approach to
Estimating Bulgarian Banks' Credit Losses" (published in November
2009), Moody's explained that all the rated Bulgarian banks
currently have sufficient loss absorption capacity -- comprising
capital, existing provisions and ongoing profit generation
capacity -- and are expected to withstand a likely further
deterioration in asset quality in accordance with Moody's expected
scenario.

Following the rating actions, ratings of the affected issuers are:

DSK Bank AD

  -- D+ BFSR

  -- Baa3/Prime-3, long-term and short-term local and foreign
     currency deposit rating

  -- All ratings carry a negative outlook

First Investment Bank AD

  -- D- BFSR
  -- Ba2 long-term local and foreign currency deposit ratings
  -- All ratings carry a negative outlook

Raiffeisenbank (Bulgaria) EAD

  -- D+ BFSR

  -- Baa3/P-3 long-term and short-term local and foreign currency
     deposit ratings

  -- All ratings carry a negative outlook

MKB Unionbank AD

  -- D- BFSR
  -- Ba2 long-term local and foreign currency deposit ratings
  -- All ratings carry a negative outlook

The last rating action on DSK Bank was on 26 May 2009 when Moody's
placed the bank's BFSR and local currency deposit ratings on
review for possible downgrade.  The rating action reflected
Moody's review of stresses arising from the ongoing crisis and the
increasing convergence between the government's ability to support
the banks and its own debt capacity.  At the same time, Moody's
also downgraded DSK Bank's long-term local currency deposit rating
due to the downgrade of the ratings of its parent bank, OTP Bank
of Hungary.

The previous rating action on First Investment Bank was on 26 May
2009 when Moody's placed the bank's BFSR, long-term local and
foreign currency deposit and the ratings assigned to its EMTN
program on review for possible downgrade.

The previous rating action on Raiffeisenbank (Bulgaria) EAD was on
1 April 2009 when Moody's downgraded the long-term and short-term
local currency deposit ratings of the bank to Baa3/Prime-3 from
Baa1/Prime-2, with a negative outlook.

The previous rating action on MKB Unionbank was on 21 May 2009
when Moody's downgraded the long-term local and foreign currency
deposit ratings of the bank to Ba2 from Ba1, with a negative
outlook.

At the end of September 2009, DSK Bank had total assets of
BGN8.688 billion (EUR4.440 billion), Raiffeisenbank (Bulgaria) EAD
had total assets of BGN6.815 billion (EUR3.484 billion), First
Investment Bank had total assets of BGN 4.031billion
(EUR2.061 billion) and MKB Unionbank had total assets of
BGN1.592 billion (EUR813.98 million).  All the banks are
headquartered in Sofia, Bulgaria.


RAIFFEISENBANK: Moody's Affirms 'D+' Bank Fin'l Strength Rating
---------------------------------------------------------------
Moody's Investors Service took rating actions on four Bulgarian
banks following its reassessment of the vulnerability of their
earnings and capital positions to increased credit losses arising
from the deepening recession in Bulgaria.  The affected banks are:
First Investment Bank AD, DSK Bank, Raiffeisenbank (Bulgaria) EAD
and MKB Unionbank AD.

First Investment Bank AD: The bank financial strength rating was
downgraded to D- from D.  The bank's long-term local and foreign
currency deposit ratings were also downgraded to Ba2 from Ba1.
All ratings carry a negative outlook.

DSK Bank: The D+ BFSR (previously on review) was confirmed but the
outlook was changed to negative.  The bank's local currency
deposit ratings were downgraded to Baa3/Prime-3 from Baa2/Prime-2.
The foreign currency deposit ratings were affirmed at Baa3/Prime-
3.  The bank's local and foreign currency deposit ratings carry a
negative outlook, to reflect the negative outlook on the BFSR.

Raiffeisenbank (Bulgaria) EAD: The D+ BFSR and Baa3/Prime-3 local
and foreign currency deposit ratings were all affirmed with their
existing negative outlook.

MKB Unionbank AD: The D- BFSR and Ba2/Not Prime local and foreign
currency deposit ratings were all affirmed with their existing
negative outlook.

                Rating Actions on Bulgarian Banks

Moody's rating actions on the banks were prompted by its
reassessment of the vulnerability of their earnings and capital
position to increased credit losses arising from the deepening
recession in Bulgaria, which has resulted in higher corporate
defaults, rising unemployment levels and lower disposable income
for individuals.

More specifically, the corporate sector's financial performance in
the country has weakened significantly, mostly due to lower demand
for Bulgaria's exports from its main export partners and from the
declining foreign direct investment.  At the same time, the retail
sector has also been pressurized by the deteriorating labor
market, which has led to a decline in disposable income and, in
turn, to lower consumer demand.  Although the banking sector
continues to remain profitable, strongly capitalized and has good
liquidity levels, Moody's notes that the above conditions led to
increased credit losses in the system, with total systemic non-
performing loans growing to 5.63% of total loans as at end-
September 2009, up from 2.41% at end-2008.

In view of the above and given the negative pressure on the
Bulgarian banks' asset quality and profitability due to the
weakened operating environment in the country, Moody's analysis
focused on determining whether the banks' stand-alone ratings,
i.e. their BFSRs, were appropriately placed at their current
level.

"Given that asset quality metrics lag behind macroeconomic
indicators by several months, it is crucial that the banks'
current ratings incorporate Moody's expectations of their future
losses," said Elena Panayiotou, lead analyst at Moody's for the
Bulgarian banks.

                    Rating Action on DSK Bank

Regarding DSK Bank, the rating action concludes the review of the
bank, which was initiated in May 2009.  Moody's decision to
confirm the bank's BFSR at D+ and assign a negative outlook
captures the impact of the deteriorating operating environment on
the bank's financial fundamentals, which remain at healthy levels.
The rating agency notes that the bank continues to generate good
profitability levels on its loan book, despite lower growth in
business volumes, and has sufficient capital buffer to absorb
credit losses as per Moody's expected scenario and maintain its
ratings at the current level.

The negative outlook that was assigned on the BFSR reflects
Moody's expectation that future credit losses may rise, which
could impact profitability and future capitalization, though this
is to be monitored within the credit cycle.

The downgrade of DSK Bank's local currency deposit ratings was
driven by Moody's revision of its approach to systemic support.
The changes implied by the revision are being implemented
globally, affecting 50 banking systems, including Bulgaria.
Moody's explains this new assessment of systemic support in detail
in the Special Comment "Financial Crisis More Closely Aligns Bank
Credit Risk and Government Ratings in Non-Aaa Countries",
published in May 2009.

The rating agency continues to believe that most governments are
likely to support their nation's banks to avoid a crisis in the
local payments system.  The probability of such support is an
important part of Moody's credit analysis and provides an uplift
to debt and deposit ratings from a bank's standalone level of
strength.  However, Moody's also believes that the capacity of a
country and its central bank to support its financial sector is
now more closely aligned with the government's own
creditworthiness.

Moody's new systemic support indicator for Bulgaria is at Baa2,
which is one notch above the government's Baa3 local currency bond
rating and replaces the previously used Baa1 local currency
deposit ceiling as the support input.

              Rating Action On First Investment Bank

With regard to FIB's ratings, the downgrades conclude the rating
review initiated on 26 May 2009.  Moody's decision to downgrade
FIB's ratings and assign a negative outlook captures the impact of
the deteriorating operating environment on the bank's credit
quality and profitability levels, which have been impacted by
lower growth in business volumes and reduced interest rate margins
compared to earlier years.  Moreover, given the challenging
funding conditions in Bulgaria and the absence of a strong foreign
shareholder in the bank's capital, FIB's funding costs have risen,
reflecting the bank's diverse but expensive deposit base, which
impacts its profit levels.  Expectations of a modest recovery in
the Bulgarian economy in the next two years and a negative outlook
in the labor market suggest that future credit losses will
continue to rise, impacting further the bank's profitability and
its capital levels.  Moreover, given the fierce competition in
Bulgaria for raising customer deposits and in view of the absence
of a strong foreign parent bank from FIB's capital, Moody's
expects the bank's funding costs to remain relatively high,
pressuring the interest rate margins and profitability levels.
The negative outlook captures the above and is to be monitored
within the coming months.

             Affirmation of Raiffeisenbank's Ratings

The decision to affirm Raiffeisenbank's BFSR and local and foreign
currency deposit rating, with a negative outlook, captures Moody's
view that the bank is well-placed at the D+ rating level -- at the
highest level of BFSR assigned to Bulgarian banks -- and reflects
the bank's good revenue generation, solid funding profile and
ample capital buffer to absorb future losses.  However, the
negative outlook also reflects expectations that future credit
losses may rise, which could impact profitability and future
capitalization, though this is to be monitored within the credit
cycle.

              Affirmation of MKB Unionbank's Ratings

The decision to affirm MKB Unionbank's ratings captures Moody's
view that, although the bank is well-placed at the D- rating
level, there is negative pressure on the bank's financial
fundamentals due to the weakened operating environment in
Bulgaria.  According to the rating agency, the bank is currently
strongly capitalized and benefits from funding support from its
parent bank -- MKB Rt (Hungary) -- which supports its business
growth and provides relatively low-cost funds to the Bulgarian
institution.  Nevertheless, Moody's expectations that future
credit losses on the bank's loan portfolio may rise, impacting
profitability and future capitalization, are captured in the
negative outlook.

Moody's will continue to closely monitor the ongoing economic
crisis and cautions that if the deterioration in the asset quality
of any of the Bulgarian institutions exceeds its current
expectations for 2010, resulting in higher-than-anticipated credit
losses, it could downgrade the ratings of those Bulgarian banks
that exhibit weakened financial strength.

In a recent Special Comment entitled "Moody's Approach to
Estimating Bulgarian Banks' Credit Losses" (published in November
2009), Moody's explained that all the rated Bulgarian banks
currently have sufficient loss absorption capacity -- comprising
capital, existing provisions and ongoing profit generation
capacity -- and are expected to withstand a likely further
deterioration in asset quality in accordance with Moody's expected
scenario.

Following the rating actions, ratings of the affected issuers are:

DSK Bank AD

  -- D+ BFSR

  -- Baa3/Prime-3, long-term and short-term local and foreign
     currency deposit rating

  -- All ratings carry a negative outlook

First Investment Bank AD

  -- D- BFSR
  -- Ba2 long-term local and foreign currency deposit ratings
  -- All ratings carry a negative outlook

Raiffeisenbank (Bulgaria) EAD

  -- D+ BFSR

  -- Baa3/P-3 long-term and short-term local and foreign currency
     deposit ratings

  -- All ratings carry a negative outlook

MKB Unionbank AD

  -- D- BFSR
  -- Ba2 long-term local and foreign currency deposit ratings
  -- All ratings carry a negative outlook

The last rating action on DSK Bank was on 26 May 2009 when Moody's
placed the bank's BFSR and local currency deposit ratings on
review for possible downgrade.  The rating action reflected
Moody's review of stresses arising from the ongoing crisis and the
increasing convergence between the government's ability to support
the banks and its own debt capacity.  At the same time, Moody's
also downgraded DSK Bank's long-term local currency deposit rating
due to the downgrade of the ratings of its parent bank, OTP Bank
of Hungary.

The previous rating action on First Investment Bank was on 26 May
2009 when Moody's placed the bank's BFSR, long-term local and
foreign currency deposit and the ratings assigned to its EMTN
program on review for possible downgrade.

The previous rating action on Raiffeisenbank (Bulgaria) EAD was on
1 April 2009 when Moody's downgraded the long-term and short-term
local currency deposit ratings of the bank to Baa3/Prime-3 from
Baa1/Prime-2, with a negative outlook.

The previous rating action on MKB Unionbank was on 21 May 2009
when Moody's downgraded the long-term local and foreign currency
deposit ratings of the bank to Ba2 from Ba1, with a negative
outlook.

At the end of September 2009, DSK Bank had total assets of
BGN8.688 billion (EUR4.440 billion), Raiffeisenbank (Bulgaria) EAD
had total assets of BGN6.815 billion (EUR3.484 billion), First
Investment Bank had total assets of BGN 4.031billion
(EUR2.061 billion) and MKB Unionbank had total assets of
BGN1.592 billion (EUR813.98 million).  All the banks are
headquartered in Sofia, Bulgaria.


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


TITAN CEMENT: S&P Gives Positive Outlook; Keeps 'BB+/B' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on Titan Cement Co. S.A. to positive.  At the same time,
Standard & Poor's affirmed its 'BB+/B' long- and short-term
corporate credit ratings on Titan.

"The outlook revision reflects S&P's view on the group's better
resilience than S&P expected, as illustrated by already
strengthening credit metrics despite still ongoing market
pressure," said Standard & Poor's credit analyst Xavier Buffon.

In addition, S&P believes that the benefits of cost measures and
lower energy prices as well as a prudent financial policy should
underpin further improvement in the group's financial risk profile
despite still negative, although more benign, markets conditions
next year.

"When key markets ultimately pick up, which S&P foresees is
possible in 2011, S&P believes that the improvement in credit
metrics could accelerate further, which could lead to a higher
rating," said Mr. Buffon.

The positive outlook reflects a potential one-notch upgrade if
Titan Cement's adjusted ratio of funds from operations to debt
continues to improve and if S&P become increasingly convinced that
it will reach and be sustained at about 30% from 2011 onward.
Although further volume decline is likely next year, S&P think
that probable higher operating margins will mitigate this, and
that positive free cash flow should allow a further reduction of
debt.  After 2010, S&P believes the pace of improvement will
accelerate, as key markets are likely to recover.

S&P could revise the outlook to stable if the strengthening of
credit measures falls short of S&P's expectations, which could
occur in particular if overall market conditions were not
bottoming out next year as S&P currently anticipate, or if S&P saw
that the benefits of freshly built capacities were delayed.


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


ARCANDOR AG: ORWO Net Acquires Foto Quelle Assets
-------------------------------------------------
Mariajose Vera at Bloomberg News reports that Arcandor AG's
insolvency administrator said ORWO Net GmbH purchased assets from
Foto Quelle GmbH, including the "Foto Quelle" and "Revue" brands.

The parties agreed not to disclose the purchase price, Bloomberg
notes.

                         About Arcandor AG

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

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

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


ARCANDOR AG: CEO Says German Bankruptcy Law Should Be Changed
-------------------------------------------------------------
Holger Elfes at Bloomberg News, citing Boersen-Zeitung, reports
that Arcandor AG's former Chief Executive Officer Karl-Gerhard
Eick said German bankruptcy law should be changed to give
insolvent companies a better chance of staying in business.

Bloomberg relates Mr. Eick, as cited by the newspaper, said German
insolvency law should focus more on company rescue and less on the
creditors' interests.

                         About Arcandor AG

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

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

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


ARGON CAPITAL: Moody's Withdraws Ratings on Two Series of Notes
---------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Argon Capital PLC under Series 2 and Series 21.

Issuer: Argon Capital PLC Series 2 - Baltic Star

  -- US$8M Class A+2 Bond, Withdrawn; previously on March 11, 2009
     Downgraded to Aa3

  -- EUR5M Class C Bond, Withdrawn; previously on March 11, 2009
     Downgraded to Ba1

Issuer: Argon Capital PLC - Series 21

  -- EUR13.02M Class A+1 Limited Recourse Secured Credit-Linked
     Fixed Rate Notes due 2043, Withdrawn; previously on March 11,
     2009 Confirmed at Aa3

  -- EUR2.79M Class A+3 Limited Recourse Secured Credit-Linked
     Floating Rate Notes due 2043, Withdrawn; previously on
     March 11, 2009 Confirmed at Aa3

The rating actions follow the optional cancellation of the notes
on 6 November 2009.  All classes of notes were redeemed in full.


EUROHOME MORTGAGES: Fitch Cuts Rating on Class D Notes to 'C'
-------------------------------------------------------------
Fitch Ratings has downgraded four and affirmed two tranches of
Eurohome Mortgages 2007-1 plc, a pan-European RMBS transaction:

  -- Class A (ISIN XS0309227279) downgraded to 'BBB' from 'A';
     placed on Rating Watch Negative

  -- Class B (ISIN XS0309230497) downgraded to 'B' from 'BBB';
     placed on RWN

  -- Class C (ISIN XS0309232196) downgraded to 'CC' from 'B';
     assigned Recovery Rating 'RR5'

  -- Class D (ISIN XS0309232600) downgraded to 'C' from 'CC';
     Recovery Rating 'RR6'

  -- Class E (ISIN XS0309233244) affirmed at 'C'; Recovery Rating
     'RR6'

  -- Class X (ISIN XS0309234309) affirmed at 'C'; Recovery Rating
     'RR6'

  -- German Mortgage Early Repayment Certificates (GMERCs) (ISIN
     XS0309236007) affirmed at 'AAA'; Outlook Stable

  -- Italian Mortgage Early Repayment Certificates (IMERCs) (ISIN
     XS0309788031) affirmed at 'AAA'; Outlook Stable

The transaction comprises mortgage loans originated by Deutsche
Bank AG, through its Topimmo platform, and DB Mutui S.p.A.  The
German loan portion is currently 36.7% of the overall pool, whilst
the Italian portion is 63.3%.  The loans have shown significant
signs of deterioration since closing.  The rating actions reflect
the worse-than-expected performance of the past six months.

According to the latest investor report as of November 2009,
further deterioration of the underlying collateral has led to
outstanding debit balances of the principal deficiency ledgers of
the two most junior tranches, classes D and E, where the
outstanding PDLs are at 56.8% and 100% of their outstanding
balances respectively.  The balances represent the amount of loans
that the issuer was unable to provision for in the past four
quarters due to the transaction's insufficient revenue generation.

Fitch believes that the excess spread levels have been pressured
by the level of defaulted loans recognised each period and the
interest rate swap, which is designed to mitigate the risk arising
from a mismatch of revenue received from fixed rate loans in the
German pool and the floating interest due to the noteholders.
Under the swap agreement, the issuer pays the swap counterparty a
fixed rate, whilst receiving the Euribor paid on the notes.  In
the current, low interest rate environment the impact of the swap
has caused a significant outflow of revenue.  Fitch expects this
to remain the case until at least H210, when the agency projects
that interest rates are likely to increase.

The volume of defaulted loans recognized in the Italian pool each
period remains high.  According to the latest investor report,
cumulative defaults have reached 8% of the original Italian pool.
To date this portion of the portfolio has not seen any recoveries.

Meanwhile, the German pool has seen 12.5% of the initial portfolio
classified as terminated.  Based on loan-by-loan level data
received from Deutsche Bank, around EUR1.5 million of loans have
been foreclosed.  Losses from the sale of repossessed properties
have not yet been recognized in the deal, as these loans are still
being worked-out by the servicer.  Once this process is completed,
losses will be allocated to the PDL, which will put further
pressure on the issuer's ability to meet payments due under the
priority of payment schedule.  As of August 2009, the issuer has
been deferring interest payments due on the class E notes, while
class X noteholders have not received any payments since February
2009.

Based on information received from the servicers, Fitch believes
further PDL balances will remain outstanding on the class D notes,
which are likely to lead to a 100% outstanding balance in H110.
This is reflected in the downgrade of the notes to 'C'.  The
agency also believes that the class C notes will see PDL balances
allocated, which is captured in the downgrade of these notes to
'CC' and the 'RR5'.

The Rating Watch Negative assigned to the class A and B notes
reflects Fitch's concern over the servicing of the two pools.  The
agency will initiate a servicer review with the aim of receiving
more information about the primary and special servicing on both
parts of the portfolio.  The review will focus on the experience
of the team in arrears and recovery management as well as the
processes that are applied in the servicing of the portfolios.
Following the review, Fitch will look to resolve the RWN assigned
to these two tranches, which may result in further rating action.

Fitch used its EMEA RMBS surveillance criteria in the performance
review of this transaction.


IMMEO RESIDENTIAL: Moody's Cuts Rating on Class D Notes to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by Immeo Residential Finance No. 2 Limited (amounts
reflecting the initial outstanding amounts):

  -- EUR975M Class A Secured Floating Rate Notes due 2016,
     Downgraded to Aa3; previously on Nov. 6, 2009 Aaa Placed
     Under Review for Possible Downgrade

  -- EUR152.3M Class D Secured Floating Rate Notes due 2016,
     Downgraded to Ba1; previously on Nov. 6, 2009 A3 Placed Under
     Review for Possible Downgrade

This rating action concludes the rating review initiated by
Moody's on 6 November 2009.  Moody's does not rate the Class B and
Class C Notes issued by Immeo Residential Finance No. 2 Limited.
The rating action takes Moody's updated central scenarios into
account, as described in Moody's Special Report "Moody's Updates
on Its Surveillance Approach for EMEA CMBS".

1) Transaction Overview

The transaction closed in June 2007 and involves a single loan
maturing in December 2013.  The loan is secured by, inter alia,
first and second ranking security over a portfolio of more than
37,000 residential units, 152 commercial units, more than 7,000
parking spaces and garages as well as some undeveloped land.  The
properties are predominately located in the Rhine Ruhr Area of
Germany in the Federal State of North Rhine Westfalia, with
concentrations is Essen and Duisburg.  The loan, which benefits
from an increasing amortization schedule over time was originated
by BNP Paribas, Citibank International plc, Morgan Stanley
Principal Funding, Inc., and Societe Generale with a balance of
EUR1.41 billion.  Due to a combination of scheduled amortization
and prepayments via property sales, the loan has amortised to
EUR1.33 billion as per the September 2009 IPD.  The property
portfolio is also encumbered by some prior ranking subsidized debt
in an amount of EUR60.5 million.

2) Rating Rationale

The downgrade was prompted by (i) the property value decline that
Moody's anticipates for large multi-family portfolios since the
peak of the market in 2007; (ii) an increased refinancing risk for
the loan given the transaction's size and leverage, and also
taking into account the maturity date of the loan in December
2013; and (iii) compared to Moody's initial expectations a
moderate underperformance of disposal proceeds as well as net cash
flows which can be partially explained by higher than anticipated
CAPEX.

In Moody's view, the default risk of the loan has increased
compared to closing.  Together with decreased property values and
an expected future adverse value development, Moody's expected
loss on the loan has increased, but it is still low.

The downgrade of the Class D Notes is mainly driven by the junior
position in the capital structure and an increased loan default
risk.  The Class A Notes are protected by available subordination
against any expected loss, but the variability around the expected
loss has increased, resulting in the downgrade.

On an aggregated portfolio basis, the current Moody's Note-to-
Value (NTV) of 60.4% for the Class A Notes, and 85.1% for the
Class D Notes provides some property value cushion, but this value
cushion is however lower then at closing, and Moody's expects a
further decline until 2011.  In addition, due to the pro-rata
allocation of scheduled amortization and allocated loan amounts
from unit sales, the subordination available to Class A has not
changed materially since closing.

3) Transaction Performance History

Coverage and cash flows.  The loan ICR that is based on net
operating income has increased since closing.  Current ICR is
reported at 1.64x per September 2009 IPD compared to 1.37x at
closing.  This has been driven by some low rental income growth, a
reduced vacancy rate and reduced operating expenses compared to
closing.  To the extent visible from provided reporting, net cash
flows have slightly decreased compared to 2007, also taking into
account CAPEX.  Moody's effective debt service coverage also
includes the amortization not covered by the ICR ratio.

Vacancy rates.  The operating performance of the portfolio is
solid, also attributed to a low vacancy rate.  The portfolio
vacancy rate has ranged between 5.9% (at closing) and 4.2% and
currently stands at 4.3% per September 2009 IPD.

Values.  The underwriter's value of the portfolio was
EUR2.093 billion at closing of the transaction.  The transaction
features an annual revaluation of the portfolio.  The latest value
per June 2009 is EUR2.04 billion, compared to an entry value of
2.029 billion adjusted for property sales.  The value per square
meter of residential space is virtually unchanged at approximately
EUR800 psm.

Property sales.  Since closing, properties and land with an
approximate value of EUR60 million have been sold.  The sales,
combined with scheduled amortization on the loan, reduced the
outstanding balance of the loan from EUR 1.414 billion to
EUR1.328 billion.  The initial Sponsors' strategy included
property sales of about 13 to 17% of total stock over the term of
the loan (approximately EUR450 million).  While the borrowers
continue to dispose units, the amount is lower than initially
anticipated.  Given the low release premium of 5% to be used to
delever the loan in case of property disposal, lower sales do not
materially impact the leverage of the loan, but affect excess cash
from sales available to potentially mitigate lower net rental cash
flows from the properties.

4) Moody's Portfolio Analysis

Property Portfolio Income and Debt Service capability.  The rental
income derived from the property portfolio has been stable since
closing adjusting for unit sales.  The rental income per sqm
residential space is around EUR4.67.  Moody's expects the loan to
continue to perform well above the ICR covenant of 1.1x supported
by both stable rental income and operating expenses.  In its base
case Moody's sees limited risk that effective net cash flows after
non-operating expenses will be insufficient to meet both interest
and principal payments.  The loan is scheduled to amortize by
another EUR75 million until loan maturity.

Property Values.  The number of transactions involving larger
multi-family portfolios in Germany has decreased significantly
since the peak of the market in 2006 and 2007.  Moody's assumes
that since closing, the aggregated value of the portfolio has
decreased by 20% to EUR1.67 billion (or EUR686 psm based on
residential space only), and may drop further to a trough value of
EUR1.57 billion (or EUR648 psm based on residential space only) in
2010 / 2011.  The Moody's values reflect both the reduced interest
in acquiring larger multi-family portfolios in Germany and the
restricted availability of financing of portfolios of this size.
In deriving these value assessments, Moody's assumed a current
annual net cash flow of EUR87 million, taking into account
necessary CAPEX to keep the properties at market standards.

Based on Moody's value assumption, the transactions' current total
LTV is 85.1%, increasing to roughly 89% based on trough values.
The LTV takes into account existing subsidized debt that ranks
senior to the loan, as well as some assumed prior ranks due to the
operating history of the borrower.  Due to amortization of the
loan and the subsidized debt as well as a moderate value recovery,
Moody's LTV is expected to decrease to around 78% at the maturity
of the loan.

Default Risk.  Compared to Moody's closing analysis, the term
default risk of the loans has not changed significantly.  The
operating performance of the property portfolio is stable, and the
debt service capability is sound.  However, in Moody's view, the
default risk at the maturity of the loan has increased, driven by
the leverage of the loan, its absolute size and the current
difficult lending market.  In mitigation, Moody's has taken into
account the remaining loan term of more than 4 years until
maturity in December 2013 allowing some time for the market to
recover.


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


WIND HELLAS: Appoints Nassos Zarkalis as New CEO
------------------------------------------------
Maria Petrakis at Bloomberg News reports that Wind Hellas
Telecomunications SA said Nassos Zarkalis was appointed chief
executive officer of the company, succeeding Emad Barsoum.

According to Bloomberg, the appointment takes effect today,
Dec. 1.

Headquartered in Athens, WIND Hellas Telecommunications S.A. --
http://www.wind.com.gr/-- is part of Weather Investments, a
global telecommunication group controlled by the Sawiris family
and Naguib Sawiris.  Weather also owns Wind Telecommunicazioni
spa, the third largest mobile operator and second largest fixed
line operator in Italy as well as a 50% plus one share of Orascom
Telecom Holding S.A.E.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 20,
2009, Fitch Ratings downgraded Greek mobile operator WIND Hellas
Telecommunications S.A.'s Long-term Issuer Default Rating to 'RD'
(Restricted Default) from 'C'.  The company's Short-term IDR was
also downgraded to 'D' from 'C'.

As reported by the Troubled Company Reporter-Europe on Nov. 19,
2009, Standard & Poor's Ratings Services said it lowered its long-
term corporate credit rating on Greek mobile telecommunications
operator WIND Hellas Telecommunications S.A. and related entities
to 'SD' from 'CC'.


* GREECE: Eyes Sale of at Least EUR25-Bil. Bonds to Chinese Banks
-----------------------------------------------------------------
Costas Paris at Dow Jones Newswires reports that the Greek
government is trying to sell at least EUR25 billion (US$16.7
billion) worth of bonds to Chinese banks as part of its efforts to
refinance the country's massive public debt.  According to Dow
Jones, a person familiar with the situation said Friday the
parties are looking for a deal where the banks will bid to buy at
least EUR25 billion in Greek bond issuance next year.

"It's still at a very early stage," the source told Dow Jones.
The source also said the Greeks are also looking for a commitment
from the Chinese to also buy "some bonds" in the secondary market.

Dow Jones also reports that Greek financial Web site Axiaplus.gr
said Monday Prime Minister George Papandreou has been personally
involved in secret talks with the Bank of China and two other
unnamed Chinese lenders.  Dow Jones says U.S. investment banks
Goldman Sachs and JP Morgan were also party to the talks.

Dow Jones notes a Bank of China official declined comment on
whether the bank is considering a purchase of Greek bonds.
Goldman and JP Morgan also declined to comment.

A source familiar with the matter told Dow Jones that Greece will
try to sweeten any deal on the bonds with extra incentives on
future Chinese investments in the country.

Dow Jones relates a massive investment from the cash-rich Chinese
could be seen as a vote of confidence for Athens, which is
straining euro-zone fiscal limits and facing worries that ratings
agencies might further downgrade its sovereign debt.  Dow Jones
notes the Greek government forecasts its budget deficit will hit
12.7% of gross domestic product this year -- the highest in the
euro zone and double its forecasts from just two months ago.
Greece, the report says, aims to cut the deficit to 9.4% of GDP
next year with EUR7.8 billion of spending cuts and new taxes but
says it will take three to four years to get below the European
Union ceiling of 3%.

"If the downgrades of the country's credit ratings continue, we
will find ourselves in the terrifying position of not drawing
liquidity from the European Central Bank due to the risk that
(Greek) bonds may not be accepted," Greek Central Bank Gov. George
Provopoulos said this week, according to Dow Jones.

Dow Jones notes Greece's bonds are rated A by Standard and Poor's,
six levels below Germany's AAA.  Ireland, another EU member in
deep financial trouble, has an AA rating.


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


CELF LOAN: Moody's Downgrades Rating on Class D Notes to 'Caa3'
---------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by CELF Loan Partners II PLC.

  -- EUR300,000,000 (current balance of EUR297,645,329) Class
     A Senior Secured Floating Rate Notes due 2021 Notes,
     Downgraded to Aa2; previously on Nov 15, 2005 Assigned Aaa

  -- EUR50,000,000 Class B-1 Senior Secured Floating Rate Notes
     due 2021 Notes, Downgraded to Baa2; previously on Mar 4, 2009
     Aa1 Placed Under Review for Possible Downgrade

  -- EUR7,000,000 Class B-2 Senior Secured Fixed Rate Notes due
     2021 Notes, Downgraded to Baa2; previously on Mar 4, 2009 Aa1
     Placed Under Review for Possible Downgrade

  -- EUR42,500,000 Class C Senior Secured Deferrable Floating Rate
     Notes due2021 Notes, Downgraded to B1; previously on Mar 19,
     2009 Downgraded to Ba1 and Remained On Review for Possible
     Downgrade

  -- EUR19,500,000 Class D Senior Secured Deferrable Floating Rate
     Notes due 2021 Notes, Downgraded to Caa3; previously on Mar
     19, 2009 Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- EUR14,250,000 Class S Combination Notes Notes, Downgraded to
     B1; previously on Mar 4, 2009 Baa1 Placed Under Review for
     Possible Downgrade

  -- EUR12,000,000 Class T Combination Notes Notes, Downgraded to
     B2; previously on Mar 4, 2009 Baa3 Placed Under Review for
     Possible Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as 19.6% mezzanine loan exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 3024 versus a test level of 2650), an increase
in the amount of defaulted securities (currently 2.5% of the
portfolio), an increase in the proportion of securities from
issuers rated Caa1 and below (currently 18.25% of the portfolio),
and a failure of the Class C and the Class D par value tests.
These measures were taken from the recent trustee report dated 15
October 2009.  Moody's also performed a number of sensitivity
analyses, including consideration of a further decline in
portfolio WARF quality.  Due to the impact of all the
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

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


GALVINS WHOLESALE: Goes Into Liquidation
----------------------------------------
RTE News reports that Galvins Wholesale Ltd. has been wound up by
the High Court after efforts to put together a survival plan
collapsed.

The report relates on the application of the Revenue
Commissioners, which is seeking claims of more than EUR6 million,
Mr. Justice Brian McGovern appointed Edmund Cahill provisional
liquidator of the company.

The report recalls Galvins was placed under court protection last
September after the court heard the company was insolvent but was
believed to have a reasonable prospect of survival if an investor
was found.  Its largest trade creditor is Diageo Ireland, which is
owed more than EUR3.5 million, the report discloses.

According to the report, Rossa Fanning for Bank of Scotland
Ireland, which is owed more than EUR2 million, earlier applied for
a receiver to be appointed to the company.  However, Kelly Smith,
for the Revenue, said it wanted a provisional liquidator arising
from having served two demands on the company for EUR6 million
arising from an alleged excise fraud, the report notes.

Galvins Wholesale Ltd. is a drinks importer and distributor in
Ireland.  The company employs 65 people.


KINTYRE CLO: Moody's Downgrades Rating on Class E Notes to 'Ca'
---------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Kintyre CLO I PLC:

  -- EUR239,750,000 (current balance of -- EUR232,059,053.61)
     Class A Senior Secured Floating Rate Notes due 2023,
     Downgrade to A1; previously on 17 March 2007, Assigned Aaa;

  -- EUR20,300,000 Class B Senior Secured Deferrable Floating Rate
     Notes due 2023; Downgraded to Ba1; previously on 4 March
     2009, Aa2 Placed Under Review for Possible Downgrade;

  -- EUR21,700,000 Class C Senior Secured Deferrable Floating Rate
     Notes due 2023; Downgraded to B1; previously on 18 March
     2009, Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- EUR19,950,000 Class D Senior Secured Deferrable Floating Rate
     Notes due 2023; Downgraded to Caa3; previously on 18 March
     2009, Downgraded to Caa1 and Placed Under Review for Possible
     Downgrade;

  -- EUR11,550,000 Class E Senior Secured Deferrable Floating Rate
     Notes due 2023; Downgraded to Ca; previously on 18 March
     2009, Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  This
is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2600 versus a trigger level of 2340), an
increase in the amount of defaulted securities (currently 11.65%
of the portfolio), an increase in the proportion of securities
from issuers rated Caa1 and below, and failures of Class B par
value test, Class C par value test, Class D par value test and
Class E par value test.  As a result of these failures, interest
has started to defer on the C, D and E notes.  In addition, Class
E is undercollateralised, with a par coverage ratio of 97.50%.
These measures were taken from the recent trustee report dated 30
October 2009.  Moody's also performed a number of sensitivity
analyses, including consideration of a further decline in
portfolio WARF quality.  Due to the impact of aforementioned
stresses, key inputs used by Moody's in its analysis, such as par,
weighted average rating factor, and the weighted average recovery
rate may be different from trustee's reported numbers.  Moody's
notes that the definition of default in Kintyre CLO I includes any
breach of covenant that gives the holder of the obligation the
ability to accelerate the maturity of this obligation, which could
result in a higher defaulted bucket compared to other
transactions.

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

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

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


LINEN SUPPLY: To Close Galway Plant; 103 Jobs Affected
------------------------------------------------------
RTE News reports that Linen Supply of Ireland, which is currently
in examinership, has confirmed that it is closing one of its
plants in Galway.

According to the report, the plant is based in Rahoon in Galway
city and employs 103 people.

The report relates LSI said it recently carried out a review of
operations at the Galway plant and concluded that it did not have
a sustainable future.  Examiner Kieran Wallace from KPMG approved
the company's decision, the report notes.

Linen Supply of Ireland provides textile rental and laundry
cleaning services to companies in the hospitality, healthcare and
food industries as well as supplying hygiene equipment and dust
control mats.


MMB HOTELS: Goes Into Liquidation; Jim Stafford Appointed
---------------------------------------------------------
The Irish Times reports that Jim Stafford of Friel Stafford has
been appointed liquidator to MMB Hotels, the firm behind the
Ostan Na Rosann hotel and leisure center in Dungloe, Co Donegal.

According to the report, the hotel has debts of EUR1.4 million,
including a mortgage of EUR817,000 owing to National Irish Bank.

The report says difficult trading conditions and high salary costs
were blamed for the liquidation.

The Ostan Na Rosann hotel and leisure center employs about 30
people.  MMB Hotels has valued the 48-bedroom hotel at EUR1.25
million.


PALMER SQUARE: S&P Downgrades Ratings on Three Classes of Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class X, A1-M, and A1-Q notes that Palmer Square 2 PLC and
Palmer Square 2 LLC have issued.  At the same time, S&P affirmed
its credit ratings on the class A2, A3, B, and C notes.

On each payment date, the issuer pays US$0.32 million to amortize
the class X note principal from interest proceeds, or principal
proceeds if the interest proceeds are insufficient to meet the
full amount.  On each payment date falling after November 2010,
the issuer could fully repay class X using the principal proceeds
left after it pays the senior expenses, interest on class A, and
amortization of class A according to the principal waterfall.

According to S&P's most recent analysis, the class A principal
coverage ratio is 52.4%, far below the 102.5% trigger.  This
failure will lead to a diversion of available proceeds to redeem
the class A notes before the issuer can fully repay the class X
notes.

If the portfolio amortizes in line with market expectations or
more slowly, there will be enough collateral outstanding to meet
each of the US$0.32 million class X amortization payments until
the notes' maturity date in November 2014.  However, in the fast
amortization scenario that forms part of S&P's analysis, the
portfolio would fully amortize before November 2014 and it is
highly likely that the issuer would not be able to fully repay
class X.  In S&P's view, the likelihood of this happening is no
longer commensurate with a 'AAA' rating on class X and so S&P has
lowered the rating on those notes to 'A'.

S&P lowered to 'CCC–' the ratings on classes A1-M and A1-Q due to
an increased risk that cash flows from the portfolio may be
insufficient to pay their timely interest and ultimate principal.

Palmer Square 2 is a cash collateralized debt obligation of mostly
U.S.  asset-backed securities, that closed in October 2005.
Princeton Advisory Group manages the portfolio.

                             Table 1

                        Capital Structure*

                                 Available   Scenario
           Current   Amount      credit      default    BDR
  Class    ratings  (mil. US$)   support (%) rate (%)   percentile
  -----    -------  --------     ----------  --------   ----------
  X          A           6.47         99.50     39.41     65.35
  A1-M       CCC-    1,170.21          0.00     13.54      0.00
  A1-Q       CCC-      430.00          0.00     13.54      0.00
  A2         CCC-       92.00          0.00     13.54      0.00
  A3         CCC-       60.00          0.00     13.54      0.00
  B          CC         27.78          0.00       N/A       N/A
  C          CC         18.93          0.00       N/A       N/A
  D          NR         13.88           N/A       N/A       N/A
  E          NR         12.50           N/A       N/A       N/A

     * As of S&P's most recent analysis.
     NR -- Not rated.
     N/A -- Not applicable.
     BDR -- Breakeven default rate.

                              Table 2

                    Transaction Key Features*

   Performing assets' notional amount (mil. US$)         1,405.61
   Number of assets treated as defaulted                    41
   Defaulted assets' notional amount (mil. US$)            319.72
   Defaulted assets' estimated recovery value (mil. US$)   28.51
   Performing assets' weighted-average rating                  B
   Modeled weighted-average maturity of assets (years)      3.29
   Modeled weighted-average spread (%)                      0.53
   Modeled 'A' weighted-average recovery rate (%)          81.80
   Modeled 'CCC' weighted-average recovery rate (%)        84.75

                *As of S&P's most recent analysis.

S&P's most recent rating action on Palmer Square 2 took place on
April 20, when S&P affirmed class X and lowered the ratings on
classes A1-M, A1-Q, A2, A3, B, and C.


RMF EURO: Moody's Downgrades Rating on Class R Notes to 'Caa3'
--------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by RMF Euro CDO IV PLC.

  -- EUR310,200,000 Class I Senior Secured Floating Rate Notes due
     2022 (current balance of EUR304,939,298.27), Downgraded to
     Aa1; previously on Assigned Aaa;

  -- EUR39,300,000 Class II Senior Secured Floating Rate Notes due
     2022, Downgraded to A3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- EUR15,300,000 Class III Deferrable Mezzanine Floating Rate
     Notes due 2022, Confirmed at Ba1; previously on March 19,
     2009 Downgraded to Ba1 and Remained On Review for Possible
     Downgrade;

  -- EUR21,600,000 Class IV-A Deferrable Mezzanine Floating Rate
     Notes due 2022, Confirmed at B2; previously on March 19, 2009
     Downgraded to B2 and Remained On Review for Possible
     Downgrade;

  -- EUR3,500,000 Class IV-B Deferrable Mezzanine Fixed Rate Notes
     due 2022, Confirmed at B2; previously on March 19, 2009
     Downgraded to B2 and Remained On Review for Possible
     Downgrade;

  -- EUR12,600,000 Class V Deferrable Mezzanine Floating Rate
     Notes due 2022, (current balance of EUR12,991,230.00),
     Confirmed at Caa2; previously on March 19, 2009 Downgraded to
     Caa2 and Remained On Review for Possible Downgrade;

  -- EUR4,000,000 Class Q Combination Notes due 2022 (current
     balance of EUR2,736,936.77), Downgraded to Caa1; previously
     on March 4, 2009 Ba2 Placed Under Review for Possible
     Downgrade;

  -- EUR6,000,000 Class R Combination Notes due 2022 (current
     balance of EUR4,062,149.96), Downgraded to Caa3; previously
     on March 4, 2009 Ba2 Placed Under Review for Possible
     Downgrade;

  -- EUR6,000,000 Class S Combination Notes due 2022 (current
     balance of EUR4,317,712.47), Downgraded to B3; previously on
     March 4, 2009 Baa3 Placed Under Review for Possible
     Downgrade.

This transaction is a managed high yield collateralized loan
obligation with exposure to predominantly European senior secured
loans, as well as some mezzanine and high yield bonds.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2818), and an increase in the proportion of
securities from issuers rated Caa1/CCC+ and below (currently 19.1%
of the portfolio), and a failure of all but the senior par value
tests.  These measures were taken from the recent trustee report
dated 9 November 2009.

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


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


MARIELLA BURANI: Mulls Creditor Protection; In Talks with Lenders
-----------------------------------------------------------------
Chiara Remondini at Bloomberg News reports that Mariella Burani
Fashion Group SpA said in a statement Friday that it doesn't rule
out the possibility of seeking protection from creditors.

According to Bloomberg, Burani said in the statement it is in
talks with its lenders to restructure debt.

As reported by the Troubled Company Reporter-Europe on Nov. 17,
2009, Dow Jones Newswires said Burani's net debt stood at EUR479.9
million at the end of September, compared with EUR478.4 million at
the end of June.

Mariella Burani Fashion Group SpA -- http://www.mariellaburani.it/
-- is an Italy-based company, operating in the fashion market.  It
designs, produces and distributes a range of apparel, knitwear,
leather accessories, jewelry and footwear.  The Company divides
its operation into four divisions: Clothing Division, Leather
Division, Digital Fashion and Fashion Jewellery.  The Company’s
brand portfolio comprises the Company's own brands, such as
Mariella Burani, Rene Lezard, Amuleti J, Blossom Burani, Ter et
Bantine, Braccialini, FrancescoBiasia, Baldinini, Coccinelle,
Sebastian, Facco Gioielli, Valente, Rosato and Calgaro, among
others, and the licensed brands: Vivienne Westwood (Anglomania),
Emmanuel Ungaro (Fuchsia), Alviero Martini, Thierry Mugler
(Mugler), Patrizia Pepe (bimbo), Missoni, Warner Bros, Miss Sixty,
Sweet Years, Gherardini e John Galliano, among others.  Among the
subsidiaries there are: Mariella Burani Retail Srl, Antichi
Pelletteri SpA, Coccinelle Store France SA and Mandarina Duck
Gmbh.


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


AHBK-NIMEX: Creditors Must File Claims by December 9
----------------------------------------------------
Creditors of LLP Ahbk-Nimex have until December 9, 2009, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
September 15, 2009.


AL GAS: Creditors Must File Claims by December 9
------------------------------------------------
Creditors of LLP Al Gas I K have until December 9, 2009, to submit
proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on
September 2, 2009, after finding it insolvent.

The Court is located at:

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


EKIBASTUZ SHEBEN: Creditors Must File Claims by December 9
----------------------------------------------------------
Creditors of LLP Ekibastuz Sheben have until December 9, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
August 7, 2009.


GRAND BUILDING: Creditors Must File Claims by December 9
--------------------------------------------------------
Creditors of LLP Grand Building have until December 9, 2009, to
submit proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on
September 3, 2009, after finding it insolvent.

The Court is located at:

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


HDM KAZAKHSTAN: Creditors Must File Claims by December 9
--------------------------------------------------------
Creditors of LLP Hdm Kazakhstan have until December 9, 2009, to
submit proofs of claim to:

         Almatinskaya Str. 35
         Pokrovka
         Ilyisky District
         Kazakhstan

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

The Court is located at:

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


KAZAKHGOLD GROUP: Event of Default on US$200 Mln Notes Likely
-------------------------------------------------------------
Ilya Khrennikov at Bloomberg News reports that KazakhGold Group
Ltd. said there may have been an "event of default" on US$200
million of its notes due in 2013 after its controlling
shareholder, Russia’s OAO Polyus Gold, didn't approve the
company's financial statements for the first six months of 2009.

Bloomberg relates KazakhGold explained in a statement Thursday an
event of default will occur if at least 25% of noteholders vote to
"take enforcement action".  According to Bloomberg, the company
said that would mean accrued interest and principle on the notes
would be payable immediately.

"Our management is not comfortable with approving the report for
the first-half of 2009 when we didn't yet own the company,"
Bloomberg quoted Alexey Chernushkin, director of capital markets
and investor relations at Polyus Gold, as saying Friday.
"KazakhGold reporting doesn't comply with our corporate standards
and part of initial documentation for the period is missing."

KazakhGold Group Limited -- http://www.kazakhgold.com/-- is a
gold mining company in Kazakhstan.  The three operating mines of
the Company are Aksu, Bestobe and Zholymbet. The Aksu mine, which
includes the nearby Quartzite Hills deposits, comprises open pit
and underground mining operations, as well as low-grade surface
dumps and accumulated tailings. The Bestobe Mine includes open pit
and underground operations, low-grade surface dumps and tailings
accumulations. Zholymbet is an underground operation that also has
dumps and accumulated tailings on surface.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on June 30,
2009, Fitch Ratings revised the Rating Watch on KazakhGold Group
Limited's Long-term Issuer Default and senior unsecured ratings of
'CC' to Positive from Negative.  The Recovery Rating for the
senior unsecured debt is 'RR4'.


NIMEX LAND: Creditors Must File Claims by December 9
----------------------------------------------------
Creditors of LLP Nimex Land have until December 9, 2009, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
September 15, 2009.


ORDABASY CORPORATION: Creditors Must File Claims by December 9
--------------------------------------------------------------
Creditors of LLP Ordabasy Corporation have until December 9, 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 28, 2009,
after finding it insolvent.

The Court is located at:

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


PIPELINE LLP: Creditors Must File Claims by December 9
------------------------------------------------------
Creditors of LLP Pipeline have until December 9, 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 28, 2009,
after finding it insolvent.

The Court is located at:

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


SBS ALMATY: Creditors Must File Claims by December 9
----------------------------------------------------
Creditors of LLP Sbs Almaty Ltd. have until December 9, 2009, to
submit proofs of claim to:

         Abai Ave. 52v
         Almaty
         Kazakhstan

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

The Court is located at:

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


TSEHT BIPARZ: Creditors Must File Claims by December 9
------------------------------------------------------
Creditors of LLP Tseht Biparz have until December 9, 2009, to
submit proofs of claim to:

         Almatinskaya Str. 35
         Pokrovka
         Ilyisky District
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on September 7, 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
===================


BISHKEK STROY: Creditors Must File Claims by December 23
--------------------------------------------------------
LLC Bishkek Stroy Montage is currently undergoing liquidation.
Creditors have until December 23, 2009, to submit proofs of claim
to:

         Lumumba Str. 109
         Bishkek
         Kyrgyzstan


RUBIN LTD: Creditors Must File Claims by December 23
----------------------------------------------------
LLC Firm Rubin Ltd. is currently undergoing liquidation. Creditors
have until December 23, 2009, to submit proofs of claim to:

         Kojomberdiyev Str. 105/2
         Kara-Balta
         Chui
         Kyrgyzstan


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


LYONDELL CHEMICAL: Disc. Statement Hearing Adjourned to Jan. 5
--------------------------------------------------------------
Judge Robert Gerber of the United States Bankruptcy Court for the
Southern District of New York reset the hearing to consider
approval of the Disclosure Statement explaining Lyondell Chemical
Company and its debtor affiliates' Joint Plan of Reorganization
from December 4, 2009, to January 5, 2010.  Parties have until
December 28, 2009, to file their objections to the Disclosure
Statement.

The Disclosure Statement hearing has been adjourned thrice.  The
original Disclosure Statement hearing was scheduled for October
14, 2009.

The Debtors filed a reorganization plan on September 11, 2009.
However, lawsuits that could affect recovery by creditors have
delayed the plan approval process.

The Creditors Committee has commenced a lawsuit against Citibank
N.A., Deutsche Bank, and other banks that funded the 2007
acquisition of Lyondell Chemical Company by Basell AF S.C.A.
Having accumulated heavy debt because of the merger,
LyondellBasell was in a full-blown liquidity crisis and was
running out of money to fund its operations only three months
following the merger.  The Creditors Committee asserted claims of,
among other things, fraudulent transfer, breach of fiduciary duty,
avoidance of unperfected senior liens.  The first phase of a
three-part trial on the committee's suit is scheduled to begin
Dec. 1, if the parties fail to reach a settlement.

Andrew M. Troop, Esq., at Cadwalader, Wickersham & Taft LLP,
asserts, "because the Debtors' inability to move forward towards
confirmation flows not from their own failure to get parties to
coalesce around a consensual plan of reorganization but from the
Committee Litigation itself, the Debtors should not be deprived of
the exclusive right to solicit votes on their otherwise timely-
filed plan (as the same may be amended or supplemented).  Mr.
Troop notes that during the ten months that the Chapter 11 cases
have been pending, the Debtors have worked diligently (a) to meet
the milestones under their postpetition credit agreements, (b) to
prosecute their operational reorganization through the tools
provided by the Bankruptcy Code and (c) to formulate a plan of
reorganization around which key constituencies have coalesced.

A full-text copy of the Joint Plan is available for free at
http://bankrupt.com/misc/Lyondell_Sept11JointReorgPlan.pdf

A full-text copy of the Disclosure Statement is available for free
at http://bankrupt.com/misc/Lyondell_Sept11DisclosureStat.pdf

The Bank of New York Mellon and the Bank of New York Mellon Trust
Company, N.A., as indenture trustee for the holders of certain
notes aggregating (i) US$100 million issued by Lyondell Chemical
Company, as predecessor-in-interest of ARCO Chemical Chemical
Company, and (ii) US$225 million issued by Equistar Chemicals, LP,
have also sued the secured lenders for the 2007 LBO.

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

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


LYONDELL CHEMICAL: Wants to Amend European Securitization Program
-----------------------------------------------------------------
In June 2006, non-Debtors Basell Sales & Marketing Company BV, as
seller and servicer; Basell Polyolefins Collections Limited, as
master purchaser; Citicorp Trustee Company Limited, as security
trustee; and Citibank, N.A., as financing agent, entered into a
joint receivables securitization program known as the European
Securitization Program, which provides funding up to EUR450
million to certain of Debtor LyondellBasell Industries AF
S.C.A.'s European non-Debtor subsidiaries.  In June 2009, the
parties amended the European Securitization Program to add
Lyondell Chemie Nederland BV as a seller and servicer on
substantially the same terms as Basell Sales.  As previously
reported, LBI received approval from the Court to assume parent
undertakings with respect to Basell Sales and enter into a
postpetition parent undertaking with respect to Lyondell
Chemical.

Pursuant to the European Securitization Program, receivables
generated by the non-Debtor subsidiaries in Europe are
transferred on a daily basis to a bankruptcy remote special
purpose entity, Basell Polyolefins, to support the funding
provided by various commercial lenders.  The European
Securitization Program has been a significant liquidity source
for LyondellBasell's European businesses throughout the Debtors'
Chapter 11 cases.  As of the end of August 2009, EUR171 million
was funded under the European Securitization Program.

Mark C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP, in
New York, discloses that the European Securitization Program is
scheduled to mature on December 15, 2009, simultaneous with the
original maturity date of the Debtors' DIP Financing.  In October
2009, the maturity date of the DIP Financing was extended from
December 15, 2009, to February 3, 2010.  Thus, LBI executed a
deed of amendment with the parties to the European Securitization
Program to make the maturity date of the European Securitization
Program coterminous with the DIP Financing.  A full-text copy of
the Amendment Deed is available for free at:

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

By this motion, the Debtors ask the Court to authorize LBI to:

(a) execute the Amendment Deed; and

(b) continue to perform under the European Securitization
     Program, as amended.

Mr. Ellenberg points out that it is a condition precedent to the
effectiveness of the Amendment Deed that the Court authorize LBI
to execute the Amendment Deed and to perform its undertakings
under the European Securitization Program, which include
providing the lenders with updated financials on a quarterly and
yearly basis and its obligations under the Parent Undertakings.
He maintains that the European Securitization Program is
essential to LyondellBasell's continued operations in Europe.

The Court will consider the Debtors' request on November 30,
2009.  Objections are also due November 30.

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

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


ROMPETROL GROUP: Fitch Upgrades Issuer Default Rating to 'B+'
-------------------------------------------------------------
Fitch Ratings has upgraded Netherlands-based The Rompetrol Group
N.V.'s Long-term foreign currency Issuer Default Rating to 'B+'
from 'B'.  The rating Outlook has been revised to Stable from
Negative.

The upgrade reflects TRG's improved standalone financial profile
and liquidity position following a cash injection of US$1 billion
from the company's sole shareholder, the Kazakhstan-based
integrated oil and gas company KazMunaiGaz National Company (NC
KMG, rated 'BBB-'/'F3'/Negative Outlook).  Fitch understands that
the cash injection, received in the form of advances, may be
partially converted into TRG equity after obtaining the relevant
regulatory and internal approvals.  The cash injection should also
help mitigate the negative impact of TRG's weaker cash flow in
2009 driven by a deep trough in conditions for refining companies,
including depressed refining margins and lower refinery
utilisation rates.

Fitch's credit rating for TRG is based on a bottom-up approach and
reflects the company's standalone credit profile assessed at
'CCC'/Stable and a three notch uplift for parental support from NC
KMG, in line with Fitch's parent and subsidiary rating linkage
methodology.  The agency assesses strategic and legal ties between
TRG and NC KMG as strong, whilst operational ties are moderate.
Strong legal ties stem from a cross default provision in the
documentation for the US$5 billion Global Medium Term Note
Programme of NC KMG's finance subsidiary KazMunaiGaz Finance Sub
B.V., under which bonds of US$1.5 billion, due in 2015, were
issued in July 2009, which also relates to TRG's debt.

Fitch understands that a substantial part of the cash injection is
dedicated to restructuring TRG's short-term bank loans, including
repayments of some loans.  As a result of the contribution, TRG's
net debt decreased to USD663 million at end-September 2009 from
US$1.4 billion at end-June 2009.  In addition, the previously
insufficient liquidity position prior to the injection has now
improved as TRG had cash of US$629 million on the consolidated
balance sheet at end-September 2009 against short-term debt of
US$474 million.

NC KMG's capital injection to TRG also mitigates the risk to the
rating related to the convertible bond of TRG's main subsidiary
Rompetrol Rafinare with a nominal value of EUR570 million, due in
September 2010.

Netherlands-based TRG is an oil refining and marketing group, with
most of its assets and operations in Romania.  The company's key
asset is RRC, Romania's second-largest oil refining company.


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


AVTO-SPETS: Creditors Must File Claims by December 9
----------------------------------------------------
Creditors of LLC Avto-Spets-Stroy (TIN 5903080126, PSRN
1075903005177) (Special Automotive Equipment Manufacturing) have
until December 9, 2009, to submit proofs of claims to:

         V. Shuklin
         Insolvency Manager
         Post User Box 6947
         614068 Perm
         Russia

The Arbitration Court of Permskiy will convene at 10:00 a.m. on
March 30, 2010, to hear bankruptcy proceedings.  The case is
docketed under Case No. ? 50–6709/09.

The Debtor can be reached at:

         LLC Avto-Spets-Stroy
         9 Yanvarya Str. 16
         614058 Perm
         Russia


AVTOVAZ OAO: Russia Inks Deal with Renault; To Inject RUR50 Bln
---------------------------------------------------------------
Lyubov Pronina and Laurence Frost at Bloomberg News report that
Russia pledged to inject RUR50 billion  (US$1.7 billion) into OAO
AvtoVAZ in return for technology from 25% shareholder Renault SA.

According to Bloomberg, Renault agreed to contribute engineering
know-how worth at least EUR240 million (US$358 million).

"Renault remains our strategic partner," Bloomberg quoted Russian
Prime Minister Vladimir Putin as saying after the accord was
signed outside Paris.

Bloomberg relates Mr. Putin said Renault's stake stake "will not
decrease" with the recapitalization, rescinding a warning that the
holding could be diluted if the French carmaker didn't give
enough.

Renault, as cited by Bloomberg, said in a statement the cash will
help AvtoVAZ restructure its debt, defend a one-quarter share of
its home market and raise annual output to 900,000 autos.

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.


BUILD-HOUSE: Creditors Must File Claims by December 6
-----------------------------------------------------
Creditors of LLC Build-House-Holding (TIN 5837028963, PSRN
1065837032414) have until December 6, 2009, to submit proofs of
claims to:

         V. Vinogradov
         Temporary Insolvency Manager
         Mira Str. 19-4
         440046 Penza
         Russia

The Arbitration Court of Penzenskaya will convene on February 4,
2010, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?49–7509/2009.


DON-LES: Creditors Must File Claims by December 9
-------------------------------------------------
Creditors of LLC Don-Les-Stroy (TIN 6168018344, RVC 616801001)
(Construction) have until December 9, 2009, to submit proofs of
claims to:

         Yu.Galadzheva
         Insolvency Manager
         Apt. 28
         Turgenevskaya Str. 8
         344002 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?53–2419/2009.

The Debtor can be reached at:

         LLC Don-Les-Stroy
         Bukvennaya Str. 53/144/27
         Rostov-on-Don
         Russia


ORENBURGSKIY REINFORCED: N. Mishchenko Named Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Orenburgskaya appointed N.Mishchenko as
Insolvency Manager for CJSC Orenburgskiy Reinforced Concrete
Structures Plant (TIN 5610071971, PSRN 1025601022402).  The case
is docketed under Case No. ?47–1454/2006. He can be reached at:

         Post User Box 275
         443010 Samara
         Russia
         Tel: 8-917-107-75-16

The Debtor can be reached at:

         CJSC Orenburgskiy Reinforced Concrete Structures Plant
         Orenburg
         Russia


REGION-GAS: Creditors Must File Claims by December 6
----------------------------------------------------
Creditors of LLC Region-Gas-Build-Project have until December 6,
2009, to submit proofs of claims to:

         I. Polyanin
         Temporary Insolvency Manager
         Apt. 115
         Severo-Zapadnaya Str. 4
         392000 Tambov
         Russia

The Arbitration Court of Tambovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?64–
5234/09.

The Debtor can be reached at:

         LLC Region-Gas-Build-Project
         Nosovskaya Str. 1/29
         Tambov
         Russia


SAINT-PETERSBURG: Creditors Must File Claims by December 6
----------------------------------------------------------
Creditors of LLC Saint-Petersburg-Arkhangelsk Construction (TIN
2901126933, PSRN 1042900021196) have until December 6, 2009, to
submit proofs of claims to:

         Temporary Insolvency Manager
         A. Gamichev
         Chekhova Str. 4/90
         160009 Vologda
         Russia

The Arbitration Court of Arkhangelskaya will convene at 2:10 p.m.
on March 4, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A05–11009/2009.

The Debtor can be reached at:

         LLC Saint-Petersburg-Arkhangelsk Construction
         Apt. 13
         K. Marksa Str. 15
         163000 Arkhangelsk
         Russia


SARAPULSKIY TIMBER: Creditors Must File Claims by December 9
------------------------------------------------------------
Creditors of LLC Sarapulskiy Timber Mill (TIN 1827022108, PSRN
1061831029974) have until December 9, 2009, to submit proofs of
claims to:

         O. Lomaeva
         Insolvency Manager
         50 let Pionerii Str. 26
         426033 Izhevsk
         Udmurtia
         Russia

The Arbitration Court of Udmurtia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?71–4264/2009-G15.

The Debtor can be reached at:

         LLC Sarapulskiy Timber Mill
         Truda Str. 49
         Sarapul
         Udmurtia
         Russia


SPETST-REM-STROY: Creditors Must File Claims by December 6
----------------------------------------------------------
Creditors of OJSC Stpets-Rem-Stroy-Neft (TIN 6228002140,PSRN
1026200952667) (Construction)have until December 6, 2009, to
submit proofs of claims to:

         T.Mineeva
         Temporary Insolvency Manager
         Post User Box 19
         Belousovo
         249160 Kaluzhskiy
         Russia

The Arbitration Court of Ryazanskaya will convene at 4:30 p.m. on
January 21, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?54–3133/2009 S15.

The Debtor can be reached at:

         OJSC Stpets-Rem-Stroy-Neft
         Yuzhnyy PromUzel 6A
         390542 Ryazan
         Russia


STROY-MONOLIT: Creditors Must File Claims by December 9
-------------------------------------------------------
Creditors of LLC Stroy-Monolit (TIN 2631032311, PSRN
1082648000412) (Construction) have until December 9, 2009, to
submit proofs of claims to:

         E .Gaynulin
         Insolvency Manager
         Post User Box 5089
         355044 Stavropol
         Russia

The Arbitration Court of Stavropolskiy will convene at 10:15 a.m.
on March 11, 2010, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?63–10062/09-S5–11.

The Debtor can be reached at:

         LLC Stroy-Monolit
         Apanasenko Str. 1A
         Nevinnomyssk
         Stavropolskiy
         Russia


STROY-PAK: Creditors Must File Claims by December 6
---------------------------------------------------
Creditors of LLC Stroy-Pak (TIN 6229054575, PSRN 1066229062360)
(Construction)  have until December 6, 2009, to submit proofs of
claims to:

         L. Barzunov
         Temporary Insolvency Manager
         Office 215
         Building 3
         Petrovka Str. 26
         127051 Moscow
         Russia

The Arbitration Court of Ryazanskaya will convene on February 2,
2010, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?54–4553/2009 S01.

The Debtor can be reached at:

         LLC Stroy-Pak
         Proezd Shabulina 8
         390010 Ryazan
         Russia


STROY-RODOLIT: Creditors Must File Claims by December 9
-------------------------------------------------------
Creditors of LLC Stroy-Rodolit (TIN 7203194298, PSRN
1077203027802) (Demolition Works) have until December 9, 2009, to
submit proofs of claims to:

         V. Konovalov
         Insolvency Manager
         Post User Box 7664
         644099 Omsk
         Russia

The Arbitration Court of Tumenskaya will convene at 9:30 a.m. on
March 22, 2010, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?70–2341/2009.

The Debtor can be reached at:

          LLC Stroy-Rodolit
          Apt. 16
          Taymyrskaya Str. 72
          625026 Tumen
          Russia


TABAK-PROM: Creditors Must File Claims by December 9
----------------------------------------------------
Creditors of SUE Tabak-Prom (TIN 2005001918,RVC 200501001, PSRN
1022002143943) (Tobacco Production) have until December 9, 2009,
to submit proofs of claims to:

         I. Mindeeva
         Insolvency Manager
         Office 31
         Tamanskaya Str. 62
         364051 Groznyy
         Chechnya
         Russia
         Tel: 8 (928) 024 96 19

The Arbitration Court of Chechnya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?77–1477/09.


TULA CHAIN: Creditors Must File Claims by December 6
----------------------------------------------------
Creditors of OJSC Tula Chain-Manufacturing Plant (TIN 7105018939)
have until December 6, 2009, to submit proofs of claims to:

         I. Churkina
         Temporary Insolvency Manager
         Post User Box 2
         Kosmonavtov Str. 10
         394038 Voronezh
         Russia

The Arbitration Court of Tulskaya will convene at 10:00 a.m. on
February 17, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?68–6139/09.

The Debtor can be reached at:

         OJSC Tula Chain-Manufacturing Plant
         Marata Str. 151
         300004 Tula
         Russia


UFIMSKIY REINFORCED: Creditors Must File Claims by December 6
-------------------------------------------------------------
Creditors of LLC Ufimskiy Reinforced Concrete Plant No.1 (TIN
0278122410, PSRN 1060278102081) have until December 6, 2009, to
submit proofs of claims to:

         R. Gelivanov
         Insolvency Manager
         D. Yultyya Str. 3
         450081 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?07–14600/2009.

The Debtor can be reached at:

         LLC Ufimskiy Reinforced Concrete Plant ? 1
         Building 3
         Zelenaya Roshcha 11
         Ufa
         450045 Bashkortostan
         Russia


VYAZEMSKAYA MECHANICAL: Creditors Must File Claims by December 6
----------------------------------------------------------------
Creditors of MUE Vayzemskaya Mechanical and Technological Station
have until December 6, 2009, to submit proofs of claims to:

         A. Savina
         Insolvency Manager
         Post User Box 11
         214018 Smolensk
         Russia

The Arbitration Court of Smolenskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?62–7530/2009.

The Debtor can be reached at:

         MUE Vayzemskaya Mechanical and Technological Station
         Lenina Str. 60/2
         Vyazma
         Smolenskaya
         Russia


X5 RETAIL: Peterson Sale Won't Affect S&P's 'BB-' Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on X5 Retail Group N.V. (BB-/Negative/--), owner of
Russia's largest grocery retail network, remain unchanged after
the company announced the acquisition of 100% of the business and
assets of Russian supermarket chain Paterson.

S&P remains concerned about the company's liquidity position due
to its high level of uncommitted lines, but do not expect this
transaction to have a negative impact on it.  The company repaid
part of its short-term debt prior to the transaction and is
currently negotiating additional committed lines, which S&P
expects to materialize before year-end.

S&P anticipates that the company will be able to generate
sufficient free operating cash flow to cover the $189.5 million
acquisition price as well as capital expenditure, which the
company has indicated will not exceed Russian ruble 14 billion in
2009.  S&P expects X5's pro-forma fixed charge coverage level to
be broadly in line with the 2.5x that S&P considers adequate for
the current rating.  S&P believes the Paterson acquisition will
somewhat improve X5's business risk profile.


* LIPETSK REGION: Fitch Affirms 'BB' Long-Term Currency Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Lipetsk Region's Long-term foreign and
local currency ratings at 'BB' respectively, while affirming the
Russian region's Short-term foreign currency rating at 'B'.  The
agency has also affirmed its National Long-term rating at 'AA-
(rus)'.  All the Long-term rating Outlooks are Stable.

The ratings reflect the high concentration of the regional
economy, an expected deterioration in budget performance in 2009
and increasing contingent liabilities.  However, they also take
into account its low direct debt, prudent budget and liquidity
management and ad hoc support from the federal government in the
form of transfers, which will partially offset an expected revenue
decline in 2009.  The Stable Outlook reflects Fitch's expectation
that the Lipetsk Region will be able to control its operating
expenditure in 2009 while a gradual economic recovery in 2010
should allow the region to overcome the negative impact of the
current economic downturn and stabilize budget performance.

The region has a strong economy dominated by ferrous metallurgy.
This provides a strong tax base but at the same time exposes the
region to fluctuations in the international metals market.  A
dramatic drop in metal prices in Q408 and the overall economic
downturn are expected to result in a sharp fall in tax revenues
this year.  Notwithstanding the additional RUB2.2 billion transfer
from the federal budget, the region's operating revenue is still
expected to decrease by 24% in 2009.  As a result, the
administration expects the operating balance to deteriorate to
about 5% of operating revenue in 2009 from a high 25% in 2008.
Nevertheless, Fitch expects a stabilization of the economic
environment and prudent budget management to underpin a recovery
of its budget performance in 2010.  Sustained weak operating
performance over the medium term would lead to downward rating
pressure.

The region's direct debt accounted for a low 12% of current
revenue in 2008 and has a smooth maturity profile to 2013.  As of
end-October 2009, the region's outstanding bonds fell to
RUB3,050 million from RUB3,500 million at the beginning of the
year, due to amortization of an outstanding bond in July 2009.  In
2010 the region plans to refinance RUB1,325 million maturing bonds
with loans from the federal budget and banks.  Fitch believes
refinancing risk is limited and does not expect a material
increase in debt in 2010.

The regional administration is able to control its operating
expenditure and smooth out sharp revenue fluctuations by using
cash reserves built up during fiscally strong years.  Thus, by
end-2008 the region accumulated RUB5.4 billion of cash reserves,
which will be used to finance the RUB4.9 billion expected deficit
in 2009.

The Lipetsk Region is located in central Russia.  It accounted for
0.8% of the country's GDP and its population respectively.


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


OBRASCON HUARTE: Fitch Affirms Issuer Default Rating at 'BB-'
-------------------------------------------------------------
Fitch Ratings has affirmed Spanish construction group Obrascon
Huarte Lain SA's Long-term Issuer Default Rating IDR and senior
unsecured rating at 'BB-' respectively.  The Outlook on the Long-
term IDR is Negative.  Fitch has simultaneously affirmed OHL's
Short-term rating at 'B'.

The rating action reflects OHL's 26 November 2009 announcement
regarding a EUR199.5 million underwritten share issue which will
be used initially to repay recourse debt at the parent company
level.  This will improve recourse leverage at a de-consolidated
level at OHL from a net debt/EBITDAR ratio (adjusted for
seasonality, non-recourse debt and ring-fenced concession cash
flows) of 3.2x at H109 (2.7x at H108) to 2.4x on a pro-forma
basis.

However, Fitch believes that OHL, on a deconsolidated basis, will
remain over-leveraged even after the aforementioned share issue is
completed.  The company's leverage of 2.4x is still considered
high risk for an entity operating in a construction industry
sector whose tolerance to debt is low due to significant
operational risks such as cyclical demand, thin profit margins and
the possibility of project delays and cost overruns.  In addition,
there remains a risk that the proceeds of the new equity issue
will ultimately be required to support the financing of
concessions in the non-recourse business, whilst the agency
acknowledges that this is not the current management plan.

The Negative Outlook indicates that a further rating downgrade
could occur if the company underperforms Fitch's current
expectations, including a material increase in leverage, worsening
liquidity, reduced covenant headroom and further material equity
injections into the concessions business

The credit risk at the parent company (entity rated by Fitch) is
heightened by the substantial investment in equity stakes in ring-
fenced concessions.  These equity investments are usually funded
by recourse debt raised by the parent and any surplus cash flows
from the construction business.  However, as the concessions are
ring-fenced entities, OHL as the parent has limited access to cash
flows (primarily dividends paid).  Moreover, the nature of OHL's
concessions means they are immature and thus dividends in initial
years will be low, leaving this business as a significant drain on
cash from the parent for the foreseeable future.  As a result,
Fitch believes there is a risk that the EUR199.5 million equity
injection could eventually be used to fund further equity into
concessions.

This may be the case, for example, with OHL's five Brazilian
federal toll-road concessions, which were acquired in 2008.  They
have been financed by bridge loans which mature in 2010.  They now
need to be refinanced by longer term non-recourse debt.  However,
whilst Fitch understands that refinancing negotiations are
proceeding satisfactorily, OHL may be required to inject further
debt into these entities to prevent possible covenant breaches and
assist the refinancing process amid a potentially reduced appetite
for infrastructure lending in 2010.  Fitch estimates that OHL
might have to inject additional equity into the Brazilian toll-
road concessions should their debt/equity mix move from the
currently planned 70% non-recourse debt/30% equity mix to a 60%
non-recourse debt /40% equity mix (at the concession level).

OHL's ability to reduce its own debt and de-leverage also appears
to remain limited.  This is due to weak non-concession
construction markets, which may unwind OHL's negative working
capital position resulting from reduced cash inflows as order
books shrink and operating margins decline.  There could also be
delays in customer advances and stage payments, which would put
further pressure on OHL's working capital position.  Fitch will
also continue to be concerned if OHL takes on lower-margin or
higher risk contracts merely to maintain a new order book, which
would increase the possibility of project losses in future
periods.

Fitch's forward looking indicators will include OHL's order book
size and quality, working capital management, concessions'
performance, problems with any large construction projects, and
management's strategy regarding concession financing structure and
investments.


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


GENERAL MOTORS: Saab Gets Serious Expressions of Interest
---------------------------------------------------------
The Wall Street Journal reports that officials at General Motors
Co.'s Saab unit said the brand has received serious expressions of
interest from potential buyers since the collapse of a deal to
sell the Swedish car maker to Koenigsegg Group AB Tuesday last
week.

Citing several people familiar with the matter, the Journal says
Saab has held talks since Tuesday last week with at least two U.S.
investment firms, Wyoming-based Merbanco LLC and Renco Group Inc.
in New York.  According to the Journal, at least one of those
firms would be open to working with Beijing Automotive Industry
Holding Co., a Chinese company that had planned to partner with
Koenigsegg.

"We've had intense dialogue with potential buyers," the Journal
quoted Eric Geers, a Saab spokesman, as saying Friday.  Mr. Geers,
as cited by the Journal, said Saab's management team, headed by
Jan-Ake Jonsson, is preparing a presentation for GM's board of
directors that lays out the company's options.

As reported by the Troubled Company Reporter-Europe. Bloomberg
News said GM may shut Saab after Koenigsegg dropped a bid
Nov. 24.  Bloomberg disclosed GM could also decide to keep Saab.

                       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)


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


BAU- UND INDUSTRIESPENGLEREI: Claims Filing Deadline is December 3
------------------------------------------------------------------
Creditors of Bau- und Industriespenglerei AG Kaegiswil are
requested to file their proofs of claim by December 3, 2009, to:

         Erika Zobrist
         Achereggstrasse 12
         6362 Stansstad
         Switzerland

The company is currently undergoing liquidation in Sarnen.  The
decision about liquidation was accepted at an extraordinary
general meeting held on October 19, 2009.


EURASIA INVEST: Claims Filing Deadline is December 3
----------------------------------------------------
Creditors of Eurasia Invest Holding AG are requested to file their
proofs of claim by December 3, 2009, to:

         Juerg Kallay, liquidator
         Faerberstrasse 6
         8008 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on October 6, 2009.


IMBIONIC BIOLOGICAL: Claims Filing Deadline is December 3
---------------------------------------------------------
Creditors of Imbionic biological implant technology AG are
requested to file their proofs of claim by December 3, 2009, to:

         Rhenum Treuhand AG
         Trogenerstrasse 13
         9450 Altstaetten
         Switzerland

The company is currently undergoing liquidation in Altstaetten.
The decision about liquidation was accepted at an extraordinary
general meeting held on September 15, 2009.


HEATMARK GMBH: Claims Filing Deadline is December 3
---------------------------------------------------
Creditors of HeatMark GmbH are requested to file their proofs of
claim by December 3, 2009, to:

         Rolf Fenner
         Knonauerstrasse 29
         6330 Cham
         Switzerland

The company is currently undergoing liquidation in Cham. The
decision about liquidation was accepted at a shareholder’s meeting
held on October 12, 2009.


JDFX RISK: Claims Filing Deadline is December 3
-----------------------------------------------
Creditors of Jdfx Risk Management Services AG are requested to
file their proofs of claim by December 3, 2009, to:

         Jdfx Risk Management Services AG
         Usteristrasse 9
         8001 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on October 12, 2009.


LEAL ARCHITEKTUR: Claims Filing Deadline is December 3
------------------------------------------------------
Creditors of Leal Architektur AG are requested to file their
proofs of claim by December 3, 2009, to:

         Balmer-Etienne AG
         Dreikoenigstrasse 34
         8002 Zurich
         Switzerland

The company is currently undergoing liquidation in
Oberengstringen.  The decision about liquidation was accepted at a
general meeting held on June 22, 2009.


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


CHEMICAL EVERYDAY: Creditors Must File Claims by December 3
-----------------------------------------------------------
Creditors of CJSC Chemical Everyday Service (code EDRPOU 31141651)
have until December 3, 2009, to submit proofs of claim to:

         A. Rudenko
         Insolvency Manager
         Timiriazev Str. 37/19
         25006 Kirovograd
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on October 22, 2009.  The case is docketed
under Case No. 10/1399.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Boulevard 307
         18004 Cherkassy
         Ukraine

The Debtor can be reached at:

         CJSC Chemical Everyday Service
         Khimikov Avenue 74
         Cherkassy
         Ukraine


KHARKOV CONCRETE-C LLC: Creditors Must File Claims by December 3
----------------------------------------------------------------
Creditors of LLC Kharkov Concrete-C (code EDRPOU 34630987) have
until December 3, 2009, to submit proofs of claim to:

         A. Gladkiy
         Insolvency Manager
         Post Office Box 10638
         61052 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on October 28, 2009.  The case is docketed
under Case No. B-50/37-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Kharkov Concrete-C
         Enakiyevskaya Str. 14
         Kharkov
         Ukraine


KHLEBODAR OJSC: Creditors Must File Claims by December 3
----------------------------------------------------
Creditors of OJSC Khlebodar (code EDRPOU 00375728) have until
December 3, 2009, to submit proofs of claim to:

         A. Nadlonok
         Insolvency Manager
         Office 33
         Zubrovskaya Str. 25-a
         79066 Lvov
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company.  The case is docketed under Case No. 5/200-
09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         OJSC Khlebodar
         Pushkinskaya Str. 47/1
         Mogilev-Podolsky
         24000 Vinnitsa
         Ukraine


MAMALIGA REPAIR: Creditors Must File Claims by December 3
---------------------------------------------------------
Creditors of OJSC Mamaliga Repair Service Center (code EDRPOU
03767392) have until December 3, 2009, to submit proofs of claim
to:

         T. Viknianskaya
         Insolvency Manager
         V. Aleksandri Str. 151/d
         58025 Chernovtsy
         Ukraine

The Economic Court of Chernovtsy commenced bankruptcy proceedings
against the company on October 13, 2009.  The case is docketed
under Case No. 9/118/b.

The Court is located at:

         The Economic Court of Chernovtsy
         O. Kobilianskaya Str. 14
         58000 Chernovtsy
         Ukraine

The Debtor can be reached at:

         OJSC Mamaliga Repair Service Center
         Mamaliga
         Novoselitsky
         Chernovtsy
         Ukraine


MAYDAN LLC: Creditors Must File Claims by December 3
----------------------------------------------------
Creditors of LLC Maydan (code EDRPOU 32397720) have until
December 3, 2009, to submit proofs of claim to:

         A. Karpenko
         Insolvency Manager
         Dubinin Str. 6
         Selidovoye
         Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on October 21, 2009.  The case is docketed
under Case No. 27/112b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Maydan
         Schors Str. 2-a
         Donetsk
         Ukraine


MRIYA AGRICULTURAL: Creditors Must File Claims by December 3
------------------------------------------------------------
Creditors of Agricultural LLC Mriya (code EDRPOU 13343776) have
until December 3, 2009, to submit proofs of claim to:

         M. Tomashuk
         Insolvency Manager
         1st Lesnoy Lane 16
         Kordishevka
         Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company.  The case is docketed under Case No. 5/521-
07.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Mriya
         Kordishevka
         Vinnitsa
         Ukraine


UKRAINE AGRICULTURAL: Creditors Must File Claims by December 3
--------------------------------------------------------------
Creditors of Agricultural LLC Ukraine (code EDRPOU 03734317) have
until December 3, 2009 to submit proofs of claim to:

         M. Tomashuk
         Insolvency Manager
         1st Lesnoy Lane 16
         Kordishevka
         Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company.  The case is docketed under Case No. 5/169-
09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Ukraine
         Ternovka
         Bershadsky
         Vinnitsa
         Ukraine


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


FIRST QUENCH: Closes 391 Stores; 2,140 Jobs Affected
----------------------------------------------------
The joint administrators of First Quench Retailing, which trades
as Threshers, Wine Rack, The Local, Haddows, Bottoms Up and
Victoria Wine, have announced the closure of a further 391 stores,
resulting in 2,140 redundancies.

These stores are due to close by 20th December at the latest,
depending on stock levels.  Richard Fleming, UK Head of
Restructuring and joint administrator, said: "Unfortunately,
despite the initial high level of interest, it remains difficult
for buyers to complete deals in the current tough market.

"However, we are still in talks regarding the sale of over 100
stores and hope to be able to make a further announcement about
this shortly.  We also remain hopeful that some of the 391 stores
announced [Fri]day might still be sold as going concerns before
the closure process is completed, but with stock now running low
in the remaining stores it has been necessary to make plans to
close them."

The administrators on Friday announced two sales of parts of the
business: the sale of 13 stores and the Wine Rack brand to Venus
Wine & Spirits Merchants Plc and the sale of eight stores to
SEP Properties Ltd.

In addition to the going concern sales, Christie & Co*, which is
marketing the stores not sold as part of the sale of business, has
already received around 500 offers for individual units or small
groups of stores since they launched the piecemeal disposal
process last Friday.  Further details of the available stores can
be found at http://www.christie.com/fqror by calling 0844 412
3255.

A full list of stores which are closing can be found at
http://www.threshergroup.com/and liquidation sales at the 391
stores included in the latest phase of closures will start on
Tuesday, December 1.  Liquidation sales are continuing within the
remaining 126 stores announced as closing on November 5 and 381
stores announced as closing on November 20.  A total of 247 stores
have now closed.

Mr. Fleming, Mick McLoughlin and Ian Corfield of KPMG were
appointed joint administrators to First Quench on October 29,
2009.  First Quench originally operated around 1,200 stores as the
Threshers, Wine Rack, The Local, Haddows, Bottoms Up and Victoria
Wine brands, employing approximately 6,300 people.


NATIONAL EXPRESS: Shareholders Back GBP360 Mln Rights Issue
-----------------------------------------------------------
Gill Plimmer at The Financial Times reports that National Express
Group plc has secured shareholder approval for its GBP360 million
rights issue, despite opposition to the fundraising from Jorge
Cosmen, the deputy chairman and largest shareholder.

According to the FT, the share sale was backed by about two-thirds
of voters at an extraordinary meeting, and by 90% of institutional
shareholders ahead of it.

The FT relates the Cosmens, who have supported two takeover
attempts, argue that the rights issue is too large and that the
group lacks a proper strategy.  But John Devaney, National
Express's chairman, said that the GBP360 million would enable the
company to repay a portion of its GBP1.1 billion debt, as well as
meeting loan conditions at the end of the year, the FT notes.

As reported by the Troubled Company Reporter-Europe on Nov. 26,
2009, the Cosmen family increased its stake in the company from
18.5% to 19.72% in an attempt to block the company's rescue rights
issue.

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.


ROYAL BANK: Has Large Exposure to Dubai World; Owed US$1 Billion
----------------------------------------------------------------
The Wall Street Journal's Chip Cummins, Dana Cimilluca and Sara
Schaefer Munoz, citing a person familiar with the matter, report
that U.K.'s Royal Bank of Scotland Group PLC, HSBC Holdings PLC,
Barclays PLC, Lloyds Banking Group PLC, Standard Chartered PLC and
ING Groep NV of the Netherlands, are among the international banks
that have large exposure in Dubai World.

RBS has lent roughly US$1 billion to Dubai World, another person
said, according to the Journal.  Sources also told the Journal
Barclays's exposure to Dubai World is roughly US$200 million, and
that exposure is effectively hedged.

David Robertson at The (U.K) Times reports Credit Suisse has
estimated that European banks could have EUR40 billion
(GBP36 billion) in loans to Dubai and much of this could be at
risk if the Gulf emirate defaults.  "Banks including HSBC and
Royal Bank of Scotland have helped to finance Dubai's acquisitions
and are now on the hook if the state cannot repay its debts," Mr.
Robertson says.

The Journal says the banks with the greatest exposure to Dubai
World are Abu Dhabi Commercial Bank and Emirate NBD PJSC, people
familiar with the matter said.  Executives at the two banks
weren't available for comment Thursday, the Journal notes.

Dow Jones Newswires' Margot Patrick relates that a report by the
Emirates Banks Association said the top eight foreign banks in the
United Arab Emirates by lending volume -- HSBC, Standard
Chartered, Barclays, HSBC, Royal Bank of Scotland's ABN Amro,
Citigroup Inc., BNP Paribas SA, Lloyds and Credit Agricole SA's
Calyon, -- extended about US$36 billion in loans in 2008
throughout the federation, without breaking down the loans by
emirate or type of borrower.

According to Ms. Patrick, Calyon in an email said it has a "small
exposure" to Dubai World's debt, and that it doesn't think it has
any cause to worry about the announced restructuring.

Standard Chartered, according to Ms. Patrick, said it doesn't
comment on specific clients and would make a statement if it had
anything material to disclose.  According to Ms. Patrick, Lloyds
Chairman Win Bischoff said the bank has only a small exposure to
Dubai that won't affect shareholders or operations.  The other
banks declined to comment on their Dubai exposure, she says.

According to Ms. Patrick, banks that acted as arrangers or
bookrunners on Dubai World's US$5.5 billion loan facility in June
2008 include HSBC, RBS, Lloyds, ING Groep NV and Cayon, as well as
Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corp.,
Emirates Bank and Mashreq Bank.

According to Ms. Patrick, ING said its exposure was small.  The
Asian and Middle Eastern banks couldn't immediately be reached,
she says.  Government and private-sector offices are closed
throughout the Middle East for the Eid holiday.

Dow Jones notes banks helping entities to place loans typically
keep at least 10% of the total, while syndicating the rest to
other banks and institutional investors.  Dow Jones says it is
possible some of the banks involved in the financing have no
remaining exposure to Dubai World.  Most of the banks have also
worked on financing for other entities controlled by the city
state.

According to Ms. Patrick, citing Dealogic data, other banks who
have worked on bond and loan financings for Dubai entities include
Barclays, Citigroup, Credit Suisse Group, Deutsche Bank AG and UBS
AG.

According to Ms. Patrick, Credit Suisse said its exposure to Dubai
World is "not material," while Swiss-based UBS said its exposure
in Dubai is small and not material.  A person familiar with the
matter said Deutsche Bank's exposure to Dubai World wasn't
noteworthy, according to Ms. Patrick.

The Wall Street Journal says U.K. bank stocks took a beating
Thursday, with Barclays, HSBC, Standard Chartered and RBS all
tumbling.  According to the Journal, Standard & Poor's put four
Dubai's banks on credit watch because of their exposure to Dubai
World.  The cost of insuring against a Dubai default rose to
US$547,000 a year per US$10 million in debt from US$318,000 on
Tuesday, according to CMA, a credit-data provider, the Journal
adds.

Holders of a US$3.5 billion sukuk, or Islamic bond, issued by
Dubai World property subsidiary Nakheel, due next month, face the
most immediate threat, according to the Journal.  Nakheel bonds
dropped from about 110 cents on the dollar before the news
Wednesday to about 70 cents, the Journal says.

                             Fire Sale

The (U.K) Times' Mr. Robertson reports the standstill raises the
possibility that Dubai World could default on its debt.  According
to Mr. Robertson, the fear in Western markets is that banks risk
losing billions, causing more paralysis in the lending markets.
Dubai World's difficulties also raise the prospect that it may be
forced into a fire sale of its assets.  Mr. Robertson ran a list
of certain assets acquired by Dubai World or its subsidiaries in
recent years:

     (A) Leisurecorp unit

         -- bought golf course Turnberry for GBP55 million in
            2008.

         -- owns the Chris Evert tennis centers and more than
            200 golf courses across the U.S.

     (B) Istithmar investment fund

         -- has US$3.5 billion in businesses, including Irish
            textbook publishers and aerospace companies.

         -- in 2008 bought a 20% stake in Cirque du Soleil; the
            Canadian circus performers have since established a
            permanent base in Dubai.

     (C) DP World

         -- acquired Peninsular & Oriental in 2006.

         -- owns Dubai's Jebel Ali port and various other
            container terminals around the world.

         -- operates container terminals at Tilbury, near
            London, and Southampton, and is building the London
            Gateway port.

     (d) Nakheel

         -- built the Palm Islands in the Gulf

                        6-Month Standstill

The Troubled Company Reporter, citing The Wall Street Journal and
Bloomberg News, yesterday ran a story about Dubai World seeking a
six-month standstill on its debt obligations.  In a statement
obtained by the Journal and Bloomberg, the government of Dubai
said it would restructure Dubai World and has appointed Deloitte
LLP to lead the restructuring effort, naming an executive at the
consultancy as the group's "chief restructuring officer."

The standstill will immediately affect US$3.52 billion of Islamic
bonds due December 14 from the Company's property unit Nakheel
PJSC.

Bloomberg News' Arif Sharif and Laura Cochrane said Dubai World
has US$59 billion in liabilities.  Bloomberg said Dubai
accumulated US$80 billion of debt by expanding in banking, real
estate and transportation before credit markets seized up last
year.

The Journal said Standard & Poor's in an October report estimated
Dubai World could be responsible for as much as 50% of Dubai's
total government and corporate debt load of some US$80 billion to
US$90 billion.

                         About Dubai World

Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer
in global investments.  As a holding company it operates a highly
diversified spectrum of industrial segments and plays a major role
in the emirate's rapid economic growth.  Dubai World's investment
spans four strategic growth areas of 21st Century commerce namely,
Transport & Logistics, Drydocks & Maritime, Urban Development and
Investment & Financial Services.  Dubai World's portfolio includes
DP World, one of the largest marine terminal operators in the
world; Drydocks World & Dubai Maritime City designed to turn Dubai
into a major ship-building and maritime hub; Economic Zones World
which operates several free zones around the world including Jafza
and TechnoPark in Dubai; Nakheel the property developer behind
iconic projects such as The Palm Islands and The World among
others; Limitless the international real estate master planner
with current development projects in various parts of the world;
Leisurecorp a global sports and leisure investment group,
reshaping the industry by unlocking value across investment,
development and brand opportunities; Dubai World Africa which
oversees the regional development and portfolio of investments in
the African continent; and Istithmar World, the group's investment
arm that has a global footprint in finance, capital, leisure,
aviation and various other business ventures.

                             About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 9,
2009, Fitch Ratings placed The Royal Bank of Scotland Group's (RBS
Group) and The Royal Bank of Scotland's Individual Ratings of 'E'
on Rating Watch Positive.

The rating actions follow the recent announcement of an additional
GBP25.5 billion capital injection by end-2009 from the UK
government, confirmation of the group's participation in the UK
government's asset protection scheme and the divestitures required
by the European Commission for approving state aid.


UBS AG: Moody's Withdraws Low-B Ratings on Two Classes of Notes
---------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by UBS AG, Jersey Branch under Series 2005-1 (eLevate) and
eLevate Series 2007-1.

Issuer: UBS AG, Jersey Branch - Series 2005-1 (eLevate)

  -- EUR22.5M Leveraged Notes (eLevate) Series 2005-1 Notes,
     Withdrawn; previously on Aug 20, 2009 Downgraded to B1

Issuer: UBS AG, Jersey Branch - eLevate Series 2007-1

  -- EUR50M Adjustable Spread Leveraged Notes - eLevate Series
     2007-1 Notes, Withdrawn; previously on Aug 20, 2009
     Downgraded to B2

The ratings are withdrawn due to business reasons.


YELL GROUP: Gets Help From Bank of England on Debt Restructuring
----------------------------------------------------------------
James Lumley at Bloomberg News, citing the Independent on Sunday,
reports that the Bank of England said it helped Yell Group plc,
secure creditor support for the company's debt restructuring last
month.

According to Bloomberg, the newspaper said the bank's chief
cashier spoke to creditors who were considering opposing parts of
the revamp.

As reported by the Troubled Company Reporter-Europe on Nov. 4,
2009, the Financial Times said that Yell reached agreement with
more than 300 creditors to restructure GBP3.8 billion of its debt.

                         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 Nov. 25,
2009, Moody's Investors Service confirmed Yell's B2 Corporate
Family Rating and B3 Probability of Default Rating.  The outlook
is stable.  This action concludes the review for possible
downgrade initiated on 3 July 2009 following the company's
announcement regarding the commencement of capital restructuring
negotiations to comprehensively refinance the company's debt
capital structure, and the update on its trading.  The B2 CFR
incorporates Moody's assumption under its LGD methodology of an
above-average family recovery, in conjunction with the company's
current all first-lien bank debt capital structure.


===============
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 AV      -1645807339.25 53076075461.92
LIBRO AG              LB6 GR         -109013328.02   171684389.13
LIBRO AG              LIB AV         -109013328.02   171684389.13
LIBRO AG              LIBR AV        -109013328.02   171684389.13
LIBRO AG              LBROF US       -109013328.02   171684389.13
SKYEUROPE             SKY PW          -89480486.93    159076577.5
SKYEUROPE             SKYP PW         -89480486.93    159076577.5
SKYEUROPE HLDG        SKY EO          -89480486.93    159076577.5
SKYEUROPE HLDG        SKYV IX         -89480486.93    159076577.5
SKYEUROPE HLDG        SKYA PZ         -89480486.93    159076577.5
SKYEUROPE HLDG        SKY EU          -89480486.93    159076577.5
SKYEUROPE HLDG        SKYPLN EO       -89480486.93    159076577.5
SKYEUROPE HLDG        SKYPLN EU       -89480486.93    159076577.5
SKYEUROPE HLDG        SKURF US        -89480486.93    159076577.5
SKYEUROPE HLDG        SKY LI          -89480486.93    159076577.5
SKYEUROPE HLDG        S8E GR          -89480486.93    159076577.5
SKYEUROPE HLDG        SKY AV          -89480486.93    159076577.5
SKYEUROPE HOL-RT      SK1 AV          -89480486.93    159076577.5

BELGIUM
-------
SABENA SA             SABA BB         -84766501.61  2196477160.83

BULGARIA
--------
IMK 14 OKTOBAR A      IMKO SG          -5175836.42   110102264.18
PINKI AD              PNKI SG         -36537862.34   120707517.98
ZASTAVA AUTOMOBI      ZAKG SG        -396504649.08   174692011.08

CROATIA
-------
HUNGARIAN TELEPH      HUC GR             -75973000      835658048
HUNGARIAN TELEPH      HUGC IX            -75973000      835658048
HUNGARIAN TELEPH      HUC EX             -75973000      835658048
INVITEL HOLD-ADR      IHO US             -75973000      835658048
INVITEL HOLD-ADR      0IN GR             -75973000      835658048
INVITEL HOLDINGS      3212873Z HB        -75973000      835658048
OT OPTIMA TELEKO      2299892Z CZ        -48565065   119632635.47
OT-OPTIMA TELEKO      OPTERA CZ          -48565065   119632635.47

CYPRUS
------
LIBRA HOLIDA-RTS      LGWR CY          -27821889.5   240947718.02
LIBRA HOLIDA-RTS      LBR CY           -27821889.5   240947718.02
LIBRA HOLIDAY-RT      3167808Z CY      -27821889.5   240947718.02
LIBRA HOLIDAYS        LHGCYP EO        -27821889.5   240947718.02
LIBRA HOLIDAYS        LHGR CY          -27821889.5   240947718.02
LIBRA HOLIDAYS        LHGCYP EU        -27821889.5   240947718.02
LIBRA HOLIDAYS G      LHG EU           -27821889.5   240947718.02
LIBRA HOLIDAYS G      LHG PZ           -27821889.5   240947718.02
LIBRA HOLIDAYS G      LHG CY           -27821889.5   240947718.02
LIBRA HOLIDAYS G      LHG EO           -27821889.5   240947718.02
LIBRA HOLIDAYS-P      LBHG CY          -27821889.5   240947718.02
LIBRA HOLIDAYS-P      LBHG PZ          -27821889.5   240947718.02

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

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

FRANCE
------
ALMA-ATERM-AUCT       ATERME GA        -4110971.32    105276552.2
ALMA-ATERMON SA       ATERM PZ         -4110971.32    105276552.2
ALMA-ATERMON SA       ATERM EO         -4110971.32    105276552.2
ALMA-ATERMON SA       ATERM EU         -4110971.32    105276552.2
ALMA-ATERMON SA       ATERM GA         -4110971.32    105276552.2
CARRERE GROUP         CARG FP          -9829536.83   279906699.95
CARRERE GROUP         CARF PZ          -9829536.83   279906699.95
CARRERE GROUP         CAR2 EU          -9829536.83   279906699.95
CARRERE GROUP         CAR2 EO          -9829536.83   279906699.95
CARRERE GROUP         CRGP IX          -9829536.83   279906699.95
CARRERE GROUP         XRR GR           -9829536.83   279906699.95
CARRERE GROUP         CRRHF US         -9829536.83   279906699.95
CARRERE GROUP         CAR FP           -9829536.83   279906699.95
CESAR SA              CESS FP          -3730170.42   192686088.09
CESAR SA -RTS         CSADS FP         -3730170.42   192686088.09
CESAR SA-NON REG      CEZPI IX         -3730170.42   192686088.09
CESAR SA-NON REG      CESXF US         -3730170.42   192686088.09
CESAR SA-NON REG      CSAR PZ          -3730170.42   192686088.09
CESAR SA-NON REG      CSANR FP         -3730170.42   192686088.09
CESAR SA-NON REG      2827628Q EO      -3730170.42   192686088.09
CESAR SA-NON REG      2827624Q EU      -3730170.42   192686088.09
CESAR SA-REGR         CSAR EO          -3730170.42   192686088.09
CESAR SA-REGR         CSAR FP          -3730170.42   192686088.09
CESAR SA-REGR         CEZP IX          -3730170.42   192686088.09
CESAR SA-REGR         CSAR EU          -3730170.42   192686088.09
CESAR SA-REGR         CSRAF US         -3730170.42   192686088.09
CESAR SA-REGR         CEZR PZ          -3730170.42   192686088.09
CESAR SA-RIGHTS       CSSR FP          -3730170.42   192686088.09
CESAR SA-RIGHTS       CESR FP          -3730170.42   192686088.09
CHAINE ET TRAME       CHTR FP          -46169771.5   134467847.56
CHAINE ET TRAME       CTRM FP          -46169771.5   134467847.56
GRANDE PAROISSE       GDPA FP         -927267926.9      629287290
GRANDE PAROISSE       GAPA FP         -927267926.9      629287290
GRANDE PAROISSE       GDPXF US        -927267926.9      629287290
IMMOB HOTEL BALN      IMHB FP         -66874823.95   301323804.92
IMMOB HOTELIERE       IMHO EU         -66874823.95   301323804.92
IMMOB HOTELIERE       IMHO EO         -66874823.95   301323804.92
IMMOB HOTELIERE       SIH FP          -66874823.95   301323804.92
IMMOB HOTELIERE       IMMH IX         -66874823.95   301323804.92
IMMOB HOTELIERE       IMBHF US        -66874823.95   301323804.92
IMMOB HOTELIERE       IMHO FP         -66874823.95   301323804.92
IMMOB HOTELIERE       IMH GR          -66874823.95   301323804.92
IMMOB HOTELIERE       IMHO PZ         -66874823.95   301323804.92
LAB DOLISOS           DOLI FP         -27752176.19   110485462.44
LAB DOLISOS           LADL FP         -27752176.19   110485462.44
MATUSSIERE & FOR      1007765Q FP     -77896683.67   293868350.79
MATUSSIERE & FOR      MTUSF US        -77896683.67   293868350.79
MB RETAIL EUROPE      MBRE EO          -46169771.5   134467847.56
MB RETAIL EUROPE      MBRE FP          -46169771.5   134467847.56
MB RETAIL EUROPE      MBRE PZ          -46169771.5   134467847.56
MB RETAIL EUROPE      MBRE EU          -46169771.5   134467847.56
MB RETAIL EUROPE      CTRF IX          -46169771.5   134467847.56
NORTENE               NORT FP         -35623999.56   117566786.87
NORTENE               NRTP IX         -35623999.56   117566786.87
NORTENE               NRTN FP         -35623999.56   117566786.87
OROSDI                OROS FP             -7291.55   131233317.62
OROSDI-BACK           OROS EU             -7291.55   131233317.62
OROSDI-BACK           OROS EO             -7291.55   131233317.62
OROSDI-BACK           ORBA FP             -7291.55   131233317.62
OROSDI-BACK           BACK IX             -7291.55   131233317.62
OROSDI-BACK           OROS PZ             -7291.55   131233317.62
OUTSIDE LIVING I      NORT EO         -35623999.56   117566786.87
OUTSIDE LIVING I      OLIN FP         -35623999.56   117566786.87
OUTSIDE LIVING I      NORT EU         -35623999.56   117566786.87
OUTSIDE LIVING I      OLIN PZ         -35623999.56   117566786.87
OUTSIDE LIVING I      NORT PZ         -35623999.56   117566786.87
PAGESJAUNES           PGJUF US      -3303869370.49   970555919.29
PAGESJAUNES GRP       QS3 GR        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ FP        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJUSD EU     -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ QM        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJP IX       -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ VX        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ IX        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ EU        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJGBP EO     -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJGBX EO     -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ PZ        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJGBX EU     -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ EO        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ TQ        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJUSD EO     -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ EB        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ NQ        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ BQ        -3303869370.49   970555919.29
PAGESJAUNES GRP       PAJ LI        -3303869370.49   970555919.29
RHODIA SA             RHANR FP       -913748142.24  6150227880.48
RHODIA SA             RHA EB         -913748142.24  6150227880.48
RHODIA SA             RHDI GR        -913748142.24  6150227880.48
RHODIA SA             RHA EU         -913748142.24  6150227880.48
RHODIA SA             RHA BQ         -913748142.24  6150227880.48
RHODIA SA             RHA NQ         -913748142.24  6150227880.48
RHODIA SA             RHA VX         -913748142.24  6150227880.48
RHODIA SA             RHA TQ         -913748142.24  6150227880.48
RHODIA SA             RHAUSD EO      -913748142.24  6150227880.48
RHODIA SA             3218857Q IX    -913748142.24  6150227880.48
RHODIA SA             RHD GR         -913748142.24  6150227880.48
RHODIA SA             RHADF US       -913748142.24  6150227880.48
RHODIA SA             RHAGBP EO      -913748142.24  6150227880.48
RHODIA SA             2324011Q EU    -913748142.24  6150227880.48
RHODIA SA             RHANR PZ       -913748142.24  6150227880.48
RHODIA SA             RHA IX         -913748142.24  6150227880.48
RHODIA SA             2324015Q EO    -913748142.24  6150227880.48
RHODIA SA             RHA FP         -913748142.24  6150227880.48
RHODIA SA             RHAY IX        -913748142.24  6150227880.48
RHODIA SA             RHAUSD EU      -913748142.24  6150227880.48
RHODIA SA             RHDAF US       -913748142.24  6150227880.48
RHODIA SA             RHAGBX EO      -913748142.24  6150227880.48
RHODIA SA             RHA QM         -913748142.24  6150227880.48
RHODIA SA             RHA PZ         -913748142.24  6150227880.48
RHODIA SA             RHAGBX EU      -913748142.24  6150227880.48
RHODIA SA             RHA EO         -913748142.24  6150227880.48
RHODIA SA - NEW       2335921Q FP    -913748142.24  6150227880.48
RHODIA SA - NEW       RHANV FP       -913748142.24  6150227880.48
RHODIA SA - NEW       3156011Q FP    -913748142.24  6150227880.48
RHODIA SA-ADR         RHAYY US       -913748142.24  6150227880.48
RHODIA SA-RIGHTS      RHADS FP       -913748142.24  6150227880.48
RHODIA SA-RIGHTS      653447Q FP     -913748142.24  6150227880.48
SDR CENTREST          117241Q FP     -132420119.65   252176017.15
SELCODIS              SLCO EU         -21481214.33   175720770.81
SELCODIS              SLCO FP         -21481214.33   175720770.81
SELCODIS              SPVX IX         -21481214.33   175720770.81
Selcodis              SPVX FP         -21481214.33   175720770.81
SELCODIS              SLCO EO         -21481214.33   175720770.81
SELCODIS              SLCO PZ         -21481214.33   175720770.81
THOMSON (EX-TMM)      TMS EO         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS GK         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMM VX         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS BQ         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMSGBX EU      -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMM ES         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS US         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMSGBP EO      -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS PZ         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TNM GR         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMSGBX EO      -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS FP         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMSUSD EO      -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMSUSD EU      -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS EB         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMMLF US       -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS QM         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS EU         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMMN FP        -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS VX         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS TQ         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMS NQ         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TNMA GR        -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMM LN         -587281616.69  6690514314.58
THOMSON (EX-TMM)      TMM IX         -587281616.69  6690514314.58
THOMSON - NEW         TMSNV FP       -587281616.69  6690514314.58
THOMSON - NEW         2336061Q FP    -587281616.69  6690514314.58
THOMSON MULT-ADR      TMS-P US       -587281616.69  6690514314.58
THOMSON MULTI-NE      ZTM FP         -587281616.69  6690514314.58
THOMSON MULTIMED      TMM FP         -587281616.69  6690514314.58
TROUVAY CAUVIN        TVYCF US             -396978   133986439.74
TROUVAY CAUVIN        ETEC FP              -396978   133986439.74

GERMANY
-------
AGOR AG               DOO EU            -482446.63   144432986.17
AGOR AG               DOO EO            -482446.63   144432986.17
AGOR AG               DOOG IX           -482446.63   144432986.17
AGOR AG               DOOD PZ           -482446.63   144432986.17
AGOR AG               DOO GR            -482446.63   144432986.17
AGOR AG               NDAGF US          -482446.63   144432986.17
AGOR AG-RTS           2301918Z GR       -482446.63   144432986.17
ALNO AG               ANO PZ          -68516656.94   290459933.75
ALNO AG               ANO GR          -68516656.94   290459933.75
ALNO AG               ANO EO          -68516656.94   290459933.75
ALNO AG               ALNO IX         -68516656.94   290459933.75
ALNO AG               ANO EU          -68516656.94   290459933.75
ALNO AG-NEW           ANO1 GR         -68516656.94   290459933.75
ALNO AG-RTS           2259765Z GR     -68516656.94   290459933.75
BROKAT AG             BRKAF US        -27139391.98   143536859.72
BROKAT AG             BKISF US        -27139391.98   143536859.72
BROKAT AG             BROAF US        -27139391.98   143536859.72
BROKAT AG             BROFQ US        -27139391.98   143536859.72
BROKAT AG -NEW        BRJ1 GR         -27139391.98   143536859.72
BROKAT AG -NEW        BRJ1 NM         -27139391.98   143536859.72
BROKAT AG-ADR         BROA US         -27139391.98   143536859.72
BROKAT TECH -ADR      BROAQ US        -27139391.98   143536859.72
BROKAT TECH AG        BRJ GR          -27139391.98   143536859.72
BROKAT TECH AG        BSA LN          -27139391.98   143536859.72
BROKAT TECH AG        BRJ NM          -27139391.98   143536859.72
BROKAT TECH-ADR       BRJA GR         -27139391.98   143536859.72
CBB HOLD-NEW 97       COB2 GR         -42994732.85   904723627.84
CBB HOLDING AG        COBG IX         -42994732.85   904723627.84
CBB HOLDING AG        CUBDF US        -42994732.85   904723627.84
CBB HOLDING AG        COB2 EU         -42994732.85   904723627.84
CBB HOLDING AG        COB GR          -42994732.85   904723627.84
CBB HOLDING AG        COBG PZ         -42994732.85   904723627.84
CBB HOLDING AG        COB2 EO         -42994732.85   904723627.84
CBB HOLDING-NEW       COB1 GR         -42994732.85   904723627.84
CBB HOLDING-NEW       COB3 GR         -42994732.85   904723627.84
CINEMAXX AG           MXC GR          -42008900.33   144431938.27
CINEMAXX AG           MXC EO          -42008900.33   144431938.27
CINEMAXX AG           CNEMF US        -42008900.33   144431938.27
CINEMAXX AG           MXCG IX         -42008900.33   144431938.27
CINEMAXX AG           MXCUSD EO       -42008900.33   144431938.27
CINEMAXX AG           MXCUSD EU       -42008900.33   144431938.27
CINEMAXX AG           MXC PZ          -42008900.33   144431938.27
CINEMAXX AG           MXC EU          -42008900.33   144431938.27
CINEMAXX AG-RTS       MXC8 GR         -42008900.33   144431938.27
DORT ACTIEN-BRAU      944167Q GR      -12689156.29   117537053.71
DORT ACTIEN-RTS       DAB8 GR         -12689156.29   117537053.71
EM.TV & MERC-NEW      ETV1 NM         -22067409.41   849175624.65
EM.TV & MERC-NEW      ETV1 GR         -22067409.41   849175624.65
EM.TV & MERC-RTS      ETV8 NM         -22067409.41   849175624.65
EM.TV & MERC-RTS      ETV8 GR         -22067409.41   849175624.65
EM.TV & MERCHAND      ETV LN          -22067409.41   849175624.65
EM.TV & MERCHAND      985403Q GR      -22067409.41   849175624.65
EM.TV & MERCHAND      ETV NM          -22067409.41   849175624.65
EM.TV & MERCHAND      ETV VX          -22067409.41   849175624.65
EM.TV & MERCHAND      EMTVF US        -22067409.41   849175624.65
EM.TV & MERCHAND      ETVMF US        -22067409.41   849175624.65
ESCADA AG             ESC EU          -22323463.23   425598807.76
ESCADA AG             ESCG IX         -22323463.23   425598807.76
ESCADA AG             ESC EO          -22323463.23   425598807.76
ESCADA AG             ESC PZ          -22323463.23   425598807.76
ESCADA AG             ESC BQ          -22323463.23   425598807.76
ESCADA AG             ESC GR          -22323463.23   425598807.76
ESCADA AG             ESCDF US        -22323463.23   425598807.76
ESCADA AG             ESC TQ          -22323463.23   425598807.76
ESCADA AG -PFD        ESC3 GR         -22323463.23   425598807.76
ESCADA AG-NEW         ESCC GR         -22323463.23   425598807.76
ESCADA AG-NEW         3069367Q GR     -22323463.23   425598807.76
ESCADA AG-NEW         835345Q GR      -22323463.23   425598807.76
ESCADA AG-NEW         ESCD GR         -22323463.23   425598807.76
ESCADA AG-NEW         ESCN EU         -22323463.23   425598807.76
ESCADA AG-NEW         ESCN EO         -22323463.23   425598807.76
ESCADA AG-NEW         ESCN GR         -22323463.23   425598807.76
ESCADA AG-RTS         ESCE GR         -22323463.23   425598807.76
ESCADA AG-SP ADR      ESCDY US        -22323463.23   425598807.76
KAUFRING AG           KFR PZ          -19296489.56   150995473.81
KAUFRING AG           KFR GR          -19296489.56   150995473.81
KAUFRING AG           KFR EU          -19296489.56   150995473.81
KAUFRING AG           KAUG IX         -19296489.56   150995473.81
KAUFRING AG           KFR EO          -19296489.56   150995473.81
MANIA TECHNOLOGI      MNI PZ           -35060806.5   107465713.61
MANIA TECHNOLOGI      2260970Z GR      -35060806.5   107465713.61
MANIA TECHNOLOGI      MNIG IX          -35060806.5   107465713.61
MANIA TECHNOLOGI      MIAVF US         -35060806.5   107465713.61
MANIA TECHNOLOGI      MNI GR           -35060806.5   107465713.61
MANIA TECHNOLOGI      MNI1 EU          -35060806.5   107465713.61
MANIA TECHNOLOGI      MNI NM           -35060806.5   107465713.61
MANIA TECHNOLOGI      MNI1 EO          -35060806.5   107465713.61
MATERNUS KLINI-N      MAK1 GR         -18996733.83   183928734.46
MATERNUS-KLINIKE      MAK EO          -18996733.83   183928734.46
MATERNUS-KLINIKE      MAKG IX         -18996733.83   183928734.46
MATERNUS-KLINIKE      MAK PZ          -18996733.83   183928734.46
MATERNUS-KLINIKE      MAK GR          -18996733.83   183928734.46
MATERNUS-KLINIKE      MNUKF US        -18996733.83   183928734.46
MATERNUS-KLINIKE      MAK EU          -18996733.83   183928734.46
NORDAG AG             DOO1 GR           -482446.63   144432986.17
NORDAG AG-PFD         DOO3 GR           -482446.63   144432986.17
NORDAG AG-RTS         DOO8 GR           -482446.63   144432986.17
NORDSEE AG            533061Q GR       -8200552.05   194616922.62
PRIMACOM AG           PRC EO          -18656728.68   610380925.67
PRIMACOM AG           PRCG PZ         -18656728.68   610380925.67
PRIMACOM AG           PCAGF US        -18656728.68   610380925.67
PRIMACOM AG           PRC EU          -18656728.68   610380925.67
PRIMACOM AG           PRC GR          -18656728.68   610380925.67
PRIMACOM AG           PRCG IX         -18656728.68   610380925.67
PRIMACOM AG           PRC2 GR         -18656728.68   610380925.67
PRIMACOM AG           PRC NM          -18656728.68   610380925.67
PRIMACOM AG-ADR       PCAG US         -18656728.68   610380925.67
PRIMACOM AG-ADR       PCAGY US        -18656728.68   610380925.67
PRIMACOM AG-ADR+      PCAG ES         -18656728.68   610380925.67
RAG ABWICKL-REG       RSTHF US         -1744121.91   217776125.75
RAG ABWICKL-REG       ROSG PZ          -1744121.91   217776125.75
RAG ABWICKL-REG       ROS1 EU          -1744121.91   217776125.75
RAG ABWICKL-REG       ROS1 EO          -1744121.91   217776125.75
RAG ABWICKL-REG       ROS GR           -1744121.91   217776125.75
RINOL AG              RILB IX                -2.71   168095049.11
RINOL AG              RIL GR                 -2.71   168095049.11
RINOL AG              RNLAF US               -2.71   168095049.11
RINOL AG              RILB PZ                -2.71   168095049.11
RINOL AG              RILB EU                -2.71   168095049.11
RINOL AG              RILB EO                -2.71   168095049.11
RINOL AG              RILB GR                -2.71   168095049.11
ROSENTHAL AG          2644179Q GR      -1744121.91   217776125.75
ROSENTHAL AG-ACC      ROS4 GR          -1744121.91   217776125.75
ROSENTHAL AG-ADR      RSTHY US         -1744121.91   217776125.75
ROSENTHAL AG-REG      ROSG IX          -1744121.91   217776125.75
SANDER (JIL) AG       SAD GR           -6153256.92   127548039.68
SANDER (JIL) AG       JLSDF US         -6153256.92   127548039.68
SANDER (JIL)-PRF      SAD3 GR          -6153256.92   127548039.68
SANDER (JIL)-PRF      2916157Q EU      -6153256.92   127548039.68
SANDER (JIL)-PRF      2916161Q EO      -6153256.92   127548039.68
SANDER (JIL)-PRF      SAD3 PZ          -6153256.92   127548039.68
SINNLEFFERS AG        WHG GR           -4491629.96   453887060.07
SPAR HAND-PFD NV      SPA3 GR        -442426199.47  1433020960.55
SPAR HANDELS-AG       SPHFF US       -442426199.47  1433020960.55
SPAR HANDELS-AG       773844Q GR     -442426199.47  1433020960.55
TA TRIUMPH-A-RTS      1018916Z GR    -120075877.67   410015192.03
TA TRIUMPH-ACQ        TWNA GR        -120075877.67   410015192.03
TA TRIUMPH-ACQ        TWNA EU        -120075877.67   410015192.03
TA TRIUMPH-ADLER      TWN EU         -120075877.67   410015192.03
TA TRIUMPH-ADLER      TTZAF US       -120075877.67   410015192.03
TA TRIUMPH-ADLER      TWN GR         -120075877.67   410015192.03
TA TRIUMPH-ADLER      TWNG IX        -120075877.67   410015192.03
TA TRIUMPH-ADLER      TWN PZ         -120075877.67   410015192.03
TA TRIUMPH-ADLER      TWN EO         -120075877.67   410015192.03
TA TRIUMPH-NEW        TWN1 GR        -120075877.67   410015192.03
TA TRIUMPH-RT         TWN8 GR        -120075877.67   410015192.03
TA TRIUMPH-RTS        3158577Q GR    -120075877.67   410015192.03
VIVANCO GRUPPE        VVA1 EO         -22198683.12   111990951.35
VIVANCO GRUPPE        VVA1 PZ         -22198683.12   111990951.35
VIVANCO GRUPPE        VVAG IX         -22198683.12   111990951.35
VIVANCO GRUPPE        VVA GR          -22198683.12   111990951.35
VIVANCO GRUPPE        VVA1 GR         -22198683.12   111990951.35
VIVANCO GRUPPE        VIVGF US        -22198683.12   111990951.35
VIVANCO GRUPPE        VVA1 EU         -22198683.12   111990951.35

GREECE
------
AG PETZETAKIS SA      PETZK EU        -30790135.48   234437763.45
AG PETZETAKIS SA      PZETF US        -30790135.48   234437763.45
AG PETZETAKIS SA      PTZ GR          -30790135.48   234437763.45
AG PETZETAKIS SA      PTZ1 GR         -30790135.48   234437763.45
AG PETZETAKIS SA      PETZK EO        -30790135.48   234437763.45
AG PETZETAKIS SA      PETZK GA        -30790135.48   234437763.45
AG PETZETAKIS SA      PETZK PZ        -30790135.48   234437763.45
ALTEC SA -AUCT        ALTECE GA      -103590250.31   177563163.73
ALTEC SA INFO         ALTEC EU       -103590250.31   177563163.73
ALTEC SA INFO         ALTEC GA       -103590250.31   177563163.73
ALTEC SA INFO         ALTEC PZ       -103590250.31   177563163.73
ALTEC SA INFO         ATCQF US       -103590250.31   177563163.73
ALTEC SA INFO         ALTEC EO       -103590250.31   177563163.73
ALTEC SA INFO         AXY GR         -103590250.31   177563163.73
ALTEC SA INFO-RT      ALTED GA       -103590250.31   177563163.73
ALTEC SA INFO-RT      ALTECR GA      -103590250.31   177563163.73
ARIES MARITIME T      A1M GR             -57875000      197992000
ARIES MARITIME T      RAMS US            -57875000      197992000
EMPEDOS SA            EMPED GA        -33637669.62    174742646.9
EMPEDOS SA-RTS        EMPEDR GA       -33637669.62    174742646.9
KOUMBAS INSUR-RT      KOUMD GA        -39842421.26   236519943.73
KOUMBAS RTS           KOUMR GA        -39842421.26   236519943.73
KOUMBAS SYNERGY       KOUM GA         -39842421.26   236519943.73
KOUMBAS SYNERGY       KOUMF US        -39842421.26   236519943.73
KOUMBAS SYNERGY       KOUM EO         -39842421.26   236519943.73
KOUMBAS SYNERGY       KOUM EU         -39842421.26   236519943.73
KOUMBAS SYNERGY       KOUM PZ         -39842421.26   236519943.73
NAFTOKHIMIK-GDR       N3ZA GR         -18319042.42   308665797.86
NAOUSSA SPIN -RT      NAOYD GA        -44175513.67   341686153.14
NAOUSSA SPIN-AUC      NAOYKE GA       -44175513.67   341686153.14
NAOUSSA SPIN-RTS      NAOYKR GA       -44175513.67   341686153.14
NAOUSSA SPINNING      NML1 GR         -44175513.67   341686153.14
NAOUSSA SPINNING      NML GR          -44175513.67   341686153.14
PETZET - PFD-RTS      PETZPD GA       -30790135.48   234437763.45
PETZETAKIS - RTS      PETZKD GA       -30790135.48   234437763.45
PETZETAKIS-AUC        PETZKE GA       -30790135.48   234437763.45
PETZETAKIS-PFD        PTZ3 GR         -30790135.48   234437763.45
PETZETAKIS-PFD        PETZP GA        -30790135.48   234437763.45
RADIO KORASS-RTS      KORAR GA       -100972173.86   180679253.63
RADIO KORASSI-RT      KORAD GA       -100972173.86   180679253.63
RADIO KORASSIDIS      RAKOF US       -100972173.86   180679253.63
RADIO KORASSIDIS      KORA GA        -100972173.86   180679253.63
RADIO KORASSIDIS      RKC GR         -100972173.86   180679253.63
THEMELIODOMI          THEME GA        -55751178.85   232036822.56
THEMELIODOMI-AUC      THEMEE GA       -55751178.85   232036822.56
THEMELIODOMI-RTS      THEMER GA       -55751178.85   232036822.56
THEMELIODOMI-RTS      THEMED GA       -55751178.85   232036822.56
UNITED TEXTILES       UTEX PZ         -44175513.67   341686153.14
UNITED TEXTILES       NAOYK GA        -44175513.67   341686153.14
UNITED TEXTILES       UTEX EU         -44175513.67   341686153.14
UNITED TEXTILES       UTEX GA         -44175513.67   341686153.14
UNITED TEXTILES       NAOSF US        -44175513.67   341686153.14
UNITED TEXTILES       UTEX EO         -44175513.67   341686153.14

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

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

ITALY
-----
AEDES AXA+W           AEAXAW IM       -24405906.61  1350851664.42
AEDES SPA             AE IM           -24405906.61  1350851664.42
AEDES SPA             AE EU           -24405906.61  1350851664.42
AEDES SPA             AEDI IX         -24405906.61  1350851664.42
AEDES SPA             AE EO           -24405906.61  1350851664.42
AEDES SPA             AEDSF US        -24405906.61  1350851664.42
AEDES SPA             AE TQ           -24405906.61  1350851664.42
AEDES SPA             AE PZ           -24405906.61  1350851664.42
AEDES SPA             LLB GR          -24405906.61  1350851664.42
AEDES SPA RNC         AEDE IM         -24405906.61  1350851664.42
AEDES SPA-OPA         AEDROP IM       -24405906.61  1350851664.42
AEDES SPA-OPA         AEOPA IM        -24405906.61  1350851664.42
AEDES SPA-RTS         AESA IM         -24405906.61  1350851664.42
AEDES SPA-RTS         AEAA IM         -24405906.61  1350851664.42
AEDES SPA-SVGS R      AEDRAA IM       -24405906.61  1350851664.42
BINDA SPA             BNDAF US        -11146475.29   128859802.94
BINDA SPA             BND IM          -11146475.29   128859802.94
BRODOGRADE INDUS      3MAJRA CZ      -388927692.38   624796011.81
BROGGI IZAR FABB      BIF IM            -178432.46   134255668.53
CART SOTTRI-BIND      DEM IM          -11146475.29   128859802.94
CIRIO FINANZIARI      FIY GR          -422095869.5  1583083044.16
CIRIO FINANZIARI      CRO IM          -422095869.5  1583083044.16
COIN SPA              GC IX          -151690764.75   791310848.67
COIN SPA              965089Q GR     -151690764.75   791310848.67
COIN SPA              GUCIF US       -151690764.75   791310848.67
COIN SPA-RTS          GCAA IM        -151690764.75   791310848.67
COIN SPA/OLD          GC IM          -151690764.75   791310848.67
COMPAGNIA ITALIA      ICT IM         -137726596.25   527372691.43
COMPAGNIA ITALIA      CGLUF US       -137726596.25   527372691.43
COMPAGNIA ITALIA      CITU IX        -137726596.25   527372691.43
CORNELL BHN           INN IM            -178432.46   134255668.53
CORNELL BHN           BY EU             -178432.46   134255668.53
CORNELL BHN           CBX IM            -178432.46   134255668.53
CORNELL BHN           BY EO             -178432.46   134255668.53
CORNELL BHN           INO1 IX           -178432.46   134255668.53
CREDITO FOND-RTS      CRFSA IM       -200209050.26  4213063202.32
CREDITO FONDIARI      CRF IM         -200209050.26  4213063202.32
ELIOS HOLDING         EH IM             -178432.46   134255668.53
ELIOS HOLDING-NE      EH00 IM           -178432.46   134255668.53
ELIOS HOLDING-RT      EHAA IM           -178432.46   134255668.53
ELIOS SPA             EHM IM            -178432.46   134255668.53
I VIAGGI DEL VEN      IVGIF US        -92020221.43   318192568.61
I VIAGGI DEL VEN      VVE EU          -92020221.43   318192568.61
I VIAGGI DEL VEN      VVE TQ          -92020221.43   318192568.61
I VIAGGI DEL VEN      VVE EO          -92020221.43   318192568.61
I VIAGGI DEL VEN      VVE PZ          -92020221.43   318192568.61
I VIAGGI DEL VEN      IV7 GR          -92020221.43   318192568.61
I VIAGGI DEL VEN      VVE IX          -92020221.43   318192568.61
I VIAGGI DEL VEN      VVE IM          -92020221.43   318192568.61
I VIAGGI-RTS          VVEAA IM        -92020221.43   318192568.61
INNOTECH SPA          ELIOF US          -178432.46   134255668.53
OLCESE SPA            O IM            -12846689.89   179691572.79
OLCESE SPA-RTS        OAA IM          -12846689.89   179691572.79
OLCESE VENEZIANO      OLVE IM         -12846689.89   179691572.79
OMNIA NETWORK SP      ONT EU           -47468652.4    322390901.7
OMNIA NETWORK SP      ONT TQ           -47468652.4    322390901.7
OMNIA NETWORK SP      ONT IM           -47468652.4    322390901.7
OMNIA NETWORK SP      ONT PZ           -47468652.4    322390901.7
OMNIA NETWORK SP      ONT EO           -47468652.4    322390901.7
OMNIA NETWORK SP      ONTI IX          -47468652.4    322390901.7
PARMALAT FINA-RT      PRFR AV                  ###  4120687886.18
PARMALAT FINANZI      PMT LI                   ###  4120687886.18
PARMALAT FINANZI      FICN AV                  ###  4120687886.18
PARMALAT FINANZI      PMLFF US                 ###  4120687886.18
PARMALAT FINANZI      PRFI VX                  ###  4120687886.18
PARMALAT FINANZI      PARAF US                 ###  4120687886.18
PARMALAT FINANZI      PAF GR                   ###  4120687886.18
PARMALAT FINANZI      PRF IM                   ###  4120687886.18
REAL ESTATE OP-O      REO LN         -145048365.85  2933767506.67
REAL ESTATE OP-O      REO EO         -145048365.85  2933767506.67
REAL ESTATE OP-O      REO PZ         -145048365.85  2933767506.67
REAL ESTATE OP-O      REO EU         -145048365.85  2933767506.67
REAL ESTATE OP-O      REO VX         -145048365.85  2933767506.67
REAL ESTATE OP-O      REO IX         -145048365.85  2933767506.67
REAL ESTATE OP-O      REA GR         -145048365.85  2933767506.67
REAL ESTATE OP-O      REO ID         -145048365.85  2933767506.67
REAL ESTATE OP-O      REOGBP EO      -145048365.85  2933767506.67
RISANAMEN-RNC OP      RNROPA IM        -84106314.4  4618461222.59
RISANAMENTO -OPA      RNOPA IM         -84106314.4  4618461222.59
RISANAMENTO -RNC      RNR IM           -84106314.4  4618461222.59
RISANAMENTO NAPO      RN5 GR           -84106314.4  4618461222.59
RISANAMENTO SPA       RNGBP EO         -84106314.4  4618461222.59
RISANAMENTO SPA       RN EU            -84106314.4  4618461222.59
RISANAMENTO SPA       RSMNF US         -84106314.4  4618461222.59
RISANAMENTO SPA       RNGBX EO         -84106314.4  4618461222.59
RISANAMENTO SPA       RN PZ            -84106314.4  4618461222.59
RISANAMENTO SPA       RNGBX EU         -84106314.4  4618461222.59
RISANAMENTO SPA       RN EO            -84106314.4  4618461222.59
RISANAMENTO SPA       RN IM            -84106314.4  4618461222.59
RISANAMENTO SPA       RN TQ            -84106314.4  4618461222.59
RISANAMENTO SPA       RN IX            -84106314.4  4618461222.59
RISANAMENTO-RTS       RNAA IM          -84106314.4  4618461222.59
SNIA BPD              SN GR          -141933883.93   150445252.43
SNIA BPD-ADR          SBPDY US       -141933883.93   150445252.43
SNIA SPA              SN IM          -141933883.93   150445252.43
SNIA SPA              SN EO          -141933883.93   150445252.43
SNIA SPA              SNIXF US       -141933883.93   150445252.43
SNIA SPA              SBPDF US       -141933883.93   150445252.43
SNIA SPA              SSMLF US       -141933883.93   150445252.43
SNIA SPA              SIAI IX        -141933883.93   150445252.43
SNIA SPA              SN EU          -141933883.93   150445252.43
SNIA SPA              SNIA GR        -141933883.93   150445252.43
SNIA SPA              SNIB GR        -141933883.93   150445252.43
SNIA SPA              SIAI PZ        -141933883.93   150445252.43
SNIA SPA              SN TQ          -141933883.93   150445252.43
SNIA SPA - RTS        SNAAW IM       -141933883.93   150445252.43
SNIA SPA- RTS         SNAXW IM       -141933883.93   150445252.43
SNIA SPA-2003 SH      SN03 IM        -141933883.93   150445252.43
SNIA SPA-CONV SA      SPBDF US       -141933883.93   150445252.43
SNIA SPA-DRC          SNR00 IM       -141933883.93   150445252.43
SNIA SPA-NEW          SN00 IM        -141933883.93   150445252.43
SNIA SPA-NON CON      SPBNF US       -141933883.93   150445252.43
SNIA SPA-RCV          SNIVF US       -141933883.93   150445252.43
SNIA SPA-RCV          SNR IM         -141933883.93   150445252.43
SNIA SPA-RIGHTS       SNAW IM        -141933883.93   150445252.43
SNIA SPA-RNC          SNIWF US       -141933883.93   150445252.43
SNIA SPA-RNC          SNRNC IM       -141933883.93   150445252.43
SNIA SPA-RTS          SNSO IM        -141933883.93   150445252.43
SNIA SPA-RTS          SNAA IM        -141933883.93   150445252.43
SOCOTHERM SPA         SCT EO         -120739761.47   431104046.09
SOCOTHERM SPA         SOCEF US       -120739761.47   431104046.09
SOCOTHERM SPA         SCT IM         -120739761.47   431104046.09
SOCOTHERM SPA         SCT EU         -120739761.47   431104046.09
SOCOTHERM SPA         SCTM IX        -120739761.47   431104046.09
SOCOTHERM SPA         SCTI PZ        -120739761.47   431104046.09
SOCOTHERM SPA         SCT TQ         -120739761.47   431104046.09
TECNODIFF ITALIA      TDIFF US        -89894162.82   152045757.48
TECNODIFF ITALIA      TEF GR          -89894162.82   152045757.48
TECNODIFF ITALIA      TDI IM          -89894162.82   152045757.48
TECNODIFF ITALIA      TDI NM          -89894162.82   152045757.48
TECNODIFF-RTS         TDIAOW NM       -89894162.82   152045757.48
TECNODIFFUSIONE       TDIAAW IM       -89894162.82   152045757.48
TISCALI - RTS         TIQA GR        -382501586.12  1284058962.83
TISCALI - RTS         TISAAW IM      -382501586.12  1284058962.83
TISCALI SPA           TISN IX        -382501586.12  1284058962.83
TISCALI SPA           TIS EO         -382501586.12  1284058962.83
TISCALI SPA           TISGBX EO      -382501586.12  1284058962.83
TISCALI SPA           TISGBP EO      -382501586.12  1284058962.83
TISCALI SPA           TIS NR         -382501586.12  1284058962.83
TISCALI SPA           TIS IM         -382501586.12  1284058962.83
TISCALI SPA           TIS FP         -382501586.12  1284058962.83
TISCALI SPA           TIQ GR         -382501586.12  1284058962.83
TISCALI SPA           TISN VX        -382501586.12  1284058962.83
TISCALI SPA           TISN NA        -382501586.12  1284058962.83
TISCALI SPA           TISN FP        -382501586.12  1284058962.83
TISCALI SPA           TIS PZ         -382501586.12  1284058962.83
TISCALI SPA           TIQ1 GR        -382501586.12  1284058962.83
TISCALI SPA           TIS VX         -382501586.12  1284058962.83
TISCALI SPA           TIQG IX        -382501586.12  1284058962.83
TISCALI SPA           TISN IM        -382501586.12  1284058962.83
TISCALI SPA           TIS EU         -382501586.12  1284058962.83
TISCALI SPA           TIS NA         -382501586.12  1284058962.83
TISCALI SPA           TISGBX EU      -382501586.12  1284058962.83
TISCALI SPA           TIS TQ         -382501586.12  1284058962.83
TISCALI SPA           TSCXF US       -382501586.12  1284058962.83
TISCALI SPA           TIS IX         -382501586.12  1284058962.83
TISCALI SPA- RTS      TISAXA IM      -382501586.12  1284058962.83
TISCALI SPA- RTS      3391621Q GR    -382501586.12  1284058962.83
YORKVILLE BHN         BY TQ             -178432.46   134255668.53
YORKVILLE BHN         BY IM             -178432.46   134255668.53
YORKVILLE BHN         CBXI PZ           -178432.46   134255668.53

KAZAKHSTAN
----------
KAZAKHSTAN MNRLS      KMCOF US          -123563000      104843000
KAZAKHSTAN MNRLS      KMCO/U CN         -123563000      104843000
KAZAKHSTAN MNRLS      KMC/U CN          -123563000      104843000
KAZAKHSTAN MNRLS      KMCO CN           -123563000      104843000

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

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

POLAND
------
KROSNO                KROS IX          -2241614.77   111838141.19
KROSNO                KRS1EUR EU       -2241614.77   111838141.19
KROSNO                KRS PW           -2241614.77   111838141.19
KROSNO                KRS1EUR EO       -2241614.77   111838141.19
KROSNO                KRS LI           -2241614.77   111838141.19
KROSNO SA             KRS PZ           -2241614.77   111838141.19
KROSNO SA             KRNFF US         -2241614.77   111838141.19
KROSNO SA             KRS1 EU          -2241614.77   111838141.19
KROSNO SA             KROSNO PW        -2241614.77   111838141.19
KROSNO SA             KRS1 EO          -2241614.77   111838141.19
KROSNO SA-RTS         KRSP PW          -2241614.77   111838141.19
KROSNO-PDA-ALLT       KRSA PW          -2241614.77   111838141.19
TOORA                 2916661Q EO       -288818.39   147004954.18
TOORA                 TOR PW            -288818.39   147004954.18
TOORA                 TOR PZ            -288818.39   147004954.18
TOORA                 2916665Q EU       -288818.39   147004954.18
TOORA-ALLOT CERT      TORA PW           -288818.39   147004954.18

PORTUGAL
--------
BENFICA               SLBE IX         -16614056.44   234366255.59
BENFICA               SLBEN EO        -16614056.44   234366255.59
BENFICA               SLBEN EU        -16614056.44   234366255.59
BENFICA               SLBEN PL        -16614056.44   234366255.59
BENFICA               SLBEN PZ        -16614056.44   234366255.59
BENFICA               SLBENX PX       -16614056.44   234366255.59
COFINA                CFN1 PZ          -9882836.46   319233214.35
COFINA                COFI TQ          -9882836.46   319233214.35
COFINA                COFI EO          -9882836.46   319233214.35
COFINA                CFN PL           -9882836.46   319233214.35
COFINA                CFNX PX          -9882836.46   319233214.35
COFINA                CFASF US         -9882836.46   319233214.35
COFINA                COFI EU          -9882836.46   319233214.35
COFINA                COFI PL          -9882836.46   319233214.35
COFINA                COFSI IX         -9882836.46   319233214.35
LISGRAFICA IMPRE      LIG PL           -8723139.72   107312975.09
LISGRAFICA IMPRE      LIAG EO          -8723139.72   107312975.09
LISGRAFICA IMPRE      LIAG EU          -8723139.72   107312975.09
LISGRAFICA IMPRE      LIG EU           -8723139.72   107312975.09
LISGRAFICA IMPRE      LIG EO           -8723139.72   107312975.09
LISGRAFICA IMPRE      LIAG PL          -8723139.72   107312975.09
LISGRAFICA IMPRE      LIG PZ           -8723139.72   107312975.09
LISGRAFICA-RTS        LIGDS PL         -8723139.72   107312975.09
PORCELANA VISTA       PVAL PL         -68504012.12   145654270.82
SPORT LISBOA E B      1249Z PL        -16614056.44   234366255.59
SPORTING-SOC DES      SCDF EU          -4083492.14    225687305.9
SPORTING-SOC DES      SCP PL           -4083492.14    225687305.9
SPORTING-SOC DES      SCPX PX          -4083492.14    225687305.9
SPORTING-SOC DES      SCDF EO          -4083492.14    225687305.9
SPORTING-SOC DES      SCG GR           -4083492.14    225687305.9
SPORTING-SOC DES      SCPL IX          -4083492.14    225687305.9
SPORTING-SOC DES      SCP1 PZ          -4083492.14    225687305.9
SPORTING-SOC DES      SCDF PL          -4083492.14    225687305.9
VAA VISTA ALEGRE      VAF PZ          -68504012.12   145654270.82
VAA VISTA ALEGRE      VAF EO          -68504012.12   145654270.82
VAA VISTA ALEGRE      VAF PL          -68504012.12   145654270.82
VAA VISTA ALEGRE      VAF EU          -68504012.12   145654270.82
VAA VISTA ALEGRE      VAFX PX         -68504012.12   145654270.82
VAA VISTA ALTAN       VAFKX PX        -68504012.12   145654270.82
VAA VISTA ALTAN       VAFK EO         -68504012.12   145654270.82
VAA VISTA ALTAN       VAFK EU         -68504012.12   145654270.82
VAA VISTA ALTAN       VAFK PZ         -68504012.12   145654270.82
VAA VISTA ALTAN       VAFK PL         -68504012.12   145654270.82

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

ROMANIA
-------
ARDAF                 ARDF RO         -57541345.69   142988411.25
OLTCHIM RM VALCE      OLTCF US        -89344235.29   511515508.85
OLTCHIM RM VALCE      OLT RO          -89344235.29   511515508.85
OLTCHIM RM VALCE      OLTEUR EO       -89344235.29   511515508.85
OLTCHIM RM VALCE      OLT EU          -89344235.29   511515508.85
OLTCHIM RM VALCE      OLT EO          -89344235.29   511515508.85
OLTCHIM RM VALCE      OLT PZ          -89344235.29   511515508.85
OLTCHIM RM VALCE      OLTEUR EU       -89344235.29   511515508.85
RAFO SA               RAF RO         -457922636.25   356796459.26
UZINELE SODICE G      UZIM RO         -35878364.71   104942905.83

RUSSIA
------
ALFA CEMENT-BRD       ALCE RU           -672832.37   105454563.92
ALFA CEMENT-BRD       AFMTF US          -672832.37   105454563.92
ALFA CEMENT-BRD       ALCE* RU          -672832.37   105454563.92
AMO ZIL               ZILL RM        -171193521.47   350870451.06
AMO ZIL-CLS           ZILL RU        -171193521.47   350870451.06
AMO ZIL-CLS           ZILL* RU       -171193521.47   350870451.06
AMUR SHIP-BRD         AMZS* RU         -99051792.6   1089408984.8
AMUR SHIP-BRD         AMZS RU          -99051792.6   1089408984.8
BANK FORUM -GDR       B5F GR            -5331676.8  2243068981.53
BANK FORUM -GDR       639540Z LX        -5331676.8  2243068981.53
BANK FORUM -GDR       FRMB038 RU        -5331676.8  2243068981.53
BANK FORUM -GDR       BFJG IX           -5331676.8  2243068981.53
BANK FORUM JSC        FORM UZ           -5331676.8  2243068981.53
DAGESTAN ENERGY       DASB RU         -33465586.31   128437866.54
DAGESTAN ENERGY       DASB* RU        -33465586.31   128437866.54
DAGESTAN ENERGY       DASB RM         -33465586.31   128437866.54
DUVANSKA              DIVR SG          -7729350.78   109207260.53
EAST-SIBERIA-BRD      VSNK* RU       -116177580.51   140342466.16
EAST-SIBERIA-BRD      VSNK RU        -116177580.51   140342466.16
EAST-SIBERIAN-BD      VSNK$ RU       -116177580.51   140342466.16
GUKOVUGOL             GUUG RU         -57835245.31   143665227.24
GUKOVUGOL             GUUG* RU        -57835245.31   143665227.24
GUKOVUGOL-PFD         GUUGP RU        -57835245.31   143665227.24
GUKOVUGOL-PFD         GUUGP* RU       -57835245.31   143665227.24
KOMPANIYA GL-BRD      GMST* RU        -75483851.36  1248071411.99
KOMPANIYA GL-BRD      GMST RU         -75483851.36  1248071411.99
SAMARANEFTEGA-P$      SMNGP RU       -331600428.45   891998590.74
SAMARANEFTEGAS        SVYOF US       -331600428.45   891998590.74
SAMARANEFTEGAS        SMNG RM        -331600428.45   891998590.74
SAMARANEFTEGAS        SMNG$ RU       -331600428.45   891998590.74
SAMARANEFTEGAS        SMNG* RU       -331600428.45   891998590.74
SAMARANEFTEGAS-$      SMNG RU        -331600428.45   891998590.74
SAMARANEFTEGAS-P      SMNGP RM       -331600428.45   891998590.74
SAMARANEFTEGAS-P      SMNGP$ RU      -331600428.45   891998590.74
SAMARANEFTEGAS-P      SMNGP* RU      -331600428.45   891998590.74
TERNEYLES-BRD         TERL RU          -15178937.2   182115156.77
TERNEYLES-BRD         TERL* RU         -15178937.2   182115156.77
TRANSAERO AIRLIN      TRNS RU          -32834680.5    456883935.5
TRANSAERO AIRLIN      TRNS* RU         -32834680.5    456883935.5
URGALUGOL-BRD         YRGL* RU        -15706613.04   105440541.07
URGALUGOL-BRD         YRGL RU         -15706613.04   105440541.07
URGALUGOL-BRD-PF      YRGLP RU        -15706613.04   105440541.07
VOLGOGRAD KHIM        VHIM RU          -6661016.16   113935933.35
VOLGOGRAD KHIM        VHIM* RU         -6661016.16   113935933.35
ZIL AUTO PLANT        ZILL$ RU       -171193521.47   350870451.06
ZIL AUTO PLANT-P      ZILLP RM       -171193521.47   350870451.06
ZIL AUTO PLANT-P      ZILLP* RU      -171193521.47   350870451.06
ZIL AUTO PLANT-P      ZILLP RU       -171193521.47   350870451.06

SPAIN
-----
ACTUACIONES ACTI      AGR SM         -148097530.94   674738808.26
ACTUACIONES ACTI      AISA SM        -148097530.94   674738808.26
ACTUACIONES ACTI      AISA PZ        -148097530.94   674738808.26
ACTUACIONES ACTI      AISA EO        -148097530.94   674738808.26
ACTUACIONES ACTI      AISA EU        -148097530.94   674738808.26
AGRUPACIO - RT        AGR/D SM       -148097530.94   674738808.26
MARTINSA FADESA       MFAD PZ       -1847997044.09  8832898708.34
MARTINSA FADESA       MTF EO        -1847997044.09  8832898708.34
MARTINSA FADESA       4PU GR        -1847997044.09  8832898708.34
MARTINSA FADESA       MTF1 LI       -1847997044.09  8832898708.34
MARTINSA FADESA       MTF EU        -1847997044.09  8832898708.34
MARTINSA FADESA       MTF SM        -1847997044.09  8832898708.34
MARTINSA-FADESA       MTF NR        -1847997044.09  8832898708.34

TURKEY
------
BESIKTAS FUTBOL       BKTFF US        -10396040.97   175760356.28
BESIKTAS FUTBOL       BWX GR          -10396040.97   175760356.28
BESIKTAS FUTBOL       BJKAS TI        -10396040.97   175760356.28
BESIKTAS FUTBOL       BJKASM TI       -10396040.97   175760356.28
BESIKTAS FUTBOL       BJKASY TI       -10396040.97   175760356.28
EGS EGE GIYIM VE      EGDIS TI         -7732138.55   147075066.65
EGS EGE GIYIM-RT      EGDISR TI        -7732138.55   147075066.65
IKTISAT FINAN-RT      IKTFNR TI       -46900661.12   108228233.63
IKTISAT FINANSAL      IKTFN TI        -46900661.12   108228233.63
MUDURNU TAVUKC-N      MDRNUN TI       -64930189.62    160408172.1
MUDURNU TAVUKCUL      MDRNU TI        -64930189.62    160408172.1
SIFAS                 SIFAS TI         -15439198.6   130608103.96
TUTUNBANK             TUT TI        -4024959601.58  2643810456.86
YASARBANK             YABNK TI      -4024959601.58  2643810456.86

UKRAINE
-------
AZOVZAGALMASH MA      AZGM UZ         -16212049.02   277693905.54
DNEPROPETROVSK        DMZP UZ         -15926384.43   424303604.81
DNIPROOBLENERGO       DNON UZ          -8466062.15   297261661.11
DONETSKOBLENERGO      DOON UZ        -222373172.26   391097664.92
LUGANSKOBLENERGO      LOEN UZ         -27999610.26   206103874.91
NAFTOKHIMIK PRIC      NAFP UZ         -18319042.42   308665797.86
ODESSA OIL REFIN      ONPZ UZ         -70727947.39   325964086.89
ZAPORIZHOBLENERG      ZAON UZ          -5929792.72   132397404.71

UNITED KINGDOM
--------------
ABBOTT MEAD VICK      648824Q LN        -1685852.9   168258996.33
ADVANCE DISPLAY       ADTP PZ       -3015578834.69  2590007903.69
AEA TECHNOLO-FPR      AATF PZ        -149279984.66   121254240.42
AEA TECHNOLO-FPR      AATF LN        -149279984.66   121254240.42
AEA TECHNOLO-NPR      AATN LN        -149279984.66   121254240.42
AEA TECHNOLO-NPR      AATN PZ        -149279984.66   121254240.42
AEA TECHNOLOGY        AATGBP EO      -149279984.66   121254240.42
AEA TECHNOLOGY        AAT PZ         -149279984.66   121254240.42
AEA TECHNOLOGY        AAT EO         -149279984.66   121254240.42
AEA TECHNOLOGY        AAT LN         -149279984.66   121254240.42
AEA TECHNOLOGY        AAT PO         -149279984.66   121254240.42
AEA TECHNOLOGY        AEY GR         -149279984.66   121254240.42
AEA TECHNOLOGY        AAT VX         -149279984.66   121254240.42
AEA TECHNOLOGY        AAT IX         -149279984.66   121254240.42
AEA TECHNOLOGY        EAETF US       -149279984.66   121254240.42
AEA TECHNOLOGY        AAT EU         -149279984.66   121254240.42
AIRTOURS PLC          ATORF US       -379721841.57  1817512773.61
AIRTOURS PLC          AIR VX         -379721841.57  1817512773.61
AIRTOURS PLC          AIR LN         -379721841.57  1817512773.61
ALLDAYS PLC           317056Q LN     -120493900.04   252232072.87
ALLDAYS PLC           ALDYF US       -120493900.04   252232072.87
AMER BUS SYS          ARB LN            -497127008      121439000
AMEY PLC              AMY VX          -48862569.33   931527720.46
AMEY PLC              AMEYF US        -48862569.33   931527720.46
AMEY PLC              AMY LN          -48862569.33   931527720.46
AMEY PLC-ASSENT       AMYA LN         -48862569.33   931527720.46
AMEY PLC-NEW          AMYN LN         -48862569.33   931527720.46
ANKER PLC             ANK PO          -21861359.81      115463159
ANKER PLC             ANK LN          -21861359.81      115463159
ANKER PLC             DW14 GR         -21861359.81      115463159
ANKER PLC - ASSD      ANKB LN         -21861359.81      115463159
ANKER PLC - ASSD      ANKC LN         -21861359.81      115463159
ANKER PLC-ASSD        ANKA LN         -21861359.81      115463159
ATKINS (WS) PLC       ATK NQ          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK EU          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATKEUR EU       -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK PO          -62199993.61  1184945671.16
ATKINS (WS) PLC       WATKF US        -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK LN          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK IX          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK EO          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATKGBP EO       -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK EB          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK BQ          -62199993.61  1184945671.16
ATKINS (WS) PLC       6W2 GR          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK NR          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK TQ          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK QM          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK PZ          -62199993.61  1184945671.16
ATKINS (WS) PLC       ATKEUR EO       -62199993.61  1184945671.16
ATKINS (WS) PLC       ATK VX          -62199993.61  1184945671.16
BCH GROUP PLC         BCH LN           -5728274.38   187993198.22
BLACK & EDGINGTO      BLE LN         -134177517.41   149159301.57
BNB RECRUITMENT       BQX GR          -10242627.53   103637704.96
BNB RECRUITMENT       BNBRF US        -10242627.53   103637704.96
BNB RECRUITMENT       BNB LN          -10242627.53   103637704.96
BNB RECRUITMENT       BNB PO          -10242627.53   103637704.96
BNB RECRUITMENT       BNB IX          -10242627.53   103637704.96
BOOKER PLC            987188Q LN       -59832880.4  1298182548.71
BOOKER PLC            1330Q GR         -59832880.4  1298182548.71
BOOKER PLC            BKERF US         -59832880.4  1298182548.71
BOOKER PLC-ADR        BOK$ LN          -59832880.4  1298182548.71
BOOKER PLC-ADR        BKRUY US         -59832880.4  1298182548.71
BRADSTOCK GROUP       BDK LN           -1855444.44   268563822.49
BRADSTOCK GROUP       BSKGF US         -1855444.44   268563822.49
BRIT ENERGY LTD       523362Q LN    -5822867500.78  4921095749.61
BRIT ENERGY PLC       555140Q VX    -5822867500.78  4921095749.61
BRIT ENERGY PLC       BGYEF US      -5822867500.78  4921095749.61
BRIT ENERGY PLC       BEN1 GR       -5822867500.78  4921095749.61
BRIT ENERGY PLC       BHEGF US      -5822867500.78  4921095749.61
BRIT ENERGY-A         BENA GR       -5822867500.78  4921095749.61
BRIT ENERGY-ADR       BHEFF US      -5822867500.78  4921095749.61
BRIT NUCLEAR          1046Z LN       -4247644149.6 40325778907.11
BRIT TELECOM          BTE GR        -5730703493.62 46660870566.45
BRIT TELECOM          9484 JP       -5730703493.62 46660870566.45
BRIT TELECOM PLC      BT/A VX       -5730703493.62 46660870566.45
BRIT TELECOM PLC      BTPLF US      -5730703493.62 46660870566.45
BRIT TELECOM PLC      BTPWF US      -5730703493.62 46660870566.45
BRIT TELECOM-ADR      1481Q CN      -5730703493.62 46660870566.45
BRIT TELECOM-ADR      BTEA GR       -5730703493.62 46660870566.45
BRIT TELECOM-RTS      BTY-R US      -5730703493.62 46660870566.45
BRITISH ENER-$US      BGYNYD AR     -5822867500.78  4921095749.61
BRITISH ENER-$US      BGYD AR       -5822867500.78  4921095749.61
BRITISH ENER-ADR      BGYNY US      -5822867500.78  4921095749.61
BRITISH ENER-BLK      BGYB AR       -5822867500.78  4921095749.61
BRITISH ENER-BLK      BGYNYB AR     -5822867500.78  4921095749.61
BRITISH ENER-C/E      BGYNYC AR     -5822867500.78  4921095749.61
BRITISH ENER-C/E      BGYC AR       -5822867500.78  4921095749.61
BRITISH ENER-CED      BGYNY AR      -5822867500.78  4921095749.61
BRITISH ENER-CED      BGY AR        -5822867500.78  4921095749.61
BRITISH ENERGY-A      BGYA PO       -5822867500.78  4921095749.61
BRITISH ENERGY-A      BGYGF US      -5822867500.78  4921095749.61
BRITISH ENERGY-A      3012442Q LN   -5822867500.78  4921095749.61
BRITISH ENERGY-A      BGYA VX       -5822867500.78  4921095749.61
BRITISH ENERGY-A      BHEAF US      -5822867500.78  4921095749.61
BRITISH TELE-FP       BT/F LN       -5730703493.62 46660870566.45
BRITISH TELE-NP       BTPXF US      -5730703493.62 46660870566.45
BRITISH TELE-NP       BT/N LN       -5730703493.62 46660870566.45
BRITVIC               B6S GR            -731325.03  1222775450.71
BRITVIC PLC           BVIC EB           -731325.03  1222775450.71
BRITVIC PLC           BVIC EO           -731325.03  1222775450.71
BRITVIC PLC           BVICUSD EO        -731325.03  1222775450.71
BRITVIC PLC           BVICGBP EO        -731325.03  1222775450.71
BRITVIC PLC           BVIC NR           -731325.03  1222775450.71
BRITVIC PLC           BVIC NQ           -731325.03  1222775450.71
BRITVIC PLC           BVICEUR EU        -731325.03  1222775450.71
BRITVIC PLC           BVIC QM           -731325.03  1222775450.71
BRITVIC PLC           BVICEUR EO        -731325.03  1222775450.71
BRITVIC PLC           BVIC PZ           -731325.03  1222775450.71
BRITVIC PLC           BVIC EU           -731325.03  1222775450.71
BRITVIC PLC           BVICUSD EU        -731325.03  1222775450.71
BRITVIC PLC           BVIC VX           -731325.03  1222775450.71
BRITVIC PLC           BVIC BQ           -731325.03  1222775450.71
BRITVIC PLC           BVIC IX           -731325.03  1222775450.71
BRITVIC PLC           BTVCF US          -731325.03  1222775450.71
BRITVIC PLC           BVIC LN           -731325.03  1222775450.71
BRITVIC PLC           BVIC TQ           -731325.03  1222775450.71
BT GROUP PLC          BTGOF US      -5730703493.62 46660870566.45
BT GROUP PLC          BT PZ         -5730703493.62 46660870566.45
BT GROUP PLC          BT/A EU       -5730703493.62 46660870566.45
BT GROUP PLC          BT/A LN       -5730703493.62 46660870566.45
BT GROUP PLC          BT/APEN EU    -5730703493.62 46660870566.45
BT GROUP PLC          BTQ GR        -5730703493.62 46660870566.45
BT GROUP PLC          BT/AEUR EU    -5730703493.62 46660870566.45
BT GROUP PLC          BT/ VX        -5730703493.62 46660870566.45
BT GROUP PLC          BT/AGBP EO    -5730703493.62 46660870566.45
BT GROUP PLC          BT/A EO       -5730703493.62 46660870566.45
BT GROUP PLC          BT/A NQ       -5730703493.62 46660870566.45
BT GROUP PLC          BT/A BQ       -5730703493.62 46660870566.45
BT GROUP PLC          BT IX         -5730703493.62 46660870566.45
BT GROUP PLC          BT/A EB       -5730703493.62 46660870566.45
BT GROUP PLC          BTEG IX       -5730703493.62 46660870566.45
BT GROUP PLC          BT/A NR       -5730703493.62 46660870566.45
BT GROUP PLC          BT/APEN EO    -5730703493.62 46660870566.45
BT GROUP PLC          BT/AUSD EO    -5730703493.62 46660870566.45
BT GROUP PLC          BT/A QM       -5730703493.62 46660870566.45
BT GROUP PLC          BT/AUSD EU    -5730703493.62 46660870566.45
BT GROUP PLC          BT/AEUR EO    -5730703493.62 46660870566.45
BT GROUP PLC          BT/A TQ       -5730703493.62 46660870566.45
BT GROUP PLC          BT/A PO       -5730703493.62 46660870566.45
BT GROUP PLC-ADR      BT/$ LN       -5730703493.62 46660870566.45
BT GROUP PLC-W/I      BTWI LN       -5730703493.62 46660870566.45
BT GROUP-ADR          BTQA GR       -5730703493.62 46660870566.45
BT GROUP-ADR WI       BTY-W US      -5730703493.62 46660870566.45
BT GROUP-CED $US      BTD AR        -5730703493.62 46660870566.45
BT GROUP-CED $US      BTYD AR       -5730703493.62 46660870566.45
BT GROUP-CED BLK      BTYB AR       -5730703493.62 46660870566.45
BT GROUP-CED BLK      BTB AR        -5730703493.62 46660870566.45
BT GROUP-CED C/E      BTC AR        -5730703493.62 46660870566.45
BT GROUP-CED C/E      BTYC AR       -5730703493.62 46660870566.45
BT GROUP-CEDEAR       BTY AR        -5730703493.62 46660870566.45
BT GROUP-CEDEAR       BT AR         -5730703493.62 46660870566.45
BT GROUP-SPON AD      BTY US        -5730703493.62 46660870566.45
BT GROUP-SPON AD      BTYN MM       -5730703493.62 46660870566.45
BT GROUP-SPON AD      BT MM         -5730703493.62 46660870566.45
BT GROUP-SPON AD      BT US         -5730703493.62 46660870566.45
CARLISLE GROUP        506819Q LN      -11904426.45   203548565.03
CHRYSALIS GROUP       CHSGBP EO        -5851089.05   101497520.61
CHRYSALIS GROUP       CLYSF US         -5851089.05   101497520.61
CHRYSALIS GROUP       5CY GR           -5851089.05   101497520.61
CHRYSALIS GROUP       CHS EO           -5851089.05   101497520.61
CHRYSALIS GROUP       CHS PO           -5851089.05   101497520.61
CHRYSALIS GROUP       CHSUSD EO        -5851089.05   101497520.61
CHRYSALIS GROUP       CHSEUR EO        -5851089.05   101497520.61
CHRYSALIS GROUP       CHS EU           -5851089.05   101497520.61
CHRYSALIS GROUP       CHS VX           -5851089.05   101497520.61
CHRYSALIS GROUP       CHS PZ           -5851089.05   101497520.61
CHRYSALIS GROUP       CYGUF US         -5851089.05   101497520.61
CHRYSALIS GROUP       CHS LN           -5851089.05   101497520.61
CHRYSALIS GROUP       CHSUSD EU        -5851089.05   101497520.61
CHRYSALIS GROUP       CHS IX           -5851089.05   101497520.61
CHRYSALIS GROUP       CHSEUR EU        -5851089.05   101497520.61
CHRYSALIS GROUP       HR4 GR           -5851089.05   101497520.61
CLIPPER WINDPOWE      CWPA LN           -218336000      776211968
CLIPPER WINDPOWE      CWP EU            -218336000      776211968
CLIPPER WINDPOWE      CWP PG            -218336000      776211968
CLIPPER WINDPOWE      CWP PZ            -218336000      776211968
CLIPPER WINDPOWE      CRPWF US          -218336000      776211968
CLIPPER WINDPOWE      CWP IX            -218336000      776211968
CLIPPER WINDPOWE      CWP EO            -218336000      776211968
CLIPPER WINDPOWE      C2W GR            -218336000      776211968
CLIPPER WINDPOWE      CWP LN            -218336000      776211968
COMPASS GROU-OLD      1259Q LN       -668101173.88  2972459078.38
COMPASS GROUP         QOP GR         -668101173.88  2972459078.38
COMPASS GRP-ADR       CMSGY US       -668101173.88  2972459078.38
COMPASS GRP-ADR       CMSJY US       -668101173.88  2972459078.38
COSTAIN GROU-RTS      COSF LN         -19097658.92   649978943.25
COSTAIN GROU-RTS      COSN LN         -19097658.92   649978943.25
COSTAIN GROUP         COSTUSD EU      -19097658.92   649978943.25
COSTAIN GROUP         COST IX         -19097658.92   649978943.25
COSTAIN GROUP         COSTUSD EO      -19097658.92   649978943.25
COSTAIN GROUP         COST EU         -19097658.92   649978943.25
COSTAIN GROUP         COSTEUR EO      -19097658.92   649978943.25
COSTAIN GROUP         COST PZ         -19097658.92   649978943.25
COSTAIN GROUP         CSGFF US        -19097658.92   649978943.25
COSTAIN GROUP         COST PO         -19097658.92   649978943.25
COSTAIN GROUP         COSTGBP EO      -19097658.92   649978943.25
COSTAIN GROUP         COST EO         -19097658.92   649978943.25
COSTAIN GROUP         COST LN         -19097658.92   649978943.25
COSTAIN GROUP         COST VX         -19097658.92   649978943.25
COSTAIN GROUP         COSTEUR EU      -19097658.92   649978943.25
DANKA BUS SYSTEM      DNK LN            -497127008      121439000
DANKA BUS SYSTEM      3205291Q EO       -497127008      121439000
DANKA BUS SYSTEM      3205283Q EO       -497127008      121439000
DANKA BUS SYSTEM      DNK PZ            -497127008      121439000
DANKA BUS SYSTEM      DNK IX            -497127008      121439000
DANKA BUS SYSTEM      DNK PO            -497127008      121439000
DANKA BUS SYSTEM      DNK VX            -497127008      121439000
DANKA BUS SYSTEM      3205287Q EU       -497127008      121439000
DANKA BUS SYSTEM      DANKF US          -497127008      121439000
DANKA BUS-$US CE      DANKD AR          -497127008      121439000
DANKA BUS-ADR         AP39 LI           -497127008      121439000
DANKA BUS-ADR         DANKE US          -497127008      121439000
DANKA BUS-ADR         DANKY US          -497127008      121439000
DANKA BUS-ADR         DB6 GR            -497127008      121439000
DANKA BUS-BLK CE      DANKB AR          -497127008      121439000
DANKA BUS-C/E CE      DANKC AR          -497127008      121439000
DANKA BUS-CEDEAR      DANK AR           -497127008      121439000
DAWSON HOLDINGS       DWN1 EU         -54451186.72   128196101.01
DAWSON HOLDINGS       DWN1EUR EO      -54451186.72   128196101.01
DAWSON HOLDINGS       DWN IX          -54451186.72   128196101.01
DAWSON HOLDINGS       DWN PZ          -54451186.72   128196101.01
DAWSON HOLDINGS       DWN LN          -54451186.72   128196101.01
DAWSON HOLDINGS       DWHGF US        -54451186.72   128196101.01
DAWSON HOLDINGS       DWN1GBP EO      -54451186.72   128196101.01
DAWSON HOLDINGS       DWN1EUR EU      -54451186.72   128196101.01
DAWSON HOLDINGS       DWN1 EO         -54451186.72   128196101.01
DAWSON HOLDINGS       DWN VX          -54451186.72   128196101.01
DAWSON HOLDINGS       DWN PO          -54451186.72   128196101.01
DEVELICA DEUTSCH      DDE PG          -41866600.36  1178479579.31
DEVELICA DEUTSCH      DDE LN          -41866600.36  1178479579.31
DEVELICA DEUTSCH      D4B GR          -41866600.36  1178479579.31
DEVELICA DEUTSCH      DDE IX          -41866600.36  1178479579.31
DEVELICA DEUTSCH      DDE PZ          -41866600.36  1178479579.31
EASYNET GROUP         ESY VX          -45232889.17   322770283.93
EASYNET GROUP         ESY PO          -45232889.17   322770283.93
EASYNET GROUP         EZNGF US        -45232889.17   322770283.93
EASYNET GROUP         EAY GR          -45232889.17   322770283.93
EASYNET GROUP         ESY LN          -45232889.17   322770283.93
EASYNET GROUP-CV      91009Z LN       -45232889.17   322770283.93
EMI GROUP LTD         EMI LN        -2265916256.89  2950021937.14
EMI GROUP PLC         EMIPF US      -2265916256.89  2950021937.14
EMI GROUP PLC         3020138Q GR   -2265916256.89  2950021937.14
EMI GROUP PLC         EMI VX        -2265916256.89  2950021937.14
EMI GROUP PLC         EMI IX        -2265916256.89  2950021937.14
EMI GROUP PLC         EMI PO        -2265916256.89  2950021937.14
EMI GROUP PLC-B       1019425Q LN   -2265916256.89  2950021937.14
EMI GROUP-ADR         38IS LN       -2265916256.89  2950021937.14
EMI GROUP-ADR         EMI$ LN       -2265916256.89  2950021937.14
EMI GROUP-ADR         EMIPY US      -2265916256.89  2950021937.14
EMI GROUP -ASSD       EMIA LN       -2265916256.89  2950021937.14
EUROPEAN HOME         EHR EU          -14328735.16   110864081.39
EUROPEAN HOME         FPAKF US        -14328735.16   110864081.39
EUROPEAN HOME         EHR EO          -14328735.16   110864081.39
EUROPEAN HOME         KLZ VX          -14328735.16   110864081.39
EUROPEAN HOME         EHREUR EU       -14328735.16   110864081.39
EUROPEAN HOME         KLZ PO          -14328735.16   110864081.39
EUROPEAN HOME         EHREUR EO       -14328735.16   110864081.39
EUROPEAN HOME         EHR PO          -14328735.16   110864081.39
EUROPEAN HOME         EHRGBP EO       -14328735.16   110864081.39
EUROPEAN HOME         EHR VX          -14328735.16   110864081.39
EUROPEAN HOME         EHR PZ          -14328735.16   110864081.39
EUROPEAN HOME         EHR LN          -14328735.16   110864081.39
EUROPEAN MINERAL      EPM/U CN          -123563000      104843000
EUROPEAN MINERAL      EUM PO            -123563000      104843000
EUROPEAN MINERAL      EPMLF US          -123563000      104843000
EUROPEAN MINERAL      EPM CN            -123563000      104843000
EUROPEAN MINERAL      EUM LN            -123563000      104843000
FAREPAK PLC           FPK LN          -14328735.16   110864081.39
FARNELL ELEC-ADR      FRN$ LN         -45246567.32   692389353.06
FARNELL ELEC-ADR      FRNZ LN         -45246567.32   692389353.06
FARNELL ELEC-RFD      FRNR LN         -45246567.32   692389353.06
FARNELL ELECTRON      FRNL LN         -45246567.32   692389353.06
GALIFORM PLC          MFI IX         -116415877.06   612420067.12
GALIFORM PLC          GLFMF US       -116415877.06   612420067.12
GALIFORM PLC          GFRM EO        -116415877.06   612420067.12
GALIFORM PLC          GFRM NQ        -116415877.06   612420067.12
GALIFORM PLC          GFRM EU        -116415877.06   612420067.12
GALIFORM PLC          GFRMGBP EO     -116415877.06   612420067.12
GALIFORM PLC          MFI PO         -116415877.06   612420067.12
GALIFORM PLC          GFRM VX        -116415877.06   612420067.12
GALIFORM PLC          GFRMEUR EO     -116415877.06   612420067.12
GALIFORM PLC          GFRM TQ        -116415877.06   612420067.12
GALIFORM PLC          GFRMNOK EO     -116415877.06   612420067.12
GALIFORM PLC          GFRM BQ        -116415877.06   612420067.12
GALIFORM PLC          GFRM NR        -116415877.06   612420067.12
GALIFORM PLC          GFRM PO        -116415877.06   612420067.12
GALIFORM PLC          GFRMNOK EU     -116415877.06   612420067.12
GALIFORM PLC          MFI VX         -116415877.06   612420067.12
GALIFORM PLC          MFIFF US       -116415877.06   612420067.12
GALIFORM PLC          GFRM IX        -116415877.06   612420067.12
GALIFORM PLC          GFRM LN        -116415877.06   612420067.12
GALIFORM PLC          GFRM PZ        -116415877.06   612420067.12
GALIFORM PLC          GFRM EB        -116415877.06   612420067.12
GALIFORM PLC          GFRM QM        -116415877.06   612420067.12
GALIFORM PLC          GFRMEUR EU     -116415877.06   612420067.12
GARTLAND WHALLEY      GWB LN          -10986769.42   145352034.49
GO-AHEAD GROUP        GOG QM          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOGEUR EU       -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG VX          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG NR          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG EO          -15712050.26  1619995129.64
GO-AHEAD GROUP        GHGUF US        -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG IX          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOGGBP EO       -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG PO          -15712050.26  1619995129.64
GO-AHEAD GROUP        G9X GR          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG EB          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG EU          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG NQ          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG BQ          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG PZ          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG LN          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOG TQ          -15712050.26  1619995129.64
GO-AHEAD GROUP        GOGEUR EO       -15712050.26  1619995129.64
GREEN (E) & PART      GEP LN          -27530263.14      313453511
HAWTIN PLC            HTI PZ           -3873861.33   110875080.83
HAWTIN PLC            HTI PO           -3873861.33   110875080.83
HAWTIN PLC            HWN GR           -3873861.33   110875080.83
HAWTIN PLC            HTI IX           -3873861.33   110875080.83
HAWTIN PLC            HTI VX           -3873861.33   110875080.83
HAWTIN PLC            HTI EO           -3873861.33   110875080.83
HAWTIN PLC            HTI LN           -3873861.33   110875080.83
HAWTIN PLC            HTI PG           -3873861.33   110875080.83
HAWTIN PLC            HTI EU           -3873861.33   110875080.83
HILTON G-CRT OLD      HIGT BB        -547740614.03  1922113569.01
HILTON GROUP PLC      HLTGF US       -547740614.03  1922113569.01
HILTON GROUP PLC      HG PO          -547740614.03  1922113569.01
HILTON GROUP PLC      HG/ LN         -547740614.03  1922113569.01
HILTON GROUP-ADR      HLTGY US       -547740614.03  1922113569.01
HILTON GROUP-CER      HG BB          -547740614.03  1922113569.01
HILTON GROUP-CRT      HIG BB         -547740614.03  1922113569.01
INTERCONTIN-ADR       IHG US             -39000000     2911000064
INTERCONTIN-ADR       IHGA LN            -39000000     2911000064
INTERCONTIN-ADR       IHG-W US           -39000000     2911000064
INTERCONTINENTAL      IHG PZ             -39000000     2911000064
INTERCONTINENTAL      IHGOF US           -39000000     2911000064
INTERCONTINENTAL      IHG EB             -39000000     2911000064
INTERCONTINENTAL      IHGEUR EU          -39000000     2911000064
INTERCONTINENTAL      ICHGF US           -39000000     2911000064
INTERCONTINENTAL      IHGCHF EO          -39000000     2911000064
INTERCONTINENTAL      IHG BQ             -39000000     2911000064
INTERCONTINENTAL      IHG PO             -39000000     2911000064
INTERCONTINENTAL      IC1B GR            -39000000     2911000064
INTERCONTINENTAL      IHGCHF EU          -39000000     2911000064
INTERCONTINENTAL      IHGGBP EO          -39000000     2911000064
INTERCONTINENTAL      988082Q GR         -39000000     2911000064
INTERCONTINENTAL      IHG NR             -39000000     2911000064
INTERCONTINENTAL      IC1C GR            -39000000     2911000064
INTERCONTINENTAL      IHG EU             -39000000     2911000064
INTERCONTINENTAL      INCNF US           -39000000     2911000064
INTERCONTINENTAL      IHGUSD EO          -39000000     2911000064
INTERCONTINENTAL      IHGEUR EO          -39000000     2911000064
INTERCONTINENTAL      IHG NQ             -39000000     2911000064
INTERCONTINENTAL      IHGUSD EU          -39000000     2911000064
INTERCONTINENTAL      IHG VX             -39000000     2911000064
INTERCONTINENTAL      IHG EO             -39000000     2911000064
INTERCONTINENTAL      IHG QM             -39000000     2911000064
INTERCONTINENTAL      IHG IX             -39000000     2911000064
INTERCONTINENTAL      IC1A GR            -39000000     2911000064
INTERCONTINENTAL      IC1 GR             -39000000     2911000064
INTERCONTINENTAL      IHG LN             -39000000     2911000064
INTERCONTINENTAL      IHG TQ             -39000000     2911000064
JARVIS PLC            JRVS EU         -48330109.98   155571478.27
JARVIS PLC            JRVSEUR EU      -48330109.98   155571478.27
JARVIS PLC            JRVSGBP EO      -48330109.98   155571478.27
JARVIS PLC            JRVS PZ         -48330109.98   155571478.27
JARVIS PLC            JRVS PO         -48330109.98   155571478.27
JARVIS PLC            JRVS EO         -48330109.98   155571478.27
JARVIS PLC            JRVSEUR EO      -48330109.98   155571478.27
JARVIS PLC            JVSPF US        -48330109.98   155571478.27
JARVIS PLC            JRVS LN         -48330109.98   155571478.27
JARVIS PLC            JVR GR          -48330109.98   155571478.27
JARVIS PLC            JRVS VX         -48330109.98   155571478.27
JARVIS PLC            JRVS IX         -48330109.98   155571478.27
JESSOPS PLC           JS4 GR           -42702021.2   112964060.38
JESSOPS PLC           JSP EU           -42702021.2   112964060.38
JESSOPS PLC           JSP PZ           -42702021.2   112964060.38
JESSOPS PLC           JSP EO           -42702021.2   112964060.38
JESSOPS PLC           JSPGBP EO        -42702021.2   112964060.38
JESSOPS PLC           JSP IX           -42702021.2   112964060.38
JESSOPS PLC           JSPEUR EO        -42702021.2   112964060.38
JESSOPS PLC           JSP PO           -42702021.2   112964060.38
JESSOPS PLC           JSP VX           -42702021.2   112964060.38
JESSOPS PLC           JSPEUR EU        -42702021.2   112964060.38
JESSOPS PLC           JSP LN           -42702021.2   112964060.38
KLEENEZE PLC          KLZ LN          -14328735.16   110864081.39
LADBROKE GROUP        LADB LN        -547740614.03  1922113569.01
LADBROKE GRP-IDR      695767Q BB     -547740614.03  1922113569.01
LADBROKE GRP-OLD      LADB BB        -547740614.03  1922113569.01
LADBROKES - FPR       LADF PZ        -547740614.03  1922113569.01
LADBROKES - FPR       LADF LN        -547740614.03  1922113569.01
LADBROKES PLC         LAD BQ         -547740614.03  1922113569.01
LADBROKES PLC         LADNZD EU      -547740614.03  1922113569.01
LADBROKES PLC         LAD PZ         -547740614.03  1922113569.01
LADBROKES PLC         LAD GR         -547740614.03  1922113569.01
LADBROKES PLC         LAD TQ         -547740614.03  1922113569.01
LADBROKES PLC         LADGBP EO      -547740614.03  1922113569.01
LADBROKES PLC         LADUSD EO      -547740614.03  1922113569.01
LADBROKES PLC         LADNZD EO      -547740614.03  1922113569.01
LADBROKES PLC         LAD NQ         -547740614.03  1922113569.01
LADBROKES PLC         LAD EU         -547740614.03  1922113569.01
LADBROKES PLC         HG/ VX         -547740614.03  1922113569.01
LADBROKES PLC         LAD PO         -547740614.03  1922113569.01
LADBROKES PLC         LAD EB         -547740614.03  1922113569.01
LADBROKES PLC         LAD NR         -547740614.03  1922113569.01
LADBROKES PLC         LAD EO         -547740614.03  1922113569.01
LADBROKES PLC         LADEUR EO      -547740614.03  1922113569.01
LADBROKES PLC         LAD IX         -547740614.03  1922113569.01
LADBROKES PLC         LAD LN         -547740614.03  1922113569.01
LADBROKES PLC         LAD VX         -547740614.03  1922113569.01
LADBROKES PLC         LAD QM         -547740614.03  1922113569.01
LADBROKES PLC         LDBKF US       -547740614.03  1922113569.01
LADBROKES PLC         LADEUR EU      -547740614.03  1922113569.01
LADBROKES PLC-AD      LDBKY US       -547740614.03  1922113569.01
LADBROKES PLC-AD      LDBKY LN       -547740614.03  1922113569.01
LADBROKES PLC-CE      LAD BB         -547740614.03  1922113569.01
LADBROKES PLC-NP      LADN LN        -547740614.03  1922113569.01
LADBROKES PLC-NP      LADN PZ        -547740614.03  1922113569.01
LAMBERT FENCHURC      LMF LN           -1453050.04  1826806853.46
LEEDS SPORTING        LES LN           -73166148.8   143762193.66
LEEDS SPORTING        LEDPF US         -73166148.8   143762193.66
LEEDS UNITED PLC      LDSUF US         -73166148.8   143762193.66
LEEDS UNITED PLC      LUFC LN          -73166148.8   143762193.66
LEEDS UNITED PLC      889687Q GR       -73166148.8   143762193.66
LONDON TOWN PLC       LTW LN          -21897636.36    175672299.2
LONDON TOWN PLC       LTW PO          -21897636.36    175672299.2
LONDON TOWN PLC       LTW EU          -21897636.36    175672299.2
LONDON TOWN PLC       LTW IX          -21897636.36    175672299.2
LONDON TOWN PLC       LTW PZ          -21897636.36    175672299.2
LONDON TOWN PLC       LTWX LN         -21897636.36    175672299.2
LONDON TOWN PLC       LTWR LN         -21897636.36    175672299.2
LONDON TOWN PLC       LOU GR          -21897636.36    175672299.2
LONDON TOWN PLC       LTW EO          -21897636.36    175672299.2
LONDON TOWN PLC       LTW PG          -21897636.36    175672299.2
M 2003 PLC            MTWOF US      -2203513803.24  7204891601.83
M 2003 PLC            203055Q LN    -2203513803.24  7204891601.83
M 2003 PLC-ADR        MTWOE US      -2203513803.24  7204891601.83
M 2003 PLC-ADR        MTWOY US      -2203513803.24  7204891601.83
MARCONI PLC           MRCQF US      -2203513803.24  7204891601.83
MARCONI PLC           203083Q VX    -2203513803.24  7204891601.83
MARCONI PLC           MY2 GR        -2203513803.24  7204891601.83
MARCONI PLC           MNI LN        -2203513803.24  7204891601.83
MARCONI PLC           MONI BB       -2203513803.24  7204891601.83
MARCONI PLC           MNI BB        -2203513803.24  7204891601.83
MARCONI PLC-ADR       QUQMON AU     -2203513803.24  7204891601.83
MARCONI PLC-ADR       MONI US       -2203513803.24  7204891601.83
MARCONI PLC-ADR       MCONY US      -2203513803.24  7204891601.83
MARCONI PLC-ADR       MRCQY US      -2203513803.24  7204891601.83
MARCONI PLC-ADR       MCBA GR       -2203513803.24  7204891601.83
MARCONI PLC-ADR       MONIE US      -2203513803.24  7204891601.83
MARCONI PLC-ADR       MONIY US      -2203513803.24  7204891601.83
MARCONI PLC-ADR       MY2A GR       -2203513803.24  7204891601.83
MFI FURNITURE GR      MFI LN         -116415877.06   612420067.12
MINERVA PLC           MNR EO          -76016914.25  1319730522.55
MINERVA PLC           MNR LN          -76016914.25  1319730522.55
MINERVA PLC           MNR TQ          -76016914.25  1319730522.55
MINERVA PLC           MNREUR EO       -76016914.25  1319730522.55
MINERVA PLC           MNR PZ          -76016914.25  1319730522.55
MINERVA PLC           MNR EU          -76016914.25  1319730522.55
MINERVA PLC           MNR VX          -76016914.25  1319730522.55
MINERVA PLC           MNR NR          -76016914.25  1319730522.55
MINERVA PLC           MNVAF US        -76016914.25  1319730522.55
MINERVA PLC           MNRGBP EO       -76016914.25  1319730522.55
MINERVA PLC           MNR IX          -76016914.25  1319730522.55
MINERVA PLC           MNREUR EU       -76016914.25  1319730522.55
MINERVA PLC           MNR PO          -76016914.25  1319730522.55
MINERVA PLC           M7E GR          -76016914.25  1319730522.55
MINERVA PLC-NP        MNRN LN         -76016914.25  1319730522.55
MYTRAVEL GROUP        MT/S PO        -379721841.57  1817512773.61
MYTRAVEL GROUP        MT/S LN        -379721841.57  1817512773.61
MYTRAVEL GROUP        MT IX          -379721841.57  1817512773.61
MYTRAVEL GROUP        ARO2 GR        -379721841.57  1817512773.61
MYTRAVEL GROUP        MT/S VX        -379721841.57  1817512773.61
MYTRAVEL GROUP        MYTPF US       -379721841.57  1817512773.61
MYTRAVEL GROUP P      1018144Q GR    -379721841.57  1817512773.61
MYTRAVEL GROUP P      MYTGF US       -379721841.57  1817512773.61
MYTRAVEL GROUP P      MT/ VX         -379721841.57  1817512773.61
MYTRAVEL GROUP-A      2281919Q GR    -379721841.57  1817512773.61
MYTRAVEL GROUP-A      MYTVF US       -379721841.57  1817512773.61
NEW STAR ASSET        NSAM PO        -397718038.04   292972732.12
NEW STAR ASSET        3226447Q EO    -397718038.04   292972732.12
NEW STAR ASSET        3226431Q EU    -397718038.04   292972732.12
NEW STAR ASSET        3226435Q EO    -397718038.04   292972732.12
NEW STAR ASSET        NWSAF US       -397718038.04   292972732.12
NEW STAR ASSET        NSAM TQ        -397718038.04   292972732.12
NEW STAR ASSET        NSAM PZ        -397718038.04   292972732.12
NEW STAR ASSET        N6S GR         -397718038.04   292972732.12
NEW STAR ASSET        NSAM IX        -397718038.04   292972732.12
NEW STAR ASSET        3226443Q EO    -397718038.04   292972732.12
NEW STAR ASSET        NSAA LN        -397718038.04   292972732.12
NEW STAR ASSET        3226439Q EU    -397718038.04   292972732.12
NEW STAR ASSET        NSAM LN        -397718038.04   292972732.12
NORTHERN ROCK         2733265Q EO    -586206492.33152084295061.92
NORTHERN ROCK         NRK PO         -586206492.33152084295061.92
NORTHERN ROCK         NR3 GR         -586206492.33152084295061.92
NORTHERN ROCK         2733281Q EO    -586206492.33152084295061.92
NORTHERN ROCK         2733277Q EU    -586206492.33152084295061.92
NORTHERN ROCK         NRKI IX        -586206492.33152084295061.92
NORTHERN ROCK         2733269Q EU    -586206492.33152084295061.92
NORTHERN ROCK         NRK PZ         -586206492.33152084295061.92
NORTHERN ROCK         2733273Q EO    -586206492.33152084295061.92
NORTHERN ROCK         NRK IX         -586206492.33152084295061.92
NORTHERN ROCK         NHRKF US       -586206492.33152084295061.92
NORTHERN ROCK         NRK LN         -586206492.33152084295061.92
NORTHERN ROCK         NRK VX         -586206492.33152084295061.92
NORTHERN ROCK         2733289Q EO    -586206492.33152084295061.92
NORTHERN ROCK         2733285Q EU    -586206492.33152084295061.92
O TWELVE ESTATES      OTE EO          -10555410.41   267391338.05
O TWELVE ESTATES      O2T GR          -10555410.41   267391338.05
O TWELVE ESTATES      OTE PG          -10555410.41   267391338.05
O TWELVE ESTATES      OTE LN          -10555410.41   267391338.05
O TWELVE ESTATES      OTE IX          -10555410.41   267391338.05
O TWELVE ESTATES      OTE EU          -10555410.41   267391338.05
O TWELVE ESTATES      OTE PZ          -10555410.41   267391338.05
O TWELVE ESTATES      OTEEUR EO       -10555410.41   267391338.05
ORANGE PLC            ORNGF US       -593935051.02   2902299501.9
ORANGE PLC            951641Q LN     -593935051.02   2902299501.9
ORANGE PLC            1460Q GR       -593935051.02   2902299501.9
ORANGE PLC-ADR        ORNGY US       -593935051.02   2902299501.9
ORANGE PLC-ADR        ORA$ LN        -593935051.02   2902299501.9
ORANGE PLC-ADR        ONG GR         -593935051.02   2902299501.9
ORBIS PLC             RLP GR           -4168498.48    127701679.5
ORBIS PLC             OBG PO           -4168498.48    127701679.5
ORBIS PLC             OBS PZ           -4168498.48    127701679.5
ORBIS PLC             OBS PO           -4168498.48    127701679.5
ORBIS PLC             OBS LN           -4168498.48    127701679.5
ORBIS PLC             ORBSF US         -4168498.48    127701679.5
ORBIS PLC             OBS IX           -4168498.48    127701679.5
ORSU METALS CORP      OSU CN            -123563000      104843000
ORSU METALS CORP      ORSM007 RU        -123563000      104843000
ORSU METALS CORP      OSU PZ            -123563000      104843000
ORSU METALS CORP      E4M GR            -123563000      104843000
ORSU METALS CORP      OSU PG            -123563000      104843000
ORSU METALS CORP      OSU LN            -123563000      104843000
ORSU METALS CORP      EUM IX            -123563000      104843000
ORSU METALS CORP      EPMCF US          -123563000      104843000
ORSU METALS CORP      ORSM007* RU       -123563000      104843000
ORSU METALS CORP      OSUMF US          -123563000      104843000
PATIENTLINE PLC       PTL IX          -54677284.64    124948245.8
PATIENTLINE PLC       2928899Q EO     -54677284.64    124948245.8
PATIENTLINE PLC       PTL PO          -54677284.64    124948245.8
PATIENTLINE PLC       PTL LN          -54677284.64    124948245.8
PATIENTLINE PLC       PTL VX          -54677284.64    124948245.8
PATIENTLINE PLC       2928907Q EO     -54677284.64    124948245.8
PATIENTLINE PLC       2928903Q EU     -54677284.64    124948245.8
PATIENTLINE PLC       PTL PZ          -54677284.64    124948245.8
PREMIER FARN-ADR      PIFLY US        -45246567.32   692389353.06
PREMIER FARN-ADR      PFLZ LN         -45246567.32   692389353.06
PREMIER FARN-ADR      2246804Q US     -45246567.32   692389353.06
PREMIER FARNELL       PML GR          -45246567.32   692389353.06
PREMIER FARNELL       PFL IX          -45246567.32   692389353.06
PREMIER FARNELL       PFL EO          -45246567.32   692389353.06
PREMIER FARNELL       PFLUSD EO       -45246567.32   692389353.06
PREMIER FARNELL       PFL TQ          -45246567.32   692389353.06
PREMIER FARNELL       PFL BQ          -45246567.32   692389353.06
PREMIER FARNELL       PIFLF US        -45246567.32   692389353.06
PREMIER FARNELL       PFL QM          -45246567.32   692389353.06
PREMIER FARNELL       PFL PZ          -45246567.32   692389353.06
PREMIER FARNELL       PFL NQ          -45246567.32   692389353.06
PREMIER FARNELL       PFLEUR EU       -45246567.32   692389353.06
PREMIER FARNELL       PFLSEK EU       -45246567.32   692389353.06
PREMIER FARNELL       PFLUSD EU       -45246567.32   692389353.06
PREMIER FARNELL       PFLSEK EO       -45246567.32   692389353.06
PREMIER FARNELL       PFL NR          -45246567.32   692389353.06
PREMIER FARNELL       PFL VX          -45246567.32   692389353.06
PREMIER FARNELL       PFL LN          -45246567.32   692389353.06
PREMIER FARNELL       PFLEUR EO       -45246567.32   692389353.06
PREMIER FARNELL       PFL EB          -45246567.32   692389353.06
PREMIER FARNELL       PFL EU          -45246567.32   692389353.06
PREMIER FARNELL       PFLGBP EO       -45246567.32   692389353.06
PREMIER FARNELL       PFL PO          -45246567.32   692389353.06
PROSTRAKAN GROUP      PSKGBP EO        -1646349.91   143067806.91
PROSTRAKAN GROUP      PSKEUR EO        -1646349.91   143067806.91
PROSTRAKAN GROUP      PSKEUR EU        -1646349.91   143067806.91
PROSTRAKAN GROUP      PSK VX           -1646349.91   143067806.91
PROSTRAKAN GROUP      PSK PO           -1646349.91   143067806.91
PROSTRAKAN GROUP      PSK LN           -1646349.91   143067806.91
PROSTRAKAN GROUP      PSK EU           -1646349.91   143067806.91
PROSTRAKAN GROUP      PSK EO           -1646349.91   143067806.91
PROSTRAKAN GROUP      PSK IX           -1646349.91   143067806.91
PROSTRAKAN GROUP      PKNGF US         -1646349.91   143067806.91
PROSTRAKAN GROUP      PSK PZ           -1646349.91   143067806.91
REGUS LTD             273187Q LN      -46111835.37      367181111
REGUS PLC             273195Q VX      -46111835.37      367181111
REGUS PLC             RGU GR          -46111835.37      367181111
REGUS PLC             REGSF US        -46111835.37      367181111
REGUS PLC             2296Z LN        -46111835.37      367181111
REGUS PLC-ADS         REGS US         -46111835.37      367181111
REGUS PLC-ADS         REGSY US        -46111835.37      367181111
REGUS PLC-ADS         RGUA GR         -46111835.37      367181111
REGUS PLC-ADS         REGSV US        -46111835.37      367181111
RENTOKIL INITIAL      RTO EB         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO GR         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO VX         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO EO         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTOEUR EO      -351331070.14  3368925867.22
RENTOKIL INITIAL      RTOGBP EO      -351331070.14  3368925867.22
RENTOKIL INITIAL      RTOEUR EU      -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO PZ         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO IX         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO TQ         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO LN         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO EU         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO PO         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTOG IX        -351331070.14  3368925867.22
RENTOKIL INITIAL      RTOKF US       -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO NQ         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTOUSD EU      -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO1 GR        -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO QM         -351331070.14  3368925867.22
RENTOKIL INITIAL      RKLIF US       -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO BQ         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTO NR         -351331070.14  3368925867.22
RENTOKIL INITIAL      RTOUSD EO      -351331070.14  3368925867.22
RENTOKIL-SP ADR       RTOKY US       -351331070.14  3368925867.22
RENTOKIL-SP ADR       AP76 LI        -351331070.14  3368925867.22
SAATCHI & SA-ADR      SSA US         -119260804.15   705060824.55
SAATCHI & SA-ADR      SSI$ LN        -119260804.15   705060824.55
SAATCHI & SAATCH      SSATF US       -119260804.15   705060824.55
SAATCHI & SAATCH      SSI LN         -119260804.15   705060824.55
SAATCHI & SAATCH      188190Q GR     -119260804.15   705060824.55
SCOTTISH MEDIA        SSM LN          -49061227.23   212049868.01
SCOTTISH MEDIA        1442Q GR        -49061227.23   212049868.01
SCOTTISH MEDIA        SSMR LN         -49061227.23   212049868.01
SCOTTISH TELEV        SCTVF US        -49061227.23   212049868.01
SETON HEALTHCARE      2290Z LN        -10585179.82   156822902.77
SFI GROUP PLC         SUF LN         -108067115.81   177647536.08
SFI GROUP PLC         SUYFF US       -108067115.81   177647536.08
SKYEPHAR-RTS F/P      SKPF LN        -134177517.41   149159301.57
SKYEPHAR-RTS F/P      SKPF VX        -134177517.41   149159301.57
SKYEPHAR-RTS N/P      SKPN LN        -134177517.41   149159301.57
SKYEPHAR-RTS N/P      SKPN VX        -134177517.41   149159301.57
SKYEPHARMA -SUB       2976665Z LN    -134177517.41   149159301.57
SKYEPHARMA PLC        SKPEUR EO      -134177517.41   149159301.57
SKYEPHARMA PLC        SKP PO         -134177517.41   149159301.57
SKYEPHARMA PLC        SKP IX         -134177517.41   149159301.57
SKYEPHARMA PLC        SKP PZ         -134177517.41   149159301.57
SKYEPHARMA PLC        SKPEUR EU      -134177517.41   149159301.57
SKYEPHARMA PLC        SKPGBP EO      -134177517.41   149159301.57
SKYEPHARMA PLC        SKP TQ         -134177517.41   149159301.57
SKYEPHARMA PLC        SK8A GR        -134177517.41   149159301.57
SKYEPHARMA PLC        SKYEF US       -134177517.41   149159301.57
SKYEPHARMA PLC        SKP EO         -134177517.41   149159301.57
SKYEPHARMA PLC        SK8C GR        -134177517.41   149159301.57
SKYEPHARMA PLC        SKP1 VX        -134177517.41   149159301.57
SKYEPHARMA PLC        SKP LN         -134177517.41   149159301.57
SKYEPHARMA PLC        SKP VX         -134177517.41   149159301.57
SKYEPHARMA PLC        SKP EU         -134177517.41   149159301.57
SKYEPHARMA-ADR        AP80 LI        -134177517.41   149159301.57
SKYEPHARMA-ADR        SKYPY US       -134177517.41   149159301.57
SKYEPHARMA-ADR        SK8 GR         -134177517.41   149159301.57
SKYEPHARMA-ADR        SK8N GR        -134177517.41   149159301.57
SKYEPHARMA-ADR        SKYE US        -134177517.41   149159301.57
SKYEPHARMA-ADR        SKYEY US       -134177517.41   149159301.57
SMG PLC               SMG PO          -49061227.23   212049868.01
SMG PLC               SMG LN          -49061227.23   212049868.01
SMG PLC-FUL PAID      SMGF LN         -49061227.23   212049868.01
SMG PLC-NIL PAID      SMGN LN         -49061227.23   212049868.01
SMITHS NEWS PLC       NWS PZ         -111380853.65   310693960.19
SMITHS NEWS PLC       NWS LN         -111380853.65   310693960.19
SMITHS NEWS PLC       NWS2EUR EU     -111380853.65   310693960.19
SMITHS NEWS PLC       NWS1 BQ        -111380853.65   310693960.19
SMITHS NEWS PLC       NWS1GBP EO     -111380853.65   310693960.19
SMITHS NEWS PLC       NWS IX         -111380853.65   310693960.19
SMITHS NEWS PLC       NWS VX         -111380853.65   310693960.19
SMITHS NEWS PLC       NWS2GBP EO     -111380853.65   310693960.19
SMITHS NEWS PLC       NWS PO         -111380853.65   310693960.19
SMITHS NEWS PLC       SMWPF US       -111380853.65   310693960.19
SMITHS NEWS PLC       NWS2EUR EO     -111380853.65   310693960.19
SMITHS NEWS PLC       NWS1 EU        -111380853.65   310693960.19
SMITHS NEWS PLC       NWS1 EO        -111380853.65   310693960.19
SMITHS NEWS PLC       SMWPY US       -111380853.65   310693960.19
SMITHS NEWS PLC       NWS2 EU        -111380853.65   310693960.19
SMITHS NEWS PLC       NWS2 TQ        -111380853.65   310693960.19
SMITHS NEWS PLC       NWS2 EO        -111380853.65   310693960.19
STAGECOACH GROUP      SGC1 NQ         -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1 QM         -14183327.87  2231066974.58
STAGECOACH GROUP      SGCG PZ         -14183327.87  2231066974.58
STAGECOACH GROUP      SGC LN          -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1 NR         -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1AUD EO      -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1AUD EU      -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1GBP EO      -14183327.87  2231066974.58
STAGECOACH GROUP      SAGKF US        -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1 TQ         -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1 EU         -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1 EO         -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1USD EU      -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1 BQ         -14183327.87  2231066974.58
STAGECOACH GROUP      SHP GR          -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1 EB         -14183327.87  2231066974.58
STAGECOACH GROUP      SHP4 GR         -14183327.87  2231066974.58
STAGECOACH GROUP      SGC IX          -14183327.87  2231066974.58
STAGECOACH GROUP      SGC PO          -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1EUR EU      -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1EUR EO      -14183327.87  2231066974.58
STAGECOACH GROUP      SGC2 VX         -14183327.87  2231066974.58
STAGECOACH GROUP      SGC1USD EO      -14183327.87  2231066974.58
STAGECOACH GRP-B      SGCB LN         -14183327.87  2231066974.58
STAGECOACH-NEW        SGCN LN         -14183327.87  2231066974.58
STV GROUP PLC         STVGEUR EO      -49061227.23   212049868.01
STV GROUP PLC         SMG VX          -49061227.23   212049868.01
STV GROUP PLC         STVGGBP EO      -49061227.23   212049868.01
STV GROUP PLC         STVG EO         -49061227.23   212049868.01
STV GROUP PLC         SMG IX          -49061227.23   212049868.01
STV GROUP PLC         STVGEUR EU      -49061227.23   212049868.01
STV GROUP PLC         STVG LN         -49061227.23   212049868.01
STV GROUP PLC         SMG PZ          -49061227.23   212049868.01
STV GROUP PLC         STVG VX         -49061227.23   212049868.01
STV GROUP PLC         STVG EU         -49061227.23   212049868.01
STV GROUP PLC         SMGPF US        -49061227.23   212049868.01
TELASI JSC            AEST GG Equity   -38496626.3   121421179.22
TELEWEST COM-ADR      TWSTD US      -3702234580.99  7581020925.22
TELEWEST COM-ADR      TWT$ LN       -3702234580.99  7581020925.22
TELEWEST COM-ADR      TWSTY US      -3702234580.99  7581020925.22
TELEWEST COM-ADR      940767Q GR    -3702234580.99  7581020925.22
TELEWEST COMM         TWT VX        -3702234580.99  7581020925.22
TELEWEST COMM         604296Q GR    -3702234580.99  7581020925.22
TELEWEST COMM         715382Q LN    -3702234580.99  7581020925.22
TELEWEST COMM         TWSTF US      -3702234580.99  7581020925.22
THORN EMI PLC         THNE FP       -2265916256.89  2950021937.14
THORN EMI-ADR         TORNY US      -2265916256.89  2950021937.14
THORN EMI-ADR         THN$ LN       -2265916256.89  2950021937.14
THORN EMI-CDR         THN NA        -2265916256.89  2950021937.14
THORN EMI-REGD        1772Q GR      -2265916256.89  2950021937.14
TOPPS TILES-NEW       TPTN LN         -78172467.48    131014414.4
TOPPS TILES PLC       TPT PZ          -78172467.48    131014414.4
TOPPS TILES PLC       TPTJF US        -78172467.48    131014414.4
TOPPS TILES PLC       TPT PO          -78172467.48    131014414.4
TOPPS TILES PLC       TPTJY US        -78172467.48    131014414.4
TOPPS TILES PLC       TPTEUR EO       -78172467.48    131014414.4
TOPPS TILES PLC       TPT TQ          -78172467.48    131014414.4
TOPPS TILES PLC       TPT LN          -78172467.48    131014414.4
TOPPS TILES PLC       TPT VX          -78172467.48    131014414.4
TOPPS TILES PLC       TPT EO          -78172467.48    131014414.4
TOPPS TILES PLC       TPTEUR EU       -78172467.48    131014414.4
TOPPS TILES PLC       TPTGBP EO       -78172467.48    131014414.4
TOPPS TILES PLC       TPT BQ          -78172467.48    131014414.4
TOPPS TILES PLC       TPT IX          -78172467.48    131014414.4
TOPPS TILES PLC       TPT EU          -78172467.48    131014414.4
UTC GROUP             UGR LN          -11904426.45   203548565.03
VIRGIN MOB-ASSD       VMOA LN        -392165437.58   166070003.71
VIRGIN MOB-ASSD       VMOC LN        -392165437.58   166070003.71
VIRGIN MOBILE         VMOB PO        -392165437.58   166070003.71
VIRGIN MOBILE         VMOB LN        -392165437.58   166070003.71
VIRGIN MOBILE         VMOB VX        -392165437.58   166070003.71
VIRGIN MOBILE         UEM GR         -392165437.58   166070003.71
VIRGIN MOBILE         VGMHF US       -392165437.58   166070003.71
WATSON & PHILIP       WTSN LN        -120493900.04   252232072.87
WHITE YOUNG GREE      WHYGBP EO       -27530263.14      313453511
WHITE YOUNG GREE      WHY EU          -27530263.14      313453511
WHITE YOUNG GREE      WHY EO          -27530263.14      313453511
WHITE YOUNG GREE      WHY LN          -27530263.14      313453511
WHITE YOUNG GREE      WHYEUR EU       -27530263.14      313453511
WHITE YOUNG GREE      WHY PZ          -27530263.14      313453511
WHITE YOUNG GREE      WHY VX          -27530263.14      313453511
WHITE YOUNG GREE      WHY IX          -27530263.14      313453511
WHITE YOUNG GREE      WHY PO          -27530263.14      313453511
WHITE YOUNG GREE      WHYEUR EO       -27530263.14      313453511
WHITE YOUNG-NEW       WHYN LN         -27530263.14      313453511
WINCANTON PL-ADR      WNCNY US        -63105009.98  1416979805.92
WINCANTON PLC         WNCNF US        -63105009.98  1416979805.92
WINCANTON PLC         WIN1EUR EU      -63105009.98  1416979805.92
WINCANTON PLC         WIN1 QM         -63105009.98  1416979805.92
WINCANTON PLC         WIN IX          -63105009.98  1416979805.92
WINCANTON PLC         WIN1EUR EO      -63105009.98  1416979805.92
WINCANTON PLC         WIN1 NQ         -63105009.98  1416979805.92
WINCANTON PLC         WIN1USD EU      -63105009.98  1416979805.92
WINCANTON PLC         WIN1 EB         -63105009.98  1416979805.92
WINCANTON PLC         WIN1GBP EO      -63105009.98  1416979805.92
WINCANTON PLC         WIN VX          -63105009.98  1416979805.92
WINCANTON PLC         WIN1 EU         -63105009.98  1416979805.92
WINCANTON PLC         WIN LN          -63105009.98  1416979805.92
WINCANTON PLC         WIN1 BQ         -63105009.98  1416979805.92
WINCANTON PLC         WIN1 EO         -63105009.98  1416979805.92
WINCANTON PLC         WIN PO          -63105009.98  1416979805.92
WINCANTON PLC         WIN1 TQ         -63105009.98  1416979805.92
WINCANTON PLC         WIN PZ          -63105009.98  1416979805.92
WINCANTON PLC         WIN1USD EO      -63105009.98  1416979805.92
XXPERT RENTAL         XPRT CN           -123563000      104843000


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *