TCREUR_Public/091208.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 8, 2009, Vol. 10, No. 242

                            Headlines

A U S T R I A

ADOLF RIESS: Claims Filing Deadline is December 24
BLUST HANDEL: Claims Filing Deadline is December 24
BOTEC-MONTING HANDEL: Claims Filing Deadline is December 28
J. MAKOVEC: Claims Filing Deadline is December 31
MEDIEN BEWIRTSCHAFTUNG: Claims Filing Deadline is December 24

SUCCESS 2005: Fitch Affirms Rating on Class D Notes at 'BB'
TP STRATEGIEMANAGEMENT: Claims Filing Deadline is December 24


G E R M A N Y

ARCANDOR AG: No More Closures of Karstadt Stores Next Year
GENERAL MOTORS: Reilly Heads Opel/Vauxhall; Nears Restructuring

* GERMANY: Commercial Insolvencies to Rise 17% in 2010


H U N G A R Y

FUND DE LA SALLE: PSZAF Starts Liquidation, Withdraws License


I R E L A N D

CAPITAL BARS: O'Dwyers Want to Buy AIB's EUR25 Mln Debt
HOLM CAPITAL: Moody's Withdraws 'Caa2' Rating on 2008-1 Notes
SILK ROAD: S&P Corrects Ratings on Credit-Linked Notes to 'BB'
SMURFIT KAPPA: S&P Assigns 'BB' Rating on EUR500 Mil. Senior Notes


I T A L Y

GRUPPO DELTA: Has EUR3.4 Mln in Debts to Other Banks
MARIELLA BURANI: Creditors Not Positive on Rescue Plan
SAFILO SPA: Consob Says Hal Exempt From Bidding for Rest of Shares
SAFILO SPA: Fitch Cuts Long-Term Issuer Default Rating to 'RD'
VALENTINO FASHION: Permira Nears Debt Deal with Citigroup


K A Z A K H S T A N

AKTOBE PROJECT: Creditors Must File Claims by December 16
ASIA PROM: Creditors Must File Claims by December 16
DFD ENGINEERING: Creditors Must File Claims by December 16
KAZAKHGOLD GROUP: Fitch Withdraws 'CC' LT Issuer Default Rating
NUR SERVICE: Creditors Must File Claims by December 16

OLIMPIC LIMUZIN: Creditors Must File Claims by December 16
PLAZMA-D LLP: Creditors Must File Claims by December 16
PROM STROY: Creditors Must File Claims by December 16
STROY MECH: Creditors Must File Claims by December 16
UNIVERSAL LLP: Creditors Must File Claims by December 16

US MEGATECH: Creditors Must File Claims by December 16


K Y R G Y Z S T A N

ISSYK-KUL DEVELOPMENT: Creditors Must File Claims by December 30
LIVING STONES: Creditors Must File Claims by December 30
SAKARYA STROY: Creditors Must File Claims by December 30


R U S S I A

LIGAL-STROY: Kaliningradskaya Bankruptcy Hearing Set December 14
SHANS LLC: Omskaya Bankruptcy Hearing Set December 15
SIBIR AIR: Creditors Must File Claims by December 16
TNK-BP INTERNATIONAL: S&P Raises Corp. Credit Ratings From 'BB+/B'

* RUSSIA: Fitch Affirms Individual Ratings on Nine Banks at 'D/E'


L U X E M B O U R G

GSC EUROPEAN: Moody's Downgrades Rating on Class W Notes to 'B3'


S L O V A K   R E P U B L I C

NOVACKE CHEMICKE: Slovak Eyes Takeover; 1,700 Jobs at Risk


S P A I N

TDA PASTOR: Moody's Junks Rating on Class Notes From 'B3'


S W I T Z E R L A N D

AVERNUM AG: Claims Filing Deadline is December 18
BGU GMBH: Claims Filing Deadline is December 18
CONTACT MARKETING: Claims Filing Deadline is December 18
CPS CONSULTING: Claims Filing Deadline is December 18
H. TROLLER: Claims Filing Deadline is December 18

H. ZINGG: Claims Filing Deadline is December 18
HASON HOLDING: Claims Filing Deadline is December 18
INTERVOICE AG: Claims Filing Deadline is December 18
KAESER + FRUTIG: Claims Filing Deadline is December 18
VOGELEC GMBH: Claims Filing Deadline is December 18


T U R K E Y

* ISTANBUL: Moody's Says Fiscal Flexibility Supports Ba3 Rating


U K R A I N E

AGRO-MIR-9 LLC: Creditors Must File Claims by December 10
BANK REHIONALNOHO: Ukraine's Central Bank Opts for Liquidation
CHAPLINSKOYE REGIONAL: Creditors Must File Claims by December 10
ENERGY BUILDING: Creditors Must File Claims by December 10
GRANITE QUARRY: Creditors Must File Claims by December 10

TPF YOUTH: Court Starts Bankruptcy Supervision Procedure
UKRZALIZNYTSYA: Ukraine Seeks Further Talks on Debt Restructuring
YAKIMOVKA PROVISIONS: Creditors Must File Claims by December 10


U N I T E D   K I N G D O M

AERO INVENTORY: Serious Fraud Office to Probe Into Collapse
FOUR SEASONS: Creditors to Write Off Half of Debt for Stake
GALA CORAL: Consortium Seeks Bank OK of Debt-for-Equity Swap
NEWGATE FUNDING: Fitch Downgrades Ratings on Two Tranches to 'C'
RELAX GROUP: ClearDebt to Acquire Assets for GBP2.7 Million

TATA STEEL: Corus to Mothball Teeside Plant; Mulls 1,700 Job Cuts


X X X X X X X X

* Large Companies with Insolvent Balance Sheet


                         *********


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A U S T R I A
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ADOLF RIESS: Claims Filing Deadline is December 24
--------------------------------------------------
Creditors of Adolf Riess KEG have until December 24, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 7, 2010 at 11:25 a.m.

For further information, contact the company's administrator:

         Dr. Martin Koroschetz
         Schuettelstrasse 55
         1020 Vienna
         Austria
         Tel.: 72 577
         Fax: 72 577 577
         E-mail: dr.koroschetz@aon.at


BLUST HANDEL: Claims Filing Deadline is December 24
---------------------------------------------------
Creditors of Blust Handel GmbH have until December 24, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 7, 2010 at 10:55 a.m.

For further information, contact the company's administrator:

         Mag. Martin Honemann
         Oelzeltgasse 4
         1030 Vienna
         Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: martin.honemann@kosesnik-langer.at


BOTEC-MONTING HANDEL: Claims Filing Deadline is December 28
-----------------------------------------------------------
Creditors of Botec-Monting Handel 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 11:35 a.m.

For further information, contact the company's administrator:

         Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at


J. MAKOVEC: Claims Filing Deadline is December 31
-------------------------------------------------
Creditors of J. Makovec GmbH have until December 31, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 14, 2010 at 11:30 a.m.

For further information, contact the company's administrator:

         Dr. Edmund Roehlich
         Am Heumarkt 9/I/11
         1030 Vienna
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at


MEDIEN BEWIRTSCHAFTUNG: Claims Filing Deadline is December 24
-------------------------------------------------------------
Creditors of Medien Bewirtschaftung LTD have until December 24,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 7, 2010 at 11:55 a.m.

For further information, contact the company's administrator:

         Dr. Alexander Schoeller
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33, 713 34 05
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at


SUCCESS 2005: Fitch Affirms Rating on Class D Notes at 'BB'
-----------------------------------------------------------
Fitch Ratings has affirmed Success 2005 B.V. and revised the
Outlook on class D to Negative.  The transaction is a
securitisation of mixed auto and equipment leases extended to
corporates, SMEs and private individuals in Austria.  The full
rating actions are:

  -- EUR166.8 million class A (ISIN XS0230700493): affirmed at
     'AAA'; Outlook Stable; assigned loss severity rating 'LS-1'

  -- EUR8.5 million class B (ISIN XS0230700816): affirmed at 'A';
     Outlook Stable; assigned 'LS-2'

  -- EUR8.5 million class C (ISIN XS0230701202): affirmed at
     'BBB'; Outlook Stable; assigned 'LS-2'

  -- EUR8.5 million class D (ISIN XS0230701467): affirmed at 'BB';
     Outlook revised to Negative from Stable; assigned 'LS-2'

The affirmation reflects Fitch's view that the transaction has
been performing in line with the agency's expectation and its
rapid de-leveraging since closing.  The change in Outlook on class
D mainly reflects rising three-month delinquencies and defaults
witnessed in the last collection period (July to October 2009).

The transaction benefits from a principal shortfall mechanism --
a feature that captures excess spread to pay down the principal in
case of delinquencies and defaults, before losses erode the
structure.  As of October 2009 the total outstanding pool balance
after adjustment for loan provisions was reported at EUR199.5
million compared to an outstanding notes balance of EUR192.3
million for the same period.

During the last collection period, the pool has witnessed
continuing migration of arrears from one month into three months,
which could contribute to a rise in defaults in the near future.
The cumulative default reached a historical peak of 0.17% of the
original pool plus new purchases in October 2009.  Given a
potential increase in defaults and a thin capital structure, the
junior notes are, therefore more vulnerable to any principal
losses.

Fitch will continue to monitor the transaction.


TP STRATEGIEMANAGEMENT: Claims Filing Deadline is December 24
-------------------------------------------------------------
Creditors of TP StrategieManagement GmbH have until December 24,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 7, 2010 at 11:05 a.m.

For further information, contact the company's administrator:

         Mag. Norbert Abel
         Franz-Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel-abel.at


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


ARCANDOR AG: No More Closures of Karstadt Stores Next Year
----------------------------------------------------------
Rainer Buergin at Bloomberg News reports that Bild am Sonntag,
citing Arcandor AG's insolvency official Rolf Weidmann, said that
none of the German retailer's remaining 120 Karstadt department
stores will be closed next year as the unit has returned to profit
and two dozen prospective buyers have expressed interest.

Bloomberg relates Mr. Weidmann, who oversees the chain on behalf
of the insolvency administrator, told the paper the stores will be
sold a a package to an investor with a long-term plan for the
company, and a deal may be reached in the second half of 2010.

                         About Arcandor AG

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

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

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


GENERAL MOTORS: Reilly Heads Opel/Vauxhall; Nears Restructuring
---------------------------------------------------------------
John Reed at The Financial Times reports that Nick Reilly, General
Motors Co's, newly named head of European operations, said on
Saturday that he will also become chief executive of Opel and
Vauxhall, and that the search for an outside candidate had been
cancelled.

"We have decided not to have a two-tier management system in
Europe, as was before -- General Motors Europe, then the
Opel/Vauxhall management group," the FT quoted Mr. Reilly as
saying.  "We will only have one."

The FT says the job will also include regional responsibility for
GM's Chevrolet brand.

The FT relates Mr. Reilly said on Saturday that GM expected this
week to name a new management team for Opel, whose chief financial
officer Marco Molinari also stepped down last week.

                         Restructuring Plan

Mr. Reilly, as cited by the FT, said that GM's restructuring plan
for Opel and Vauxhall, under which it plans to cut about 8,300
jobs, was now "90 to 95% final."

                              Antwerp

According to the FT, Mr. Reilly said that GM was looking at
alternatives for future production at its plant in Antwerp, which
GM wants to close as part of the restructuring, which aims to make
Opel break even by 2011 and profitable by 2012.  He said he
expected a decision to be made over the next two to three working
weeks, the FT notes.

                               Spain

Ben Sills at Bloomberg News El Economista, citing Spain's industry
minister, Miguel Sebastian, said that the country will likely deny
government aid to GM to help restructure Opel.  Bloomberg relates
Mr. Sebastian, as cited by El Economista, said said that a
presentation to EU ministers in Brussels Friday by Mr. Reilly
"lacked detail".

                              Sweden

Jonathan Stearns and Matthew Newman at Bloomberg News report that
Swedish Industry Minister Maud Olofsson warned GM against seeking
government aid in Europe for Opel that would preserve jobs in one
European Union nation at the expense of those in other EU states.

"We will not allow GM to go to each and every country to negotiate
about state aid," Bloomberg quoted Ms. Olofsson as saying  in
Brussels before a meeting with her EU counterparts.  The EU must
"stick to the rules -- no state-aid race."

                     About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

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)


* GERMANY: Commercial Insolvencies to Rise 17% in 2010
------------------------------------------------------
Joseph Mapother at Bloomberg News reports that German commercial
insolvencies may rise 17% next year, about the same as the 2009
increase, as companies struggle to obtain orders and credit.

Bloomberg relates Helmut Roedl, board member and spokesman for
Creditreform e.V., a private agency founded in 1879 as a debt-
advisory service, said commercial insolvencies will be between
38,000 and 40,000 in 2010, rising from 34,300 this year.
According to Bloomberg, Mr. Roedl said this year's total
represents a 16% rise from 2008.

Creditreform, as cited by Bloomberg, said automotive-sector
insolvencies rose the most this year, by 330%, followed by the
metalworking and machine-making industries.


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H U N G A R Y
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FUND DE LA SALLE: PSZAF Starts Liquidation, Withdraws License
-------------------------------------------------------------
MTI-Econews reports that Hungary's financial-market regulator
PSZAF has initiated the liquidation of fund manager Fund De La
Salle.

According to the report, the resolution, dated November 27, came
just two weeks after PSZAF sent a supervisory commissioner to the
fund manager "to assess its financial position and assess its
ability to meet obligations toward clients".  The commissioner was
to report on his findings to PSZAF within 90 days, the report
says.

PSZAF has withdrawn the fund manager's license, the report
relates.


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CAPITAL BARS: O'Dwyers Want to Buy AIB's EUR25 Mln Debt
-------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that Liam and
Des O'Dwyer have teamed up with Anglo Irish Bank in an attempt to
buy out AIB's EUR25 million in lending to their Capital Bars
group.

According to the report, the O'Dwyer brothers and Anglo are
seeking to buy AIB's debt at a reduced rate, as part of a rescue
package aimed at saving large parts of the group from liquidation.

A deal is required by tomorrow, December 8, to save four
properties in the Capital Bars group -- Cafe en Seine, Zanzibar,
Howl at the Moon and The George, the report notes.  The report
recalls KPMG accountant Kieran Wallace was appointed as examiner
to the four properties in late September after AIB issued a number
of financial demands to the O'Dwyer brothers in relation to their
agreements.  The examinership period ends tomorrow and a deal must
be completed by then if the O'Dwyers are to continue running the
premises, the report says.

The O'Dwyer brothers owe AIB EUR25 million in relation to the
leasehold on the four properties, and AIB has indicated it will
take control of the leases if a deal is not agreed, the report
discloses.

Headquartered in Dublin, Ireland, Capital Bars plc --
http://www.capitalbars.com/-- runs multi-themed bars (several of
them 'superpubs' -- gigantic blends of restaurants, dancehalls,
and pubs), including Cafe en Seine and The George.  Capital Bars
also has two contemporary-style hotels (Grafton Capital Hotel and
Trinity Capital Hotel) in Ireland's capital.  The joint directors
(and brothers) Desmond and Liam O'Dwyer control the company.
After acquiring Capital Bars in 2001, the O'Dwyers took the
company private the following year.


HOLM CAPITAL: Moody's Withdraws 'Caa2' Rating on 2008-1 Notes
-------------------------------------------------------------
Moody's Investors Service announced it has withdrawn its ratings
of one class of notes issued by Holm Capital Limited.

The rating action follows the repurchase in full of the notes on
26 November 2009.

The rating action is:

* Series 2008-1 EUR 174,000,000 Floating Rate Notes due 2066,
  Withdrawn; previously on Jan 14, 2009, Downgraded to Caa2 and
  Remained On Review for Possible Downgrade


SILK ROAD: S&P Corrects Ratings on Credit-Linked Notes to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on the
credit-linked notes issued under Silk Road Plus PLC's series 13 to
16 transactions by raising the ratings to 'BB' from 'B-'.

The aforementioned notes were downgraded to 'B-' from 'BBB-' and
removed from CreditWatch with negative implications on Nov. 25,
2009.  However, after a further review of the transactions, S&P
found that the surveillance, on which the downgrades were based,
had assumed a credit enhancement level that was lower than what it
should have been.

                        Ratings Corrected

                        Silk Road Plus PLC

Series 13 limited recourse secured fixed rate credit-linked notes

To   From   Issue Amount    Issue Date      Legal Final Maturity
--   ----   ------------    ----------      --------------------
BB   B-     S$8.064 mil.    Aug. 20, 2008   August 2011

Series 14 limited recourse secured fixed rate credit-linked notes

To   From   Issue Amount    Issue Date      Legal Final Maturity
--   ----   ------------    ----------      --------------------
BB   B-     S$8.5 mil.      Aug. 20, 2008   August 2011

Series 15 limited recourse secured fixed-rate credit-linked notes

To   From   Issue Amount    Issue Date      Legal Final Maturity
--   ----   ------------    ----------      --------------------
BB   B-     S$8.0 mil.      Aug. 20, 2008   August 2011

Series 16 limited recourse secured fixed-rate credit-linked notes

To   From   Issue Amount    Issue Date      Legal Final Maturity
--   ----   ------------    ----------      --------------------
BB   B-     S$9.0 mil.      Aug. 20, 2008   August 2011


SMURFIT KAPPA: S&P Assigns 'BB' Rating on EUR500 Mil. Senior Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
issue rating to EUR500 million senior secured notes due 2019
issued by Smurfit Kappa Acquisitions (BB-/Stable/--) and
guaranteed by Smurfit Kappa Funding PLC (BB-/Stable/--) and other
subsidiaries of Ireland-based packaging manufacturer Smurfit Kappa
Group PLC (Smurfit Kappa, BB-/Stable/--).  At the same time, S&P
assigned a recovery rating of '2' to this debt, indicating S&P's
expectation of substantial (70%-90%) recovery in an event of
payment default.  The 'BB' issue rating and '2' recovery rating of
EUR500 million senior secured notes due 2017 issued by Smurfit
Kappa Acquisitions at the same time as the 2019 notes are
unchanged.  The issue ratings on the bonds are one notch higher
than the corporate credit rating on Smurfit Kappa Acquisitions.

The issue ratings on other senior secured facilities issued by
Smurfit Kappa Acquisitions and US$292 million 7.5% debenture notes
due 2025 issued by Smurfit Kappa Treasury Funding Ltd. (not rated)
and guaranteed by Smurfit Kappa Packaging Ltd. (BB-/Stable/--) are
unchanged at 'BB', one notch higher than the respective corporate
credit ratings.  The recovery rating on these issues is '2',
indicating S&P's expectation of substantial (70%-90%) recovery for
senior secured lenders in an event of payment default.  Coverage
is at the low end of the range.

The issue-level rating on Smurfit Kappa Funding PLC's
EUR355 million equivalent senior subordinated notes is unchanged
at 'B'.  The recovery rating on this debt is '6', indicating S&P's
expectation of negligible (0%-10%) recovery in an event of payment
default.

The group plans to use the proceeds from the EUR1 billion senior
secured notes to repay its existing EUR3.6 billion debt on a pro
rata basis.  The EUR1 billion new notes, senior secured bank
facilities, and Yankee bonds benefit from a combination of first-
ranking asset security, share pledge security, and guarantees (up
to 60% of group assets), which support recovery prospects.

However, there are small exceptions to the security being granted
to the proposed notes and for the purpose of S&P's analysis, S&P
has treated the new notes, existing senior facilities, and Yankee
bonds as ranking equally.  The new notes have incurrence-based
covenants, which S&P considers to be somewhat loose.  The
subordinated notes are unsecured and unguaranteed and subordinated
to the secured debt.

                        Recovery Analysis

S&P has valued the business on a going-concern basis, supported by
the group's strong market positions and high forward integration.
Under S&P's simulation, the company is unlikely to default on a
payment before 2012 or 2013, at which point S&P forecasts EBITDA
to have declined to about EUR623 million.  S&P has valued the
business using a combination of discounted cash flow and market
multiple valuations to incorporate S&P's view on both the group's
stressed performance and sector dynamics; S&P has also used a peer
comparison.  As a result, S&P estimates Smurfit Kappa's enterprise
value at the simulated point of default at about EUR3.2 billion,
which corresponds to a blended trailing enterprise-value-to-EBITDA
multiple of 5.2x.

S&P estimates recovery prospects for the senior secured debt at
the bottom of the 70%-90% range, after considering other pari
passu senior obligations and deducting an estimated EUR645 million
of prior-ranking liabilities and enforcement costs.  This leaves
negligible (0%-10%) recovery for the unsecured bondholders.

                           Ratings List

                            New Rating

                    Smurfit Kappa Acquisitions

                         Senior secured*

               EUR500 mil. notes due 2019         BB
                Recovery rating                 2

            * Guaranteed by Smurfit Kappa Funding PLC.


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GRUPPO DELTA: Has EUR3.4 Mln in Debts to Other Banks
----------------------------------------------------
Andrew Davis at Bloomberg News, citing Il Messagero, reported that
Gruppo Delta, the San Marino lender under Bank of Italy bankruptcy
protection, has EUR3.4 billion (US$5 billion) in debts with other
financial institutions.

According to Bloomberg, the newspaper said banks owed money by
Delta include Barclays Plc, Dresdner Bank AG and UniCredit SpA.


MARIELLA BURANI: Creditors Not Positive on Rescue Plan
------------------------------------------------------
Armorel Kenna at Bloomberg News, citing Il Messaggero, reports
that Mariella Burani Fashion Group SpA's creditors aren't positive
about a rescue plan, which includes writing off EUR120 million
(US$181 million) of debt.

Bloomberg relates the Italian newspaper said banks including
UniCredit SpA and Intesa Sanpaolo SpA, which own 70% of Burani's
debt, were shown the plan Tuesday last week.

According to Bloomberg, Messagero said the proposal also includes
conversion of EUR60 million of debt into equity, rescheduling
EUR308 million of debt and a new loan of EUR35 million.

As reported by the Troubled Company Reporter-Europe on Nov. 17,
2009, Dow Jones Newswires said Burani posted a net loss in the
first nine months of the year due to lower sales and higher costs.
Bloomberg disclosed in a filing with the Italian stock exchange,
the company said its net loss totaled EUR158.7 million in the
first nine months ended on Sept. 30, compared with a EUR65.4
million profit reported in the same period last year and compared
with the EUR142.1 million loss reported at the end of June.  Dow
Jones relates the company said its 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.


SAFILO SPA: Consob Says Hal Exempt From Bidding for Rest of Shares
------------------------------------------------------------------
Safilo Group SpA said Italy's market regulator Consob ruled that
HAL Holding NV is exempt from bidding for the rest of the shares
of Safilo, Marco Bertacche at Bloomberg News reports, citing a
statement distributed through the Italian exchange Friday.

As reported by the Troubled Company Reporter-Europe on Dec. 3,
2009, Bloomberg News said Hal agreed to buy 51% of Safilo's
outstanding bonds.  Bloomberg recalled Hal agreed to purchase a
majority stake in Safilo on Oct. 19.  The deal was subject to a
bid for Safilo’s senior notes due 2013, according to Bloomberg.
Bloomberg related Hal said in a statement Nov. 30 it will waive a
condition that it capture 60% of the bonds for the offer to
succeed.  Safilo has said it would probably default on its bank
debt if the bid from Hal fell through, Bloomberg noted.

Safilo Group SpA -- http://www.safilo.com/-- is an Italy-based
company operating in the eyewear sector.  It designs, produces and
distributes such products as frames for reading glasses,
sunglasses, glasses for sport, ski masks, goggles and visors.  Its
products are primarily manufactured in four plants in Italy, one
in Slovenia and China and are marketed in 130 countries worldwide
through 39 direct commercial subsidiaries and more than 130,000
retail distributors.  The Group has 38 principal brands of which
10 directly owned and 28 licensed.  Brands include Safilo, Oxydo,
Carrera, Smith, Alexander McQueen, A/X Armani Exchange, Banana
Republic, BOSS - Hugo Boss, Bottega Veneta, Diesel, Valentino,
Dior, Emporio Armani and others.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Oct. 23,
2009, Fitch owngraded Italy-based eyewear designer and
manufacturer Safilo S.p.A.'s Long-term Issuer Default Rating to
'C' from 'CC'.  Fitch simultaneously revised the Recovery Rating
on Safilo's senior credit facilities at to 'RR1' from RR2'.  The
senior secured facilities -- rated 'B-' -- and Safilo's IDR remain
on Rating Watch Negative.  Safilo Capital International S.A.'s
EUR195 million senior notes due 2013 were affirmed at 'C'.  The
Recovery Rating for these notes remains 'RR6


SAFILO SPA: Fitch Cuts Long-Term Issuer Default Rating to 'RD'
--------------------------------------------------------------
Fitch Ratings has downgraded Italy-based eyewear designer and
manufacturer Safilo S.p.A.'s Long-term Issuer Default Rating to
'RD' from 'C' and removed it from Rating Watch Negative following
completion of the tender offer for Safilo Capital International
S.A. senior notes at a price of 60% of par.

Immediately thereafter, the agency has upgraded the Long-term IDR
to 'CC' from 'RD', reflecting that, with the completion of the
tender offer, the first step in the overall recapitalization of
the company has been achieved.  However, there are numerous
additional steps which must be completed.  Therefore at the
present time, the IDR of 'CC' reflects the much improved outlook
but still tight liquidity.

The tender offer met the agency's two requirements for
classification as a coercive debt exchange, namely that it
constitutes a loss for investors, by virtue of the offer price
being 60% of the face value of the senior notes, and it was de
facto coercive, in that the company needs a recapitalization if it
is to avoid a payment default, and the proposed equity injections
and senior bank debt extension would not go ahead unless the
tender offer had been successful.  Although only 50.99% of the
notes were tendered, Fitch nonetheless considers the tender offer
a CDE and this drives the downgrade of the IDR to RD.

The shareholders' meeting on 14-16 December is expected to approve
the capital increases of EUR13 million and EUR250 million which in
turn are expected to be completed in Q110.  The new equity
investor (and owner of 50.99% of the senior notes), HAL, will
subscribe for the EUR13 million capital increase and will
underwrite up to EUR162 million of the EUR250 million rights
issue, with the remainder underwritten by Banca IMI and Unicredit.
Upon completion of the equity injections and refinancing or
amendment of the senior bank debt into EUR300 million longer-dated
facilities with a June 2015 final maturity, Safilo will have
significantly improved its liquidity position and be in a much
better position to weather the current difficult trading
conditions.  Safilo has indicated that it intends to use EUR185
million of the new cash to reduce the outstanding balance of the
senior facilities.

Adjusting for the completion of the recapitalization, including
the disposal of loss-making retail chains, Fitch estimates that
Safilo's net leverage would reduce to approximately 3.5x or 4.6x
on a lease-adjusted basis, based on LTM Q309 pro forma EBITDA.
However, the company is expected to continue to face operational
challenges through Q409 and 2010, and may struggle to grow either
EBITDA or cashflows, hence this leverage metric may deteriorate
going forward.  Nonetheless, the improved liquidity position on
completion of the equity recapitalization and bank facility
amendment is expected to be commensurate with a rating in the low
to mid single-B range.  Further clarity on new dividend policy and
potential future adjustment of the capital structure, as well as
greater visibility on the business outlook, will be necessary
before Fitch can resolve the Rating Watch.

Fitch has simultaneously revised the Rating Watch on Safilo's
senior credit facilities -- rated 'B-' -- to Positive from
Negative and revised the senior facilities' Recovery Rating to
'RR2' from 'RR1', in line with the soft cap for Italian
jurisdiction, which was temporarily relaxed in line with Fitch's
"Country-Specific Treatment of Recovery Ratings -- Revised" dated
21 August 2006.  Safilo Capital International S.A.'s EUR195
million senior notes due 2013 -- rated 'C' -- are placed on RWP.
The Recovery Rating is 'RR6'.  Fitch also notes that the
completion of the tender offer also includes documentary
amendments for the bondholders which remove substantially all of
the restrictive covenants in the senior notes indentures, thus
significantly reducing investor protections for this instrument.


VALENTINO FASHION: Permira Nears Debt Deal with Citigroup
---------------------------------------------------------
Martin Arnold at The Financial Times reports that Permira, the UK
buy-out house, nears a deal to cut the debt of Valentino, the
Italian fashion house, by a third to about EUR1.5 billion (US$2.2
billion).

According to the FT, Permira, the Marzotto family and other
investors in Valentino are close to an agreement to pay
EUR200 million-EUR300 million to acquire EUR730 million of debt in
the Italian group from Citigroup at a big discount to its face
value.

The FT says a deal is due to be announced this week.

The deal with Citigroup will reduce the company's debt to a level
that should allow it avoid breaching covenants at the end of the
year, the FT notes.

Headquartered in Milan Italy, The Valentino Fashion Group S.p.A --
http://www.valentinofashiongroup.com/-- offers a rich and well-
diversified portfolio of products which includes clothing,
accessories, and footwear for men and women.  The group's
activities are broken down into three business units, covering the
entire luxury and fashion sector where a wide range of styles and
products are offered: Valentino, featuring the prestigious brands
Valentino, Valentino Garavani, Valentino Roma and R.E.D.
Valentino; Hugo Boss, which includes the Boss and Hugo brands;
Licensed brands Marlboro Classics and M Missoni, in addition to
its own brands Lebole, Oxon and Portrait.  Moreover Valentino
Fashion Group S.p.A. owns 45% of US brand Proenza Schouler.  The
Valentino Fashion Group S.p.A operates in over 110 countries, with
more than 1,600 single-brand boutiques and 433 directly-managed
shops.  The Group's consolidated revenue for the 2008 financial
year is approximately 2.206,9 million.  More than 13.081 employees
work in directly controlled companies and branches spread across
28 countries.


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


AKTOBE PROJECT: Creditors Must File Claims by December 16
---------------------------------------------------------
Creditors of LLP Aktobe Project have until December 16, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
October 5, 2009.


ASIA PROM: Creditors Must File Claims by December 16
----------------------------------------------------
Creditors of LLP Asia Prom Style have until December 16, 2009, to
submit proofs of claim to:

         Gorky Str. 10-1
         Zatobolsk
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kostanai
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 Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


DFD ENGINEERING: Creditors Must File Claims by December 16
----------------------------------------------------------
LLP Dfd Engineering Ltd. is currently undergoing liquidation.
Creditors have until December 16, 2009, to submit proofs of claim
to:

         Hadjy Mukan Str. 3
         Almaty
         Kazakhstan


KAZAKHGOLD GROUP: Fitch Withdraws 'CC' LT Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has withdrawn Kazakhstan-based KazakhGold Group
Limited's Long-term Issuer Default and senior unsecured 'CC'
ratings, respectively as well as its Recovery Rating of 'RR4'.
The IDR and senior unsecured ratings were on Rating Watch Positive
at withdrawal.

The withdrawal is due to a lack of information.

Fitch will no longer provide ratings or analytical coverage on
KazakhGold or its senior unsecured notes.


NUR SERVICE: Creditors Must File Claims by December 16
------------------------------------------------------
Creditors of LLP Nur Service have until December 16, 2009, to
submit proofs of claim to:

         Aimanov Str. 194
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on September 10, 2009,
after finding it insolvent.

The Court is located at:

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


OLIMPIC LIMUZIN: Creditors Must File Claims by December 16
----------------------------------------------------------
Creditors of LLP Olimpic Limuzin have until December 16, 2009, to
submit proofs of claim to:

         Aimanov Str. 194
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on September 10, 2009,
after finding it insolvent.

The Court is located at:

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


PLAZMA-D LLP: Creditors Must File Claims by December 16
-------------------------------------------------------
Creditors of LLP Plazma-D have until December 16, 2009, to submit
proofs of claim to:

         Gorky Str. 10-1
         Zatobolsk
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kostanai
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 Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


PROM STROY: Creditors Must File Claims by December 16
-----------------------------------------------------
LLP Prom Stroy Commerce is currently undergoing liquidation.
Creditors have until December 16, 2009, to submit proofs of claim
to:

         Toraigyrov Str. 47
         Almaty
         Kazakhstan


STROY MECH: Creditors Must File Claims by December 16
-----------------------------------------------------
LLP Stroy Mech Blagoustroistvo is currently undergoing
liquidation.  Creditors have until December 16, 2009, to submit
proofs of claim to:

         Sazanovskaya Str. 177
         Almaty
         Kazakhstan


UNIVERSAL LLP: Creditors Must File Claims by December 16
--------------------------------------------------------
LLP Group of Companies Universal is currently undergoing
liquidation.  Creditors have until December 16, 2009, to submit
proofs of claim to:

         Promzona
         Pervomaisky
         Ilyisky District
         Almaty
         Kazakhstan


US MEGATECH: Creditors Must File Claims by December 16
------------------------------------------------------
Creditors of LLP Us Megatech Inc. have until December 16, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke Bi Str. 29
         Kyzylorda
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
September 11, 2009.


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


ISSYK-KUL DEVELOPMENT: Creditors Must File Claims by December 30
----------------------------------------------------------------
LLC Issyk-Kul Development House is currently undergoing
liquidation.  Creditors have until December 30, 2009, to submit
proofs of claim:

Inquires can be addressed to (+996 312) 62-20-94.


LIVING STONES: Creditors Must File Claims by December 30
--------------------------------------------------------
LLC Living Stones is currently undergoing liquidation.  Creditors
have until December 30, 2009, to submit proofs of claim:

Inquires can be addressed to (0-550) 20-20-51.


SAKARYA STROY: Creditors Must File Claims by December 30
--------------------------------------------------------
LLC Sakarya Stroy is currently undergoing liquidation.  Creditors
have until December 30, 2009, to submit proofs of claim:

Inquires can be addressed to (+996 312) 67-32-48.


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


LIGAL-STROY: Kaliningradskaya Bankruptcy Hearing Set December 14
----------------------------------------------------------------
The Arbitration Court of Klainingradskaya will convene at
10:00 a.m. on December 14, 2009, to hear bankruptcy supervision
procedure on LLC Ligal-Stroy (TIN 3917030386) (Construction).  The
case is docketed under Case No. ?21-6410/2009.

The Temporary Insolvency Manager is:

         P. Solopov
         Antonova Sr. 5a-136
         440000 Penza
         Russia

The Debtor can be reached at:

         LLC Ligal-Stroy
         Zavodskoy pereulok 4-1
         Turgenev
         Polesskiy
         238646 Kaliningradskiy
         Russia


SHANS LLC: Omskaya Bankruptcy Hearing Set December 15
-----------------------------------------------------
The Arbitration Court of Omskaya will convene at 10:50 a.m. on
December 15, 2010, to hear bankruptcy supervision procedure on
LLC Shans (TIN 5505007617, PSRN 1025501178670)(Construction) .
The case is docketed under Case No.A 46–12546/2009.

The Temporary Insolvency Manager is:

         S. Okulov
         Prospect Mira 189
         644085 Omsk
         Russia

The Debtor can be reached at:

         LLC Shans
         Zaslonoa Str. 2
         644058 Omsk
         Russia


SIBIR AIR: Creditors Must File Claims by December 16
----------------------------------------------------
Creditors of OJSC Sibir Air Carrier (TIN 2465037247, PSRN
1022400661634) have until December 16, 2009, to submit proofs of
claims to:

         V. Shmanay
         Insolvency Manager
         Post User Box 20647
         660017 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?03–13427/2008.

The Debtor can be reached at:

         OJSC Sibir Air Carrier
         Cheremshanka Airport
         Yemelyanovskiy
         663020 Krasnoyarskiy
         Russia


TNK-BP INTERNATIONAL: S&P Raises Corp. Credit Ratings From 'BB+/B'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long- and short-term corporate credit ratings on TNK-BP
International Ltd. to 'BBB-/A-3' from 'BB+/B'.  The outlook is
stable.

"The upgrade reflects S&P's perception of material improvements in
governance and shareholder alignment," said Standard & Poor's
credit analyst Karl Nietvelt.

S&P's view is based upon TNK-BP's track record since the beginning
of this year of the effectiveness of the new shareholder agreement
(which was signed in January 2009) as well as upon the perceived
more sustainable shareholder alignment.  It follows recent
meetings S&P held with TNK-BP's management and shareholder
representatives of both Alfa/Access/Renova (AAR, not rated) and BP
PLC (AA/Stable/A-1+).  These meetings have provided us with better
insight into reasons behind last year's shareholder dispute and
drivers behind the improved shareholder relationship.

There appears to be a more clear alignment of the interests of
shareholders AAR and BP, notably in terms of:

* The international strategy, which is likely to be selective and
  to the extent returns can compete with those on attractive
  Russian developments, like the multi-billion greenfield projects
  the company is embarking on, in the Yamal region.

* The more independent way the company is run and the role of
  independent directors in providing a balancing between interests
  of the two shareholders, when needed.

* The long-term commitment expressed by both shareholders to TNK-
  BP and the alignment on a potential future IPO (of up to 20%).

Other governance improvements S&P has seen include:

* The effective functioning of the board, as evidenced by several
  meetings and decisions taken this year, as well as the active
  role of the three independent directors.

* The recent designation of the future CEO, Mr. Barsky, is further
  evidence, in S&P's view, of shareholder alignment.

In addition, there has been no re-occurrence of shareholder
disagreement over important issues since the signing of the
shareholder agreement.

"The stable outlook reflects S&P's expectation that TNK-BP will
continue to show strong financial metrics and resilient operation
performance, as has been the case in the year to date," said Mr.
Nietvelt.

A fully adjusted ratio of FFO/operating cash flow to debt of 50%-
60% would be consistent with the current rating under S&P's
normalized $59/barrel Ural oil pricing assumptions, while
maintaining adequate liquidity and well-balanced debt maturities.
For 2009, S&P expects adjusted FFO-to-debt metrics to exceed 100%;
this points to a significant degree of financial flexibility in
the current ratings, in case oil prices should come down again or
in case the company's gearing were to rise to 35% (rather than the
current low of 25%), including as a result of potential modest
acquisitions.


* RUSSIA: Fitch Affirms Individual Ratings on Nine Banks at 'D/E'
-----------------------------------------------------------------
Fitch Ratings has placed certain ratings of Russia-based LLC CBED
Bank of Kazan, including its Long-term foreign currency Issuer
Default Rating of 'B-', on Rating Watch Negative.  At the same
time, Fitch has affirmed the Long-term IDRs of ten other Russian
regional banks.

The placing of BOK's ratings on RWN reflect the probable dilution
of the City of Kazan's ('B+'/Stable) stake in the bank to 25% from
81% as a result of a share issue which is planned for Q110.  BoK's
ratings currently reflect potential support from the City, given
the bank's ownership structure and strong relations with the City
administration.  While these connections may be maintained after
the share issue, for as long as the current City administration
remains in office, the RWN reflects the risk of a less supportive
relationship, in particular if the City administration changes
after mayoral elections scheduled for the end of 2010.  Fitch
expects to resolve the RWN based on the post-share issue evolution
of relations between the City and the bank, although a resolution
of the rating watch may take place only following the elections.

The Outlooks on the Long-term IDRs of 'B-' of International Bank
of Saint Petersburg, Primsotsbank, SKB-Bank, Bank Snezhinskiy,
Spurt Bank and Uraltransbank remain Negative and reflect a
combination of already evident asset quality deterioration, the
potential for further loan impairment and moderate loss absorption
capacity relative to the losses the banks may need to book in a
downside scenario.  The downgrade of UTB's National Long-term
rating to the same 'BB-(rus)' level as most of its peers reflects
the considerable deterioration in its asset quality.  At the same
time, Fitch notes that funding has been stable at each of these
banks in recent months, liquidity is reasonable and capital
cushions provide the capacity to increase reserves to 15% or more
of loan books (around 26% for UTB and PSB) without breaches of
minimum capital requirements.

The Negative Outlook on BTA-Kazan's Long-term IDR of 'CCC'
continues to reflect the potential for contagion risk from the
other assets and broader fortunes of the bank's majority
shareholders.  However, the bank's credit profile is supported by
currently significant capital and liquidity cushions.

The Stable Outlooks on Petersburg Social Commercial Bank's and
Sarovbusinessbank's Long-term IDRs of 'B-' reflect their
substantial loss absorption capacity and, so far, moderate
reported loan impairment levels.  The revision of the Outlook on
Chelindbank's Long-term IDR of 'B' to Stable from Negative
reflects its significant capital cushion, a levelling off of asset
quality trends in Q209-Q309 and the stable and significant
franchise in its home region.

The assessment of the banks referenced in this comment is the
latest part of a broader review of Fitch-rated Russian banks.

The rating actions are:

LLC CBED Bank of Kazan

  -- Long-term foreign currency IDR: 'B-'; placed on RWN
  -- Short-term foreign currency IDR: 'B'; placed on RWN
  -- Individual Rating: affirmed at 'E'
  -- Support Rating: affirmed at '5'
  -- National Long-term Rating: 'BB(rus)'; placed on RWN

JSC BTA-Kazan (OJSC)

  -- Long-term foreign currency IDR: affirmed at 'CCC'; Outlook
     Negative

  -- Short-term foreign currency IDR: affirmed at 'C'

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: affirmed at 'B(rus)'; Outlook
     Negative

Chelindbank

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: affirmed at 'BB(rus)'; Outlook
     revised to Stable from Negative

International Bank of Saint Petersburg

  -- Long-term IDR: affirmed at 'B-'; Outlook Negative

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: affirmed at 'BB-(rus)'; Outlook
     Negative

  -- Petersburg Social Commercial Bank

  -- Long-term IDR: affirmed at 'B-'; Outlook Stable

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

  -- National Long-term Rating: affirmed at 'BB-(rus) '; Outlook
     Stable

Primsotsbank

  -- Long-term IDR: affirmed at 'B-'; Outlook Negative

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No floor'

  -- National Long-term Rating: affirmed at 'BB(rus)'; Outlook
     Negative

Sarovbusinessbank

  -- Long-term IDR: affirmed at 'B-'; Outlook Stable

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: affirmed at 'BB-(rus)'; Outlook
     Stable

SKB-Bank

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

Bank Snezhinskiy PJSC

  -- Long-term IDR: affirmed at 'B-'; Outlook Negative
  -- Short-term IDR: affirmed at 'B'
  -- Individual Rating: affirmed at 'D/E'
  -- Support Rating: affirmed at '5'
  -- Support Rating Floor: affirmed at 'No floor'

JSC Spurt Bank

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

Uraltransbank

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term Rating: downgraded to 'BB-(rus)' from
     'BB(rus)'; Outlook Negative


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


GSC EUROPEAN: Moody's Downgrades Rating on Class W Notes to 'B3'
----------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by GSC European CDO IV S.A.  The Class A1 and Class A1-D
Notes remain Aaa mainly due to the current over collateralization.

  -- EUR54M Class A2 Floating Rate Notes due 2023, Downgraded to
     Aa3; previously on March 4, 2009 Aaa Placed Under Review for
     Possible Downgrade;

  -- EUR22M Class B Floating Rate Deferrable Notes due 2023,
     Downgraded to Baa1; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- EUR34M Class C Floating Rate Deferrable Notes due 2023,
     Downgraded to Ba2; previously on March 17, 2009 Downgraded to
     Baa3 and Placed Under Review for Possible Downgrade;

  -- EUR20M Class D Floating Rate Derrable Notes due 2023,
     Downgraded to Caa1; previously on March 17, 2009 Downgraded
     to B1 and Placed Under Review for Possible Downgrade;

  -- EUR14M Class E Floating Rate Deferrable Notes due 2023,
     Downgraded to Ca; previously on March 17, 2009 Downgraded to
     Caa1 and Placed Under Review for Possible Downgrade;

  -- EUR6M Class R Combination Notes, Downgraded to Ba3;
     previously on March 4, 2009 A2 Placed Under Review for
     Possible Downgrade;

  -- EUR8M Class W Combination Notes, Downgraded to B3; previously
     on March 4, 2009 Baa1 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 some 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', an increase in the amount of defaulted securities, an
increase in the proportion of securities from issuers rated Caa1
and below, and a failure of all overcollateralisation ratio tests.
As a result of such OC tests failures, interest is currently
deferring on classes C, D and E.  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.


=============================
S L O V A K   R E P U B L I C
=============================


NOVACKE CHEMICKE: Slovak Eyes Takeover; 1,700 Jobs at Risk
----------------------------------------------------------
The Slovak Spectator reports that the Slovak government intends to
take over Novacke chemicke zavody (NChZ) under the terms of the
controversial new Act on Strategic Enterprises.

The law, the report says, gives the state the pre-emptive right to
acquire companies in financial difficulty which it deems
"strategic".

The report relates the government, as quoted by the Sme news
website, said "The loss of more than 1,700 jobs directly in this
company is imminent.  And there is a danger that this will cause a
chain reaction of more layoffs in companies in Slovakia supplying
NChZ, and that almost 5,000 more jobs could be lost".

According to the report, Slovak Economy Minister Lubomir Jahnatek
said they would inform the bankruptcy assets administrator about
the listing of NChZ as a strategic company, and that creditors
would decide how the bankruptcy proceedings would continue.

As reported by the Troubled Company Reporter-Europe on Sept. 21,
2009, Bloomberg News said NChZ filed for bankruptcy after the
European Commission in June fined the company EUR19.6 million
(US$28.9 million) for being part of a cartel to fix the price of
calcium carbide and magnesium powder.  Bloomberg disclosed
the company filed a lawsuit to a Brussels court against the fine.

Based in Novaky, Slovak Republic, Novacke Chemicke Zavody AS --
http://www.nchz.sk/-- is a chemical manufacturer.  Its products
include: inorganic chemicals, organic chemicals, polymers and PVC
processing products.


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


TDA PASTOR: Moody's Junks Rating on Class Notes From 'B3'
---------------------------------------------------------
Moody's Investors Service has downgraded these classes of notes
issued by TDA Pastor Consumo 1, FTA:

-- EUR157.9 million Class A notes: Downgraded to Baa1 from Aa2;
    previously on 2 July 2009 placed on review for possible
    downgrade

-- EUR7.3 million Class B notes: Downgraded to B3 from Baa2;
    previously on 2 July 2009 placed on review for possible
    downgrade

-- EUR10.6 million Class C notes: Downgraded to Caa3 from B3;
    previously on 2 July 2009 placed on review for possible
    downgrade

Moody's says that the downgrades were prompted by the
deteriorating collateral performance and the worse than expected
weakening of macro-economic conditions in Spain during the past
year, which have prompted Moody's to revise its assumptions for
the transaction.  The magnitude of the downgrade reflects the
current credit enhancement levels, which, combined with the
revised assumptions, lead to a higher expected loss on the rated
notes.

The rapid deterioration in performance is evidenced by the sharp
increase of the 90 days plus delinquencies from 3.4% in January
2009 to 5.7% in October 2009.  As of October 2009, the outstanding
reserve fund level was significantly lower at 1.6% of the current
pool than the outstanding amount of the 90 days plus
delinquencies.  As of October 2009, the pool factor was 60%.

During its analysis, Moody's assessed macro-economic indicators as
well as information made available from the management company
Titulización de Activos S.G.F.T., S.A.  As part of its analysis,
Moody's analysed forecasts for the main macro-economic drivers
behind a collateral deterioration, in particular, unemployment and
GDP contraction.  For instance, the unemployment rate in Spain had
reached 17.9% as of Q3 2009.  Subsequently, the current amount of
written-offs loans was taken into consideration and a roll rate
analysis was conducted for the non-written off pool portion.

Moody's assumptions for the cumulative mean default rate have been
raised to 7.0% of the total securitised pool balance (vs. 5.4%
initially), which translates into 9.5% current pool balance.

The recovery rate has decreased to 22.5% from the revised
assumption of 30% to reflect the stressed macro-economic
environment in Spain and lower than expected recovery rate.

TDA Pastor Consumo 1, FTA closed in April 2007.  The originator is
Banco Pastor (rated A3/Prime-2).  This transaction is backed by a
portfolio of loans to individuals resident in Spain for the
purpose of financing consumer goods and services.  The loans were
originated mainly in 2006 and 2007.  The loan with the longest
duration matures in 2018.  The pool is concentrated in Galicia
(around 50%).

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

Moody's sector outlook for Spanish consumer ABS is negative.


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


AVERNUM AG: Claims Filing Deadline is December 18
----------------------------------------------
Creditors of Avernum AG are requested to file their proofs of
claim by December 18, 2009, to:

         Felix Stalder
         St. Jakobs-Strasse 25
         4052 Basel
         Switzerland

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


BGU GMBH: Claims Filing Deadline is December 18
-----------------------------------------------
Creditors of BGU GmbH are requested to file their proofs of claim
by December 18, 2009, to:

         Vitan Treuhand GmbH
         Binsenackerstrasse 3
         4125 Riehen
         Switzerland

The company is currently undergoing liquidation in Riehen.  The
decision about liquidation was accepted at an extraordinary
general meeting held on September 29, 2009.


CONTACT MARKETING: Claims Filing Deadline is December 18
--------------------------------------------------------
Creditors of Contact Marketing AG are requested to file their
proofs of claim by December 18, 2009, to:

         Experta AG
         Steinengraben 22
         4002 Basel
         Switzerland

The company is currently undergoing liquidation in Basel. The
decision about liquidation was accepted at an extraordinary
general meeting held on September 24, 2009.


CPS CONSULTING: Claims Filing Deadline is December 18
-----------------------------------------------------
Creditors of CPS Consulting Planning Services GmbH are requested
to file their proofs of claim by December 18, 2009, to:

         Karl Eggen
         Luchernstrasse 37
         3920 Zermatt
         Switzerland

The company is currently undergoing liquidation in Zermatt.  The
decision about liquidation was accepted at a general meeting held
on July 29, 2009.


H. TROLLER: Claims Filing Deadline is December 18
-------------------------------------------------
Creditors of H. Troller AG are requested to file their proofs of
claim by December 18, 2009, to:

         Hermann Troller
         Liquidator
         Bachmatt 1
         5073 Gipf-Oberfrick
         Switzerland

The company is currently undergoing liquidation in Gipf-Oberfrick.
The decision about liquidation was accepted at an extraordinary
general meeting held on October 23, 2009.


H. ZINGG: Claims Filing Deadline is December 18
-----------------------------------------------
Creditors of H. Zingg GmbH are requested to file their proofs of
claim by December 18, 2009, to:

         Umberg Treuhand AG
         Landstrasse 19
         8750 Glarus
         Switzerland

The company is currently undergoing liquidation in Ennenda.  The
decision about liquidation was accepted at an extraordinary
shareholder’s meeting held on October 30, 2009.


HASON HOLDING: Claims Filing Deadline is December 18
----------------------------------------------------
Creditors of Hason Holding AG are requested to file their proofs
of claim by December 18, 2009, to:

         Felix Stalder
         St. Jakobs-Strasse 25
         4052 Basel
         Switzerland

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


INTERVOICE AG: Claims Filing Deadline is December 18
----------------------------------------------------
Creditors of Intervoice AG are requested to file their proofs of
claim by December 18, 2009, to:

         Weber-Semler Manuela
         Liquidator
         Halacherstrasse 1
         8965 Berikon 1
         Switzerland

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


KAESER + FRUTIG: Claims Filing Deadline is December 18
------------------------------------------------------
Creditors of Kaeser + Frutig GmbH are requested to file their
proofs of claim by December 18, 2009, to:

         Markus Kaeser
         Liquidator
         Rubigenstrasse 68
         3123 Belp
         Switzerland

The company is currently undergoing liquidation in Belp.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on October 22, 2009.


VOGELEC GMBH: Claims Filing Deadline is December 18
---------------------------------------------------
Creditors of Vogelec GmbH are requested to file their proofs of
claim by December 18, 2009, to:

         Rudolf Zuber
         Aeschenstrasse 21
         8873 Amden
         Switzerland

The company is currently undergoing liquidation in Amden.  The
decision about liquidation was accepted at a shareholders' meeting
held on November 2, 2009.


===========
T U R K E Y
===========


* ISTANBUL: Moody's Says Fiscal Flexibility Supports Ba3 Rating
---------------------------------------------------------------
In its annual report on the Metropolitan Municipality of Istanbul,
Moody's Investors Service says that the Turkish municipality's Ba3
issuer rating reflects its strategic role in the national economy,
its active fiscal management and some fiscal flexibility, mainly
on the capital side of its budget.  However, the Ba3 rating also
reflects IMM's high and rapidly growing debt burden (both direct
and indirect), in the context of high exposure to financial market
volatility and a narrowing liquidity position.  Going forward,
IMM's budget remains exposed to the fiscal challenges associated
with its large investment requirements.  The positive rating
outlook mirrors the outlook on the Turkish Republic.

Moody's notes that over the past few years, the combined effect of
sustained economic growth, growing state resources and active
management of municipal-related companies helped IMM to manage
operating expenditure pressure associated with the expansion of
its metropolitan area, thus maintaining robust operating surpluses
to help finance its large investment requirements.

"Notwithstanding the economic downturn that has affected the
country, figures forecast for 2009 indicate an overall stability
in total revenue, whilst the large investment needs will continue
to exert pressure on the municipality's budgetary performance and
will foster an increase in the financial leverage of the
municipality and its related companies," said Francesco Soldi,
Moody's lead analyst for IMM and author of the report.
"Notwithstanding these open issues, IMM's budget remains
sustainable in view of its robust balance sheet, including
valuable real and financial assets.  Furthermore, the high level
of capex provides substantial flexibility within the execution of
annual budgets."

At YE2008, IMM's direct and indirect debt exposure represented a
high 103% of the city's operating income.  This debt-to-revenue
ratio is projected to grow to around 145% by YE2009, due to an
increase in both direct and indirect debt stock.  "Its debt
structure exposes the municipality to high and volatile debt
service costs, with negative implications for its liquidity
position and medium-term fiscal flexibility," added Mr. Soldi.
Moody's recognises that Turkish municipalities have been severely
impacted by the credit market dislocation in 2008 and continue to
face tight liquidity conditions.  While IMM has generally
maintained adequate cash reserves, recent sluggish revenue growth
combined with some expenditure pressure has led to deterioration
of the city's liquidity position.

The issuance of this credit report by Moody's Investors Service is
an annual update to the markets and is not a formal action to
alter the credit rating of the issuer.


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


AGRO-MIR-9 LLC: Creditors Must File Claims by December 10
---------------------------------------------------------
Creditors of Agricultural LLC Agro-Mir-9 (code EDRPOU 31336521)
have until December 10, 2009, to submit proofs of claim to:

           A. Dragun
           Insolvency Manager
           D. Galitsky Str. 12/12
           33018 Rovno
           Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on October 20, 2009.  The case is docketed
under Case No 2-30/2866.1-2006.

The Court is located at:

           The Economic Court of AR Krym
           R. Luxembourg Str. 29/Rechnaya Str. 11
           95000 Simferopol
           AR Krym
           Ukraine

The Debtor can be reached at:

            Agricultural LLC Agro-Mir-9
            Shevchenko Str. 20
            Zavit-Leninsky
            Dzhankoy
            AR Krym
            Ukraine


BANK REHIONALNOHO: Ukraine's Central Bank Opts for Liquidation
---------------------------------------------------------------
Kateryna Choursina at Bloomberg News, citing Kommersant-Ukraine,
reports that Ukraine's central bank decided to liquidate Bank
Rehionalnoho Rozvyt.


CHAPLINSKOYE REGIONAL: Creditors Must File Claims by December 10
----------------------------------------------------------------
Creditors of LLC Chaplinskoye Regional Agricultural and Technical
Enterprise (code EDRPOU 30352430) have until December 10, 2009, to
submit proofs of claim to V. Shakhov, the company's insolvency
manager.

The Economic Court of Herson region commenced bankruptcy
proceedings against the company on September 17, 2009.  The case
is docketed under Case No. 5/7-B-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Chaplinskoye Regional Agricultural
         and Technical Enterprise Khrestovka
         Chaplinsky
         75225 Herson
         Ukraine


ENERGY BUILDING: Creditors Must File Claims by December 10
----------------------------------------------------
Creditors of LLC Energy Building Service (code EDRPOU 34044669)
have until December 10, 2009, to submit proofs of claim to:

          A. Vershynin
          Insolvency Manager
          Post Office Box 58
          02093 Kiev
          Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on November 3, 2009.  The case is docketed
under Case No. 44/295-b.

The Court is located at:

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

The Debtor can be reached at:

          LLC Energy Building Service
          Gamarnik Str. 56
          04075 Kiev
          Ukraine


GRANITE QUARRY: Creditors Must File Claims by December 10
---------------------------------------------------------
Creditors of LLC Granite Quarry (code EDRPOU 31959679) have until
December 10, 2009, to submit proofs of claim to:

           L. Nesvit
           Insolvency Manager
           M. Mametova Str. 8/2
           83056 Donetsk
           Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on October 20, 2009.  The case is docketed
under Case No. 5/135B.

The Court is located at:

           The Economic Court of Donetsk
           Artem Str. 157
           Donetsk
           Ukraine

The Debtor can be reached at:

           LLC Granite Quarry
           Repin Street
           Makeyevka
           86129 Donetsk
           Ukraine


TPF YOUTH: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC TPF Youth Group (code EDRPOU
32058769).

The Insolvency Manager is:

          V. Sherstiuk
          Building 2
          Moscow Str. 6
          49000 Dnepropetrovsk
          Ukraine

The Court is located at:

          The Economic Court of Dnepropetrovsk
          Kujbishev Str. 1a
          49600 Dnepropetrovsk
          Ukraine

The Debtor can be reached at:

          LLC TPF Youth Group
          Orlovskaya str. 21
          49052 Dnepropetrovsk
          Ukraine


UKRZALIZNYTSYA: Ukraine Seeks Further Talks on Debt Restructuring
-----------------------------------------------------------------
Kateryna Choursina and Daryna Krasnolutska at Bloomberg News
report that Ukraine invited creditors of Ukrzaliznytsya to Kiev
for more talks after negotiations failed to come up with a
debt-restructuring plan last month.

Bloomberg recalls the state-run railway company missed a principal
payment on a Barclays Capital-led syndicated loan last month.

"There is no final decision from creditors of Ukrzaliznytsya,"
Bloomberg quoted acting Finance Minister Ihor Umanskyi as saying.
"We have invited them to Kiev to continue the dialog."

According to Bloomberg, Mr. Umanskyi said the government plans to
restructure US$1 billion of its debt within a week, issuing
Treasuries to be purchased by the central bank.


YAKIMOVKA PROVISIONS: Creditors Must File Claims by December 10
---------------------------------------------------------------
Creditors of LLC Yakimovka Provisions Plant (code EDRPOU 00378098)
have until December 10, 2009, to submit proofs of claim to:

           D. Bobrov
           Insolvency Manager
           Office 78
           Zvenigorodskaya Str. 6
           69093 Zaporozhye
           Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on October 23, 2009.  The case is docketed
under Case No. 19/101/07-16/126/08-12/102/09.

The Court is located at:

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

The Debtor can be reached at:

           LLC Yakimovka Provisions Plant
           Sportivny Lane 2
           Yakimovka
           72500 Zaporozhye
           Ukraine


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


AERO INVENTORY: Serious Fraud Office to Probe Into Collapse
-----------------------------------------------------------
Kate Walsh at The Sunday Times reports that the Serious Fraud
Office has been asked to investigate the collapse of Aero
Inventory plc.

According to the report, the board of Aero wants the SFO to
examine whether there is a case to answer after a black hole
emerged in its accounts, which pushed the company into
administration last month.  The report relates that KPMG, as
administrator, said shareholders, including Gartmore and HSBC, are
unlikely to receive anything.

The report recalls Aero, which was listed on AIM, was worth GBP140
million when its shares were suspended in late October after it
found accounting mistakes in a Canadian contract.  It insisted at
the time that "the issues raised are not believed to be a result
of either fraud or theft", the report recounts.  Investors are
furious with Deloitte, the auditor, and JP Morgan Cazenove, the
broker, the report notes.

As reported by the Troubled Company Reporter-Europe on Nov. 18,
2009, The Financial Times said Aero called in the administrators
after the sharp downturn in the aviation industry hit its cash
flow and existing financial backers, spooked by delayed results,
improperly valued stock and the suspension of its shares, refused
to provide emergency funding.  The FT disclosed company had net
debt of US$466.2 million (GBP280 million) at the half-year and is
extremely cash intensive.

Aero Inventory plc -- http://www.aero-inventory.com/-- is a
holding company to its subsidiary undertakings.  Aero Inventory
(UK) Limited is primarily engaged in procurement and inventory
management for the aerospace industry.  Aero Inventory (Hong Kong)
Limited, Aero Inventory (Switzerland) AG, Aero Inventory
(Australia) Pty Limited, Aero Inventory (Canada) Inc., Aero
Inventory (Bahrain) SPC and Aero Inventory Japan KK provide
customer support in relation to the activities of Aero Inventory
(UK) Limited. Aero Inventory (USA) Inc. provides services to Aero
Inventory (UK) Limited in relation to the procurement and
purchasing of aircraft parts, logistics and the sale of parts to
non-contract customers in the United States.  The Company
principally operates in the United Kingdom, rest of Europe and
Middle East, America and Asia Pacific.


FOUR SEASONS: Creditors to Write Off Half of Debt for Stake
-----------------------------------------------------------
Anousha Sakoui at The Financial Times reports that Four Seasons is
expected this week to secure final sign-off from lenders on its
debt restructuring plan.

According to the FT, creditors will write off roughly half of
their debt claims in exchange for ownership of the business.

The FT says RBS, and the special opportunities fund that it runs,
is set to take a 40% stake in exchange for writing off about
GBP300 million in debt claims.  However the bank will not have any
voting rights attached to its shares or receive board information,
the FT states.

The FT recalls the debt restructuring was triggered after Four
Seasons was unable to refinance the debt that came due for
repayment in September 2008.  Under the plan, some of the
company's 30 lenders, which also include Marathon Asset
Management, Cheyne Capital and a fund controlled by Morgan
Stanley, will swap debt for equity in a move that will cut the
total debts by more than 50% to about GBP780 million, the FT
discloses.

The FT notes that while about GBP600 million of bonds issued as
part of the financing of the buy-out of Four Seasons in 2006 by
Three Delta, a Qatari-backed fund, will not be affected by the
restructuring, Four Seasons is expected to work with an investment
bank -- thought likely to be Deutsche Bank -- on plans to
refinance or extend the repayment date on the outstanding bonds
which become due next year.

Four Seasons Health Care Ltd. -- http://www.fshc.co.uk/-- with
more than 15,000 people in its care, the company is one of the
largest care home (nursing home) operators in the U.K.  The
company runs some 300 nursing homes, and its Huntercombe division
operates about eight specialized health care centers (which
provide mental health and rehabilitation services) in England,
Scotland, North Ireland, and the Isle of Man.  Allianz Capital
Partners, the private equity arm of Allianz Group, acquired the
company from Alchemy Partners for GBP775 million in 2004.


GALA CORAL: Consortium Seeks Bank OK of Debt-for-Equity Swap
------------------------------------------------------------
Dominic Walsh at The Times reports that Gala Coral's mezzanine
funding consortium will try to persuade the group's bankers to
reject a bid for control by Blackstone and Permira and instead
support a debt-for-equity swap.

According to the report, the mezzanine consortium will urge the
senior lenders, including Royal Bank of Scotland, Lloyds Banking
Group and Alcentra, today, December 8, to back its plans to
convert GBP540 million of mezzanine debt into equity in a
financial restructuring that would reduce Gala's net debt burden
from GBP2.5 billion to below GBP2 billion.

The senior lenders will tomorrow hold a meeting with Blackstone
and Permira to hear an alternative proposal that would involve
injecting about GBP300 million of new equity into Gala in return
for a stake of 75% per cent in the casino, bingo and betting shop
operator, the report discloses.  The report says the mezzanine
consortium wants the senior lenders to reject the private equity
injection because it would emerge with a stake of only 25% in Gala
rather than the 50% envisaged under the debt-for-equity swap.

As reported by the Troubled Company Reporter-Europe on Oct. 23,
2009, the Financial Times said that Gala Coral's shareholders
agreed to cede overall control of the gambling group under a debt
restructuring proposal put forward by the company's two mezzanine
debt holders, ICG and Park Square.  The FT disclosed under the
plan, under the plan, Gala shares will be equally split between
the mezzanine lenders and existing shareholders but the board
would fall under the control of the lenders if Gala underperforms
significantly.  The FT said without the restructuring, Gala is
likely to breach its banking covenants in the new year.

Gala Coral Group Ltd. -- http://www.galacoral.co.uk/-- is one of
the leading gaming companies in the U.K., with operations
encompassing bingo, casinos, and sports betting.  It runs more
than 150 bingo halls throughout the country, as well as some 30
casinos.  The company is also a leading bookmarker with nearly
1,600 betting shops and online betting sites.  Gala Coral Group
was formed in 2005 when Gala Group acquired Coral Eurobet.  The
company is jointly owned by private equity firms Cinven Group,
Candover Investments, and Permira.


NEWGATE FUNDING: Fitch Downgrades Ratings on Two Tranches to 'C'
----------------------------------------------------------------
Fitch Ratings has downgraded 14 and affirmed 20 tranches of the
2006 vintage Newgate Funding PLC series UK non-conforming RMBS
transactions.  Each series contains UK residential mortgage loans
originated by Mortgages Plc.

The downgrades reflect the continued deterioration in the
collateral portfolios underlying the issued notes.  Fitch's
concerns over increased defaults and loss severities due to house
price declines and rising unemployment within the UK continued to
be the main driver of the downgrades.  As current economic
conditions remain challenging, the capability of collateral
portfolios to generate enough excess spread will be limited due to
increased non-performing loans within collateral portfolios.

The agency has observed a drop in the amount of arrears as a
percentage of the current outstanding portfolios in recent
investor reports.  However, arrears levels have still remained
well above historically observed levels.  There has been a notable
increase in the number of borrowers paying their current monthly
mortgage installments across all transactions.  Fitch attributes
this to lower monthly installments, as floating rate loans have
seen large declines in required payments, but also to the
effective servicing of the pool to ensure that borrowers who are
in arrears make their payments, even if they are not clearing
their arrears balances.  Concerns remain however with the volume
of borrowers in arrears and the potential deterioration of the
performance of these loans should borrowers be faced with further
problems.

Current loans in arrears for more than three months, including
repossessions, have declined to 29.33% in December 2009, 30.81% in
October 2009 and 31.64% in November 2009, respectively for Newgate
Funding PLC Series 2006-1, 2006-2 and 2006-3, from their previous
levels of 31.85% in September 2009, 33.80% in July 2009 and 32.69%
in August 2009.  Along with the fall in arrears levels, the
percentage of loans that are currently in repossession have also
declined due to increased property sales.  However, given current
house price declines, increased sales have been resulting in
higher losses being realized, which therefore continue to put
pressure on the available revenue in the transactions

Despite the continued deterioration, Fitch notes that there has
been an improvement in the collateral portfolios of the
transactions, in Newgate Funding PLC Series 2006-1 and 2006-3
where the reserve fund, although in small amounts, has begun
topping up.  Also the negative impact that lack of hedging between
the floating rate loans linked to the Bank of England base rate
(BBR) and floating rate notes linked to LIBOR/EURIBOR had has been
limited due to the tightening gap between these two interest rates
throughout 2009.  However the high volume of non-performing loans
continue to limit transaction generated revenues to clear realized
losses and top up significantly utilized reserve funds.  This in
particular has affected the ratings of the uncollateralized notes
(class T and Q), which will not receive any principal repayment
until the reserve is at its target level.
Fitch used its EMEA RMBS surveillance criteria, employing its
credit cover multiple methodology, in reviewing the transactions
to assess the level of credit support available to each class of
notes.

The rating actions are:

Newgate Funding Plc Series 2006-1:

  -- Class A4 (ISIN XS0248865494): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-2'

  -- Class Ma (ISIN XS0248221920): affirmed at 'AAA'; Outlook
     Stable assigned a Loss Severity Rating of 'LS-5'

  -- Class Mb (ISIN XS0248866542): affirmed at 'AAA'; Outlook
     Stable assigned a Loss Severity Rating of 'LS-5'

  -- Class Ba (ISIN XS0248222142): affirmed at 'AA'; Outlook
     Negative assigned a Loss Severity Rating of 'LS-3'

  -- Class Bb (ISIN XS0248866971): affirmed at 'AA'; Outlook
     Negative assigned a Loss Severity Rating of 'LS-3'

  -- Class Ca (ISIN XS0248222225): affirmed at 'BBB+'; Outlook
     Negative; assigned a Loss Severity Rating of 'LS-4'

  -- Class Cb (ISIN XS0248867789): affirmed at 'BBB+'; Outlook
     Negative; assigned a Loss Severity Rating of 'LS-4'

  -- Class D (ISIN XS0248867946): downgraded to 'CCC' from 'B+';
     assigned a Recovery Rating of 'RR5'

  -- Class E (ISIN XS0248222571): downgraded to 'CC' from 'B';
     assigned a Recovery Rating of 'RR6'

  -- Class Q (ISIN XS0248222738): downgraded to 'C' from 'CCC';
     assigned a Recovery Rating of 'RR6'

Newgate Funding Plc Series 2006-2:

  -- Class A3a (ISIN XS0257991603): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-2'

  -- Class A3b (ISIN XS0257989458): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-2'

  -- Class M (ISIN XS0257992676): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-4'

  -- Class Ba (ISIN XS0257993138): downgraded to 'A' from 'AA';
     Outlook Negative; assigned a Loss Severity Rating of 'LS-3'

  -- Class Bb (ISIN XS0257993302): downgraded to 'A' from 'AA';
     Outlook Negative; assigned a Loss Severity Rating of 'LS-3'

  -- Class Ca (ISIN XS0257994532): downgraded to 'BB' from 'BBB';
     Outlook Negative; assigned a Loss Severity Rating of 'LS-4'

  -- Class Cb (ISIN XS0257994888): downgraded to 'BB' from 'BBB';
     Outlook Negative; assigned a Loss Severity Rating of 'LS-4'

  -- Class Da (ISIN XS0257995265): downgraded to 'CCC' from 'B+';
     assigned a Recovery Rating of 'RR6'

  -- Class Db (ISIN XS0257996073): downgraded to 'CCC' from 'B+';
     assigned a Recovery Rating of 'RR6'

  -- Class E (ISIN XS0257996743): downgraded to 'CC' from 'B';
     assigned a Recovery Rating of 'RR6'

  -- MERCs: affirmed at 'AAA'; Outlook Stable

Newgate Funding Plc Series 2006-3:

  -- Class A2 (ISIN XS0272616631): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-2'

  -- Class A3a (ISIN XS0272617282): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-2'

  -- Class A3b (ISIN XS0272626788): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-2'

  -- Class Mb (ISIN XS0272627836): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-4'

  -- Class Ba (ISIN XS0272619817): downgraded to 'A' from 'A+';
     Outlook Negative; assigned a Loss Severity Rating of 'LS-3'

  -- Class Bb (ISIN XS0272629295): downgraded to 'A' from 'A+';
     Outlook Negative; assigned a Loss Severity Rating of 'LS-3'

  -- Class Cb (ISIN XS0272629881): downgraded to 'BB' from 'BBB';
     Outlook Negative; assigned a Loss Severity Rating of 'LS-4'

  -- Class Da (ISIN XS0272621805): affirmed at 'B'; Outlook
     Negative; assigned a Loss Severity Rating of 'LS-5'

  -- Class Db (ISIN XS0272630624): affirmed at 'B'; Outlook
     Negative; assigned a Loss Severity Rating of 'LS-5'

  -- Class E (ISIN XS0272622795): affirmed at 'CCC'; assigned a
     Recovery Rating of 'RR5'

  -- Class T (ISIN XS0272623256): affirmed at 'CC'; assigned a
     Recovery Rating of 'RR5'

  -- Class Q (ISIN XS0272623843): downgraded to 'C' from 'CC';
     assigned a Recovery Rating of 'RR6'

  -- MERCs: affirmed at 'AAA'; Outlook Stable


RELAX GROUP: ClearDebt to Acquire Assets for GBP2.7 Million
-----------------------------------------------------------
David Blackwell at The Financial Times reports that ClearDebt, the
Aim-quoted consumer debt specialist, is to buy most of the assets
of Relax Group from administration for GBP2.7 million cash.

According to the FT, the company said it was paying about 40% of
the GBP6.3 million book value of the assets as shown in Relax's
last accounts.

As reported by the Troubled Company Reporter-Europe, Relax was
placed into administration with Jonathan Elman Avery-Gee of Kay
Johnson Gee being appointed as administrators of the company, on
November 23, 2009.

The FT recalls David Mond, founder and chief executive of
ClearDebt, appointed Kay Johnson Gee as administrators after
acquiring the debt owed by Relax to Barclays, thought to be about
GBP4.7 million.

Relax Group PLC, formerly Debts.co.uk plc, --
http://www.relax-group.co.uk/-- is a provider of a range of
solutions, including individual voluntary arrangements, Scottish
trust deeds, debt management plans and secured loans or second
mortgages, to over-indebted individuals.  The Company's
subsidiaries include The Debt Counsellors Limited, Debtcare
Limited, Adie Financial Solutions Limited, Neville Eckley Limited,
Scarlet Loans and Mortgages Limited, The Loan Group Limited,
Switch Mortgages Limited and Relax Finance Limited. In March 2008,
the Company acquired PB Recovery Limited.  In May 2008, the
Company acquired Relax Finance Limited.


TATA STEEL: Corus to Mothball Teeside Plant; Mulls 1,700 Job Cuts
-----------------------------------------------------------------
Thomas Biesheuvel and Abhishek Shanker at Bloomberg News report
that Corus Group Ltd., the European unit of India's Tata Steel
Ltd., will mothball the blast furnace and some coke ovens at its
Teesside plant in the U.K. and cut 1,700 jobs after a group of
four customers stopped buying metal.

Bloomberg relates Corus Chief Executive Officer Kirby Adams said
Friday on a conference call the operations will be mothballed at
the end of January at a cost of GBP80 million (US$133 million).
According to Bloomberg, Teesside's Redcar Wharf and Redcar Coke
Ovens will stay open.

Bloomberg recalls Italy's Marcegaglia SpA, South Korea's Dongkuk
Steel Mill Co., Luxembourg-based Ternium SA and Swiss-Italian
steelmaker Duferco Participations Holding Ltd. walked away earlier
this year from a 10-year agreement to buy 80% of output from the
Teesside Cast Products unit.

                         About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2.  Moody's said the rating
outlook is stable.


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