TCREUR_Public/091229.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 29, 2009, Vol. 10, No. 255

                            Headlines



B O S N I A   &   H E R Z E G O V I N A

BORAC KATARINA: Insolvency Manager Sets Dec. 30 Public Auction


B U L G A R I A

HIMKO AD: Bought by Nikolay Galchev; To Restart Production in 2010


F R A N C E

NATIXIS SA: Deputy CEO Jean-Marc Moriani to Step Down Next Year
NATIXIS SA: Coface to Return to Profitability After Capital Boost


G E R M A N Y

GENERAL MOTORS: Sberbank Seeks Compensation for Failed Opel Sale


I T A L Y

FIAT SPA: Production Halted at Termini Imerese Plant
RISANAMENTO SPA: Seeks Partner to Complete Santa Giulia Project


K A Z A K H S T A N

AGRARIAN CREDIT: S&P Affirms 'BB' Long-Term National Ratings
AKMOLINSKY SHEBEN-2: Creditors Must File Claims by January 6
EXPRESS VISA: Creditors Must File Claims by January 6
KFS-STROY: Creditors Must File Claims by January 6
MEDET LLP: Creditors Must File Claims by January 6

MEREY RD: Creditors Must File Claims by January 6
METALL STROY-KZ: Creditors Must File Claims by January 6
SHEBER 7: Creditors Must File Claims by January 6
SHER OIL 3: Creditors Must File Claims by January 6
SK SMU-77: Creditors Must File Claims by January 6

SV TECH: Creditors Must File Claims by January 6


K Y R G Y Z S T A N

AES SILK: Creditors Must File Claims by January 27
KYZYL-KIYA TARA: Creditors Must File Claims by January 27


L I T H U A N I A

TNS GALLUP: Shareholders Opt for Liquidation Over Poor Results


L U X E M B O U R G

AK BARS: Fitch Assigns 'BB' Rating on US$280 Mil. Senior Loan


M A C E D O N I A

PIVARA BITOLA: Court Acknowledges Swiss Kenri Mortgage Claim


R O M A N I A

MKB ROMEXTERRA: S&P Affirms 'BB-' Counterparty Credit Ratings


R U S S I A

ASPHALT CJSC: Creditors Must File Claims by January 27
BTA-KAZAN JSC: Fitch Affirms Issuer Default Rating at 'CCC'
GAZ-PROM-STROY: Creditors Must File Claims by January 27
LEXGARANT CO: S&P Keeps 'B' Long-Term Counterparty Credit Rating
MEGAFON OJSC: Moody's Upgrades Corporate Family Rating to 'Ba1'

OPARINO FORESTRY: Creditors Must File Claims by January 27
PERSPECTIVE LLC: Creditors Must File Claims by January 27
ROS-DON-STROY: Creditors Must File Claims by January 20
SHENTALINSKIY FLOUR: Creditors Must File Claims by January 20
SPETS-TM-STROY: Creditors Must File Claims by January 19

TAVDINSKIY MACHINE: Creditors Must File Claims by January 20
UC RUSAL: Expects Final Hong Kong IPO Price at US$20 Billion

* IRKUTSK OBLAST: S&P Assigns 'B' Senior Unsecured Debt Rating
* VOLGOGRAD OBLAST: S&P Gives Neg. Outlook; Affirms 'BB-' Rating


S P A I N

CAMGE CONSUMO: Moody's Reviews 'Ba2' Rating on Class C Notes
FERROVIAL SA: CFO Lopez Mozo Plans to Reorganize EUR22.2 Bln Debt
TDA 25: S&P Downgrades Credit Rating on Class B Notes to 'D'


S W E D E N

GENERAL MOTORS: To Push Through with Saab Closure Plan
NOBINA AB: S&P Raises Long-Term Corporate Credit Ratings to 'B'


U K R A I N E

ENERGY-PROJECT LLC: Court Starts Bankruptcy Supervision Procedure
FIRST UKRAINIAN: Moody's Confirms Senior Debt Ratings at 'B2'
KAMLOT-BUD LLC: Court Starts Bankruptcy Supervision Procedure
KNIAZHAYA AGRICULTURAL: Bankruptcy Supervision Procedure Begins
SELMI LLC: Court Starts Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

CLERICAL MEDICAL: Fitch Upgrades Subordinated Debt Rating to 'BB+'
FLANNELS GROUP: Creditors Owed GBP6.5 Mln Before CVA Approval
INSIGNIA SOLUTIONS: U.K. High Court OKs Scheme; Becomes ASI Unit
NATIONAL EXPRESS: Sought Mgt Contract to Avoid Franchise Default
PJ BROWN: Enters Into Administration; 150 Jobs Affected


X X X X X X X X

* Large Companies with Insolvent Balance Sheet




                         *********



=======================================
B O S N I A   &   H E R Z E G O V I N A
=======================================


BORAC KATARINA: Insolvency Manager Sets Dec. 30 Public Auction
--------------------------------------------------------------
IntelliNews Today reports that the insolvency manager of Borac
Katarina d.o.o called a new tender for the sale of the troubled
producer.

According to the report, the interested parties should take part
in a public auction, to be held on Dec 30.

Borac Katarina d.o.o. is a Bosnian read-to-wear clothing producer
specializing in manufacturing working clothes and uniforms.


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


HIMKO AD: Bought by Nikolay Galchev; To Restart Production in 2010
------------------------------------------------------------------
Novinite.com reports that Bulgarian building contractor Nikolay
Galchev on Dec. 18 said he has bought Bulgarian agro-chemical
plant Himko AD for an undisclosed sum.

According to the report, the Galchev Engineering Group had
formally bought out "Novo Himko", an enterprise that went bankrupt
at the end of 2004, some five months ago.

The report relates Mr. Galchev said the plant will be ready to
begin production in October or November 2010.

The report says an agreement has been reached with the Bulgarian
state by which Himko's liabilities are to be deferred.  Payments
will begin in May 2010, and will continue over the next 18 years,
the report states.

Mr. Galchev did not specify the size of the current debts of the
company, according to the report.  The biggest debts owed by Himko
are to Bulgargaz, NEC and the State Receivables Agency, the report
notes.

Himko AD is based in Vratsa in nort-west Bulgaria.


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


NATIXIS SA: Deputy CEO Jean-Marc Moriani to Step Down Next Year
---------------------------------------------------------------
Fabio Benedetti-Valentini at Bloomberg News reports that Natixis
SA said Deputy Chief Executive Officer Jean-Marc Moriani will
leave next year as the company rolls out a new strategy.

Bloomberg relates Natixis said in a statement Dec. 21 that Mr.
Moriani, 52, who acted as interim CEO in May as the bank announced
a record EUR1.84-billion (US$2.6 billion) first-quarter loss,
"will be leaving Natixis in the upcoming weeks."

According to Bloomberg, Natixis said it "will be profitable in the
fourth quarter of 2009 and over the whole of the second half."

Bloomberg recalls Natixis in August received a guarantee from its
parent, BPCE SA, covering about EUR35 billion of risky assets.

                         About Natixis SA

Headquartered in Paris, France, Natixis SA (EPA:KN) --
http://www.natixis.com/-- is a France-based bank offering various
services and engaged in different activities.  Its main activities
comprise corporate and investment banking, asset management,
receivables management, private equity and private banking, retail
banking and other services.  The Bank is active in a number of
countries in Europe, the Americas, Africa, Asia and Oceania.  As
of December 31, 2008, Natixis SA had a number of subsidiaries,
including Ixis Corporate & Investment Bank, Ixis Asset Management
Group, Coface and Natixis Asset Management, among others.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Aug. 5,
2009, Moody's retained Natixis's D BFSR (negative outlook).


NATIXIS SA: Coface to Return to Profitability After Capital Boost
-----------------------------------------------------------------
Fabio Benedetti-Valentini and Oliver Suess at Bloomberg News
report that Coface SA, the world's third-largest trade-credit
insurer and a unit of Natixis SA, will be profitable next year
after it gets a GBP175-million (US$249 million) capital injection
from its parent.

"We should be close to break-even in the fourth quarter after
continuing to lose money in the third," Bloomberg quoted Coface
Chief Executive Officer Jerome Cazes as saying in an interview.
"The whole of the business lines will be profitable next year."

Bloomberg recalls Coface said last week Natixis's board decided
that Paris-based Coface, which had a EUR103-million loss in the
first half, will get a EUR175-million capital increase in the
first quarter of 2010.  Mr. Cazes, as cited by Bloomberg, said the
company won't need more funds after the EUR175-million capital
increase.

According to Bloomberg, Standard & Poor's cut its outlook for
Coface to negative from stable on Dec. 21, saying the insurer's
"capital adequacy has deteriorated further in 2009 from already
weak levels."  Bloomberg relates S&P said the lowered outlook
accounted for "challenges in restoring capital adequacy" even
after the Natixis capital injection.

                         About Natixis SA

Headquartered in Paris, France, Natixis SA (EPA:KN) --
http://www.natixis.com/-- is a France-based bank offering various
services and engaged in different activities.  Its main activities
comprise corporate and investment banking, asset management,
receivables management, private equity and private banking, retail
banking and other services.  The Bank is active in a number of
countries in Europe, the Americas, Africa, Asia and Oceania.  As
of December 31, 2008, Natixis SA had a number of subsidiaries,
including Ixis Corporate & Investment Bank, Ixis Asset Management
Group, Coface and Natixis Asset Management, among others.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Aug. 5,
2009, Moody's Investors Service retained Natixis's D BFSR
(negative outlook).


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


GENERAL MOTORS: Sberbank Seeks Compensation for Failed Opel Sale
----------------------------------------------------------------
Associated Press reports that Moscow-based OAO Sberbank demanded
compensation from General Motors Co. for the failed deal to buy
the U.S. auto maker's German subsidiary, Adam Opel GmbH.

The report relates Sberbank's chief executive, German Gref, said
in televised remarks Friday that GM should pay "voluntary"
compensation for its decision in early November to scrap the
selling of a 55% stake in Opel to Sberbank and Canadian auto-parts
maker Magna International Inc.

"We think that GM's commitment went so far that they should have
sealed the deal," the report quoted Mr. Gref said.

As reported by the Troubled Company Reporter-Europe, given an
improving business environment for General Motors Company over the
past few months, and the importance of Opel/Vauxhall to GM's
global strategy, the GM Board of Directors decided to retain Opel
and initiate a restructuring of its European operations in
earnest.

                      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)


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


FIAT SPA: Production Halted at Termini Imerese Plant
----------------------------------------------------
Marco Bertacche at Bloomberg News reports that Fiat SpA was forced
to halt production at its Termini Imerese plant in Sicily after a
strike to protest the carmaker's planned factory cutbacks.

According to Bloomberg, a company official said carmaking at the
plant near Palermo was stopped on Dec. 22 and 23 because of the
walkout.

Bloomberg says production was set to be suspended from Dec. 24
until Jan. 7 as part of a planned shutdown under a government-
funded temporary layoff program.

Bloomberg relates Fiat Chief Executive Officer Sergio Marchionne
on Dec. 22 told government officials and union leaders that Fiat
would increase his company's car making in Italy by 50% as he
stuck to plans to end auto production at Termini Imerese, the
smallest and costlier of Fiat's five car plants in Italy.

The government opposed any shutdown of the plant, which employs
1,400 people and supports another 1,000 jobs among area suppliers,
Bloomberg states.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.


RISANAMENTO SPA: Seeks Partner to Complete Santa Giulia Project
---------------------------------------------------------------
Armorel Kenna at Bloomberg News, citing Il Sole 24 Ore, reports
that Risanamento SpA Chairman Vincenzo Mariconda said the company
may try to find a partner to complete its Santa Giulia apartment
development in Milan.

According to Bloomberg, Mr. Mariconda, as cited by the Italian
newspaper, also said the company had bought "a lot" and now had to
sell and that its plan wasn't one of "liquidation."

As reported by the Troubled Company Reporter-Europe on Nov. 12,
2009, Bloomberg News said a Milan court approved a restructuring
plan for Risanamento, refusing a prosecutors' request to declare
the company bankrupt.  Bloomberg disclosed the company reached an
agreement with creditors on a reorganization plan in September
after reporting net debt of EUR2.9 billion (US$4.3 billion) for
the first half.

                      About Risanamento SpA

Headquartered in Milan, Italy, Risanamento SpA --
http://www.risanamentospa.it/-- is a company engaged in the
real estate sector.  It is part of the Zunino Group.  Its main
activities are real estate investments, real estate promotion and
development.  The Company provides its services through numerous
subsidiaries and associated companies, such as Milano Santa Giulia
SpA, Etoile ST. Florentin Sarl, Risanamento Europe Sarl and RI
Investimenti Srl. Risanamento operates in the real estate
promotion and development, and real estate investments sectors.
The Company's main projects are the creation of the new Milano
Santa Giulia district, and the redevelopment of the former Falck
area in Sesto San Giovanni.


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


AGRARIAN CREDIT: S&P Affirms 'BB' Long-Term National Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had removed from
CreditWatch and affirmed its 'BB' long-term, 'B' short-term, and
'kzA+' Kazakhstan national scale ratings on Agrarian Credit Corp.,
a state-owned provider of subsidized credit to agricultural and
nonagricultural businesses in rural areas throughout the Republic
of Kazakhstan (foreign currency BBB-/Stable/A-3; local currency
BBB/Stable/A-3; Kazakhstan national scale 'kzAAA') after KACC and
Commerzbank agreed on a new and gradual repayment schedule for the
US$136 million loan with a breached covenant.  The outlook is now
stable.

"The ratings are based on KACC's stand-alone credit profile, which
S&P assess at 'B', plus three notches of uplift, reflecting its
opinion of a "high" likelihood of timely and sufficient
extraordinary support from the Kazakh government in the event of
financial distress," said Standard & Poor's credit analyst Boris
Kopeykin.

The stand-alone credit profile is supported by significant ongoing
state support to KACC, resulting in high capitalization and cheap
financing.

The stand-alone credit profile continues to be constrained by the
largely untested quality of KACC's rapidly expanding loan
portfolio in Kazakhstan's difficult operating environment, and by
KACC's high lending concentration and foreign currency risks on a
portion of its debt.  KACC's relatively low balance-sheet
liquidity also constrains the stand-alone credit profile.

In accordance with S&P's criteria for government-related entities,
its view of a "high" likelihood of extraordinary government
support is based on S&P's current assessment of KACC's "important"
role for and "very strong" link with the Kazakh government.

"The stable outlook reflects the expectations of continued strong
ongoing support to KACC in 2010-2012, resulting in strong
capitalization levels and good liquidity," said Mr. Kopeykin.

It also reflects S&P's expectation that its assessment of a "high"
likelihood of extraordinary government support will not change.
S&P will also continue to monitor the effects of the continued
turmoil in Kazakhstan's economy and financial system on KACC's
loan portfolio performance.

Stronger probability of extraordinary support, or positive
momentum in the stand-alone credit profile, with improving
liquidity and profitability, might lead to positive rating actions
on KACC.

Negative rating actions on the sovereign, or signs of lower
probability of extraordinary support, might result in negative
rating actions on KACC.  Deterioration of the stand-alone credit
profile, with weakening liquidity and growing problem assets in
KACC's portfolio, might also result in negative rating actions.


AKMOLINSKY SHEBEN-2: Creditors Must File Claims by January 6
------------------------------------------------------------
LLP Akmolinsky Sheben-2 is currently undergoing liquidation.
Creditors have until January 6, 2010, to submit proofs of claim
to:

         Abylai-Han Ave. 1
         Kokshetau
         Kazakhstan


EXPRESS VISA: Creditors Must File Claims by January 6
-----------------------------------------------------
LLP Express Visa Kazakhstan is currently undergoing liquidation.
Creditors have until January 6, 2010, to submit proofs of claim
to:

         Nauryzbai Batyr Str. 17
         Almaty
         Kazakhstan


KFS-STROY: Creditors Must File Claims by January 6
--------------------------------------------------
Creditors of LLP Kfs-Stroy have until January 6, 2010, to submit
proofs of claim to:

         Kravtsov Str. 18
         Astana
         Kazakhstan

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on September 8, 2009,
after finding it insolvent.

The Court is located at:

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


MEDET LLP: Creditors Must File Claims by January 6
--------------------------------------------------
Creditors of LLP Firm Medet have until January 6, 2010, to submit
proofs of claim to:

         Auelbekov Str. 139a
         Kokshetau
         Kazakhstan

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

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Kokshetau
         Gorky Str. 37
         Kokshetau
         Kazakhstan


MEREY RD: Creditors Must File Claims by January 6
-------------------------------------------------
Creditors of LLP Merey Rd have until January 6, 2010, 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 12, 2009.


METALL STROY-KZ: Creditors Must File Claims by January 6
--------------------------------------------------------
Creditors of LLP Metall Stroy-Kz have until January 6, 2010, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
October 27, 2009.


SHEBER 7: Creditors Must File Claims by January 6
-------------------------------------------------
Creditors of LLP Sheber 7 have until January 6, 2010, to submit
proofs of claim to:

         Auelbekov Str. 139a
         Kokshetau
         Kazakhstan

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

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Kokshetau
         Gorky Str. 37
         Kokshetau
         Kazakhstan


SHER OIL 3: Creditors Must File Claims by January 6
---------------------------------------------------
LLP Sher Oil 3 is currently undergoing liquidation.  Creditors
have until January 6, 2010, to submit proofs of claim to:

         Karbyshev Str. 30/1
         Kostanai
         Kazakhstan


SK SMU-77: Creditors Must File Claims by January 6
--------------------------------------------------
Creditors of LLP SK SMU-77 have until January 6, 2010, to submit
proofs of claim to:

         Kravtsov Str. 18
         Astana
         Kazakhstan

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on September 8, 2009,
after finding it insolvent.

The Court is located at:

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


SV TECH: Creditors Must File Claims by January 6
------------------------------------------------
Creditors of LLP Sv Tech have until January 6, 2010, to submit
proofs of claim to:

         Micro District Aksai 3, 19-17
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Taldykorgan
commenced bankruptcy proceedings against the company on
September 1, 2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Taldykorgan
         Tauelsyzdyk Str. 53
         Taldykorgan
         Kazakhstan


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


AES SILK: Creditors Must File Claims by January 27
--------------------------------------------------
Representation of Company Aes Silk Road Inc. is currently
undergoing liquidation.  Creditors have until January 27, 2010, to
submit proofs of claim to:

         Kievskaya Str. 149
         Bishkek
         Kyrgyzstan


KYZYL-KIYA TARA: Creditors Must File Claims by January 27
---------------------------------------------------------
JSC Kyzyl-Kiya Tara is currently undergoing liquidation.
Creditors have until January 27, 2010, to submit proofs of claim
to:

         Kulatov Str. 52
         Kyzyl-Kiya
         Batken
         Kyrgyzstan


=================
L I T H U A N I A
=================


TNS GALLUP: Shareholders Opt for Liquidation Over Poor Results
--------------------------------------------------------------
MrWeb reports that TNS Gallup shareholders have decided to
liquidate the company in Lithuania following "very poor" financial
results.

According to the report, this year, TNS Gallup's turnover in the
country fell by 35% to LTL8 million, equivalent to around
GBP2.05 million, resulting to a LTL1 million loss.

TNS Gallup, which was the first firm to implement TV meter
technology in Lithuania, will continue to operate the country's
media audience research through SIC Gallup Media, headed by Media
Director Gytis Juodpusis, the report says.


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


AK BARS: Fitch Assigns 'BB' Rating on US$280 Mil. Senior Loan
-------------------------------------------------------------
Fitch Ratings has assigned AK BARS Luxembourg S.A.'s
US$280 million issue of senior unsecured loan participation notes
with coupon of 10.25% due in December 2012, a final 'BB' rating.
Since Fitch's Dec. 1, 2009 announcement of the expected ratings,
the amount of new notes issued for cash was further upsized by
US$55 million from the previous amount of US$150,859,000 to bring
the total new issue size to US$280 million.

The notes are to be used solely for financing a loan to Russia's
AK BARS Bank ('BB'/Stable Outlook).  This is the third issue under
the US$1.5 billion loan participation notes program.

Ak Bars is the largest bank in the Republic of Tatarstan (rated
'BBB-'/Stable Outlook) by assets and was the 16th-largest bank in
Russia at end-Q309.  The republic controls 96% of the bank's
shares according to end-H109 financial statements reviewed by
auditors.


=================
M A C E D O N I A
=================


PIVARA BITOLA: Court Acknowledges Swiss Kenri Mortgage Claim
------------------------------------------------------------
IntelliNews Today reports that a court acknowledged the mortgage
claim of Swiss Kenri GmbH against the real estate of insolvent
Macedonia beer and juice producer Pivara Bitola AD.


=============
R O M A N I A
=============


MKB ROMEXTERRA: S&P Affirms 'BB-' Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term and 'B' short-term counterparty credit ratings on
Romania-based MKB Romexterra Bank S.A.  The rating was
subsequently withdrawn at the bank's request.  The outlook at the
time of the withdrawal was negative.

MKB Romexterra had no outstanding issues rated by Standard &
Poor's at the time of withdrawal.


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


ASPHALT CJSC: Creditors Must File Claims by January 27
------------------------------------------------------
Creditors of CJSC Asphalt Construction (TIN 7726017737, PSRN
1027700500739) have until January 27, 2010, to submit proofs of
claims to:

         D. Likhusha
         Insolvency Manager
         Post User Box 97
         127434 Moscow
         Russia

The Arbitration Court of Moscow will convene at 11:30 a.m. on
April 29, 2010, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?-40?13370/09?124-22B.

The Court is located at:

          The Arbitration Court of Moscow
          Courtroom 9014
          B. Tulskaya Str. 17
          Moscow
          Russia
The Debtor can be reached at:

          CJSC Asphalt
          Building 7
          Dorozhnaya Str. 21
          117405 Moscow
          Russia


BTA-KAZAN JSC: Fitch Affirms Issuer Default Rating at 'CCC'
-----------------------------------------------------------
Fitch Ratings has affirmed Russia-based JSC BTA-Kazan's Long-term
Issuer Default Rating at 'CCC' with a Negative Outlook.

The affirmation of BTAK's ratings follows the recent announcement
of changes in the bank's shareholder structure.  Fitch was
informed that in December 2009 BTAK's previous majority
beneficiary shareholder, Mukhtar Ablyazov, sold his stake in the
bank (about 52%) to a group of small local oil companies.

Despite this transaction, Fitch considers that near-term risks for
BTAK remain potentially significant.  Firstly, it remains to be
seen how the strategy, balance sheet and operations of BTAK may
evolve following the change in ownership.  In addition, although
BTAK informed Fitch that the new shareholders have no relations to
Mr. Ablyazov and that there are no additional embedded options in
the acquisition agreement, the agency cannot fully exclude the
possibility that Mr. Ablyazov may have retained some beneficial
interest in the bank, or could re-purchase such an interest in the
future, potentially exposing the bank to his business activity and
other assets.

BTA-Kazan is located in the Republic of Tatarstan; at end-Q309 it
was the 156th-largest bank in Russia by assets.  Kazakhstan-based
BTA Bank ('BTA', 'Restricted Default') owns a 47% stake in BTAK,
and Fitch does not currently expect BTAK to be directly impacted
by the ongoing restructuring of BTA's debt.  Mr. Ablyazov,
formerly a major shareholder of BTA, is understood still to be the
controlling shareholder of BTA Bank (Russia), whose liquidity
position is currently very strained, and has also been associated
with construction projects in Russia with apparently significant
funding needs.

The rating actions are:

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

  -- Short-term 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


GAZ-PROM-STROY: Creditors Must File Claims by January 27
--------------------------------------------------------
Creditors of LLC Gaz-Prom-Stroy (Construction) have until
January 27, 2010, to submit proofs of claims to:

         N. Semashko
         Insolvency Manager
         Post User Box 26
         Labytnangi
         629400 Yamalo-Nenetskiy
         Russia

The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?81?4680/2009.

The Debtor can be reached at:

         LLC Gaz-Prom-Stroy
         Apt. 6
         Internatsionalnaya Str. 1
         Novy Urengoy
         629300 Yamalo-Nenetskiy
         Russia


LEXGARANT CO: S&P Keeps 'B' Long-Term Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it was keeping its
'B' long-term counterparty credit and insurer financial strength
ratings and the 'ruA-' Russia national scale rating on Russia-
based aviation insurer LEXGARANT Co. Ltd. on CreditWatch where
they were placed with negative implications on Aug. 11, 2009.

"The CreditWatch placement reflects the possibility that LEXGARANT
could fail to restore its eroded liquidity and depressed capital
base, and that the company's current lack of liquidity could prove
to be permanent," said Standard & Poor's credit analyst Victor
Nikolskiy.

The ratings continue to reflect LEXGARANT's small size and limited
franchise, eroded liquidity and depressed capital base, low
quality investments, and high dependence on individuals in the
management team.  They also reflect persistently high industry
risk in the aviation insurance business.

These negative factors are counterbalanced by the company's
relative resilience to industry and country risk due to the
geographic diversity of its portfolio and diversification into
new lines of business.  In addition, the company continues to
exploit its currently good reinsurance protection.

LEXGARANT is based in Moscow.  The company specializes in
insurance and reinsurance of aviation-related risk.

LEXGARANT's capitalization and liquidity deteriorated in 2008 as
a consequence of a dispute with one of the company's bankers over
a cash deposit in the amount of Russian ruble 170 million
(US$5 million).  The dispute led to the deposit being reclassified
from LEXGARANT's investment portfolio to receivables.  LEXGARANT
does not regard it as a loss; neither is it provisioned.
LEXGARANT obtained a favorable ruling in a court of primary
jurisdiction, however the bank can appeal.  The appeal is expected
before year-end 2009.  There is a possibility that the disputed
sum will not be restored.  This could lead to a significant
distortion of LEXGARANT's current liquidity, and consequently,
significantly depress its capital base.

S&P aims to resolve the CreditWatch placement when the legal
dispute is resolved.

"If the liquidity and capital shortfall becomes irreversible, S&P
may lower the long-term global scale rating by one notch or more,"
said Mr. Nikolskiy.

An affirmation of the global scale rating will depend on
LEXGARANT's ability to restore its liquidity position and
capitalization, due to either a positive outcome in the legal
proceedings or external support from its shareholders.


MEGAFON OJSC: Moody's Upgrades Corporate Family Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
and probability of default rating of OJSC MegaFon to Ba1 from Ba2
with stable outlook.  The agency also assigns a Ba1 rating to the
new US$1.5 billion program for the Issuance of Loan Participation
Notes; the notes will be issued by MegaFon S.A. for the purpose of
financing loans to OJSC MegaFon.  The notes will be secured by a
first fixed charge to all principal, interest and other amounts
payable by MegaFon to the Issuer under the relevant loan
agreement.

The upgrade to Ba1 reflects (i) MegaFon's continued strong
operating performance despite the downturn in the Russian economy,
(ii) solid financial strength metrics and cash flow generation,
and (iii) good liquidity risk profile.  The stable outlook on the
ratings reflects Moody's expectations that the mobile market in
Russia will continue to grow in 2010, albeit at a slower rate than
in the past.

Moody's expects the company to continue to grow its revenues and
EBITDA in 2010, which will be supported by increasing usage as the
economy begins to recover, value-added services and improved
operational efficiency.  However, Moody's expect the EBITDA margin
to continue declining somewhat, as has been the trend over the
past two years.

MegaFon intends to continue investing in its 3G network as well as
extending its fiber optic transmission network.  Overall, Moody's
estimate that capital expenditure is likely to remain relatively
high at over 20% of revenue in 2010.  Despite this, Moody's
expects the company to continue generating positive free cash flow
going forward.  MegaFon is also interested in evaluating M&A
transactions on a selective basis.  The Ba1 rating, however, does
not factor in any material acquisitions.

The Ba1 rating takes into account (i) a high level of mobile
penetration in the Russian mobile market; as of Q3 2009 the SIM-
card mobile penetration rate in Russia was estimated at 140%
whilst single-user penetration was estimated as ranging between
75% - 80%; (ii) MegaFon's relatively high churn mitigated by low
subscriber acquisition costs; and (iii) the likelihood that the
company's auditors will issue a Material Weakness Letter for the
year 2009, although the agency understands that MegaFon has been
implementing a number of measures to ensure the robustness of its
financial controls.

Moody's notes that the terms and conditions for the proposed notes
are relatively loose; there is no debt incurrence test, no
restriction on dividend payments and an absence of a change of
control clause which in combination provide limited protection to
bondholders as compared to many comparable transactions in this
segment of the leveraged finance market.

Moody's previous rating action on MegaFon was 6 May 2009 when the
rating agency changed the outlook to positive from stable for
MegaFon's Ba2 corporate family rating.

MegaFon is a third largest mobile operator in Russia.  It is the
first mobile operator covering all regions in the Russian
Federation, with a relatively minor presence in the Republic of
Tajikistan.  The company generated RUB181.9 billion in revenue and
RUB95.9 billion in EBITDA (adjusted by Moody's) for the last
twelve months ending 30 September 2009.


OPARINO FORESTRY: Creditors Must File Claims by January 27
----------------------------------------------------------
Creditors of LLC Oparino Forestry (TIN 4323002330, PSRN
1024300860550) have until January 27, 2010, to submit proofs of
claims to:

         V.Perminov
         Insolvency Manager
         Surikova Str. 33
         610014 Kirov
         Russia

The Arbitration Court of Kirovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?28?4351/2009?112/6.

The Debtor can be reached at:

         LLC Oparino Forestry
         Sovetskaya Str. 48
         Oparino
         612950 Kirovskaya
         Russia


PERSPECTIVE LLC: Creditors Must File Claims by January 27
---------------------------------------------------------
Creditors of LLC Perspective (TIN 7839342449) (Construction) have
until January 27, 2010, to submit proofs of claims to:

         A. Borunov
         Insolvency Manager
         Office 606
         Building 1
         Mira prospect 68
         129110 Moscow
         Russia
         Tel: (495)680-11-93

The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?56?2701/ 2009.

The Debtor can be reached at:

         LLC Perspective
         Prospect Narodnogo Opolcheniya 137/1/7H
         198217 Saint-Petersburg
         Russia


ROS-DON-STROY: Creditors Must File Claims by January 20
-------------------------------------------------------
Creditors of LLC Ros-Don-Stroy (TIN 6151011291, PSRN
1026102481767) (Consctruction) have until January 20, 2009, to
submit proofs of claims to:

         V. Shvayko
         Insolvency Manager
         Buynakskaya Str. 2\56
         Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?53?9547/2009.

The Debtor can be reached at:

         LLC Ros-Don-Stroy
         Dostoevskogo Str. 14
         Novoshakhtinsk
         Rostovskaya
         Russia


SHENTALINSKIY FLOUR: Creditors Must File Claims by January 20
-------------------------------------------------------------
Creditors of LLC Shentalinskiy Flour Mill (TIN 6386001943, PSRN
1026303655267) have until January 20, 2009, to submit proofs of
claims to:

         A. Bespalov
         Insolvency Manager
         50 let Oktyabrya Str. 24
         Komsomolskiy
         Kinelskiy
         446412 Samarskaya
         Russia

The Arbitration Court of Samarskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?55?3027/2009.

The Debtor can be reached at:

         LLC Shentalinskiy Flour Mill
         Vokzalnaya Sstr. 86
         Shentala
         Shentalinskiy
         446910 Samarskaya
         Russia


SPETS-TM-STROY: Creditors Must File Claims by January 19
--------------------------------------------------------
Creditors of LLC Spets-TM-Stroy (TIN 2460070730, RVC 246001001,
PSRN 1052460075690) (Construction) have until January 19, 2010, to
submit proofs of claims to:

         A. Turovtsev
         Temporary Insolvency Manager
         Lesnikov Str. 58/7
         660006 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy will convene at 9:00 a.m.
on January 19, 2010, to hear bankruptcy supervision procedure. The
case is docketed under Case No. ?33?13553/2009.

The Debtor can be reached at:

         LLC Spets-TM-Stroy
         Dorozhnaya Str. 16
         660048 Krasnoyarsk
         Russia


TAVDINSKIY MACHINE: Creditors Must File Claims by January 20
------------------------------------------------------------
Creditors of LLC Tavdinskiy Machine-Building Plant (TIN
6634008882) have until January 20, 2009, to submit proofs of
claims to:

         V. Legalov
         Insolvency Manager
         Elektrikov Str. 2-10
         620017 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?60-11570/2009-S11.

The Debtor can be reached at:

         LLC Tavdinskiy Machine-Building Plant
         Frunze Str. 2a
         Tavda
         623955 Sverdlovskaya
         Russia


UC RUSAL: Expects Final Hong Kong IPO Price at US$20 Billion
------------------------------------------------------------
Denis Maternovsky at Bloomberg News, citing Vedomosti, reports
that United Co. Rusal will seek to sell shares at a price that
values the company at between US$16 billion to US$22 billion.

Bloomberg relates the Russian newspaper said Dec. 25 Rusal expects
the final price of Russia's first initial public offering in
Hong Kong to value the company at US$20 billion, more than U.S.
rival Alcoa Inc.'s US$15.9 billion.

According to Bloomberg, Vedomosti said Blackrock Inc. and China
Investment Corp. are among the investors who plan to buy shares in
the IPO, which is slated to be completed by Jan. 20.

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2009, Rusal's application for a US$2 billion initial public
offering on Hong Kong's stock exchange received approval from the
bourse and the securities regulator.

Bloomberg disclosed Rusal has said it plans to sell a 10% stake to
help repay US$17 billion of borrowings.  According to Bloomberg,
the company's borrowings almost doubled last year after Rusal
bought 25% of Moscow-based OAO GMK Norilsk Nickel, Russia's
biggest mining company, for US$7 billion in cash and a 14 percent
Rusal stake.  Bloomberg said earlier this month, Rusal, which had
a net loss of US$6 billion last year, signed an accord with
creditors in Russia's largest corporate debt restructuring.

                           About Rusal

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


* IRKUTSK OBLAST: S&P Assigns 'B' Senior Unsecured Debt Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned
its 'B' senior unsecured debt rating to a Russian ruble
(RUR) 1.57 billion (about $52 million) domestic amortizing bond,
series 31007, which Irkutsk Oblast (B/Stable/--) is placing on
Dec. 25, 2009.  The bond carries six coupon payments with a fixed,
step-down coupon rate.  The bond is amortizing, with 16% to be
repaid in each of the first five coupon dates and the redemption
of the final 20% at the maturity date, Dec. 25, 2011.

"The oblast is issuing the bond to finance its capital program and
extend the maturity of its debt profile," said Standard & Poor's
credit analyst Felix Ejgel.  "The ratings on the bond are
equalized with the ratings on the oblast."

With this placement the oblast's direct debt as a percentage of
operating revenues will improve to a modest 18% by the end of 2009
compared with 22% at year-end 2008.

The rating on the Irkutsk Oblast, located in Eastern Siberia in
the Russian Federation (foreign currency BBB/Stable/A-3; local
currency BBB+/Stable/A-2; Russia national scale 'ruAAA') is
constrained by the oblast's still visible refinancing risks,
limited financial flexibility, economic contraction, and rising
contingent liabilities.

Nevertheless, the oblast government's ability and willingness to
take cost-cutting measures to ensure timely debt repayment and the
ensuing improvement of the oblast's budgetary performance and debt
repayment schedule, as well as the oblast's long-term economic
growth potential, support the oblast's credit quality.

S&P considers Irkutsk Oblast's liquidity has improved and is now
almost adequate.

"With these bonds being placed tomorrow, S&P expects the oblast's
available cash and committed credit facilities to cover at least
80% of debts coming due in 2010" said Mr. Ejgel.


* VOLGOGRAD OBLAST: S&P Gives Neg. Outlook; Affirms 'BB-' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Volgograd Oblast, in Southern Russia, to negative from
stable.  The 'BB-' long-term issuer credit and 'ruAA-' Russia
national scale ratings were affirmed.

"The outlook revision reflects the oblast's deteriorating
financial performance, which S&P expects to result in a noticeable
increase in debt in 2010-2012," said Standard & Poor's credit
analyst Boris Kopeykin.

The ratings are constrained by the oblast's restricted financial
flexibility and predictability in Russia's unsupportive
interbudgetary system; revenue volatility, due to taxpayer
concentration, exacerbated by the economic slowdown in 2009 and
only modest growth expected over the next few years; and weak
liquidity position.

These constraints are offset by the oblast's currently low debt
and by the administration's efforts to attract investment.

Despite an expected decline in operating revenues of about 3%-5%
in 2009, the oblast will likely increase operating spending 3%-5%.
Consequently, the healthy budgetary performance in 2008, with an
operating surplus of 9.4% of operating revenues and a balanced
budget after capital expenditures, will give way to a near-zero
operating balance in 2009, and probably a modest deficit after
capital expenditures, as well.  Operating balances will likely
remain about zero on average in 2010?2012 and might even turn
negative.  Similarly, the deficit after capital expenditures is
likely to reach 5%-6% in 2010-2012, unless the oblast cuts
spending significantly.

"The negative outlook reflects S&P's base-case scenario, according
to which, without corrective measures, Volgograd Oblast's balances
after capital expenditures would deteriorate significantly,
leading to rapid debt accumulation in a context of weak
liquidity," said Mr. Kopeykin.

Should this scenario materialize, or should the oblast accumulate
short-term debt resulting in higher-than-expected debt service,
S&P would likely lower the ratings.  A further weakening of
liquidity might also trigger a negative rating action.

Conversely, cost-containment measures or higher-than-expected
revenue growth resulting in stronger-than-expected budgetary
performance, together with improvement in the liquidity position,
could lead to us to revise the outlook to stable.


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


CAMGE CONSUMO: Moody's Reviews 'Ba2' Rating on Class C Notes
------------------------------------------------------------
Moody's Investors Service's Financial Institution Group on
June 15, 2009, concluded the review of the long-term and short-
term debt ratings of Caja de Ahorros del Mediterraneo (A3/P-2/D-
/Negative Outlook), which had been placed on review for possible
downgrade on May 19, 2009.  The long-term debt rating was
downgraded to A3 from A2 and short-term debt rating was downgraded
from P-1 to P-2.

Moody's has assessed the exposure to CAM in the outstanding ABS
transaction and has placed on review for possible downgrade all
notes issued by this transaction:

CAMGE Consumo TDA CAM 1, FTA

  -- Class A, Aaa Placed under Review for Possible Downgrade,
  -- Class B, A2 Placed under Review for Possible Downgrade,
  -- Class C, Ba2 Placed under Review for Possible Downgrade,

Last rating action on the notes was April 22, 2009, when Moody's
assigned definitive rating on the notes.

The main exposure arising in CAMGE Consumo TDA CAM 1, FTA is
linked to the role of holder the collection account and the
reinvestment account where the cash reserve and commingling
reserve are deposited.  Both accounts are held at CAM.

The transaction documentation further includes a trigger by which
in the event that CAM's short-term rating is downgraded below P-1,
CAMGE will undertake to seek a third party guarantor or
replacement of these accounts and these remedy actions must be
taken within 30 days of the downgrade.  As of December 23, CAMGE
has not found guarantor or replacement for these accounts
therefore Moody's cautions that the noteholders could be exposed
to a commingling risk and the unavailability of the reserve fund
representing 16% of the notes (107 million euros) in case of
bankruptcy of CAM.

During the review process, Moody's will consider the impact on the
rating of the notes of potential unavailability of the reserve
fund and additional commingling risk in the structure.

CAMGE CONSUMO TDA CAM 1, FTA is a securitization fund created to
purchase a pool of consumer loans granted by CAMGE FINANCIERA,
E.F.C, S.A. to individuals resident in Spain.  This is the first
transaction launched by CAMGE.

The portfolio consists of unsecured consumer loans extended to
individuals resident in Spain, to finance the acquisition of
consumer goods and services, as well as for home improvements or
home purchase (with no mortgage guarantee).  The tenor of the
products varies (from 5 months to 15 years) depending on the
purpose of the loans, and the portfolio securitized includes
fixed- and floating-rate loans.  There is a small portion of
bullet loans, the rest being standard amortizing loans (French
amortization).

Moody's is closely monitoring the transaction.


FERROVIAL SA: CFO Lopez Mozo Plans to Reorganize EUR22.2 Bln Debt
-----------------------------------------------------------------
Esteban Duarte and Paul Tobin at Bloomberg News report that
Ferrovial SA Chief Financial Officer Ernesto Lopez Mozo plans to
reorganize EUR22.2 billion (US$32 billion) of debt at the company
to reduce its reliance on bank funding.

Bloomberg relates Mr. Lopez Mozo said in an interview in Madrid he
wants Ferrovial units including BAA Ltd., the owner of London's
Heathrow airport, to replace loans with bonds and extend the
maturity of borrowings.  According to Bloomberg, about 35% of the
debt is currently in bonds.

"We plan to optimize the financial structure and that involves
replacing loans with bonds," Bloomberg quoted Mr. Lopez Mozo as
saying.  "We also have the goal of strengthening financial ratios
to levels that are equivalent to an investment-grade rating."

Mr. Lopez Mozo, as cited by Bloomberg, said Ferrovial's net debt
excluding infrastructure projects and including unit dividends is
less than three times earnings before interest, tax, depreciation
and amortization and the company wants to narrow that ratio
further.

Mark Mulligan at The Financial Times relates Ferrovial and its
consortium partners used bank funding to finance much of the
GBP10.3 billion (US$16.5 billion) they paid to take over UK
airports operator BAA in 2006.  Plans to refinance this debt
immediately with long-dated bonds were derailed by the 2007 credit
crunch and ensuing global downturn, the FT recalls BAA last year
restructured the acquisition debt and secured funds for capital
investment through a complex GBP7.65 billion bank refinancing, the
FT recounts.  It now hopes to replace this gradually with bonds,
the FT says.

The FT relates Inigo Meiras, chief executive of Ferrovial, said
recently BAA was looking at launching another bond, for about GBP1
billion in the first half of next year.  The company recently
completed the forced sale of BAA?s London Gatwick airport to
Global Infrastructure Partners for GBP1.5 billion, the FT
discloses.

                         Tribunal Appeal

David Robertson at The Times reports that BAA on Dec. 21 won an
appeal against the break-up of its monopolies in London and
Scotland.

The Times relates Competition Appeal Tribunal ruled that there had
been "apparent bias" in a report by the Competition Commission
into BAA and airport ownership.

The Times says the future of Stansted and the Scottish airports is
uncertain after the tribunal upheld BAA's appeal.  According to
The Times, the commission and BAA will make further submissions to
the tribunal on what should happen next.  If the tribunal throws
out the commission's full report, the competition watchdog will be
forced to start its work again or go to the Court of Appeal, The
Times notes.

Ferrovial SA, formerly CINTRA Concesiones de Infraestructuras de
Transporte SA, -- http://www.cintra.es/-- is a Spanish company
engaged in the development, construction, administration and
maintenance of the transport infrastructure. Its business is
structured in two areas: Highways and Car Parks. In the Highways
division, the Company, along with its subsidiaries and affiliates,
manages more than 2,800 kilometers (km) of highways in Spain,
Portugal, Ireland, Greece, Chile, Canada and the United States.
The Car Parks business area includes the promotion and operation
of short-stay car parks, surface management, parking regulation
and the promotion and sale of residents' car parks. During 2009,
the Company was awarded a highway concession in Poland. On
December 7, 2009, the Company finished its process of merger by
absorption with Grupo Ferrovial SA.


TDA 25: S&P Downgrades Credit Rating on Class B Notes to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'A+' and removed
from CreditWatch negative its credit rating on the class A notes
issued by TDA 25, Fondo de Titulizacion de Activos.  At the same
time, S&P lowered to 'D' its credit rating on the class B notes
following a failure to meet timely interest payment on this class
of notes at yesterday's interest payment date.

Due to the continuing portfolio deterioration, S&P's credit and
cash flow analysis of the most recent transaction information that
S&P has received indicated that the credit enhancement available
to the class A notes was not commensurate with 'AAA' stresses, in
S&P's opinion.  The downgrade to 'A+' factors in cash flows
diverted for the benefit of the class A notes as a result of
breaches of interest-deferral triggers in all the subordinated
notes in this transaction.

These triggers occur when the level of defaulted loans (loans more
than 12 months in arrears) in this securitization reaches a
certain percentage of the initial collateral balance.  When this
happens, the priority of payments changes so as to postpone
interest payments to the related class of notes and divert these
funds to amortize the most senior class of notes.

As of December's interest payment date, cumulative defaults are
7.90% (trigger levels are 6.40%, 4.90%, and 3.90% for the class B,
C, and D notes, respectively).  As a result, the issuer has missed
interest payments on the class B, C, and D notes.

This transaction features a structural mechanism that traps excess
spread to provide for defaults.  As a significant portion of loans
are classified as defaulted, the transaction has fully depleted
its cash reserve.  This reduces the likelihood of the reserve
being available to supplement any interest shortfalls.

The mortgage portfolio underlying this transaction is also
experiencing high delinquency levels.  As of the end of October,
S&P calculate severe delinquencies, defined as arrears greater
than 90 days (including outstanding defaulted loans), at about
22.01% of the current balance and 15.10% of the closing balance.

All the notes in the transaction, issued in August 2006, are
backed by a portfolio of residential mortgage loans secured over
properties in Spain.  Banco Gallego and Credifimo originated and
service the loans.  Additionally, about 36% of the current pool
balance comprises first-ranking mortgages with a related second-
lien mortgage over the same property.


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


GENERAL MOTORS: To Push Through with Saab Closure Plan
------------------------------------------------------
General Motors Co. is pressing ahead with plans to shut down Saab
as chances of a deal to sell the Swedish brand to the Dutch sports
car builder Spyker Cars remain remote, Times Online reports,
citing a person familiar with the planning.

According to Times Online, the person on Thursday said GM has not
changed plans to begin winding down Saab's operations in January
and it has started discussions with other interested parties as
part of that process.

Times Online relates Spyker's chief executive, Victor Muller, told
Reuters on Thursday that his company was still in talks with GM
about an acquisition of Saab.  Mr. Muller said that a final
outcome would not happen until this week, Times Online notes.

Saab, which GM has controlled since 1989, posted a loss of US$340
million in 2008 and is expected to incur a similar loss this year,
Times Online discloses.

                      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)


NOBINA AB: S&P Raises Long-Term Corporate Credit Ratings to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit ratings on Sweden-based bus service provider
Nobina AB (formerly Concordia Bus AB) and subordinate holding
company Nobina Europe Holding AB (formerly Concordia Bus Nordic
Holding AB), collectively Nobina, to 'B' from 'B-'.  At the same
time, the ratings were removed from CreditWatch where they were
placed with positive implications on June 4, 2009.  The outlook is
stable.

In addition, the issue rating on the group's EUR121.5 million
secured notes due Aug. 1, 2012, issued by Nobina Europe AB, was
also raised to 'B' from 'B-'.  The recovery rating on the notes is
unchanged at '4', indicating Standard & Poor's expectation of
average (30%-50%) recovery in the event of a payment default.

"The upgrade reflects the resolution of the group's significant
near-term refinancing risk and an improvement in liquidity," said
Standard & Poor's credit analyst Stuart Clements.  "This
improvement follows the successful issue of Swedish krona (SEK)
809 million in new equity and the refinancing of the
EUR130 million senior notes in July this year."

In addition, a sustained improvement in operating performance has
continued to improve Nobina's cash generation.  The upgrade also
reflects S&P's belief that the improved operating performance,
along with the benefit of having repaid the group's expensive
SEK510 million 16.5% preference shares, will lead to further
improvement in key credit ratios during the next 18 months.

With effect from Dec. 1, 2009, the Concordia Bus group changed its
name to Nobina.  This change was driven by the desire to create a
uniform identity for the group across its Nordic markets, in
contrast to the previous country-specific brands.  The name change
also resolves some potential confusion with an unrelated shipping
company, Concordia Maritime.

For the rolling 12 months to Nov. 30, 2009, Nobina's revenues grew
6.1% to SEK6.3 billion and adjusted EBITDA increased 9.9% to
SEK682 million, compared with the same period the prior year.  In
the nine months to Nov. 30, 2009, Nobina continued to focus on
operating efficiencies in the bus fleet as well as margin
improvement through a continued selective approach to tender
participations.  Despite this, reported sales increased 3.7%, and,
notwithstanding a negative SEK13 million impact from some
underindexation of costs, reported operating profits increased by
15.8% to SEK205 million.  Nobina believes it will maintain or even
slightly improve its share of the Nordic bus market in the current
financial year to Feb. 28, 2010, having won or renewed contracts
covering 1.15x the number of buses employed on contracts that
mature during the period.  The group's Swebus Express division
also reported a strong 18% growth in revenues for the nine months
to Nov. 30, 2009, as well as improving its volumes and yields.
Overall, Nobina's reported operating margin improved to 4.4%,
compared with 3.4% for the last fiscal year-ending Feb. 28,
2009.

"The stable outlook reflects Nobina's continued progress in
improving operational and financial performance, the resilience of
its contractual cash flows in a weakened economic environment, and
its adequate liquidity," said Mr. Clements.

S&P considers ratios of FFO to adjusted debt of more than 10%, and
EBITDA to interest cover of more than 2x, to be commensurate with
the current rating for Nobina.  A weakening of liquidity, a
deterioration in the group's trading performance, or a softening
of credit ratios to below S&P's benchmark levels for the current
rating could result in the outlook being revised to negative or
the ratings being lowered.  Conversely, continued good trading
performance, combined with improved cash generation, continued
adequate liquidity, and stronger credit ratios, could result in
the outlook being revised to positive.  S&P would typically
consider a ratio of FFO to adjusted debt in excess of 15% on a
sustained basis to be commensurate with a 'B+' rating level for
Nobina.


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


ENERGY-PROJECT LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------------
The Economic Court of Chernovtsy commenced bankruptcy supervision
procedure on LLC Energy-Project (code EDRPOU 32652291).

The Insolvency Manager is:

          S. Burma
          Golovnaya Str. 204-E/48
          Chernovtsy
          Ukraine

The Court is located at:

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

The Debtor can be reached at:

          LLC Energy-Project
          L. Kobylitsa Str. 23/2
          58000 Chernovtsy
          Ukraine


FIRST UKRAINIAN: Moody's Confirms Senior Debt Ratings at 'B2'
-------------------------------------------------------------
Moody's Investors Service has confirmed First Ukrainian
International Bank's long-term local currency deposit and foreign
currency senior unsecured debt ratings of B2, as well as its
National Scale Rating of A3.ua.  This concludes the review for
possible downgrade on these ratings.  The bank's B3 long-term
foreign currency deposit rating, Not Prime short-term deposit
ratings and E+ bank financial strength rating were not on review
and remain unchanged.  Following the confirmation of the ratings,
Moody's assigned a negative outlook on FUIB's deposit and debt
ratings, while the outlook on the BFSR remains stable.

Moody's rating action follows the successful completion of the
debt restructure offered by FUIB to the holders of its outstanding
US$275 million Eurobonds maturing in February 2010.  Under the
renegotiated loan agreement, the bonds -- with an 11% coupon rate
-- will be repayable at initial maturity in February 2010 in
amount of US$18 million and then at final maturity in December
2014 with quarterly interest payments.

Moody's believes that the restructure, which affected a quarter of
the bank's total market funding and 15% of its liabilities,
substantially improved FUIB's short-term liquidity position by
extending and spreading out its debt maturity.  Moody's believes
that, based on the analysis of the bank's liquidity position, FUIB
should be able to meet its debt repayments over the next 12
months, assuming that the current level of cash flow generated
from its loan portfolio repayments will not decline and there will
be no substantial net outflow of deposits from the bank.

Moody's notes that under the terms of debt restructuring, the
bank's controlling shareholder has committed to inject an
additional US$75 million in the form of subordinated capital --
partially secured in 2009 and partially to be paid in 2010.  Thus
FUIB's total capital adequacy is expected to remain at healthy
levels despite continuous pressure on the bank's asset quality in
light of the deteriorating operating environment and political
instability in Ukraine.

Moody's negative outlook on FUIB's debt and deposit ratings
reflects the uncertainties regarding the bank's market franchise
given the further decline in business volumes and the focus on
balancing its cash flows rather than development, while the bank's
financial performance is vulnerable to negative developments in
the operating environment.

The previous rating action on FUIB was on August 7, 2009, when the
bank's long-term local currency deposit and foreign currency
senior unsecured debt ratings were downgraded to B2 from B1 and
the NSR was downgraded to A3.ua from Aa3.ua, and all these ratings
were placed on review for further possible downgrade.

Headquartered in Donetsk, Ukraine, FUIB reported total IFRS assets
of US$2.3 billion and net income of US$15.3 million as at
December 31, 2008.


KAMLOT-BUD LLC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Economic Court of Herson commenced bankruptcy supervision
procedure on LLC Interindustry Repair and Building Enterprise
Kamlot-Bud (code EDRPOU 31760387).

The Insolvency Manager is:

         L. Galka
         Office 7
         Voyenny passage 6
         Herson
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Interindustry Repair and Building Enterprise
         Kamlot-Bud
         Chernomorskaya Str. 6
         73000 Herson
         Ukraine


KNIAZHAYA AGRICULTURAL: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------------
The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on Agricultural LLC Kniazhaya (code EDRPOU 03792734).

The Insolvency Manager is:

          J. Yarmolinsky
          Ozernaya str. 13
          Katerinopol
          20500 Cherkassy
          Ukraine

The Court is located at:

          The Economic Court of Cherkassy
          Shevchenko Blvd. 307
          18004 Cherkassy
          Ukraine

The Debtor can be reached at:

          Agricultural LLC Kniazhaya
          Kniazhaya
          Zvenigorodsky
          20243 Cherkassy
          Ukraine


SELMI LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Sumy commenced bankruptcy supervision
procedure on LLC Trading House Selmi (code EDRPOU 35907315).

The Insolvency Manager is:

         A. Sysoyev
         Office 49A
         Petropavlovskaya Str. 74
         Sumy
         Ukraine

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Ave. 18/1
         40477 Sumy
         Ukraine

The Debtor can be reached at:

         LLC Trading House Selmi
         Vodinyev Str. 27
         40012 Sumy
         Ukraine


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


CLERICAL MEDICAL: Fitch Upgrades Subordinated Debt Rating to 'BB+'
------------------------------------------------------------------
Fitch Ratings has upgraded Clerical Medical Investment Group Ltd's
and Scottish Widows PLC's respective hybrid subordinated debt to
'BB+' from 'B+' and removed the ratings from Rating Watch
Evolving.

The rating actions reflect Fitch's increased comfort that there is
no intention or pressure to defer coupons on any of the
instruments after recent discussions with the entities' parent
company, Lloyds Banking Group plc (LBG, rated 'AA-'/Outlook
Stable).

In addition, the rating actions are in line with recent rating
actions Fitch took on other LBG hybrid subordinated debt on 15
December 2009, particularly the Lloyds TSB Tier 1 security
(XS0156923913) which was upgraded to 'BB+', reflecting a decreased
risk of non-performance following the recapitalization of LBG.
(For further information, please see the comment, entitled 'Fitch
Takes Rating Action on Certain Lloyds Banking Group Hybrids',
which is available on Fitch's website at www.fitchratings.com.)

The ratings of CMIG's and SW's hybrid subordinated debt were
placed on RWE on 3 November 2009, following the announcement by
the companies' ultimate parent, LBG, that the group would be
required to defer discretionary coupons on its hybrid capital
securities.  Although this enforced deferral did not apply to debt
issued by LBG's insurance entities (CMIG and SW), Fitch believed
at the time that there was still a heightened risk of deferral on
these entities' hybrid subordinated debt.

The ratings actions are:

CMIG Lower Tier 2

  -- XS0132169672: upgraded to 'BB+' from 'B+'; removed from RWE

CMIG Upper Tier 2

  -- XS0103961743: upgraded to 'BB+' from 'B+'; removed from RWE
  -- XS0222798661: upgraded to 'BB+' from 'B+'; removed from RWE

SW Upper Tier 2

  -- XS0230493842: upgraded to 'BB+' from 'B+'; removed from RWE


FLANNELS GROUP: Creditors Owed GBP6.5 Mln Before CVA Approval
-------------------------------------------------------------
James Chapelard at Crain's Manchester Business, citing new
documents, reports that creditors of Flannels Group Ltd. were owed
GBP6.5 million before a company voluntary arrangement was
approved.

The report says among the largest creditors was Flannels managing
director and owner Neil Prosser, who according to the document was
owed a total of GBP927,000.  Other creditors included fashion
house Gucci, owed GBP600,000; Prada (GBP444,000); Hugo Boss UK Ltd
(GBP112,134); Canali SPA (GBP41,573); and Dolce & Gabbana
(GBP256,000), the report discloses.

The report relates Deloitte, which handled the CVA, said unsecured
creditors would see a dividend of approximately 60p in the pound
if the CVA was approved.

According to the report, about 89% of creditors, measured by money
owed, voted in favor of the proposal, which needed 75% backing to
go through.

Flannels Group Ltd. is a Trafford-based fashion retailer.  It has
15 stores predominantly based in the Midlands and North of
England.


INSIGNIA SOLUTIONS: U.K. High Court OKs Scheme; Becomes ASI Unit
----------------------------------------------------------------
America's Suppliers, Inc., a Delaware corporation, reports that on
December 14, 2009, ASI became the holding company of Insignia
Solutions plc, a public limited company incorporated in England
and Wales, pursuant to a scheme of arrangement under Section 897
of the UK Companies Act of 2006 that was approved by the Insignia
stockholders on November 30, 2009, and the High Court of Justice
in England and Wales on December 14.

Pursuant to the Scheme of Arrangement, every ordinary share,
1 pence par value per share, of Insignia was exchanged and
cancelled at a ratio of 10 Ordinary Shares for one share of common
stock, US$0.001 par value per share, of ASI.  Insignia is now a
wholly owned subsidiary of ASI.

On December 17, ASI filed with the U.S. Securities and Exchange
Commission a Form 8-A to register its Common Stock, par value
US$0.001 per share, pursuant to Section 12(g) of the Securities
Exchange Act of 1934.

On December 15, 2009, Filipe Sobral notified ASI that effective
immediately, he is resigning from the board of directors.  ASI
says Mr. Sobral's resignation is purely personal in nature and not
as a result of any disagreement with the Company on any matter
relating to the Company's operations, policies or practices.

On December 15, 2009, the Company's board of directors appointed
Hugo Domingos, 36, as a member of the board of directors to fill
the vacancy resulting from the resignation of Mr. Sobral.

Mr. Domingos is currently in charge of private equity investments
at Amorim Holding, a Portuguese investment company.  He joined the
Amorim Group of companies in September 2008.  From August, 2007
through to August 2008, Mr. Domingos worked at HSBC Bank plc in
London in the Advisory team, part the bank's Global Banking and
Markets segment.  HSBC Bank plc is a subsidiary of HSBC Holdings
plc, the quoted global financial services firm headquartered in
London.  In his role, Mr. Domingos advised UK and European clients
on acquisitions, divestitures and the issuance of securities.
Prior to that, from December 2004 to June 2006, Mr. Domingos
worked in the London office of CIBC World Markets, a subsidiary of
Canadian Imperial Bank of Commerce.  CIBC provides a range of
financial products and services in Canada and internationally,
including investment banking.  At CIBC World Markets, Mr. Domingos
focused on advising UK and European private equity funds on
acquisitions and divestitures.  Mr. Domingos received a Master in
Finance from Ecole des Hautes Etudes Commerciales (HEC) in Paris
in 1998 and a Master in Economics (Cum Laude) from Universite
Catholique de Louvain (Belgium) in 1997.  Mr. Domingos holds a
B.A. in Economics (Magna Cum Laude) from Universite Catholique de
Louvain.

                 About Insignia Solutions plc

Headquartered in Scottsdale, Ariz., Insignia Solutions plc dba
DollarDays International, Inc. is an Internet wholesaler.  The
Company develops software programs that allow the Company to
provide general merchandise for resale to businesses through its
Web site at http://www.DollarDays.com/

At September 30, 2009, the Company's consolidated balance sheets
showed US$1,954,020 in total assets, US$1,609,501 in total
liabilities, and US$344,519 in total shareholders' equity.

                      Going Concern Doubt

On March 30, 2009, Malone & Bailey, PC, in Houston, Texas,
expressed substantial doubt about Insignia Solutions plc's ability
to continue as a going concern after auditing the Company's
consolidated financial statements as of and for the years ended
December 31, 2008, and 2007.


NATIONAL EXPRESS: Sought Mgt Contract to Avoid Franchise Default
----------------------------------------------------------------
Jonathan Browning and Howard Mustoe at Bloomberg News, citing
official documents, report that National Express Group Plc offered
to pay the U.K. government GBP100 million (US$160 million) in
return for a staged withdrawal from the unprofitable East Coast
railroad franchise.

According to Bloomberg, minutes of meetings show that National
Express sought a management contract as an alternative to
defaulting on the franchise as it ran out of cash to fund the
route between London and Scotland.

Bloomberg recalls after Transport Minister Andrew Adonis turned
down the proposal, National Express said July 1 it would hand back
the franchise before the end of the year.  The statement sent the
company's stock down 13% in four days and prompted a series of
takeover bids that the London-based rail and bus operator fended
off before raising cash in a rights offer, Bloomberg recounts.

Bloomberg notes Department for Transport spokesman Simon
Horsborough said that at no time in the talks with National
Express had the government given a commitment to a management
contract, an arrangement under which the East Coast route would
still have been run by the company, but with the state bearing the
costs.

Bloomberg relates the company, which also runs school buses in
North America, raised GBP360 million in a share sale on Dec. 15,
allowing it to cut debt and avoid pushing up interest payments by
breaching loan terms.

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


PJ BROWN: Enters Into Administration; 150 Jobs Affected
-------------------------------------------------------
PJ Brown Ltd. entered into administration on December 22, 2009.
Ian Vickers and Phil Armstrong, Client Partners at Vantis Business
Recovery Services (BRS), a division of Vantis, the UK accounting,
tax and business advisory group, were appointed as Joint
Administrators.

PJ Brown, based in Crawley, West Sussex, entered into
administration as a result of the current economic downturn.
Regrettably, 150 redundancies have been made.  The subsidiary
parts of the PJ Brown business group are unaffected and continue
to trade as going concerns.

Commenting on the case, Ian Vickers said: "We are working closely
with the Director to assess the value of realizations from the
business, with a view to marketing it for sale for the benefit of
the Company's creditors.  Furthermore, we are closely involved
with staff affected to ensure all their claims are processed on a
timely basis."


===============
X X X X X X X X
===============


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                    Total
                                    Shareholders     Total
  Company           Ticker          Equity (US$)     Assets (US$)
  -------           ------          ------           ------

AUSTRIA
-------
LIBRO AG            LBROF US        -109013328 171684389.1
LIBRO AG            LIBR AV         -109013328 171684389.1
LIBRO AG            LB6 GR          -109013328 171684389.1
LIBRO AG            LIB AV          -109013328 171684389.1
SKYEUROPE           SKYP PW       -89480486.93 159076577.5
SKYEUROPE           SKY PW        -89480486.93 159076577.5
SKYEUROPE HLDG      SKYPLN EO     -89480486.93 159076577.5
SKYEUROPE HLDG      SKY EO        -89480486.93 159076577.5
SKYEUROPE HLDG      SKYPLN EU     -89480486.93 159076577.5
SKYEUROPE HLDG      SKY LI        -89480486.93 159076577.5
SKYEUROPE HLDG      SKYV IX       -89480486.93 159076577.5
SKYEUROPE HLDG      SKY AV        -89480486.93 159076577.5
SKYEUROPE HLDG      SKYA PZ       -89480486.93 159076577.5
SKYEUROPE HLDG      SKY EU        -89480486.93 159076577.5
SKYEUROPE HLDG      S8E GR        -89480486.93 159076577.5
SKYEUROPE HLDG      SKURF US      -89480486.93 159076577.5
SKYEUROPE HOL-RT    SK1 AV        -89480486.93 159076577.5

BELGIUM
-------
SABENA SA           SABA BB       -84766501.61  2196477161

CROATIA
-------
OT OPTIMA TELEKO    2299892Z CZ      -48565065 119632635.5
OT-OPTIMA TELEKO    OPTERA CZ        -48565065 119632635.5

CYPRUS
------
LIBRA HOLIDA-RTS    LBR CY         -27821889.5   240947718
LIBRA HOLIDA-RTS    LGWR CY        -27821889.5   240947718
LIBRA HOLIDAY-RT    3167808Z CY    -27821889.5   240947718
LIBRA HOLIDAYS      LHGR CY        -27821889.5   240947718
LIBRA HOLIDAYS      LHGCYP EU      -27821889.5   240947718
LIBRA HOLIDAYS      LHGCYP EO      -27821889.5   240947718
LIBRA HOLIDAYS G    LHG EO         -27821889.5   240947718
LIBRA HOLIDAYS G    LHG CY         -27821889.5   240947718
LIBRA HOLIDAYS G    LHG PZ         -27821889.5   240947718
LIBRA HOLIDAYS G    LHG EU         -27821889.5   240947718
LIBRA HOLIDAYS-P    LBHG PZ        -27821889.5   240947718
LIBRA HOLIDAYS-P    LBHG CY        -27821889.5   240947718

CZECH REPUBLIC
--------------
CKD PRAHA HLDG      297687Q GR    -89435858.16   192305153
CKD PRAHA HLDG      CDP EX        -89435858.16   192305153
CKD PRAHA HLDG      CKDPF US      -89435858.16   192305153
CKD PRAHA HLDG      CKDH CP       -89435858.16   192305153
CKD PRAHA HLDG      CKDH US       -89435858.16   192305153
SETUZA AS           2994763Q EU   -61453764.17 138582273.6
SETUZA AS           2994759Q EO   -61453764.17 138582273.6
SETUZA AS           SETU IX       -61453764.17 138582273.6
SETUZA AS           SZA GR        -61453764.17 138582273.6
SETUZA AS           SETUZA PZ     -61453764.17 138582273.6
SETUZA AS           2994767Q EO   -61453764.17 138582273.6
SETUZA AS           SZA EX        -61453764.17 138582273.6
SETUZA AS           SETUZA CP     -61453764.17 138582273.6
SETUZA AS           2994755Q EU   -61453764.17 138582273.6

DENMARK
-------
ELITE SHIPPING      ELSP DC       -27715991.74 100892900.3
ROSKILDE BAN-NEW    ROSKN DC      -532868894.9  7876687324
ROSKILDE BAN-RTS    ROSKT DC      -532868894.9  7876687324
ROSKILDE BANK       RKI GR        -532868894.9  7876687324
ROSKILDE BANK       RSKC IX       -532868894.9  7876687324
ROSKILDE BANK       ROSKF US      -532868894.9  7876687324
ROSKILDE BANK       ROSK DC       -532868894.9  7876687324
ROSKILDE BANK       ROSK PZ       -532868894.9  7876687324
ROSKILDE BANK       ROSK EU       -532868894.9  7876687324
ROSKILDE BANK       ROSBF US      -532868894.9  7876687324
ROSKILDE BANK       ROSK EO       -532868894.9  7876687324
ROSKILDE BANK-RT    916603Q DC    -532868894.9  7876687324

FRANCE
------
CARRERE GROUP       CRRHF US      -9829592.638   279906700
CARRERE GROUP       CAR2 EU       -9829592.638   279906700
CARRERE GROUP       CRGP IX       -9829592.638   279906700
CARRERE GROUP       XRR GR        -9829592.638   279906700
CARRERE GROUP       CARF PZ       -9829592.638   279906700
CARRERE GROUP       CARG FP       -9829592.638   279906700
CARRERE GROUP       CAR FP        -9829592.638   279906700
CARRERE GROUP       CAR2 EO       -9829592.638   279906700
CHAINE ET TRAME     CHTR FP        -46169771.5 134467847.6
CHAINE ET TRAME     CTRM FP        -46169771.5 134467847.6
GRANDE PAROISSE     GAPA FP       -927267926.9   629287290
GRANDE PAROISSE     GDPXF US      -927267926.9   629287290
GRANDE PAROISSE     GDPA FP       -927267926.9   629287290
IMMOB HOTEL BALN    IMHB FP       -66874823.95 301323804.9
IMMOB HOTELIERE     IMHO FP       -66874823.95 301323804.9
IMMOB HOTELIERE     IMH GR        -66874823.95 301323804.9
IMMOB HOTELIERE     IMMH IX       -66874823.95 301323804.9
IMMOB HOTELIERE     IMHO EO       -66874823.95 301323804.9
IMMOB HOTELIERE     SIH FP        -66874823.95 301323804.9
IMMOB HOTELIERE     IMBHF US      -66874823.95 301323804.9
IMMOB HOTELIERE     IMHO PZ       -66874823.95 301323804.9
IMMOB HOTELIERE     IMHO EU       -66874823.95 301323804.9
LAB DOLISOS         LADL FP       -27752176.19 110485462.4
LAB DOLISOS         DOLI FP       -27752176.19 110485462.4
MATUSSIERE & FOR    MTUSF US      -77896683.67 293868350.8
MATUSSIERE & FOR    1007765Q FP   -77896683.67 293868350.8
MB RETAIL EUROPE    MBRE PZ        -46169771.5 134467847.6
MB RETAIL EUROPE    MBRE FP        -46169771.5 134467847.6
MB RETAIL EUROPE    MBRE EU        -46169771.5 134467847.6
MB RETAIL EUROPE    CTRF IX        -46169771.5 134467847.6
MB RETAIL EUROPE    MBRE EO        -46169771.5 134467847.6
NORTENE             NORT FP       -35623999.56 117566786.9
NORTENE             NRTP IX       -35623999.56 117566786.9
NORTENE             NRTN FP       -35623999.56 117566786.9
OROSDI              OROS FP        -7291.55004 131233317.6
OROSDI-BACK         OROS EO        -7291.55004 131233317.6
OROSDI-BACK         OROS EU        -7291.55004 131233317.6
OROSDI-BACK         ORBA FP        -7291.55004 131233317.6
OROSDI-BACK         BACK IX        -7291.55004 131233317.6
OROSDI-BACK         OROS PZ        -7291.55004 131233317.6
OUTSIDE LIVING I    NORT EO       -35623999.56 117566786.9
OUTSIDE LIVING I    OLIN PZ       -35623999.56 117566786.9
OUTSIDE LIVING I    NORT PZ       -35623999.56 117566786.9
OUTSIDE LIVING I    OLIN FP       -35623999.56 117566786.9
OUTSIDE LIVING I    NORT EU       -35623999.56 117566786.9
PAGESJAUNES         PGJUF US       -3303869370 970555919.3
PAGESJAUNES GRP     PAJ PZ         -3303869370 970555919.3
PAGESJAUNES GRP     PAJ NQ         -3303869370 970555919.3
PAGESJAUNES GRP     PAJUSD EO      -3303869370 970555919.3
PAGESJAUNES GRP     PAJ EO         -3303869370 970555919.3
PAGESJAUNES GRP     PAJ BQ         -3303869370 970555919.3
PAGESJAUNES GRP     QS3 GR         -3303869370 970555919.3
PAGESJAUNES GRP     PAJUSD EU      -3303869370 970555919.3
PAGESJAUNES GRP     PAJGBX EO      -3303869370 970555919.3
PAGESJAUNES GRP     PAJ TQ         -3303869370 970555919.3
PAGESJAUNES GRP     PAJ IX         -3303869370 970555919.3
PAGESJAUNES GRP     PAJ EU         -3303869370 970555919.3
PAGESJAUNES GRP     PAJ QM         -3303869370 970555919.3
PAGESJAUNES GRP     PAJGBP EO      -3303869370 970555919.3
PAGESJAUNES GRP     PAJP IX        -3303869370 970555919.3
PAGESJAUNES GRP     PAJ EB         -3303869370 970555919.3
PAGESJAUNES GRP     PAJGBX EU      -3303869370 970555919.3
PAGESJAUNES GRP     PAJ VX         -3303869370 970555919.3
PAGESJAUNES GRP     PAJ LI         -3303869370 970555919.3
PAGESJAUNES GRP     PAJ FP         -3303869370 970555919.3
RHODIA SA           RHDI GR       -913748142.2  6150227880
RHODIA SA           RHA NQ        -913748142.2  6150227880
RHODIA SA           RHA FP        -913748142.2  6150227880
RHODIA SA           RHA VX        -913748142.2  6150227880
RHODIA SA           RHAY IX       -913748142.2  6150227880
RHODIA SA           RHA TQ        -913748142.2  6150227880
RHODIA SA           2324011Q EU   -913748142.2  6150227880
RHODIA SA           RHAUSD EO     -913748142.2  6150227880
RHODIA SA           RHA EB        -913748142.2  6150227880
RHODIA SA           RHA BQ        -913748142.2  6150227880
RHODIA SA           RHADF US      -913748142.2  6150227880
RHODIA SA           RHA EU        -913748142.2  6150227880
RHODIA SA           RHA PZ        -913748142.2  6150227880
RHODIA SA           RHAGBX EO     -913748142.2  6150227880
RHODIA SA           3218857Q IX   -913748142.2  6150227880
RHODIA SA           RHAGBX EU     -913748142.2  6150227880
RHODIA SA           RHA EO        -913748142.2  6150227880
RHODIA SA           2324015Q EO   -913748142.2  6150227880
RHODIA SA           RHD GR        -913748142.2  6150227880
RHODIA SA           RHAGBP EO     -913748142.2  6150227880
RHODIA SA           RHDAF US      -913748142.2  6150227880
RHODIA SA           RHAUSD EU     -913748142.2  6150227880
RHODIA SA           RHANR PZ      -913748142.2  6150227880
RHODIA SA           RHA QM        -913748142.2  6150227880
RHODIA SA           RHA IX        -913748142.2  6150227880
RHODIA SA           RHANR FP      -913748142.2  6150227880
RHODIA SA - NEW     3156011Q FP   -913748142.2  6150227880
RHODIA SA - NEW     2335921Q FP   -913748142.2  6150227880
RHODIA SA - NEW     RHANV FP      -913748142.2  6150227880
RHODIA SA-ADR       RHAYY US      -913748142.2  6150227880
RHODIA SA-RIGHTS    RHADS FP      -913748142.2  6150227880
RHODIA SA-RIGHTS    653447Q FP    -913748142.2  6150227880
SDR CENTREST        117241Q FP    -132420119.6 252176017.2
SELCODIS            SLCO PZ       -21481214.33 175720770.8
Selcodis            SPVX FP       -21481214.33 175720770.8
SELCODIS            SLCO EU       -21481214.33 175720770.8
SELCODIS            SPVX IX       -21481214.33 175720770.8
SELCODIS            SLCO FP       -21481214.33 175720770.8
SELCODIS            SLCO EO       -21481214.33 175720770.8
THOMSON (EX-TMM)    TMS GK        -587281616.7  6690514315
THOMSON (EX-TMM)    TMS EB        -587281616.7  6690514315
THOMSON (EX-TMM)    TNM GR        -587281616.7  6690514315
THOMSON (EX-TMM)    TMS BQ        -587281616.7  6690514315
THOMSON (EX-TMM)    TMS FP        -587281616.7  6690514315
THOMSON (EX-TMM)    TMM LN        -587281616.7  6690514315
THOMSON (EX-TMM)    TMS TQ        -587281616.7  6690514315
THOMSON (EX-TMM)    TMS NQ        -587281616.7  6690514315
THOMSON (EX-TMM)    TMS PZ        -587281616.7  6690514315
THOMSON (EX-TMM)    TMSUSD EO     -587281616.7  6690514315
THOMSON (EX-TMM)    TMMN FP       -587281616.7  6690514315
THOMSON (EX-TMM)    TMS VX        -587281616.7  6690514315
THOMSON (EX-TMM)    TMM IX        -587281616.7  6690514315
THOMSON (EX-TMM)    TMMLF US      -587281616.7  6690514315
THOMSON (EX-TMM)    TMS EU        -587281616.7  6690514315
THOMSON (EX-TMM)    TMSUSD EU     -587281616.7  6690514315
THOMSON (EX-TMM)    TNMA GR       -587281616.7  6690514315
THOMSON (EX-TMM)    TMS EO        -587281616.7  6690514315
THOMSON (EX-TMM)    TMSGBX EO     -587281616.7  6690514315
THOMSON (EX-TMM)    TMS US        -587281616.7  6690514315
THOMSON (EX-TMM)    TMM ES        -587281616.7  6690514315
THOMSON (EX-TMM)    TMSGBP EO     -587281616.7  6690514315
THOMSON (EX-TMM)    TMSGBX EU     -587281616.7  6690514315
THOMSON (EX-TMM)    TMM VX        -587281616.7  6690514315
THOMSON (EX-TMM)    TMS QM        -587281616.7  6690514315
THOMSON - NEW       TMSNV FP      -587281616.7  6690514315
THOMSON - NEW       2336061Q FP   -587281616.7  6690514315
THOMSON MULT-ADR    TMS-P US      -587281616.7  6690514315
THOMSON MULTI-NE    ZTM FP        -587281616.7  6690514315
THOMSON MULTIMED    TMM FP        -587281616.7  6690514315
TROUVAY CAUVIN      TVYCF US      -396977.9956 133986439.7
TROUVAY CAUVIN      ETEC FP       -396977.9956 133986439.7

GEORGIA
-------
DEVELICA DEUTSCH    DDE PZ        -107879893.8  1235370057
DEVELICA DEUTSCH    DDE PG        -107879893.8  1235370057
DEVELICA DEUTSCH    D4B GR        -107879893.8  1235370057
DEVELICA DEUTSCH    DDE IX        -107879893.8  1235370057
DEVELICA DEUTSCH    DDE LN        -107879893.8  1235370057
O TWELVE ESTATES    OTE PG        -7152968.898 297722697.4
O TWELVE ESTATES    OTEEUR EO     -7152968.898 297722697.4
O TWELVE ESTATES    OTE EU        -7152968.898 297722697.4
O TWELVE ESTATES    O2T GR        -7152968.898 297722697.4
O TWELVE ESTATES    OTE EO        -7152968.898 297722697.4
O TWELVE ESTATES    OTE PZ        -7152968.898 297722697.4
O TWELVE ESTATES    OTE IX        -7152968.898 297722697.4
O TWELVE ESTATES    OTE LN        -7152968.898 297722697.4

GERMANY
-------
AGOR AG             DOO EU        -482446.6262 144432986.2
AGOR AG             DOOD PZ       -482446.6262 144432986.2
AGOR AG             DOO EO        -482446.6262 144432986.2
AGOR AG             DOO GR        -482446.6262 144432986.2
AGOR AG             DOOG IX       -482446.6262 144432986.2
AGOR AG             NDAGF US      -482446.6262 144432986.2
AGOR AG-RTS         2301918Z GR   -482446.6262 144432986.2
ALNO AG             ALNO IX       -68516656.94 290459933.8
ALNO AG             ANO PZ        -68516656.94 290459933.8
ALNO AG             ANO GR        -68516656.94 290459933.8
ALNO AG             ANO EU        -68516656.94 290459933.8
ALNO AG             ANO EO        -68516656.94 290459933.8
ALNO AG-NEW         ANO1 GR       -68516656.94 290459933.8
ALNO AG-RTS         2259765Z GR   -68516656.94 290459933.8
BROKAT AG           BRKAF US      -27139391.98 143536859.7
BROKAT AG           BROAF US      -27139391.98 143536859.7
BROKAT AG           BROFQ US      -27139391.98 143536859.7
BROKAT AG           BKISF US      -27139391.98 143536859.7
BROKAT AG -NEW      BRJ1 NM       -27139391.98 143536859.7
BROKAT AG -NEW      BRJ1 GR       -27139391.98 143536859.7
BROKAT AG-ADR       BROA US       -27139391.98 143536859.7
BROKAT TECH -ADR    BROAQ US      -27139391.98 143536859.7
BROKAT TECH AG      BRJ GR        -27139391.98 143536859.7
BROKAT TECH AG      BSA LN        -27139391.98 143536859.7
BROKAT TECH AG      BRJ NM        -27139391.98 143536859.7
BROKAT TECH-ADR     BRJA GR       -27139391.98 143536859.7
CBB HOLD-NEW 97     COB2 GR       -42994732.85 904723627.8
CBB HOLDING AG      COBG IX       -42994732.85 904723627.8
CBB HOLDING AG      COB2 EU       -42994732.85 904723627.8
CBB HOLDING AG      COB GR        -42994732.85 904723627.8
CBB HOLDING AG      CUBDF US      -42994732.85 904723627.8
CBB HOLDING AG      COBG PZ       -42994732.85 904723627.8
CBB HOLDING AG      COB2 EO       -42994732.85 904723627.8
CBB HOLDING-NEW     COB1 GR       -42994732.85 904723627.8
CBB HOLDING-NEW     COB3 GR       -42994732.85 904723627.8
CINEMAXX AG         CNEMF US      -42008900.33 144431938.3
CINEMAXX AG         MXCG IX       -42008900.33 144431938.3
CINEMAXX AG         MXCUSD EU     -42008900.33 144431938.3
CINEMAXX AG         MXC EU        -42008900.33 144431938.3
CINEMAXX AG         MXCUSD EO     -42008900.33 144431938.3
CINEMAXX AG         MXC PZ        -42008900.33 144431938.3
CINEMAXX AG         MXC GR        -42008900.33 144431938.3
CINEMAXX AG         MXC EO        -42008900.33 144431938.3
CINEMAXX AG-RTS     MXC8 GR       -42008900.33 144431938.3
DORT ACTIEN-BRAU    944167Q GR    -12689156.29 117537053.7
DORT ACTIEN-RTS     DAB8 GR       -12689156.29 117537053.7
EDOB ABWICKLUNGS    ESCDF US      -22323463.23 425598807.8
EDOB ABWICKLUNGS    ESC GR        -22323463.23 425598807.8
EDOB ABWICKLUNGS    ESC EU        -22323463.23 425598807.8
EDOB ABWICKLUNGS    ESC PZ        -22323463.23 425598807.8
EDOB ABWICKLUNGS    ESC TQ        -22323463.23 425598807.8
EDOB ABWICKLUNGS    ESC BQ        -22323463.23 425598807.8
EDOB ABWICKLUNGS    ESC EO        -22323463.23 425598807.8
EM.TV & MERC-NEW    ETV1 GR       -22067409.41 849175624.7
EM.TV & MERC-NEW    ETV1 NM       -22067409.41 849175624.7
EM.TV & MERC-RTS    ETV8 NM       -22067409.41 849175624.7
EM.TV & MERC-RTS    ETV8 GR       -22067409.41 849175624.7
EM.TV & MERCHAND    985403Q GR    -22067409.41 849175624.7
EM.TV & MERCHAND    ETVMF US      -22067409.41 849175624.7
EM.TV & MERCHAND    EMTVF US      -22067409.41 849175624.7
EM.TV & MERCHAND    ETV LN        -22067409.41 849175624.7
EM.TV & MERCHAND    ETV VX        -22067409.41 849175624.7
EM.TV & MERCHAND    ETV NM        -22067409.41 849175624.7
ESCADA AG           ESCG IX       -22323463.23 425598807.8
ESCADA AG -PFD      ESC3 GR       -22323463.23 425598807.8
ESCADA AG-NEW       ESCN EO       -22323463.23 425598807.8
ESCADA AG-NEW       3069367Q GR   -22323463.23 425598807.8
ESCADA AG-NEW       ESCC GR       -22323463.23 425598807.8
ESCADA AG-NEW       ESCD GR       -22323463.23 425598807.8
ESCADA AG-NEW       835345Q GR    -22323463.23 425598807.8
ESCADA AG-NEW       ESCN GR       -22323463.23 425598807.8
ESCADA AG-NEW       ESCN EU       -22323463.23 425598807.8
ESCADA AG-RTS       ESCE GR       -22323463.23 425598807.8
ESCADA AG-SP ADR    ESCDY US      -22323463.23 425598807.8
KAUFRING AG         KFR EO        -19296489.56 150995473.8
KAUFRING AG         KFR GR        -19296489.56 150995473.8
KAUFRING AG         KFR EU        -19296489.56 150995473.8
KAUFRING AG         KFR PZ        -19296489.56 150995473.8
KAUFRING AG         KAUG IX       -19296489.56 150995473.8
MANIA TECHNOLOGI    MNI NM         -35060806.5 107465713.6
MANIA TECHNOLOGI    MNI GR         -35060806.5 107465713.6
MANIA TECHNOLOGI    MNI1 EU        -35060806.5 107465713.6
MANIA TECHNOLOGI    MNI PZ         -35060806.5 107465713.6
MANIA TECHNOLOGI    MNI1 EO        -35060806.5 107465713.6
MANIA TECHNOLOGI    MIAVF US       -35060806.5 107465713.6
MANIA TECHNOLOGI    2260970Z GR    -35060806.5 107465713.6
MANIA TECHNOLOGI    MNIG IX        -35060806.5 107465713.6
MATERNUS KLINI-N    MAK1 GR       -17804909.71 189933668.6
MATERNUS-KLINIKE    MAK PZ        -17804909.71 189933668.6
MATERNUS-KLINIKE    MAK GR        -17804909.71 189933668.6
MATERNUS-KLINIKE    MNUKF US      -17804909.71 189933668.6
MATERNUS-KLINIKE    MAK EO        -17804909.71 189933668.6
MATERNUS-KLINIKE    MAKG IX       -17804909.71 189933668.6
MATERNUS-KLINIKE    MAK EU        -17804909.71 189933668.6
NORDAG AG           DOO1 GR       -482446.6262 144432986.2
NORDAG AG-PFD       DOO3 GR       -482446.6262 144432986.2
NORDAG AG-RTS       DOO8 GR       -482446.6262 144432986.2
NORDSEE AG          533061Q GR    -8200552.046 194616922.6
PRIMACOM AG         PRCG IX       -18656728.68 610380925.7
PRIMACOM AG         PRC EO        -18656728.68 610380925.7
PRIMACOM AG         PRC EU        -18656728.68 610380925.7
PRIMACOM AG         PCAGF US      -18656728.68 610380925.7
PRIMACOM AG         PRC GR        -18656728.68 610380925.7
PRIMACOM AG         PRC2 GR       -18656728.68 610380925.7
PRIMACOM AG         PRC NM        -18656728.68 610380925.7
PRIMACOM AG         PRCG PZ       -18656728.68 610380925.7
PRIMACOM AG-ADR     PCAG US       -18656728.68 610380925.7
PRIMACOM AG-ADR     PCAGY US      -18656728.68 610380925.7
PRIMACOM AG-ADR+    PCAG ES       -18656728.68 610380925.7
RAG ABWICKL-REG     RSTHF US      -1744121.914 217776125.8
RAG ABWICKL-REG     ROSG PZ       -1744121.914 217776125.8
RAG ABWICKL-REG     ROS1 EU       -1744121.914 217776125.8
RAG ABWICKL-REG     ROS1 EO       -1744121.914 217776125.8
RAG ABWICKL-REG     ROS GR        -1744121.914 217776125.8
RINOL AG            RILB EO            -2.7111 168095049.1
RINOL AG            RNLAF US           -2.7111 168095049.1
RINOL AG            RILB PZ            -2.7111 168095049.1
RINOL AG            RIL GR             -2.7111 168095049.1
RINOL AG            RILB EU            -2.7111 168095049.1
RINOL AG            RILB GR            -2.7111 168095049.1
RINOL AG            RILB IX            -2.7111 168095049.1
ROSENTHAL AG        2644179Q GR   -1744121.914 217776125.8
ROSENTHAL AG-ACC    ROS4 GR       -1744121.914 217776125.8
ROSENTHAL AG-ADR    RSTHY US      -1744121.914 217776125.8
ROSENTHAL AG-REG    ROSG IX       -1744121.914 217776125.8
SANDER (JIL) AG     JLSDF US      -6153256.917 127548039.7
SANDER (JIL) AG     SAD GR        -6153256.917 127548039.7
SANDER (JIL)-PRF    2916161Q EO   -6153256.917 127548039.7
SANDER (JIL)-PRF    SAD3 PZ       -6153256.917 127548039.7
SANDER (JIL)-PRF    SAD3 GR       -6153256.917 127548039.7
SANDER (JIL)-PRF    2916157Q EU   -6153256.917 127548039.7
SINNLEFFERS AG      WHG GR        -4491629.961 453887060.1
SPAR HAND-PFD NV    SPA3 GR       -442426199.5  1433020961
SPAR HANDELS-AG     773844Q GR    -442426199.5  1433020961
SPAR HANDELS-AG     SPHFF US      -442426199.5  1433020961
TA TRIUMPH-A-RTS    1018916Z GR   -120075877.7   410015192
TA TRIUMPH-ACQ      TWNA EU       -120075877.7   410015192
TA TRIUMPH-ACQ      TWNA GR       -120075877.7   410015192
TA TRIUMPH-ADLER    TTZAF US      -120075877.7   410015192
TA TRIUMPH-ADLER    TWNG IX       -120075877.7   410015192
TA TRIUMPH-ADLER    TWN EU        -120075877.7   410015192
TA TRIUMPH-ADLER    TWN GR        -120075877.7   410015192
TA TRIUMPH-ADLER    TWN EO        -120075877.7   410015192
TA TRIUMPH-ADLER    TWN PZ        -120075877.7   410015192
TA TRIUMPH-NEW      TWN1 GR       -120075877.7   410015192
TA TRIUMPH-RT       TWN8 GR       -120075877.7   410015192
TA TRIUMPH-RTS      3158577Q GR   -120075877.7   410015192
VIVANCO GRUPPE      VVA1 GR       -22198683.12 111990951.4
VIVANCO GRUPPE      VVA1 EU       -22198683.12 111990951.4
VIVANCO GRUPPE      VVA1 PZ       -22198683.12 111990951.4
VIVANCO GRUPPE      VVA GR        -22198683.12 111990951.4
VIVANCO GRUPPE      VVAG IX       -22198683.12 111990951.4
VIVANCO GRUPPE      VVA1 EO       -22198683.12 111990951.4
VIVANCO GRUPPE      VIVGF US      -22198683.12 111990951.4

GREECE
------
AG PETZETAKIS SA    PZETF US      -30790135.48 234437763.5
AG PETZETAKIS SA    PETZK PZ      -30790135.48 234437763.5
AG PETZETAKIS SA    PETZK EO      -30790135.48 234437763.5
AG PETZETAKIS SA    PETZK GA      -30790135.48 234437763.5
AG PETZETAKIS SA    PETZK EU      -30790135.48 234437763.5
AG PETZETAKIS SA    PTZ1 GR       -30790135.48 234437763.5
AG PETZETAKIS SA    PTZ GR        -30790135.48 234437763.5
ALMA-ATERM-AUCT     ATERME GA     -4110971.317 105276552.2
ALMA-ATERMON SA     ATERM EO      -4110971.317 105276552.2
ALMA-ATERMON SA     ATERM EU      -4110971.317 105276552.2
ALMA-ATERMON SA     ATERM PZ      -4110971.317 105276552.2
ALTEC SA -AUCT      ALTECE GA     -103590250.3 177563163.7
ALTEC SA INFO       ATCQF US      -103590250.3 177563163.7
ALTEC SA INFO       ALTEC GA      -103590250.3 177563163.7
ALTEC SA INFO       ALTEC EU      -103590250.3 177563163.7
ALTEC SA INFO       ALTEC PZ      -103590250.3 177563163.7
ALTEC SA INFO       AXY GR        -103590250.3 177563163.7
ALTEC SA INFO       ALTEC EO      -103590250.3 177563163.7
ALTEC SA INFO-RT    ALTECR GA     -103590250.3 177563163.7
ALTEC SA INFO-RT    ALTED GA      -103590250.3 177563163.7
ARIES MARITIME T    RAMS US          -57875000   197992000
ASPIS PRON-PF RT    ASASPR GA     -154558841.2 846005811.9
ASPIS PRONIA -PF    ASAPR GA      -154558841.2 846005811.9
ASPIS PRONIA GE     AISQF US      -154558841.2 846005811.9
ASPIS PRONIA GE     ASASK EU      -154558841.2 846005811.9
ASPIS PRONIA GE     ASASK GA      -154558841.2 846005811.9
ASPIS PRONIA GE     ASASK EO      -154558841.2 846005811.9
ASPIS PRONIA GE     ASASK PZ      -154558841.2 846005811.9
ASPIS PRONIA-PF     APGV GR       -154558841.2 846005811.9
ASPIS PRONIA-PF     ASASP GA      -154558841.2 846005811.9
ASPIS PRONIA-RT     ASASKR GA     -154558841.2 846005811.9
ASPIS PRONOIA GE    APGG IX       -154558841.2 846005811.9
ASPIS PRONOIA GE    APG GR        -154558841.2 846005811.9
ATERMON DYNAMIC     ATERM GA      -4110971.317 105276552.2
EMPEDOS SA          EMPED GA      -33637669.62 174742646.9
EMPEDOS SA-RTS      EMPEDR GA     -33637669.62 174742646.9
KOUMBAS INSUR-RT    KOUMD GA      -39842421.26 236519943.7
KOUMBAS RTS         KOUMR GA      -39842421.26 236519943.7
KOUMBAS SYNERGY     KOUM GA       -39842421.26 236519943.7
KOUMBAS SYNERGY     KOUM PZ       -39842421.26 236519943.7
KOUMBAS SYNERGY     KOUM EO       -39842421.26 236519943.7
KOUMBAS SYNERGY     KOUM EU       -39842421.26 236519943.7
KOUMBAS SYNERGY     KOUMF US      -39842421.26 236519943.7
NAOUSSA SPIN -RT    NAOYD GA      -44175513.67 341686153.1
NAOUSSA SPIN-AUC    NAOYKE GA     -44175513.67 341686153.1
NAOUSSA SPIN-RTS    NAOYKR GA     -44175513.67 341686153.1
NAOUSSA SPINNING    NML GR        -44175513.67 341686153.1
NAOUSSA SPINNING    NML1 GR       -44175513.67 341686153.1
NEWLEAD HOLDINGS    NEWL US          -57875000   197992000
NEWLEAD HOLDINGS    A1M GR           -57875000   197992000
PETZET - PFD-RTS    PETZPD GA     -30790135.48 234437763.5
PETZETAKIS - RTS    PETZKD GA     -30790135.48 234437763.5
PETZETAKIS-AUC      PETZKE GA     -30790135.48 234437763.5
PETZETAKIS-PFD      PTZ3 GR       -30790135.48 234437763.5
PETZETAKIS-PFD      PETZP GA      -30790135.48 234437763.5
RADIO KORASS-RTS    KORAR GA      -100972173.9 180679253.6
RADIO KORASSI-RT    KORAD GA      -100972173.9 180679253.6
RADIO KORASSIDIS    RAKOF US      -100972173.9 180679253.6
RADIO KORASSIDIS    RKC GR        -100972173.9 180679253.6
RADIO KORASSIDIS    KORA GA       -100972173.9 180679253.6
THEMELIODOMI        THEME GA      -55751178.85 232036822.6
THEMELIODOMI-AUC    THEMEE GA     -55751178.85 232036822.6
THEMELIODOMI-RTS    THEMED GA     -55751178.85 232036822.6
THEMELIODOMI-RTS    THEMER GA     -55751178.85 232036822.6
UNITED TEXTILES     UTEX EU       -44175513.67 341686153.1
UNITED TEXTILES     UTEX GA       -44175513.67 341686153.1
UNITED TEXTILES     UTEX PZ       -44175513.67 341686153.1
UNITED TEXTILES     NAOSF US      -44175513.67 341686153.1
UNITED TEXTILES     UTEX EO       -44175513.67 341686153.1
UNITED TEXTILES     NAOYK GA      -44175513.67 341686153.1

HUNGARY
-------
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

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

IRELAND
-------
BOUNDARY CAPITAL    BCP1 EU       -10192301.85 119787800.5
BOUNDARY CAPITAL    BCPI IX       -10192301.85 119787800.5
BOUNDARY CAPITAL    BCP LN        -10192301.85 119787800.5
BOUNDARY CAPITAL    BCP IX        -10192301.85 119787800.5
BOUNDARY CAPITAL    BCP ID        -10192301.85 119787800.5
BOUNDARY CAPITAL    BCM GR        -10192301.85 119787800.5
BOUNDARY CAPITAL    BCP1 PG       -10192301.85 119787800.5
BOUNDARY CAPITAL    BCP1 EO       -10192301.85 119787800.5
BOUNDARY CAPITAL    BCP1 PZ       -10192301.85 119787800.5
ELAN CORP PLC       ELN LN          -370500000  1669500032
ELAN CORP PLC       ELNGBP EO       -370500000  1669500032
ELAN CORP PLC       ECN VX          -370500000  1669500032
ELAN CORP PLC       ELA LN          -370500000  1669500032
ELAN CORP PLC       ELN ID          -370500000  1669500032
ELAN CORP PLC       ELNGBX EO       -370500000  1669500032
ELAN CORP PLC       ELA PO          -370500000  1669500032
ELAN CORP PLC       ELNUSD EU       -370500000  1669500032
ELAN CORP PLC       ELN EU          -370500000  1669500032
ELAN CORP PLC       ELN IX          -370500000  1669500032
ELAN CORP PLC       ELA IX          -370500000  1669500032
ELAN CORP PLC       ELN EB          -370500000  1669500032
ELAN CORP PLC       ELN TQ          -370500000  1669500032
ELAN CORP PLC       DRXG IX         -370500000  1669500032
ELAN CORP PLC       DRX1 PZ         -370500000  1669500032
ELAN CORP PLC       ELNUSD EO       -370500000  1669500032
ELAN CORP PLC       ELN EO          -370500000  1669500032
ELAN CORP PLC       DRX GR          -370500000  1669500032
ELAN CORP PLC       ELNCF US        -370500000  1669500032
ELAN CORP PLC       ELN NR          -370500000  1669500032
ELAN CORP-ADR       EANG IX         -370500000  1669500032
ELAN CORP-ADR       QUNELN AU       -370500000  1669500032
ELAN CORP-ADR       ELAD LN         -370500000  1669500032
ELAN CORP-ADR       ELN US          -370500000  1669500032
ELAN CORP-ADR       EAN GR          -370500000  1669500032
ELAN CORP-ADR UT    ELN/E US        -370500000  1669500032
ELAN CORP-CVR       ELNZV US        -370500000  1669500032
ELAN CORP-CVR       LCVRZ US        -370500000  1669500032
MCINERNEY -RT FP    MCIF ID       -113397336.3 441922391.7
MCINERNEY -RT FP    MCIF LN       -113397336.3 441922391.7
MCINERNEY -RT NP    MCIN LN       -113397336.3 441922391.7
MCINERNEY -RT NP    MCIN ID       -113397336.3 441922391.7
MCINERNEY HLDGS     MK9 PO        -113397336.3 441922391.7
MCINERNEY HLDGS     MCIGBX EU     -113397336.3 441922391.7
MCINERNEY HLDGS     MK9C PZ       -113397336.3 441922391.7
MCINERNEY HLDGS     MCIGBX EO     -113397336.3 441922391.7
MCINERNEY HLDGS     MCIGBP EO     -113397336.3 441922391.7
MCINERNEY HLDGS     MCI ID        -113397336.3 441922391.7
MCINERNEY HLDGS     MCI EO        -113397336.3 441922391.7
MCINERNEY HLDGS     MCI PO        -113397336.3 441922391.7
MCINERNEY HLDGS     MCII IX       -113397336.3 441922391.7
MCINERNEY HLDGS     MCI VX        -113397336.3 441922391.7
MCINERNEY HLDGS     MNEYF US      -113397336.3 441922391.7
MCINERNEY HLDGS     MCI EU        -113397336.3 441922391.7
MCINERNEY HLDGS     MCI IX        -113397336.3 441922391.7
MCINERNEY HLDGS     MCI LN        -113397336.3 441922391.7
MCINERNEY HLDGS     MK9 GR        -113397336.3 441922391.7
MCINERNEY PROP-A    MYP ID        -113397336.3 441922391.7
MCINERNEY PROP-A    MCIYF US      -113397336.3 441922391.7
MCINERNEY PROP-A    MYP LN        -113397336.3 441922391.7
MCINERNEY-ADR       MNEYY US      -113397336.3 441922391.7
PAYZONE PLC         PAYZ EU       -138030903.2 510010035.3
PAYZONE PLC         4P6 GR        -138030903.2 510010035.3
PAYZONE PLC         PAYZ PZ       -138030903.2 510010035.3
PAYZONE PLC         PAYZ LN       -138030903.2 510010035.3
PAYZONE PLC         PAYZ PG       -138030903.2 510010035.3
PAYZONE PLC         PAYZ IX       -138030903.2 510010035.3
PAYZONE PLC         PAYZ EO       -138030903.2 510010035.3
WATERFORD - RTS     WWWA ID       -505729895.2   820803256
WATERFORD - RTS     WWWA GR       -505729895.2   820803256
WATERFORD - RTS     WWWB ID       -505729895.2   820803256
WATERFORD - RTS     508519Q LN    -505729895.2   820803256
WATERFORD - RTS     WWWB GR       -505729895.2   820803256
WATERFORD - RTS     508523Q LN    -505729895.2   820803256
WATERFORD W-ADR     WATWY US      -505729895.2   820803256
WATERFORD WDGEWD    WATWF US      -505729895.2   820803256
WATERFORD WDGEWD    WATFF US      -505729895.2   820803256
WATERFORD WE-RTS    WTFF ID       -505729895.2   820803256
WATERFORD WE-RTS    WTFN LN       -505729895.2   820803256
WATERFORD WE-RTS    WTFN VX       -505729895.2   820803256
WATERFORD WE-RTS    WTFN ID       -505729895.2   820803256
WATERFORD WE-RTS    WTFF LN       -505729895.2   820803256
WATERFORD WED-RT    WWWD GR       -505729895.2   820803256
WATERFORD WED-RT    WWWC ID       -505729895.2   820803256
WATERFORD WED-RT    WWWC GR       -505729895.2   820803256
WATERFORD WED-RT    586552Q LN    -505729895.2   820803256
WATERFORD WED-RT    586556Q LN    -505729895.2   820803256
WATERFORD WED-RT    WTFR LN       -505729895.2   820803256
WATERFORD WED-RT    WWWD ID       -505729895.2   820803256
WATERFORD WED-UT    WTFU ID       -505729895.2   820803256
WATERFORD WED-UT    WWW PO        -505729895.2   820803256
WATERFORD WED-UT    WTFU IX       -505729895.2   820803256
WATERFORD WED-UT    WTFUGBX EO    -505729895.2   820803256
WATERFORD WED-UT    WTFU EO       -505729895.2   820803256
WATERFORD WED-UT    WTFUGBX EU    -505729895.2   820803256
WATERFORD WED-UT    WTFU PO       -505729895.2   820803256
WATERFORD WED-UT    WTFU EU       -505729895.2   820803256
WATERFORD WED-UT    WTFU VX       -505729895.2   820803256
WATERFORD WED-UT    WWWD PZ       -505729895.2   820803256
WATERFORD WED-UT    WWW GR        -505729895.2   820803256
WATERFORD WED-UT    WTFU LN       -505729895.2   820803256
WATERFORD-ADR UT    WATFZ US      -505729895.2   820803256
WATERFORD-ADR UT    WFWA GR       -505729895.2   820803256
WATERFORD-SUB       3001875Z ID   -505729895.2   820803256

ITALY
-----
AEDES AXA+W         AEAXAW IM     -24405906.61  1350851664
AEDES SPA           AE EO         -24405906.61  1350851664
AEDES SPA           AE IM         -24405906.61  1350851664
AEDES SPA           LLB GR        -24405906.61  1350851664
AEDES SPA           AE PZ         -24405906.61  1350851664
AEDES SPA           AEDI IX       -24405906.61  1350851664
AEDES SPA           AE EU         -24405906.61  1350851664
AEDES SPA           AEDSF US      -24405906.61  1350851664
AEDES SPA           AE TQ         -24405906.61  1350851664
AEDES SPA RNC       AEDE IM       -24405906.61  1350851664
AEDES SPA-OPA       AEOPA IM      -24405906.61  1350851664
AEDES SPA-OPA       AEDROP IM     -24405906.61  1350851664
AEDES SPA-RTS       AESA IM       -24405906.61  1350851664
AEDES SPA-RTS       AEAA IM       -24405906.61  1350851664
AEDES SPA-SVGS R    AEDRAA IM     -24405906.61  1350851664
BINDA SPA           BND IM        -11146475.29 128859802.9
BINDA SPA           BNDAF US      -11146475.29 128859802.9
BROGGI IZAR FABB    BIF IM        -178432.4639 134255668.5
CART SOTTRI-BIND    DEM IM        -11146475.29 128859802.9
CIRIO FINANZIARI    CRO IM        -422095869.5  1583083044
CIRIO FINANZIARI    FIY GR        -422095869.5  1583083044
COIN SPA            GC IX         -151690764.8 791310848.7
COIN SPA            965089Q GR    -151690764.8 791310848.7
COIN SPA            GUCIF US      -151690764.8 791310848.7
COIN SPA-RTS        GCAA IM       -151690764.8 791310848.7
COIN SPA/OLD        GC IM         -151690764.8 791310848.7
COMPAGNIA ITALIA    CITU IX       -137726596.3 527372691.4
COMPAGNIA ITALIA    CGLUF US      -137726596.3 527372691.4
COMPAGNIA ITALIA    ICT IM        -137726596.3 527372691.4
CORNELL BHN         BY EO         -178432.4639 134255668.5
CORNELL BHN         INN IM        -178432.4639 134255668.5
CORNELL BHN         INO1 IX       -178432.4639 134255668.5
CORNELL BHN         CBX IM        -178432.4639 134255668.5
CORNELL BHN         BY EU         -178432.4639 134255668.5
CREDITO FOND-RTS    CRFSA IM      -200209050.3  4213063202
CREDITO FONDIARI    CRF IM        -200209050.3  4213063202
ELIOS HOLDING       EH IM         -178432.4639 134255668.5
ELIOS HOLDING-NE    EH00 IM       -178432.4639 134255668.5
ELIOS HOLDING-RT    EHAA IM       -178432.4639 134255668.5
ELIOS SPA           EHM IM        -178432.4639 134255668.5
I VIAGGI DEL VEN    VVE IX        -92020221.43 318192568.6
I VIAGGI DEL VEN    IVGIF US      -92020221.43 318192568.6
I VIAGGI DEL VEN    VVE IM        -92020221.43 318192568.6
I VIAGGI DEL VEN    VVE EU        -92020221.43 318192568.6
I VIAGGI DEL VEN    IV7 GR        -92020221.43 318192568.6
I VIAGGI DEL VEN    VVE PZ        -92020221.43 318192568.6
I VIAGGI DEL VEN    VVE EO        -92020221.43 318192568.6
I VIAGGI DEL VEN    VVE TQ        -92020221.43 318192568.6
I VIAGGI-RTS        VVEAA IM      -92020221.43 318192568.6
INNOTECH SPA        ELIOF US      -178432.4639 134255668.5
OLCESE SPA          O IM          -12846689.89 179691572.8
OLCESE SPA-RTS      OAA IM        -12846689.89 179691572.8
OLCESE VENEZIANO    OLVE IM       -12846689.89 179691572.8
OMNIA NETWORK SP    ONT EO         -47468652.4 322390901.7
OMNIA NETWORK SP    ONT TQ         -47468652.4 322390901.7
OMNIA NETWORK SP    ONT PZ         -47468652.4 322390901.7
OMNIA NETWORK SP    ONT EU         -47468652.4 322390901.7
OMNIA NETWORK SP    ONTI IX        -47468652.4 322390901.7
OMNIA NETWORK SP    ONT IM         -47468652.4 322390901.7
PARMALAT FINA-RT    PRFR AV       -18419390029  4120687886
PARMALAT FINANZI    PRFI VX       -18419390029  4120687886
PARMALAT FINANZI    FICN AV       -18419390029  4120687886
PARMALAT FINANZI    PMT LI        -18419390029  4120687886
PARMALAT FINANZI    PRF IM        -18419390029  4120687886
PARMALAT FINANZI    PARAF US      -18419390029  4120687886
PARMALAT FINANZI    PMLFF US      -18419390029  4120687886
PARMALAT FINANZI    PAF GR        -18419390029  4120687886
RISANAMEN-RNC OP    RNROPA IM     -165887753.7  4800733024
RISANAMENTO -OPA    RNOPA IM      -165887753.7  4800733024
RISANAMENTO -RNC    RNR IM        -165887753.7  4800733024
RISANAMENTO NAPO    RN5 GR        -165887753.7  4800733024
RISANAMENTO SPA     RN PZ         -165887753.7  4800733024
RISANAMENTO SPA     RN IM         -165887753.7  4800733024
RISANAMENTO SPA     RN IX         -165887753.7  4800733024
RISANAMENTO SPA     RNGBX EU      -165887753.7  4800733024
RISANAMENTO SPA     RN EU         -165887753.7  4800733024
RISANAMENTO SPA     RNGBP EO      -165887753.7  4800733024
RISANAMENTO SPA     RN TQ         -165887753.7  4800733024
RISANAMENTO SPA     RNGBX EO      -165887753.7  4800733024
RISANAMENTO SPA     RN EO         -165887753.7  4800733024
RISANAMENTO SPA     RSMNF US      -165887753.7  4800733024
RISANAMENTO-RTS     RNAA IM       -165887753.7  4800733024
SNIA BPD            SN GR         -141933883.9 150445252.4
SNIA BPD-ADR        SBPDY US      -141933883.9 150445252.4
SNIA SPA            SN EU         -141933883.9 150445252.4
SNIA SPA            SN EO         -141933883.9 150445252.4
SNIA SPA            SN TQ         -141933883.9 150445252.4
SNIA SPA            SIAI IX       -141933883.9 150445252.4
SNIA SPA            SNIA GR       -141933883.9 150445252.4
SNIA SPA            SNIB GR       -141933883.9 150445252.4
SNIA SPA            SIAI PZ       -141933883.9 150445252.4
SNIA SPA            SSMLF US      -141933883.9 150445252.4
SNIA SPA            SBPDF US      -141933883.9 150445252.4
SNIA SPA            SNIXF US      -141933883.9 150445252.4
SNIA SPA            SN IM         -141933883.9 150445252.4
SNIA SPA - RTS      SNAAW IM      -141933883.9 150445252.4
SNIA SPA- RTS       SNAXW IM      -141933883.9 150445252.4
SNIA SPA-2003 SH    SN03 IM       -141933883.9 150445252.4
SNIA SPA-CONV SA    SPBDF US      -141933883.9 150445252.4
SNIA SPA-DRC        SNR00 IM      -141933883.9 150445252.4
SNIA SPA-NEW        SN00 IM       -141933883.9 150445252.4
SNIA SPA-NON CON    SPBNF US      -141933883.9 150445252.4
SNIA SPA-RCV        SNR IM        -141933883.9 150445252.4
SNIA SPA-RCV        SNIVF US      -141933883.9 150445252.4
SNIA SPA-RIGHTS     SNAW IM       -141933883.9 150445252.4
SNIA SPA-RNC        SNIWF US      -141933883.9 150445252.4
SNIA SPA-RNC        SNRNC IM      -141933883.9 150445252.4
SNIA SPA-RTS        SNSO IM       -141933883.9 150445252.4
SNIA SPA-RTS        SNAA IM       -141933883.9 150445252.4
SOCOTHERM SPA       SCT TQ        -161739278.5 398222827.1
SOCOTHERM SPA       SCTM IX       -161739278.5 398222827.1
SOCOTHERM SPA       SOCEF US      -161739278.5 398222827.1
SOCOTHERM SPA       SCT IM        -161739278.5 398222827.1
SOCOTHERM SPA       SCT EU        -161739278.5 398222827.1
SOCOTHERM SPA       SCTI PZ       -161739278.5 398222827.1
SOCOTHERM SPA       SCT EO        -161739278.5 398222827.1
TAS TECNOLOGIA      TAS EU        -405622.1721 172796509.7
TAS TECNOLOGIA      TAQ GR        -405622.1721 172796509.7
TAS TECNOLOGIA      TAS NM        -405622.1721 172796509.7
TAS TECNOLOGIA      TAS TQ        -405622.1721 172796509.7
TAS TECNOLOGIA      TAS PZ        -405622.1721 172796509.7
TAS TECNOLOGIA      TAS IM        -405622.1721 172796509.7
TAS TECNOLOGIA      TAS EO        -405622.1721 172796509.7
TECNODIFF ITALIA    TDI NM        -89894162.82 152045757.5
TECNODIFF ITALIA    TEF GR        -89894162.82 152045757.5
TECNODIFF ITALIA    TDI IM        -89894162.82 152045757.5
TECNODIFF ITALIA    TDIFF US      -89894162.82 152045757.5
TECNODIFF-RTS       TDIAOW NM     -89894162.82 152045757.5
TECNODIFFUSIONE     TDIAAW IM     -89894162.82 152045757.5
TISCALI - RTS       TISAAW IM     -421259823.5 632152613.6
TISCALI - RTS       TIQA GR       -421259823.5 632152613.6
TISCALI SPA         TISGBX EU     -421259823.5 632152613.6
TISCALI SPA         TISN FP       -421259823.5 632152613.6
TISCALI SPA         TIQ1 GR       -421259823.5 632152613.6
TISCALI SPA         TSCXF US      -421259823.5 632152613.6
TISCALI SPA         TISN IM       -421259823.5 632152613.6
TISCALI SPA         TIS FP        -421259823.5 632152613.6
TISCALI SPA         TISGBX EO     -421259823.5 632152613.6
TISCALI SPA         TIS EO        -421259823.5 632152613.6
TISCALI SPA         TIS NR        -421259823.5 632152613.6
TISCALI SPA         TISN IX       -421259823.5 632152613.6
TISCALI SPA         TIQ GR        -421259823.5 632152613.6
TISCALI SPA         TIS VX        -421259823.5 632152613.6
TISCALI SPA         TIS IX        -421259823.5 632152613.6
TISCALI SPA         TIS IM        -421259823.5 632152613.6
TISCALI SPA         TISGBP EO     -421259823.5 632152613.6
TISCALI SPA         TIS PZ        -421259823.5 632152613.6
TISCALI SPA         TIS EU        -421259823.5 632152613.6
TISCALI SPA         TIS TQ        -421259823.5 632152613.6
TISCALI SPA         TISN NA       -421259823.5 632152613.6
TISCALI SPA         TIS NA        -421259823.5 632152613.6
TISCALI SPA         TISN VX       -421259823.5 632152613.6
TISCALI SPA         TIQG IX       -421259823.5 632152613.6
TISCALI SPA- RTS    TISAXA IM     -421259823.5 632152613.6
TISCALI SPA- RTS    3391621Q GR   -421259823.5 632152613.6
YORKVILLE BHN       BY IM         -178432.4639 134255668.5
YORKVILLE BHN       BY TQ         -178432.4639 134255668.5
YORKVILLE BHN       CBXI PZ       -178432.4639 134255668.5

LUXEMBOURG
----------
CARRIER1 INT-AD+    CONE ES          -94729000   472360992
CARRIER1 INT-ADR    CONEE US         -94729000   472360992
CARRIER1 INT-ADR    CONE US          -94729000   472360992
CARRIER1 INT-ADR    CONEQ US         -94729000   472360992
CARRIER1 INTL       CJN NM           -94729000   472360992
CARRIER1 INTL       CJN GR           -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      -7854741.409 609871188.9
BAAN COMPANY NV     BAAN EU       -7854741.409 609871188.9
BAAN COMPANY NV     BAAN GR       -7854741.409 609871188.9
BAAN COMPANY NV     BNCG IX       -7854741.409 609871188.9
BAAN COMPANY NV     BAAN EO       -7854741.409 609871188.9
BAAN COMPANY NV     BAAN IX       -7854741.409 609871188.9
BAAN COMPANY NV     BAAN PZ       -7854741.409 609871188.9
BAAN COMPANY NV     BAAVF US      -7854741.409 609871188.9
BAAN COMPANY NV     BAAN NA       -7854741.409 609871188.9
BAAN COMPANY-NY     BAANF US      -7854741.409 609871188.9
BUSINESSWAY INTL    BITLE US          -2543870   139709648
BUSINESSWAY INTL    BITL US           -2543870   139709648
CNW ORLANDO INC     CNWD US           -2543870   139709648
GLOBALNETCARE       GBCR US           -2543870   139709648
GLOBALNETCARE       GBCRE US          -2543870   139709648
ICBS INTERNATION    ICBO US           -2543870   139709648
ICBS INTERNATION    ICBOE US          -2543870   139709648
JAMES HARDIE IND    600241Q GR      -153000000  2120699904
JAMES HARDIE IND    HAH AU          -153000000  2120699904
JAMES HARDIE IND    HAH NZ          -153000000  2120699904
JAMES HARDIE IND    726824Z NA      -153000000  2120699904
JAMES HARDIE NV     JHXCC AU        -153000000  2120699904
JAMES HARDIE-ADR    JHX US          -153000000  2120699904
JAMES HARDIE-ADR    JHINY US        -153000000  2120699904
JAMES HARDIE-CDI    JHA GR          -153000000  2120699904
JAMES HARDIE-CDI    JHX AU          -153000000  2120699904
JAMES HARDIE-CDI    JHIUF US        -153000000  2120699904
LIBERTY GL EU-A     UPC NA         -5505478850  5112616630
ROYAL INVEST INT    RIIC US           -2543870   139709648
UNITED PAN -ADR     UPEA GR        -5505478850  5112616630
UNITED PAN-A ADR    UPCOY US       -5505478850  5112616630
UNITED PAN-EUR-A    UPC LI         -5505478850  5112616630
UNITED PAN-EUR-A    UPC LN         -5505478850  5112616630
UNITED PAN-EUROP    UPCEF US       -5505478850  5112616630
UNITED PAN-EUROP    UPE GR         -5505478850  5112616630
UNITED PAN-EUROP    UPC VX         -5505478850  5112616630
UNITED PAN-EUROP    UPE1 GR        -5505478850  5112616630
UNITED PAN-EUROP    UPCOF US       -5505478850  5112616630
WAH KING INVEST     WAHKE US          -2543870   139709648
WAH KING INVEST     WAHK US           -2543870   139709648

NORWAY
------
                    RIICE US          -2543870   139709648
NEXUS FLOATING P    NEXUS PZ        -158054000   353053024
NEXUS FLOATING P    NEXUS BY        -158054000   353053024
NEXUS FLOATING P    NEXU NO         -158054000   353053024
NEXUS FLOATING P    NEXUS NO        -158054000   353053024
NEXUS FLOATING P    NEXUSGBX EU     -158054000   353053024
NEXUS FLOATING P    NEXUS EO        -158054000   353053024
NEXUS FLOATING P    NEXUSEUR EO     -158054000   353053024
NEXUS FLOATING P    NEXUS EU        -158054000   353053024
NEXUS FLOATING P    NEXUSEUR EU     -158054000   353053024
PETRO GEO-SERV      PGS GR        -18066142.21 399710323.6
PETRO GEO-SERV      PGS VX        -18066142.21 399710323.6
PETRO GEO-SERV      265143Q NO    -18066142.21 399710323.6
PETRO GEO-SERV-N    PGSN NO       -18066142.21 399710323.6
PETRO GEO-SV-ADR    PGSA GR       -18066142.21 399710323.6
PETRO GEO-SV-ADR    PGOGY US      -18066142.21 399710323.6
PETROLIA DRI-NEW    PDRN NO          -25943000   499350016
PETROLIA DRI-RTS    PDRT NO          -25943000   499350016
PETROLIA DRILLIN    PDR PZ           -25943000   499350016
PETROLIA DRILLIN    PDREUR EU        -25943000   499350016
PETROLIA DRILLIN    PDR NO           -25943000   499350016
PETROLIA DRILLIN    P8D GR           -25943000   499350016
PETROLIA DRILLIN    PDR TQ           -25943000   499350016
PETROLIA DRILLIN    PDR EU           -25943000   499350016
PETROLIA DRILLIN    PDR1 IX          -25943000   499350016
PETROLIA DRILLIN    PDREUR EO        -25943000   499350016
PETROLIA DRILLIN    PDR EO           -25943000   499350016
PETROLIA DRILLIN    PDR BY           -25943000   499350016

POLAND
------
KROSNO              KRS1EUR EU    -2241614.766 111838141.2
KROSNO              KROS IX       -2241614.766 111838141.2
KROSNO              KRS LI        -2241614.766 111838141.2
KROSNO              KRS PW        -2241614.766 111838141.2
KROSNO              KRS1EUR EO    -2241614.766 111838141.2
KROSNO SA           KRS1 EU       -2241614.766 111838141.2
KROSNO SA           KROSNO PW     -2241614.766 111838141.2
KROSNO SA           KRS PZ        -2241614.766 111838141.2
KROSNO SA           KRNFF US      -2241614.766 111838141.2
KROSNO SA           KRS1 EO       -2241614.766 111838141.2
KROSNO SA-RTS       KRSP PW       -2241614.766 111838141.2
KROSNO-PDA-ALLT     KRSA PW       -2241614.766 111838141.2
TOORA               TOR PZ        -288818.3897 147004954.2
TOORA               TOR PW        -288818.3897 147004954.2
TOORA               2916661Q EO   -288818.3897 147004954.2
TOORA               2916665Q EU   -288818.3897 147004954.2
TOORA-ALLOT CERT    TORA PW       -288818.3897 147004954.2

PORTUGAL
--------
BENFICA             SLBEN EO      -16614056.44 234366255.6
BENFICA             SLBE IX       -16614056.44 234366255.6
BENFICA             SLBENX PX     -16614056.44 234366255.6
BENFICA             SLBEN PL      -16614056.44 234366255.6
BENFICA             SLBEN EU      -16614056.44 234366255.6
BENFICA             SLBEN PZ      -16614056.44 234366255.6
LISGRAFICA IMPRE    LIAG EU       -11584933.86 107940470.6
LISGRAFICA IMPRE    LIAG PL       -11584933.86 107940470.6
LISGRAFICA IMPRE    LIAG EO       -11584933.86 107940470.6
LISGRAFICA IMPRE    LIG EU        -11584933.86 107940470.6
LISGRAFICA IMPRE    LIG PZ        -11584933.86 107940470.6
LISGRAFICA IMPRE    LIG PL        -11584933.86 107940470.6
LISGRAFICA IMPRE    LIG EO        -11584933.86 107940470.6
LISGRAFICA-RTS      LIGDS PL      -11584933.86 107940470.6
PORCELANA VISTA     PVAL PL       -75871846.95 148731546.6
SPORT LISBOA E B    1249Z PL      -16614056.44 234366255.6
SPORTING-SOC DES    SCDF EO        -4083492.14 225687305.9
SPORTING-SOC DES    SCP1 PZ        -4083492.14 225687305.9
SPORTING-SOC DES    SCPX PX        -4083492.14 225687305.9
SPORTING-SOC DES    SCPL IX        -4083492.14 225687305.9
SPORTING-SOC DES    SCG GR         -4083492.14 225687305.9
SPORTING-SOC DES    SCDF PL        -4083492.14 225687305.9
SPORTING-SOC DES    SCP PL         -4083492.14 225687305.9
SPORTING-SOC DES    SCDF EU        -4083492.14 225687305.9
VAA VISTA ALEGRE    VAFX PX       -75871846.95 148731546.6
VAA VISTA ALEGRE    VAF EU        -75871846.95 148731546.6
VAA VISTA ALEGRE    VAF PZ        -75871846.95 148731546.6
VAA VISTA ALEGRE    VAF EO        -75871846.95 148731546.6
VAA VISTA ALEGRE    VAF PL        -75871846.95 148731546.6
VAA VISTA ALTAN     VAFK PZ       -75871846.95 148731546.6
VAA VISTA ALTAN     VAFK EU       -75871846.95 148731546.6
VAA VISTA ALTAN     VAFK EO       -75871846.95 148731546.6
VAA VISTA ALTAN     VAFKX PX      -75871846.95 148731546.6
VAA VISTA ALTAN     VAFK PL       -75871846.95 148731546.6

ROMANIA
-------
ARDAF               ARDF RO       -57541345.69 142988411.2
OLTCHIM RM VALCE    OLT PZ        -89344235.29 511515508.8
OLTCHIM RM VALCE    OLTCF US      -89344235.29 511515508.8
OLTCHIM RM VALCE    OLTEUR EU     -89344235.29 511515508.8
OLTCHIM RM VALCE    OLT EO        -89344235.29 511515508.8
OLTCHIM RM VALCE    OLTEUR EO     -89344235.29 511515508.8
OLTCHIM RM VALCE    OLT RO        -89344235.29 511515508.8
OLTCHIM RM VALCE    OLT EU        -89344235.29 511515508.8
RAFO SA             RAF RO        -457922636.3 356796459.3
UZINELE SODICE G    UZIM RO       -35878364.71 104942905.8

RUSSIA
------
ALFA CEMENT-BRD     AFMTF US      -672832.3703 105454563.9
ALFA CEMENT-BRD     ALCE RU       -672832.3703 105454563.9
ALFA CEMENT-BRD     ALCE* RU      -672832.3703 105454563.9
AMO ZIL             ZILL RM       -171193521.5 350870451.1
AMO ZIL-CLS         ZILL* RU      -171193521.5 350870451.1
AMO ZIL-CLS         ZILL RU       -171193521.5 350870451.1
AMUR SHIP-BRD       AMZS RU        -99051792.6  1089408985
AMUR SHIP-BRD       AMZS* RU       -99051792.6  1089408985
DAGESTAN ENERGY     DASB RU       -33465586.31 128437866.5
DAGESTAN ENERGY     DASB* RU      -33465586.31 128437866.5
DAGESTAN ENERGY     DASB RM       -33465586.31 128437866.5
EAST-SIBERIA-BRD    VSNK* RU      -116177580.5 140342466.2
EAST-SIBERIA-BRD    VSNK RU       -116177580.5 140342466.2
EAST-SIBERIAN-BD    VSNK$ RU      -116177580.5 140342466.2
FINANCIAL LE-BRD    FLKO* RU      -28157479.23 503349976.1
FINANCIAL LE-BRD    FLKO RU       -28157479.23 503349976.1
FINANCIAL LEASIN    FLKO RM       -28157479.23 503349976.1
FINANCIAL LEASIN    137282Z RU    -28157479.23 503349976.1
GUKOVUGOL           GUUG* RU      -57835245.31 143665227.2
GUKOVUGOL           GUUG RU       -57835245.31 143665227.2
GUKOVUGOL-PFD       GUUGP RU      -57835245.31 143665227.2
GUKOVUGOL-PFD       GUUGP* RU     -57835245.31 143665227.2
KOLENERGOSBY-CLS    KOSB RU       -8070130.628 103789430.5
KOLENERGOSBY-CLS    KOSB* RU      -8070130.628 103789430.5
KOLENERGOSBY-PFD    KOSBP* RU     -8070130.628 103789430.5
KOLENERGOSBY-PFD    KOSBP RU      -8070130.628 103789430.5
KOLENERGOSBY-PFD    KOSBPG RU     -8070130.628 103789430.5
KOLENERGOSBY-T+0    KOSBG RU      -8070130.628 103789430.5
KOLENERGOSBYT       KOSB RM       -8070130.628 103789430.5
KOMPANIYA GL-BRD    GMST* RU      -69058321.52  1307372498
KOMPANIYA GL-BRD    GMST RU       -69058321.52  1307372498
MZ ARSENAL-$BRD     ARSE RU       -4671159.212 193672793.3
MZ ARSENAL-BRD      ARSE* RU      -4671159.212 193672793.3
MZ ARSENAL-BRD      ARSE$ RU      -4671159.212 193672793.3
SAMARANEFTEGA-P$    SMNGP RU      -331600428.5 891998590.7
SAMARANEFTEGAS      SVYOF US      -331600428.5 891998590.7
SAMARANEFTEGAS      SMNG RM       -331600428.5 891998590.7
SAMARANEFTEGAS      SMNG$ RU      -331600428.5 891998590.7
SAMARANEFTEGAS      SMNG* RU      -331600428.5 891998590.7
SAMARANEFTEGAS-$    SMNG RU       -331600428.5 891998590.7
SAMARANEFTEGAS-P    SMNGP* RU     -331600428.5 891998590.7
SAMARANEFTEGAS-P    SMNGP RM      -331600428.5 891998590.7
SAMARANEFTEGAS-P    SMNGP$ RU     -331600428.5 891998590.7
TERNEYLES-BRD       TERL RU        -15178937.2 182115156.8
TERNEYLES-BRD       TERL* RU       -15178937.2 182115156.8
TRANSAERO AIRLIN    TRNS* RU       -32834680.5 456883935.5
TRANSAERO AIRLIN    TRNS RU        -32834680.5 456883935.5
URGALUGOL-BRD       YRGL RU       -15706613.04 105440541.1
URGALUGOL-BRD       YRGL* RU      -15706613.04 105440541.1
URGALUGOL-BRD-PF    YRGLP RU      -15706613.04 105440541.1
VOLGOGRAD KHIM      VHIM* RU      -6661016.159 113935933.4
VOLGOGRAD KHIM      VHIM RU       -6661016.159 113935933.4
ZIL AUTO PLANT      ZILL$ RU      -171193521.5 350870451.1
ZIL AUTO PLANT-P    ZILLP* RU     -171193521.5 350870451.1
ZIL AUTO PLANT-P    ZILLP RU      -171193521.5 350870451.1
ZIL AUTO PLANT-P    ZILLP RM      -171193521.5 350870451.1

SERBIA
------
DUVANSKA            DIVR SG       -7729350.776 109207260.5
IMK 14 OKTOBAR A    IMKO SG       -5175836.416 110102264.2
PINKI AD            PNKI SG       -36537862.34   120707518
ZASTAVA AUTOMOBI    ZAKG SG       -396504649.1 174692011.1

SPAIN
-----
ACTUACIONES ACTI    AGR SM        -148097530.9 674738808.3
AGRUPACIO - RT      AGR/D SM      -148097530.9 674738808.3
FERGO AISA SA       AISA SM       -148097530.9 674738808.3
FERGO AISA SA       AISA EU       -148097530.9 674738808.3
FERGO AISA SA       AISA EO       -148097530.9 674738808.3
FERGO AISA SA       AISA PZ       -148097530.9 674738808.3
MARTINSA FADESA     4PU GR         -1847997044  8832898708
MARTINSA FADESA     MTF SM         -1847997044  8832898708
MARTINSA FADESA     MTF EU         -1847997044  8832898708
MARTINSA FADESA     MTF1 LI        -1847997044  8832898708
MARTINSA FADESA     MFAD PZ        -1847997044  8832898708
MARTINSA FADESA     MTF EO         -1847997044  8832898708
MARTINSA-FADESA     MTF NR         -1847997044  8832898708

TURKEY
------
BESIKTAS FUTBOL     BKTFF US      -10396040.97 175760356.3
BESIKTAS FUTBOL     BJKAS TI      -10396040.97 175760356.3
BESIKTAS FUTBOL     BJKASM TI     -10396040.97 175760356.3
BESIKTAS FUTBOL     BWX GR        -10396040.97 175760356.3
BESIKTAS FUTBOL     BJKASY TI     -10396040.97 175760356.3
EGS EGE GIYIM VE    EGDIS TI      -7732138.551 147075066.7
EGS EGE GIYIM-RT    EGDISR TI     -7732138.551 147075066.7
IKTISAT FINAN-RT    IKTFNR TI     -46900661.12 108228233.6
IKTISAT FINANSAL    IKTFN TI      -46900661.12 108228233.6
MUDURNU TAVUKC-N    MDRNUN TI     -64930189.62 160408172.1
MUDURNU TAVUKCUL    MDRNU TI      -64930189.62 160408172.1
SIFAS               SIFAS TI       -15439198.6   130608104
TUTUNBANK           TUT TI         -4024959602  2643810457
YASARBANK           YABNK TI       -4024959602  2643810457

UKRAINE
-------
AZOVZAGALMASH MA    AZGM UZ       -16212049.02 277693905.5
BANK FORUM -GDR     FRMB038 RU    -5331676.798  2243068982
BANK FORUM -GDR     639540Z LX    -5331676.798  2243068982
BANK FORUM -GDR     B5F GR        -5331676.798  2243068982
BANK FORUM -GDR     BFJG IX       -5331676.798  2243068982
BANK FORUM JSC      FORM UZ       -5331676.798  2243068982
DNEPROPETROVSK      DMZP UZ       -15926384.43 424303604.8
DNIPROOBLENERGO     DNON UZ       -3607242.033 284973578.6
DONETSKOBLENERGO    DOON UZ       -209532649.1   360933615
LUGANSKOBLENERGO    LOEN UZ       -26290526.22 191765121.2
NAFTOKHIMIK PRIC    NAFP UZ       -19746288.63 299014707.5
NAFTOKHIMIK-GDR     N3ZA GR       -19746288.63 299014707.5
ODESSA OIL REFIN    ONPZ UZ       -70727947.39 325964086.9

UNITED KINGDOM
--------------
4LESS GROUP         BYH PO        -3088436.068 106650689.4
4LESS GROUP         FLG OF        -3088436.068 106650689.4
4LESS GROUP         LI4 GR        -3088436.068 106650689.4
4LESS GROUP         FL/ PO        -3088436.068 106650689.4
4LESS GROUP         BHL PO        -3088436.068 106650689.4
4LESS GROUP         FL/ LN        -3088436.068 106650689.4
ABBOTT MEAD VICK    648824Q LN    -1685852.904 168258996.3
ADVANCE DISPLAY     ADTP PZ        -3015578835  2590007904
AEA TECHNOLO-FPR    AATF LN       -215101594.9   121405070
AEA TECHNOLO-FPR    AATF PZ       -215101594.9   121405070
AEA TECHNOLO-NPR    AATN LN       -215101594.9   121405070
AEA TECHNOLO-NPR    AATN PZ       -215101594.9   121405070
AEA TECHNOLOGY      AATGBP EO     -215101594.9   121405070
AEA TECHNOLOGY      AEY GR        -215101594.9   121405070
AEA TECHNOLOGY      AAT IX        -215101594.9   121405070
AEA TECHNOLOGY      AAT EU        -215101594.9   121405070
AEA TECHNOLOGY      AAT PZ        -215101594.9   121405070
AEA TECHNOLOGY      EAETF US      -215101594.9   121405070
AEA TECHNOLOGY      AAT VX        -215101594.9   121405070
AEA TECHNOLOGY      AAT PO        -215101594.9   121405070
AEA TECHNOLOGY      AAT EO        -215101594.9   121405070
AEA TECHNOLOGY      AAT LN        -215101594.9   121405070
AIRTOURS PLC        AIR VX        -379721841.6  1817512774
AIRTOURS PLC        ATORF US      -379721841.6  1817512774
AIRTOURS PLC        AIR LN        -379721841.6  1817512774
ALLDAYS PLC         317056Q LN      -120493900 252232072.9
ALLDAYS PLC         ALDYF US        -120493900 252232072.9
AMER BUS SYS        ARB LN          -497127008   121439000
AMEY PLC            AMY LN        -48862569.33 931527720.5
AMEY PLC            AMY VX        -48862569.33 931527720.5
AMEY PLC            AMEYF US      -48862569.33 931527720.5
AMEY PLC-ASSENT     AMYA LN       -48862569.33 931527720.5
AMEY PLC-NEW        AMYN LN       -48862569.33 931527720.5
ANKER PLC           ANK LN        -21861359.81   115463159
ANKER PLC           DW14 GR       -21861359.81   115463159
ANKER PLC           ANK PO        -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     WATKF US        -207093345  1339139513
ATKINS (WS) PLC     ATKEUR EU       -207093345  1339139513
ATKINS (WS) PLC     ATK NQ          -207093345  1339139513
ATKINS (WS) PLC     ATK EO          -207093345  1339139513
ATKINS (WS) PLC     6W2 GR          -207093345  1339139513
ATKINS (WS) PLC     ATK EU          -207093345  1339139513
ATKINS (WS) PLC     ATK BQ          -207093345  1339139513
ATKINS (WS) PLC     ATK NR          -207093345  1339139513
ATKINS (WS) PLC     ATK IX          -207093345  1339139513
ATKINS (WS) PLC     ATK TQ          -207093345  1339139513
ATKINS (WS) PLC     ATK PZ          -207093345  1339139513
ATKINS (WS) PLC     ATK EB          -207093345  1339139513
ATKINS (WS) PLC     ATKEUR EO       -207093345  1339139513
ATKINS (WS) PLC     ATK QM          -207093345  1339139513
ATKINS (WS) PLC     ATK VX          -207093345  1339139513
ATKINS (WS) PLC     ATK LN          -207093345  1339139513
ATKINS (WS) PLC     ATKGBP EO       -207093345  1339139513
ATKINS (WS) PLC     ATK PO          -207093345  1339139513
BAYDONHILL PLC      BHL EO        -3088436.068 106650689.4
BAYDONHILL PLC      BHL PZ        -3088436.068 106650689.4
BAYDONHILL PLC      BYH LN        -3088436.068 106650689.4
BAYDONHILL PLC      BHL LN        -3088436.068 106650689.4
BAYDONHILL PLC      BHL PG        -3088436.068 106650689.4
BAYDONHILL PLC      BHL IX        -3088436.068 106650689.4
BAYDONHILL PLC      BHL EU        -3088436.068 106650689.4
BCH GROUP PLC       BCH LN        -5728274.385 187993198.2
BLACK & EDGINGTO    BLE LN        -134177517.4 149159301.6
BNB RECRUITMENT     BNB LN        -10242627.53   103637705
BNB RECRUITMENT     BQX GR        -10242627.53   103637705
BNB RECRUITMENT     BNB IX        -10242627.53   103637705
BNB RECRUITMENT     BNB PO        -10242627.53   103637705
BNB RECRUITMENT     BNBRF US      -10242627.53   103637705
BOOKER PLC          987188Q LN     -59832880.4  1298182549
BOOKER PLC          1330Q GR       -59832880.4  1298182549
BOOKER PLC          BKERF US       -59832880.4  1298182549
BOOKER PLC-ADR      BOK$ LN        -59832880.4  1298182549
BOOKER PLC-ADR      BKRUY US       -59832880.4  1298182549
BRADSTOCK GROUP     BDK LN        -1855444.443 268563822.5
BRADSTOCK GROUP     BSKGF US      -1855444.443 268563822.5
BRIT ENERGY LTD     523362Q LN     -5822867501  4921095750
BRIT ENERGY PLC     BHEGF US       -5822867501  4921095750
BRIT ENERGY PLC     BGYEF US       -5822867501  4921095750
BRIT ENERGY PLC     555140Q VX     -5822867501  4921095750
BRIT ENERGY PLC     BEN1 GR        -5822867501  4921095750
BRIT ENERGY-A       BENA GR        -5822867501  4921095750
BRIT ENERGY-ADR     BHEFF US       -5822867501  4921095750
BRIT NUCLEAR        1046Z LN       -4247644150 40325778907
BRIT TELECOM        BTE GR         -5730703494 46660870566
BRIT TELECOM        9484 JP        -5730703494 46660870566
BRIT TELECOM PLC    BTPLF US       -5730703494 46660870566
BRIT TELECOM PLC    BTPWF US       -5730703494 46660870566
BRIT TELECOM PLC    BT/A VX        -5730703494 46660870566
BRIT TELECOM-ADR    1481Q CN       -5730703494 46660870566
BRIT TELECOM-ADR    BTEA GR        -5730703494 46660870566
BRIT TELECOM-RTS    BTY-R US       -5730703494 46660870566
BRITISH ENER-$US    BGYD AR        -5822867501  4921095750
BRITISH ENER-$US    BGYNYD AR      -5822867501  4921095750
BRITISH ENER-ADR    BGYNY US       -5822867501  4921095750
BRITISH ENER-BLK    BGYB AR        -5822867501  4921095750
BRITISH ENER-BLK    BGYNYB AR      -5822867501  4921095750
BRITISH ENER-C/E    BGYNYC AR      -5822867501  4921095750
BRITISH ENER-C/E    BGYC AR        -5822867501  4921095750
BRITISH ENER-CED    BGYNY AR       -5822867501  4921095750
BRITISH ENER-CED    BGY AR         -5822867501  4921095750
BRITISH ENERGY-A    BGYA PO        -5822867501  4921095750
BRITISH ENERGY-A    BGYA VX        -5822867501  4921095750
BRITISH ENERGY-A    BGYGF US       -5822867501  4921095750
BRITISH ENERGY-A    3012442Q LN    -5822867501  4921095750
BRITISH ENERGY-A    BHEAF US       -5822867501  4921095750
BRITISH TELE-FP     BT/F LN        -5730703494 46660870566
BRITISH TELE-NP     BTPXF US       -5730703494 46660870566
BRITISH TELE-NP     BT/N LN        -5730703494 46660870566
BRITVIC             B6S GR        -3988699.913  1361742201
BRITVIC PLC         BVIC EO       -3988699.913  1361742201
BRITVIC PLC         BVIC NR       -3988699.913  1361742201
BRITVIC PLC         BVIC TQ       -3988699.913  1361742201
BRITVIC PLC         BVICEUR EO    -3988699.913  1361742201
BRITVIC PLC         BVICUSD EO    -3988699.913  1361742201
BRITVIC PLC         BVIC NQ       -3988699.913  1361742201
BRITVIC PLC         BTVCF US      -3988699.913  1361742201
BRITVIC PLC         BVIC BQ       -3988699.913  1361742201
BRITVIC PLC         BVICEUR EU    -3988699.913  1361742201
BRITVIC PLC         BVIC QM       -3988699.913  1361742201
BRITVIC PLC         BVIC EB       -3988699.913  1361742201
BRITVIC PLC         BVICUSD EU    -3988699.913  1361742201
BRITVIC PLC         BVIC IX       -3988699.913  1361742201
BRITVIC PLC         BVIC EU       -3988699.913  1361742201
BRITVIC PLC         BVICGBP EO    -3988699.913  1361742201
BRITVIC PLC         BVIC VX       -3988699.913  1361742201
BRITVIC PLC         BVIC LN       -3988699.913  1361742201
BRITVIC PLC         BVIC PZ       -3988699.913  1361742201
BT GROUP PLC        BTQ GR         -5730703494 46660870566
BT GROUP PLC        BT/A PO        -5730703494 46660870566
BT GROUP PLC        BT/A LN        -5730703494 46660870566
BT GROUP PLC        BT/A QM        -5730703494 46660870566
BT GROUP PLC        BTGOF US       -5730703494 46660870566
BT GROUP PLC        BT/AUSD EO     -5730703494 46660870566
BT GROUP PLC        BTEG IX        -5730703494 46660870566
BT GROUP PLC        BT/A NR        -5730703494 46660870566
BT GROUP PLC        BT/AUSD EU     -5730703494 46660870566
BT GROUP PLC        BT/A EB        -5730703494 46660870566
BT GROUP PLC        BT/A EO        -5730703494 46660870566
BT GROUP PLC        BT/A TQ        -5730703494 46660870566
BT GROUP PLC        BT/A NQ        -5730703494 46660870566
BT GROUP PLC        BT/APEN EO     -5730703494 46660870566
BT GROUP PLC        BT/AEUR EO     -5730703494 46660870566
BT GROUP PLC        BT/AGBP EO     -5730703494 46660870566
BT GROUP PLC        BT/APEN EU     -5730703494 46660870566
BT GROUP PLC        BT IX          -5730703494 46660870566
BT GROUP PLC        BT/A EU        -5730703494 46660870566
BT GROUP PLC        BT PZ          -5730703494 46660870566
BT GROUP PLC        BT/A BQ        -5730703494 46660870566
BT GROUP PLC        BT/AEUR EU     -5730703494 46660870566
BT GROUP PLC        BT/ VX         -5730703494 46660870566
BT GROUP PLC-ADR    BT/$ LN        -5730703494 46660870566
BT GROUP PLC-W/I    BTWI LN        -5730703494 46660870566
BT GROUP-ADR        BTQA GR        -5730703494 46660870566
BT GROUP-ADR WI     BTY-W US       -5730703494 46660870566
BT GROUP-CED $US    BTYD AR        -5730703494 46660870566
BT GROUP-CED $US    BTD AR         -5730703494 46660870566
BT GROUP-CED BLK    BTYB AR        -5730703494 46660870566
BT GROUP-CED BLK    BTB AR         -5730703494 46660870566
BT GROUP-CED C/E    BTYC AR        -5730703494 46660870566
BT GROUP-CED C/E    BTC AR         -5730703494 46660870566
BT GROUP-CEDEAR     BT AR          -5730703494 46660870566
BT GROUP-CEDEAR     BTY AR         -5730703494 46660870566
BT GROUP-SPON AD    BTY US         -5730703494 46660870566
BT GROUP-SPON AD    BT MM          -5730703494 46660870566
BT GROUP-SPON AD    BTYN MM        -5730703494 46660870566
BT GROUP-SPON AD    BT US          -5730703494 46660870566
CARLISLE GROUP      506819Q LN    -11904426.45   203548565
CHRYSALIS GROUP     CHS PZ        -7422046.098 110320050.3
CHRYSALIS GROUP     CHS EO        -7422046.098 110320050.3
CHRYSALIS GROUP     CHS VX        -7422046.098 110320050.3
CHRYSALIS GROUP     CYGUF US      -7422046.098 110320050.3
CHRYSALIS GROUP     CHSUSD EO     -7422046.098 110320050.3
CHRYSALIS GROUP     CHS PO        -7422046.098 110320050.3
CHRYSALIS GROUP     CHSEUR EU     -7422046.098 110320050.3
CHRYSALIS GROUP     CHS EU        -7422046.098 110320050.3
CHRYSALIS GROUP     HR4 GR        -7422046.098 110320050.3
CHRYSALIS GROUP     CHS IX        -7422046.098 110320050.3
CHRYSALIS GROUP     CHSUSD EU     -7422046.098 110320050.3
CHRYSALIS GROUP     CHSGBP EO     -7422046.098 110320050.3
CHRYSALIS GROUP     CHSEUR EO     -7422046.098 110320050.3
CHRYSALIS GROUP     5CY GR        -7422046.098 110320050.3
CHRYSALIS GROUP     CHS LN        -7422046.098 110320050.3
CHRYSALIS GROUP     CLYSF US      -7422046.098 110320050.3
CLIPPER WINDPOWE    3470635Q LN     -218336000   776211968
CLIPPER WINDPOWE    CWP PZ          -218336000   776211968
CLIPPER WINDPOWE    CWP PG          -218336000   776211968
CLIPPER WINDPOWE    CWP LN          -218336000   776211968
CLIPPER WINDPOWE    CRPWF US        -218336000   776211968
CLIPPER WINDPOWE    CWPA LN         -218336000   776211968
CLIPPER WINDPOWE    CWP EU          -218336000   776211968
CLIPPER WINDPOWE    CWP EO          -218336000   776211968
CLIPPER WINDPOWE    CWP IX          -218336000   776211968
CLIPPER WINDPOWE    C2W GR          -218336000   776211968
COMPASS GROU-OLD    1259Q LN      -668101173.9  2972459078
COMPASS GROUP       QOP GR        -668101173.9  2972459078
COMPASS GRP-ADR     CMSGY US      -668101173.9  2972459078
COMPASS GRP-ADR     CMSJY US      -668101173.9  2972459078
COSTAIN GROU-RTS    COSF LN       -19097658.92 649978943.3
COSTAIN GROU-RTS    COSN LN       -19097658.92 649978943.3
COSTAIN GROUP       CSGFF US      -19097658.92 649978943.3
COSTAIN GROUP       COSTUSD EO    -19097658.92 649978943.3
COSTAIN GROUP       COST EU       -19097658.92 649978943.3
COSTAIN GROUP       COSTGBP EO    -19097658.92 649978943.3
COSTAIN GROUP       COST EO       -19097658.92 649978943.3
COSTAIN GROUP       COSTEUR EU    -19097658.92 649978943.3
COSTAIN GROUP       COSTUSD EU    -19097658.92 649978943.3
COSTAIN GROUP       COST IX       -19097658.92 649978943.3
COSTAIN GROUP       COSTEUR EO    -19097658.92 649978943.3
COSTAIN GROUP       COST PO       -19097658.92 649978943.3
COSTAIN GROUP       COST PZ       -19097658.92 649978943.3
COSTAIN GROUP       COST VX       -19097658.92 649978943.3
COSTAIN GROUP       COST LN       -19097658.92 649978943.3
DAILY MAIL TST      DMGO PZ       -139060248.4  3723159411
DAILY MAIL TST      DMGO EU       -139060248.4  3723159411
DAILY MAIL TST      DMTOF US      -139060248.4  3723159411
DAILY MAIL TST      DMGO VX       -139060248.4  3723159411
DAILY MAIL TST      DMGO LN       -139060248.4  3723159411
DAILY MAIL TST      DGW GR        -139060248.4  3723159411
DAILY MAIL TST      DMGO PO       -139060248.4  3723159411
DAILY MAIL TST      DMGOGBP EO    -139060248.4  3723159411
DAILY MAIL TST      DMGO EO       -139060248.4  3723159411
DAILY MAIL TST      DMGO IX       -139060248.4  3723159411
DAILY MAIL TST A    DMGT LN       -139060248.4  3723159411
DAILY MAIL TST A    DMGT EO       -139060248.4  3723159411
DAILY MAIL TST A    DMGT TQ       -139060248.4  3723159411
DAILY MAIL TST A    DMGT QM       -139060248.4  3723159411
DAILY MAIL TST A    DMGT PO       -139060248.4  3723159411
DAILY MAIL TST A    DMGTUSD EU    -139060248.4  3723159411
DAILY MAIL TST A    DMGT NQ       -139060248.4  3723159411
DAILY MAIL TST A    DMGT NR       -139060248.4  3723159411
DAILY MAIL TST A    DMGT EB       -139060248.4  3723159411
DAILY MAIL TST A    DMGT IX       -139060248.4  3723159411
DAILY MAIL TST A    DMGTUSD EO    -139060248.4  3723159411
DAILY MAIL TST A    DMGT PZ       -139060248.4  3723159411
DAILY MAIL TST A    DMTGF US      -139060248.4  3723159411
DAILY MAIL TST A    DMGT VX       -139060248.4  3723159411
DAILY MAIL TST A    DMGT BQ       -139060248.4  3723159411
DAILY MAIL TST A    DMGTEUR EO    -139060248.4  3723159411
DAILY MAIL TST A    DMGTGBP EO    -139060248.4  3723159411
DAILY MAIL TST A    DMGTEUR EU    -139060248.4  3723159411
DAILY MAIL TST A    DGW1 GR       -139060248.4  3723159411
DAILY MAIL TST A    DMGT EU       -139060248.4  3723159411
DANKA BUS SYSTEM    DANKF US        -497127008   121439000
DANKA BUS SYSTEM    3205283Q EO     -497127008   121439000
DANKA BUS SYSTEM    DNK VX          -497127008   121439000
DANKA BUS SYSTEM    DNK LN          -497127008   121439000
DANKA BUS SYSTEM    DNK PZ          -497127008   121439000
DANKA BUS SYSTEM    3205287Q EU     -497127008   121439000
DANKA BUS SYSTEM    DNK PO          -497127008   121439000
DANKA BUS SYSTEM    DNK IX          -497127008   121439000
DANKA BUS SYSTEM    3205291Q EO     -497127008   121439000
DANKA BUS-$US CE    DANKD AR        -497127008   121439000
DANKA BUS-ADR       DB6 GR          -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-BLK CE    DANKB AR        -497127008   121439000
DANKA BUS-C/E CE    DANKC AR        -497127008   121439000
DANKA BUS-CEDEAR    DANK AR         -497127008   121439000
DE LA RUE PLC       DL1A GR       -49140782.93 785933430.9
DE LA RUE PLC       DL1 GR        -49140782.93 785933430.9
DE LA RUE PLC       DLAR IX       -49140782.93 785933430.9
DE LA RUE PLC       DLAR NR       -49140782.93 785933430.9
DE LA RUE PLC       DLAR PO       -49140782.93 785933430.9
DE LA RUE PLC       DLARF US      -49140782.93 785933430.9
DE LA RUE PLC       DLAREUR EO    -49140782.93 785933430.9
DE LA RUE PLC       DLAR VX       -49140782.93 785933430.9
DE LA RUE PLC       DLARCHF EU    -49140782.93 785933430.9
DE LA RUE PLC       DLARCHF EO    -49140782.93 785933430.9
DE LA RUE PLC       DL1C GR       -49140782.93 785933430.9
DE LA RUE PLC       DLAREUR EU    -49140782.93 785933430.9
DE LA RUE PLC       DLARUSD EU    -49140782.93 785933430.9
DE LA RUE PLC       DLARUSD EO    -49140782.93 785933430.9
DE LA RUE PLC       DLAR EU       -49140782.93 785933430.9
DE LA RUE PLC       DLAR TQ       -49140782.93 785933430.9
DE LA RUE PLC       DLAR PZ       -49140782.93 785933430.9
DE LA RUE PLC       DLARGBP EO    -49140782.93 785933430.9
DE LA RUE PLC       DL1B GR       -49140782.93 785933430.9
DE LA RUE PLC       DLAR EO       -49140782.93 785933430.9
DE LA RUE PLC       DLAR NQ       -49140782.93 785933430.9
DE LA RUE PLC       DLAR EB       -49140782.93 785933430.9
DE LA RUE PLC       DELRF US      -49140782.93 785933430.9
DE LA RUE PLC       DLAR BQ       -49140782.93 785933430.9
DE LA RUE PLC       DLAR QM       -49140782.93 785933430.9
DE LA RUE PLC       DLRUF US      -49140782.93 785933430.9
DE LA RUE PLC       DLAR LN       -49140782.93 785933430.9
DE LA RUE-ADR       DLUEY US      -49140782.93 785933430.9
DE LA RUE-ADR       DERUY US      -49140782.93 785933430.9
DE LA RUE-PREF      DLAP LN       -49140782.93 785933430.9
DE LA RUE-PREF      DLAP PZ       -49140782.93 785933430.9
DE LA RUE-PREF      3115438Q EU   -49140782.93 785933430.9
EASYNET GROUP       EZNGF US      -45232889.17 322770283.9
EASYNET GROUP       ESY LN        -45232889.17 322770283.9
EASYNET GROUP       ESY VX        -45232889.17 322770283.9
EASYNET GROUP       EAY GR        -45232889.17 322770283.9
EASYNET GROUP       ESY PO        -45232889.17 322770283.9
EASYNET GROUP-CV    91009Z LN     -45232889.17 322770283.9
EMI GROUP -ASSD     EMIA LN        -2265916257  2950021937
EMI GROUP LTD       EMI LN         -2265916257  2950021937
EMI GROUP PLC       EMI IX         -2265916257  2950021937
EMI GROUP PLC       EMI PO         -2265916257  2950021937
EMI GROUP PLC       3020138Q GR    -2265916257  2950021937
EMI GROUP PLC       EMI VX         -2265916257  2950021937
EMI GROUP PLC       EMIPF US       -2265916257  2950021937
EMI GROUP PLC-B     1019425Q LN    -2265916257  2950021937
EMI GROUP-ADR       38IS LN        -2265916257  2950021937
EMI GROUP-ADR       EMI$ LN        -2265916257  2950021937
EMI GROUP-ADR       EMIPY US       -2265916257  2950021937
EUROPEAN HOME       EHR EO        -14328735.16 110864081.4
EUROPEAN HOME       KLZ VX        -14328735.16 110864081.4
EUROPEAN HOME       KLZ PO        -14328735.16 110864081.4
EUROPEAN HOME       EHREUR EO     -14328735.16 110864081.4
EUROPEAN HOME       EHR EU        -14328735.16 110864081.4
EUROPEAN HOME       EHR PZ        -14328735.16 110864081.4
EUROPEAN HOME       EHR PO        -14328735.16 110864081.4
EUROPEAN HOME       EHR LN        -14328735.16 110864081.4
EUROPEAN HOME       EHR VX        -14328735.16 110864081.4
EUROPEAN HOME       FPAKF US      -14328735.16 110864081.4
EUROPEAN HOME       EHRGBP EO     -14328735.16 110864081.4
EUROPEAN HOME       EHREUR EU     -14328735.16 110864081.4
EUROPEAN MINERAL    EUM LN          -123563000   104843000
EUROPEAN MINERAL    EUM PO          -123563000   104843000
EUROPEAN MINERAL    EPM/U CN        -123563000   104843000
EUROPEAN MINERAL    EPMLF US        -123563000   104843000
EUROPEAN MINERAL    EPM CN          -123563000   104843000
FAREPAK PLC         FPK LN        -14328735.16 110864081.4
FARNELL ELEC-ADR    FRN$ LN       -53758146.86 722693619.5
FARNELL ELEC-ADR    FRNZ LN       -53758146.86 722693619.5
FARNELL ELEC-RFD    FRNR LN       -53758146.86 722693619.5
FARNELL ELECTRON    FRNL LN       -53758146.86 722693619.5
GALIFORM PLC        MFI IX        -116415877.1 612420067.1
GALIFORM PLC        GFRM EU       -116415877.1 612420067.1
GALIFORM PLC        MFIFF US      -116415877.1 612420067.1
GALIFORM PLC        GFRMNOK EU    -116415877.1 612420067.1
GALIFORM PLC        GFRM TQ       -116415877.1 612420067.1
GALIFORM PLC        MFI VX        -116415877.1 612420067.1
GALIFORM PLC        GFRM LN       -116415877.1 612420067.1
GALIFORM PLC        GFRMEUR EU    -116415877.1 612420067.1
GALIFORM PLC        GFRMEUR EO    -116415877.1 612420067.1
GALIFORM PLC        GFRM EO       -116415877.1 612420067.1
GALIFORM PLC        GLFMF US      -116415877.1 612420067.1
GALIFORM PLC        GFRM VX       -116415877.1 612420067.1
GALIFORM PLC        MFI PO        -116415877.1 612420067.1
GALIFORM PLC        GFRM IX       -116415877.1 612420067.1
GALIFORM PLC        GFRM PO       -116415877.1 612420067.1
GALIFORM PLC        GFRM QM       -116415877.1 612420067.1
GALIFORM PLC        GFRMNOK EO    -116415877.1 612420067.1
GALIFORM PLC        GFRM PZ       -116415877.1 612420067.1
GALIFORM PLC        GFRM EB       -116415877.1 612420067.1
GALIFORM PLC        GFRM BQ       -116415877.1 612420067.1
GALIFORM PLC        GFRM NR       -116415877.1 612420067.1
GALIFORM PLC        GFRMGBP EO    -116415877.1 612420067.1
GALIFORM PLC        GFRM NQ       -116415877.1 612420067.1
GARTLAND WHALLEY    GWB LN        -10986769.42 145352034.5
GARTMORE GROUP      G8T GR        -197233258.3 975283243.9
GARTMORE GROUP      GRT3GBP EO    -197233258.3 975283243.9
GARTMORE GROUP      GRT LN        -197233258.3 975283243.9
GO-AHEAD GROUP      GOG QM        -15712050.26  1619995130
GO-AHEAD GROUP      GOGGBP EO     -15712050.26  1619995130
GO-AHEAD GROUP      GOG EU        -15712050.26  1619995130
GO-AHEAD GROUP      GOG EO        -15712050.26  1619995130
GO-AHEAD GROUP      GOGEUR EU     -15712050.26  1619995130
GO-AHEAD GROUP      G9X GR        -15712050.26  1619995130
GO-AHEAD GROUP      GOG IX        -15712050.26  1619995130
GO-AHEAD GROUP      GOGEUR EO     -15712050.26  1619995130
GO-AHEAD GROUP      GOG NQ        -15712050.26  1619995130
GO-AHEAD GROUP      GOG LN        -15712050.26  1619995130
GO-AHEAD GROUP      GOG BQ        -15712050.26  1619995130
GO-AHEAD GROUP      GOG PZ        -15712050.26  1619995130
GO-AHEAD GROUP      GOG PO        -15712050.26  1619995130
GO-AHEAD GROUP      GHGUF US      -15712050.26  1619995130
GO-AHEAD GROUP      GOG EB        -15712050.26  1619995130
GO-AHEAD GROUP      GOG NR        -15712050.26  1619995130
GO-AHEAD GROUP      GOG VX        -15712050.26  1619995130
GO-AHEAD GROUP      GOG TQ        -15712050.26  1619995130
GREEN (E) & PART    GEP LN        -27530263.14   313453511
HAWTIN PLC          HTI EO        -3873861.331 110875080.8
HAWTIN PLC          HTI EU        -3873861.331 110875080.8
HAWTIN PLC          HTI PZ        -3873861.331 110875080.8
HAWTIN PLC          HTI IX        -3873861.331 110875080.8
HAWTIN PLC          HTI PG        -3873861.331 110875080.8
HAWTIN PLC          HWN GR        -3873861.331 110875080.8
HAWTIN PLC          HTI LN        -3873861.331 110875080.8
HAWTIN PLC          HTI VX        -3873861.331 110875080.8
HAWTIN PLC          HTI PO        -3873861.331 110875080.8
HILTON G-CRT OLD    HIGT BB         -547740614  1922113569
HILTON GROUP PLC    HLTGF US        -547740614  1922113569
HILTON GROUP PLC    HG PO           -547740614  1922113569
HILTON GROUP PLC    HG/ LN          -547740614  1922113569
HILTON GROUP-ADR    HLTGY US        -547740614  1922113569
HILTON GROUP-CER    HG BB           -547740614  1922113569
HILTON GROUP-CRT    HIG BB          -547740614  1922113569
HOGG ROBINSON GR    HRGEUR EO        -11371715 739481804.8
HOGG ROBINSON GR    HOGGF US         -11371715 739481804.8
HOGG ROBINSON GR    HRGEUR EU        -11371715 739481804.8
HOGG ROBINSON GR    HRGGBP EO        -11371715 739481804.8
HOGG ROBINSON GR    HRG PZ           -11371715 739481804.8
HOGG ROBINSON GR    HRG LN           -11371715 739481804.8
HOGG ROBINSON GR    HRG EU           -11371715 739481804.8
HOGG ROBINSON GR    DQX GR           -11371715 739481804.8
HOGG ROBINSON GR    HRG VX           -11371715 739481804.8
HOGG ROBINSON GR    HRG IX           -11371715 739481804.8
HOGG ROBINSON GR    HRG EO           -11371715 739481804.8
INTERCONTIN-ADR     IHG-W US         -39000000  2911000064
INTERCONTIN-ADR     IHG US           -39000000  2911000064
INTERCONTIN-ADR     IHGA LN          -39000000  2911000064
INTERCONTINENTAL    IHG BQ           -39000000  2911000064
INTERCONTINENTAL    IHG TQ           -39000000  2911000064
INTERCONTINENTAL    IHGCHF EO        -39000000  2911000064
INTERCONTINENTAL    IHG NR           -39000000  2911000064
INTERCONTINENTAL    IHG PO           -39000000  2911000064
INTERCONTINENTAL    IHGGBP EO        -39000000  2911000064
INTERCONTINENTAL    ICHGF US         -39000000  2911000064
INTERCONTINENTAL    IHGOF US         -39000000  2911000064
INTERCONTINENTAL    IHG LN           -39000000  2911000064
INTERCONTINENTAL    IHG EB           -39000000  2911000064
INTERCONTINENTAL    IHG EO           -39000000  2911000064
INTERCONTINENTAL    IHGEUR EO        -39000000  2911000064
INTERCONTINENTAL    IHGUSD EO        -39000000  2911000064
INTERCONTINENTAL    INCNF US         -39000000  2911000064
INTERCONTINENTAL    IC1B GR          -39000000  2911000064
INTERCONTINENTAL    IHG VX           -39000000  2911000064
INTERCONTINENTAL    IHG QM           -39000000  2911000064
INTERCONTINENTAL    988082Q GR       -39000000  2911000064
INTERCONTINENTAL    IHG IX           -39000000  2911000064
INTERCONTINENTAL    IC1C GR          -39000000  2911000064
INTERCONTINENTAL    IHG PZ           -39000000  2911000064
INTERCONTINENTAL    IHG EU           -39000000  2911000064
INTERCONTINENTAL    IHGCHF EU        -39000000  2911000064
INTERCONTINENTAL    IC1 GR           -39000000  2911000064
INTERCONTINENTAL    IC1A GR          -39000000  2911000064
INTERCONTINENTAL    IHGEUR EU        -39000000  2911000064
INTERCONTINENTAL    IHGUSD EU        -39000000  2911000064
INTERCONTINENTAL    IHG NQ           -39000000  2911000064
JARVIS PLC          JRVS PZ       -64739862.73   130951086
JARVIS PLC          JRVS LN       -64739862.73   130951086
JARVIS PLC          JVSPF US      -64739862.73   130951086
JARVIS PLC          JRVS EO       -64739862.73   130951086
JARVIS PLC          JRVSEUR EO    -64739862.73   130951086
JARVIS PLC          JRVSEUR EU    -64739862.73   130951086
JARVIS PLC          JRVSGBP EO    -64739862.73   130951086
JARVIS PLC          JVR GR        -64739862.73   130951086
JARVIS PLC          JRVS IX       -64739862.73   130951086
JARVIS PLC          JRVS EU       -64739862.73   130951086
JARVIS PLC          JRVS VX       -64739862.73   130951086
JARVIS PLC          JRVS PO       -64739862.73   130951086
JESSOPS PLC         JSPGBP EO      -42702021.2 112964060.4
JESSOPS PLC         JSP PO         -42702021.2 112964060.4
JESSOPS PLC         JSP PZ         -42702021.2 112964060.4
JESSOPS PLC         JSP IX         -42702021.2 112964060.4
JESSOPS PLC         JS4 GR         -42702021.2 112964060.4
JESSOPS PLC         JSP EU         -42702021.2 112964060.4
JESSOPS PLC         JSPEUR EO      -42702021.2 112964060.4
JESSOPS PLC         JSPEUR EU      -42702021.2 112964060.4
JESSOPS PLC         JSP VX         -42702021.2 112964060.4
JESSOPS PLC         JSP EO         -42702021.2 112964060.4
JESSOPS PLC         JSP LN         -42702021.2 112964060.4
KAZAKHSTAN MNRLS    KMC/U CN        -123563000   104843000
KAZAKHSTAN MNRLS    KMCO/U CN       -123563000   104843000
KAZAKHSTAN MNRLS    KMCOF US        -123563000   104843000
KAZAKHSTAN MNRLS    KMCO CN         -123563000   104843000
KLEENEZE PLC        KLZ LN        -14328735.16 110864081.4
LADBROKE GROUP      LADB LN         -547740614  1922113569
LADBROKE GRP-IDR    695767Q BB      -547740614  1922113569
LADBROKE GRP-OLD    LADB BB         -547740614  1922113569
LADBROKES - FPR     LADF LN         -547740614  1922113569
LADBROKES - FPR     LADF PZ         -547740614  1922113569
LADBROKES PLC       LADUSD EO       -547740614  1922113569
LADBROKES PLC       LAD IX          -547740614  1922113569
LADBROKES PLC       LAD LN          -547740614  1922113569
LADBROKES PLC       LAD TQ          -547740614  1922113569
LADBROKES PLC       LAD VX          -547740614  1922113569
LADBROKES PLC       LADEUR EU       -547740614  1922113569
LADBROKES PLC       LAD GR          -547740614  1922113569
LADBROKES PLC       LAD EO          -547740614  1922113569
LADBROKES PLC       LAD NQ          -547740614  1922113569
LADBROKES PLC       LAD BQ          -547740614  1922113569
LADBROKES PLC       LADNZD EO       -547740614  1922113569
LADBROKES PLC       LAD PZ          -547740614  1922113569
LADBROKES PLC       LAD EU          -547740614  1922113569
LADBROKES PLC       LAD PO          -547740614  1922113569
LADBROKES PLC       LADGBP EO       -547740614  1922113569
LADBROKES PLC       LAD NR          -547740614  1922113569
LADBROKES PLC       LAD QM          -547740614  1922113569
LADBROKES PLC       HG/ VX          -547740614  1922113569
LADBROKES PLC       LADNZD EU       -547740614  1922113569
LADBROKES PLC       LDBKF US        -547740614  1922113569
LADBROKES PLC       LAD EB          -547740614  1922113569
LADBROKES PLC       LADEUR EO       -547740614  1922113569
LADBROKES PLC-AD    LDBKY US        -547740614  1922113569
LADBROKES PLC-AD    LDBKY LN        -547740614  1922113569
LADBROKES PLC-CE    LAD BB          -547740614  1922113569
LADBROKES PLC-NP    LADN PZ         -547740614  1922113569
LADBROKES PLC-NP    LADN LN         -547740614  1922113569
LAMBERT FENCHURC    LMF LN        -1453050.041  1826806853
LEEDS SPORTING      LEDPF US       -73166148.8 143762193.7
LEEDS SPORTING      LES LN         -73166148.8 143762193.7
LEEDS UNITED PLC    LUFC LN        -73166148.8 143762193.7
LEEDS UNITED PLC    LDSUF US       -73166148.8 143762193.7
LEEDS UNITED PLC    889687Q GR     -73166148.8 143762193.7
LONDON TOWN PLC     LTW EU        -21897636.36 175672299.2
LONDON TOWN PLC     LTW PO        -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     LTW IX        -21897636.36 175672299.2
LONDON TOWN PLC     LTWR LN       -21897636.36 175672299.2
LONDON TOWN PLC     LTW 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          203055Q LN     -2203513803  7204891602
M 2003 PLC          MTWOF US       -2203513803  7204891602
M 2003 PLC-ADR      MTWOY US       -2203513803  7204891602
M 2003 PLC-ADR      MTWOE US       -2203513803  7204891602
MARCONI PLC         MY2 GR         -2203513803  7204891602
MARCONI PLC         MNI LN         -2203513803  7204891602
MARCONI PLC         MONI BB        -2203513803  7204891602
MARCONI PLC         MNI BB         -2203513803  7204891602
MARCONI PLC         203083Q VX     -2203513803  7204891602
MARCONI PLC         MRCQF US       -2203513803  7204891602
MARCONI PLC-ADR     MY2A GR        -2203513803  7204891602
MARCONI PLC-ADR     MONIE US       -2203513803  7204891602
MARCONI PLC-ADR     MONI US        -2203513803  7204891602
MARCONI PLC-ADR     QUQMON AU      -2203513803  7204891602
MARCONI PLC-ADR     MCBA GR        -2203513803  7204891602
MARCONI PLC-ADR     MCONY US       -2203513803  7204891602
MARCONI PLC-ADR     MONIY US       -2203513803  7204891602
MARCONI PLC-ADR     MRCQY US       -2203513803  7204891602
MFI FURNITURE GR    MFI LN        -116415877.1 612420067.1
MINERVA PLC         MNR TQ        -76016914.25  1319730523
MINERVA PLC         MNRGBP EO     -76016914.25  1319730523
MINERVA PLC         MNREUR EO     -76016914.25  1319730523
MINERVA PLC         M7E GR        -76016914.25  1319730523
MINERVA PLC         MNR PZ        -76016914.25  1319730523
MINERVA PLC         MNR PO        -76016914.25  1319730523
MINERVA PLC         MNR VX        -76016914.25  1319730523
MINERVA PLC         MNR EU        -76016914.25  1319730523
MINERVA PLC         MNR IX        -76016914.25  1319730523
MINERVA PLC         MNREUR EU     -76016914.25  1319730523
MINERVA PLC         MNR NR        -76016914.25  1319730523
MINERVA PLC         MNRA LN       -76016914.25  1319730523
MINERVA PLC         MNVAF US      -76016914.25  1319730523
MINERVA PLC         MNR LN        -76016914.25  1319730523
MINERVA PLC         MNR EO        -76016914.25  1319730523
MINERVA PLC-NP      MNRN LN       -76016914.25  1319730523
MYTRAVEL GROUP      MT/S VX       -379721841.6  1817512774
MYTRAVEL GROUP      MT/S LN       -379721841.6  1817512774
MYTRAVEL GROUP      MYTPF US      -379721841.6  1817512774
MYTRAVEL GROUP      ARO2 GR       -379721841.6  1817512774
MYTRAVEL GROUP      MT/S PO       -379721841.6  1817512774
MYTRAVEL GROUP      MT IX         -379721841.6  1817512774
MYTRAVEL GROUP P    MYTGF US      -379721841.6  1817512774
MYTRAVEL GROUP P    MT/ VX        -379721841.6  1817512774
MYTRAVEL GROUP P    1018144Q GR   -379721841.6  1817512774
MYTRAVEL GROUP-A    2281919Q GR   -379721841.6  1817512774
MYTRAVEL GROUP-A    MYTVF US      -379721841.6  1817512774
NEW STAR ASSET      3226443Q EO     -397718038 292972732.1
NEW STAR ASSET      NSAM PZ         -397718038 292972732.1
NEW STAR ASSET      3226447Q EO     -397718038 292972732.1
NEW STAR ASSET      3226439Q EU     -397718038 292972732.1
NEW STAR ASSET      NSAM LN         -397718038 292972732.1
NEW STAR ASSET      NSAM PO         -397718038 292972732.1
NEW STAR ASSET      3226435Q EO     -397718038 292972732.1
NEW STAR ASSET      NSAA LN         -397718038 292972732.1
NEW STAR ASSET      NSAM TQ         -397718038 292972732.1
NEW STAR ASSET      NSAM IX         -397718038 292972732.1
NEW STAR ASSET      NWSAF US        -397718038 292972732.1
NEW STAR ASSET      N6S GR          -397718038 292972732.1
NEW STAR ASSET      3226431Q EU     -397718038 292972732.1
ORANGE PLC          1460Q GR        -593935051  2902299502
ORANGE PLC          951641Q LN      -593935051  2902299502
ORANGE PLC          ORNGF US        -593935051  2902299502
ORANGE PLC-ADR      ORA$ LN         -593935051  2902299502
ORANGE PLC-ADR      ORNGY US        -593935051  2902299502
ORANGE PLC-ADR      ONG GR          -593935051  2902299502
ORBIS PLC           OBG PO        -4168498.479 127701679.5
ORBIS PLC           RLP GR        -4168498.479 127701679.5
ORBIS PLC           OBS LN        -4168498.479 127701679.5
ORBIS PLC           ORBSF US      -4168498.479 127701679.5
ORBIS PLC           OBS IX        -4168498.479 127701679.5
ORBIS PLC           OBS PZ        -4168498.479 127701679.5
ORBIS PLC           OBS PO        -4168498.479 127701679.5
ORSU METALS CORP    OSU PG          -123563000   104843000
ORSU METALS CORP    OSUMF US        -123563000   104843000
ORSU METALS CORP    OSU PZ          -123563000   104843000
ORSU METALS CORP    E4M1 GR         -123563000   104843000
ORSU METALS CORP    OSU LN          -123563000   104843000
ORSU METALS CORP    ORSM007* RU     -123563000   104843000
ORSU METALS CORP    OSU CN          -123563000   104843000
ORSU METALS CORP    ORSUF US        -123563000   104843000
ORSU METALS CORP    ORSM007 RU      -123563000   104843000
ORSU METALS CORP    E4M GR          -123563000   104843000
ORSU METALS CORP    OSUGBX EO       -123563000   104843000
ORSU METALS CORP    EPMCF US        -123563000   104843000
ORSU METALS CORP    EUM IX          -123563000   104843000
PARK FOOD GROUP     PKFD LN       -52867263.19 185089877.3
PARK GROUP PLC      PKG EO        -52867263.19 185089877.3
PARK GROUP PLC      PRKG IX       -52867263.19 185089877.3
PARK GROUP PLC      PKG PO        -52867263.19 185089877.3
PARK GROUP PLC      PKG EU        -52867263.19 185089877.3
PARK GROUP PLC      PKG LN        -52867263.19 185089877.3
PARK GROUP PLC      PKG PZ        -52867263.19 185089877.3
PARK GROUP PLC      PKG VX        -52867263.19 185089877.3
PARK GROUP PLC      PRKGF US      -52867263.19 185089877.3
PARK GROUP PLC      PKGGBP EO     -52867263.19 185089877.3
PATIENTLINE PLC     2928903Q EU   -54677284.64 124948245.8
PATIENTLINE PLC     PTL IX        -54677284.64 124948245.8
PATIENTLINE PLC     PTL PZ        -54677284.64 124948245.8
PATIENTLINE PLC     2928899Q EO   -54677284.64 124948245.8
PATIENTLINE PLC     PTL LN        -54677284.64 124948245.8
PATIENTLINE PLC     PTL PO        -54677284.64 124948245.8
PATIENTLINE PLC     PTL VX        -54677284.64 124948245.8
PATIENTLINE PLC     2928907Q EO   -54677284.64 124948245.8
PREMIER FARN-ADR    2246804Q US   -53758146.86 722693619.5
PREMIER FARN-ADR    PFLZ LN       -53758146.86 722693619.5
PREMIER FARN-ADR    PIFLY US      -53758146.86 722693619.5
PREMIER FARNELL     PFL PZ        -53758146.86 722693619.5
PREMIER FARNELL     PFLSEK EU     -53758146.86 722693619.5
PREMIER FARNELL     PFL QM        -53758146.86 722693619.5
PREMIER FARNELL     PFL NR        -53758146.86 722693619.5
PREMIER FARNELL     PFLUSD EU     -53758146.86 722693619.5
PREMIER FARNELL     PFLUSD EO     -53758146.86 722693619.5
PREMIER FARNELL     PFL PO        -53758146.86 722693619.5
PREMIER FARNELL     PFL VX        -53758146.86 722693619.5
PREMIER FARNELL     PFL TQ        -53758146.86 722693619.5
PREMIER FARNELL     PFL BQ        -53758146.86 722693619.5
PREMIER FARNELL     PFLEUR EO     -53758146.86 722693619.5
PREMIER FARNELL     PML GR        -53758146.86 722693619.5
PREMIER FARNELL     PFLGBP EO     -53758146.86 722693619.5
PREMIER FARNELL     PFL IX        -53758146.86 722693619.5
PREMIER FARNELL     PFL EO        -53758146.86 722693619.5
PREMIER FARNELL     PFLSEK EO     -53758146.86 722693619.5
PREMIER FARNELL     PFL EU        -53758146.86 722693619.5
PREMIER FARNELL     PFL LN        -53758146.86 722693619.5
PREMIER FARNELL     PFL NQ        -53758146.86 722693619.5
PREMIER FARNELL     PFLEUR EU     -53758146.86 722693619.5
PREMIER FARNELL     PFL EB        -53758146.86 722693619.5
PREMIER FARNELL     PIFLF US      -53758146.86 722693619.5
PROSTRAKAN GROUP    PSK PZ        -1646349.907 143067806.9
PROSTRAKAN GROUP    PSK IX        -1646349.907 143067806.9
PROSTRAKAN GROUP    PKNGF US      -1646349.907 143067806.9
PROSTRAKAN GROUP    PSK VX        -1646349.907 143067806.9
PROSTRAKAN GROUP    PSK PO        -1646349.907 143067806.9
PROSTRAKAN GROUP    PSKEUR EU     -1646349.907 143067806.9
PROSTRAKAN GROUP    PSK EO        -1646349.907 143067806.9
PROSTRAKAN GROUP    PSK EU        -1646349.907 143067806.9
PROSTRAKAN GROUP    PSKGBP EO     -1646349.907 143067806.9
PROSTRAKAN GROUP    PSKEUR EO     -1646349.907 143067806.9
PROSTRAKAN GROUP    PSK LN        -1646349.907 143067806.9
REAL ESTATE OP-O    REO PZ        -145048365.8  2933767507
REAL ESTATE OP-O    REOGBP EO     -145048365.8  2933767507
REAL ESTATE OP-O    REO EU        -145048365.8  2933767507
REAL ESTATE OP-O    REO LN        -145048365.8  2933767507
REAL ESTATE OP-O    REO EO        -145048365.8  2933767507
REAL ESTATE OP-O    REO VX        -145048365.8  2933767507
REAL ESTATE OP-O    REA GR        -145048365.8  2933767507
REAL ESTATE OP-O    REO ID        -145048365.8  2933767507
REAL ESTATE OP-O    REO IX        -145048365.8  2933767507
REGUS LTD           273187Q LN    -46111835.37   367181111
REGUS PLC           REGSF US      -46111835.37   367181111
REGUS PLC           RGU GR        -46111835.37   367181111
REGUS PLC           2296Z LN      -46111835.37   367181111
REGUS PLC           273195Q VX    -46111835.37   367181111
REGUS PLC-ADS       RGUA GR       -46111835.37   367181111
REGUS PLC-ADS       REGSV US      -46111835.37   367181111
REGUS PLC-ADS       REGSY US      -46111835.37   367181111
REGUS PLC-ADS       REGS US       -46111835.37   367181111
RENTOKIL INITIAL    RTO PO        -351331070.1  3368925867
RENTOKIL INITIAL    RTO PZ        -351331070.1  3368925867
RENTOKIL INITIAL    RTO LN        -351331070.1  3368925867
RENTOKIL INITIAL    RTOEUR EU     -351331070.1  3368925867
RENTOKIL INITIAL    RTOKF US      -351331070.1  3368925867
RENTOKIL INITIAL    RTO VX        -351331070.1  3368925867
RENTOKIL INITIAL    RTOUSD EO     -351331070.1  3368925867
RENTOKIL INITIAL    RTOEUR EO     -351331070.1  3368925867
RENTOKIL INITIAL    RTO BQ        -351331070.1  3368925867
RENTOKIL INITIAL    RTO EB        -351331070.1  3368925867
RENTOKIL INITIAL    RTOUSD EU     -351331070.1  3368925867
RENTOKIL INITIAL    RTOGBP EO     -351331070.1  3368925867
RENTOKIL INITIAL    RKLIF US      -351331070.1  3368925867
RENTOKIL INITIAL    RTO GR        -351331070.1  3368925867
RENTOKIL INITIAL    RTOG IX       -351331070.1  3368925867
RENTOKIL INITIAL    RTO EO        -351331070.1  3368925867
RENTOKIL INITIAL    RTO1 GR       -351331070.1  3368925867
RENTOKIL INITIAL    RTO NQ        -351331070.1  3368925867
RENTOKIL INITIAL    RTO IX        -351331070.1  3368925867
RENTOKIL INITIAL    RTO QM        -351331070.1  3368925867
RENTOKIL INITIAL    RTO EU        -351331070.1  3368925867
RENTOKIL INITIAL    RTO NR        -351331070.1  3368925867
RENTOKIL INITIAL    RTO TQ        -351331070.1  3368925867
RENTOKIL-SP ADR     AP76 LI       -351331070.1  3368925867
RENTOKIL-SP ADR     RTOKY US      -351331070.1  3368925867
SAATCHI & SA-ADR    SSI$ LN       -119260804.2 705060824.5
SAATCHI & SA-ADR    SSA US        -119260804.2 705060824.5
SAATCHI & SAATCH    188190Q GR    -119260804.2 705060824.5
SAATCHI & SAATCH    SSATF US      -119260804.2 705060824.5
SAATCHI & SAATCH    SSI LN        -119260804.2 705060824.5
SCOTTISH MEDIA      1442Q GR      -49061227.23   212049868
SCOTTISH MEDIA      SSMR LN       -49061227.23   212049868
SCOTTISH MEDIA      SSM LN        -49061227.23   212049868
SCOTTISH TELEV      SCTVF US      -49061227.23   212049868
SETON HEALTHCARE    2290Z LN      -10585179.82 156822902.8
SFI GROUP PLC       SUYFF US      -108067115.8 177647536.1
SFI GROUP PLC       SUF LN        -108067115.8 177647536.1
SKYEPHAR-RTS F/P    SKPF VX       -134177517.4 149159301.6
SKYEPHAR-RTS F/P    SKPF LN       -134177517.4 149159301.6
SKYEPHAR-RTS N/P    SKPN LN       -134177517.4 149159301.6
SKYEPHAR-RTS N/P    SKPN VX       -134177517.4 149159301.6
SKYEPHARMA -SUB     2976665Z LN   -134177517.4 149159301.6
SKYEPHARMA PLC      SK8A GR       -134177517.4 149159301.6
SKYEPHARMA PLC      SKP PZ        -134177517.4 149159301.6
SKYEPHARMA PLC      SKPEUR EO     -134177517.4 149159301.6
SKYEPHARMA PLC      SKP1 VX       -134177517.4 149159301.6
SKYEPHARMA PLC      SKP PO        -134177517.4 149159301.6
SKYEPHARMA PLC      SKP LN        -134177517.4 149159301.6
SKYEPHARMA PLC      SKP TQ        -134177517.4 149159301.6
SKYEPHARMA PLC      SKPGBP EO     -134177517.4 149159301.6
SKYEPHARMA PLC      SK8C GR       -134177517.4 149159301.6
SKYEPHARMA PLC      SKP VX        -134177517.4 149159301.6
SKYEPHARMA PLC      SKPEUR EU     -134177517.4 149159301.6
SKYEPHARMA PLC      SKP EU        -134177517.4 149159301.6
SKYEPHARMA PLC      SKP EO        -134177517.4 149159301.6
SKYEPHARMA PLC      SKYEF US      -134177517.4 149159301.6
SKYEPHARMA PLC      SKP IX        -134177517.4 149159301.6
SKYEPHARMA-ADR      AP80 LI       -134177517.4 149159301.6
SKYEPHARMA-ADR      SK8N GR       -134177517.4 149159301.6
SKYEPHARMA-ADR      SKYPY US      -134177517.4 149159301.6
SKYEPHARMA-ADR      SKYE US       -134177517.4 149159301.6
SKYEPHARMA-ADR      SKYEY US      -134177517.4 149159301.6
SKYEPHARMA-ADR      SK8 GR        -134177517.4 149159301.6
SMG PLC             SMG PO        -49061227.23   212049868
SMG PLC             SMG LN        -49061227.23   212049868
SMG PLC-FUL PAID    SMGF LN       -49061227.23   212049868
SMG PLC-NIL PAID    SMGN LN       -49061227.23   212049868
SMITHS NEWS PLC     NWS1 BQ       -111380853.7 310693960.2
SMITHS NEWS PLC     NWS PO        -111380853.7 310693960.2
SMITHS NEWS PLC     NWS LN        -111380853.7 310693960.2
SMITHS NEWS PLC     NWS2 EO       -111380853.7 310693960.2
SMITHS NEWS PLC     NWS2 EU       -111380853.7 310693960.2
SMITHS NEWS PLC     NWS1 EU       -111380853.7 310693960.2
SMITHS NEWS PLC     NWS1 EO       -111380853.7 310693960.2
SMITHS NEWS PLC     NWS VX        -111380853.7 310693960.2
SMITHS NEWS PLC     NWS2EUR EU    -111380853.7 310693960.2
SMITHS NEWS PLC     NWS1GBP EO    -111380853.7 310693960.2
SMITHS NEWS PLC     NWS PZ        -111380853.7 310693960.2
SMITHS NEWS PLC     NWS2EUR EO    -111380853.7 310693960.2
SMITHS NEWS PLC     SMWPY US      -111380853.7 310693960.2
SMITHS NEWS PLC     NWS IX        -111380853.7 310693960.2
SMITHS NEWS PLC     SMWPF US      -111380853.7 310693960.2
SMITHS NEWS PLC     NWS2 TQ       -111380853.7 310693960.2
SMITHS NEWS PLC     NWS2GBP EO    -111380853.7 310693960.2
STAGECOACH GROUP    SGC LN        -113434621.8  2507562892
STAGECOACH GROUP    SHP4 GR       -113434621.8  2507562892
STAGECOACH GROUP    SGC1 BQ       -113434621.8  2507562892
STAGECOACH GROUP    SGC1AUD EU    -113434621.8  2507562892
STAGECOACH GROUP    SGC1EUR EO    -113434621.8  2507562892
STAGECOACH GROUP    SGC1 EU       -113434621.8  2507562892
STAGECOACH GROUP    SGC1 EO       -113434621.8  2507562892
STAGECOACH GROUP    SGC1GBP EO    -113434621.8  2507562892
STAGECOACH GROUP    SGC1 QM       -113434621.8  2507562892
STAGECOACH GROUP    SGC1AUD EO    -113434621.8  2507562892
STAGECOACH GROUP    SGC1 NR       -113434621.8  2507562892
STAGECOACH GROUP    SGC PO        -113434621.8  2507562892
STAGECOACH GROUP    SGCG PZ       -113434621.8  2507562892
STAGECOACH GROUP    SGC IX        -113434621.8  2507562892
STAGECOACH GROUP    SAGKF US      -113434621.8  2507562892
STAGECOACH GROUP    SGC2 VX       -113434621.8  2507562892
STAGECOACH GROUP    SGC1EUR EU    -113434621.8  2507562892
STAGECOACH GROUP    SGC1USD EU    -113434621.8  2507562892
STAGECOACH GROUP    SGC1 NQ       -113434621.8  2507562892
STAGECOACH GROUP    SGC1USD EO    -113434621.8  2507562892
STAGECOACH GROUP    SHP GR        -113434621.8  2507562892
STAGECOACH GROUP    SGC1 TQ       -113434621.8  2507562892
STAGECOACH GROUP    SGC1 EB       -113434621.8  2507562892
STAGECOACH GRP-B    SGCB LN       -113434621.8  2507562892
STAGECOACH-NEW      SGCN LN       -113434621.8  2507562892
STV GROUP PLC       STVGGBP EO    -49061227.23   212049868
STV GROUP PLC       STVGEUR EU    -49061227.23   212049868
STV GROUP PLC       STVG VX       -49061227.23   212049868
STV GROUP PLC       SMG IX        -49061227.23   212049868
STV GROUP PLC       STVG LN       -49061227.23   212049868
STV GROUP PLC       SMGPF US      -49061227.23   212049868
STV GROUP PLC       STVGEUR EO    -49061227.23   212049868
STV GROUP PLC       STVG EU       -49061227.23   212049868
STV GROUP PLC       SMG PZ        -49061227.23   212049868
STV GROUP PLC       SMG VX        -49061227.23   212049868
STV GROUP PLC       STVG EO       -49061227.23   212049868
TELEWEST COM-ADR    TWSTY US       -3702234581  7581020925
TELEWEST COM-ADR    TWT$ LN        -3702234581  7581020925
TELEWEST COM-ADR    940767Q GR     -3702234581  7581020925
TELEWEST COM-ADR    TWSTD US       -3702234581  7581020925
TELEWEST COMM       TWT VX         -3702234581  7581020925
TELEWEST COMM       604296Q GR     -3702234581  7581020925
TELEWEST COMM       715382Q LN     -3702234581  7581020925
TELEWEST COMM       TWSTF US       -3702234581  7581020925
THORN EMI PLC       THNE FP        -2265916257  2950021937
THORN EMI-ADR       THN$ LN        -2265916257  2950021937
THORN EMI-ADR       TORNY US       -2265916257  2950021937
THORN EMI-CDR       THN NA         -2265916257  2950021937
THORN EMI-REGD      1772Q GR       -2265916257  2950021937
TOPPS TILES PLC     TPTJF US      -85010363.51 146193829.2
TOPPS TILES PLC     TPT PZ        -85010363.51 146193829.2
TOPPS TILES PLC     TPT VX        -85010363.51 146193829.2
TOPPS TILES PLC     TPTGBP EO     -85010363.51 146193829.2
TOPPS TILES PLC     TPT LN        -85010363.51 146193829.2
TOPPS TILES PLC     TPTEUR EU     -85010363.51 146193829.2
TOPPS TILES PLC     TPT EU        -85010363.51 146193829.2
TOPPS TILES PLC     TPT EO        -85010363.51 146193829.2
TOPPS TILES PLC     TPT BQ        -85010363.51 146193829.2
TOPPS TILES PLC     TPTJY US      -85010363.51 146193829.2
TOPPS TILES PLC     TPT IX        -85010363.51 146193829.2
TOPPS TILES PLC     TPT PO        -85010363.51 146193829.2
TOPPS TILES PLC     TPTEUR EO     -85010363.51 146193829.2
TOPPS TILES PLC     TPT TQ        -85010363.51 146193829.2
TOPPS TILES-NEW     TPTN LN       -85010363.51 146193829.2
UTC GROUP           UGR LN        -11904426.45   203548565
VIRGIN MOB-ASSD     VMOA LN       -392165437.6 166070003.7
VIRGIN MOB-ASSD     VMOC LN       -392165437.6 166070003.7
VIRGIN MOBILE       VMOB PO       -392165437.6 166070003.7
VIRGIN MOBILE       VGMHF US      -392165437.6 166070003.7
VIRGIN MOBILE       UEM GR        -392165437.6 166070003.7
VIRGIN MOBILE       VMOB LN       -392165437.6 166070003.7
VIRGIN MOBILE       VMOB VX       -392165437.6 166070003.7
WARNER ESTATE       WNER VX       -37798939.99 432125169.9
WARNER ESTATE       WRL GR        -37798939.99 432125169.9
WARNER ESTATE       WNER EO       -37798939.99 432125169.9
WARNER ESTATE       WNER IX       -37798939.99 432125169.9
WARNER ESTATE       WNEHF US      -37798939.99 432125169.9
WARNER ESTATE       WNER PO       -37798939.99 432125169.9
WARNER ESTATE       WNERGBP EO    -37798939.99 432125169.9
WARNER ESTATE       WNER EU       -37798939.99 432125169.9
WARNER ESTATE       WNER LN       -37798939.99 432125169.9
WARNER ESTATE       WNER PZ       -37798939.99 432125169.9
WATSON & PHILIP     WTSN LN         -120493900 252232072.9
WHITE YOUNG GREE    WHYGBP EO     -27530263.14   313453511
WHITE YOUNG GREE    WHY LN        -27530263.14   313453511
WHITE YOUNG GREE    WHY PZ        -27530263.14   313453511
WHITE YOUNG GREE    WHYEUR EO     -27530263.14   313453511
WHITE YOUNG GREE    WHY VX        -27530263.14   313453511
WHITE YOUNG GREE    WHY EU        -27530263.14   313453511
WHITE YOUNG GREE    WHY PO        -27530263.14   313453511
WHITE YOUNG GREE    WHY EO        -27530263.14   313453511
WHITE YOUNG GREE    WHYEUR EU     -27530263.14   313453511
WHITE YOUNG-NEW     WHYN LN       -27530263.14   313453511
WINCANTON PL-ADR    WNCNY US      -63105009.98  1416979806
WINCANTON PLC       WIN1 BQ       -63105009.98  1416979806
WINCANTON PLC       WIN1 EB       -63105009.98  1416979806
WINCANTON PLC       WIN1 QM       -63105009.98  1416979806
WINCANTON PLC       WIN1USD EU    -63105009.98  1416979806
WINCANTON PLC       WIN1GBP EO    -63105009.98  1416979806
WINCANTON PLC       WIN1 NQ       -63105009.98  1416979806
WINCANTON PLC       WIN1EUR EU    -63105009.98  1416979806
WINCANTON PLC       WIN LN        -63105009.98  1416979806
WINCANTON PLC       WIN1USD EO    -63105009.98  1416979806
WINCANTON PLC       WIN PO        -63105009.98  1416979806
WINCANTON PLC       WIN PZ        -63105009.98  1416979806
WINCANTON PLC       WIN1 TQ       -63105009.98  1416979806
WINCANTON PLC       WIN IX        -63105009.98  1416979806
WINCANTON PLC       WIN1EUR EO    -63105009.98  1416979806
WINCANTON PLC       WIN1 EO       -63105009.98  1416979806
WINCANTON PLC       WIN1 EU       -63105009.98  1416979806
WINCANTON PLC       WNCNF US      -63105009.98  1416979806
WINCANTON PLC       WIN VX        -63105009.98  1416979806
WYG PLC             WHY IX        -27530263.14   313453511
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.


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