TCREUR_Public/100105.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, January 5, 2010, Vol. 11, No. 002

                            Headlines



B E L G I U M

LEHMAN BROTHERS: Has EUR1.4 Billion Claims in Belgium, L'Echo Says


G E R M A N Y

ARCANDOR AG: Schickedanz Sells Villas to Help Repay EUR200MM Loan
ORION CABLE: Creditors Back Sale of Tele Columbus Unit
QIMONDA AG: US Unit Wants Plan Filing Extended Until April 30

* GERMANY: S&P Lowers Ratings on Five Mezzanine CLO Transactions


I C E L A N D

LANDSBANKI ISLANDS: Grimsson Delays Decision on Icesave Accord
STRAUMUR BURDARAS: Intermarket to Make Takeover Bid for West Ham


I R E L A N D

EATON VANCE: Moody's Confirms Junk Ratings on Two Classes of Notes
ELVA FUNDING: S&P Raises Rating on EUR34.8 Mil. Notes From 'BB+'


I T A L Y

BANCA ITALEASE: Fitch Upgrades Individual Rating to 'E'


K A Z A K H S T A N

ALMATY REM: Creditors Must File Claims by January 13
BATYS KURYLYS: Creditors Must File Claims by January 13
CHINGIZ HAN: Creditors Must File Claims by January 13
GALIYA REALTY: Creditors Must File Claims by January 13
GELIOS LLP: Creditors Must File Claims by January 13

KANTAR-8 LLP: Creditors Must File Claims by January 13
KAR AVTO: Creditors Must File Claims by January 13
ORLEU TAU-STROY: Creditors Must File Claims by January 13
STROY-R LLP: Creditors Must File Claims by January 13
ZAP SIB: Creditors Must File Claims by January 13


K Y R G Y Z S T A N

EVRIKA COMPANY: Creditors Must File Claims by January 27
GDK CONSULTING: Creditors Must File Claims by January 27


L U X E M B O U R G

CLARENVILLE CDO: Moody's Cuts Rating on Class A-2 Notes to 'Ba1'


N E T H E R L A N D S

LYONDELL CHEMICAL: Amends Plan as LBO Lenders Settlement Reached
LYONDELL CHEMICAL: Reliance's US$12 Bil. "Too Low", Says Access
RENOIR CDO: Moody's Junks Rating on Class C Notes From 'B2'
TARA HILL: Moody's Lowers Rating on Class IV Notes to 'Caa3'


R U S S I A

AGENCY FOR HOUSING: S&P Puts Ratings on CreditWatch Negative
ALYANS LLC: Creditors Must File Claims by January 27
BANK SAINT: Fitch Affirms Individual Rating at 'D'
CONSTRUCTION MATERIALS: V. Strizhkov Named Insolvency Manager
DALMATOVSKIY CANNERY: Under External Mngt Bankruptcy Procedure

FRIM AUTOMOBILE: Creditors Must File Claims by January 27
KOLCHUGINSKIY REINFORCED: A. Starostin Named Insolvency Manager
KRASNOPOLSKAYA PAPER: Creditors Must File Claims by January 27
NEFTE-GAZ-STROY: Court Names M. Fonarev as Insolvency Manager
URAL-STROY: A. Khafizova Named as Temporary Insolvency Manager


S L O V E N I A

* SLOVENIA: Firms Secured EUR553MM Under State-Guarantee Loan


S P A I N

IM PRESTAMOS: Moody's Downgrades Rating on Class C Notes to 'B2'


U K R A I N E

* UKRAINE: State-Owned Mining Firms Protected From Bankruptcy


U N I T E D   K I N G D O M

BRADFORD & BINGLEY: FSA Calls In BDO Stoy Hayward to Conduct Probe
DONINGTON VENTURES: Donington Park Lease Handed Back to Landlords
LEHMAN BROTHERS: U.K. Payout Contract Declared Effective Dec. 29
LLOYDS BANKING: FSA Calls In Ernst & Young to Conduct HBOS Probe
MADOFF SECURITIES: Placed Into Liquidation

MANCHESTER UNITED: Mulls GBP600 Million Bond Issue
NORTHERN ROCK: National Australia Bank Mulls Bid, Seeks Advisers
ROYAL BANK: FSA Calls In PwC to Conduct Supervisory Reviews


X X X X X X X X

* Large Companies with Insolvent Balance Sheet




                         *********



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B E L G I U M
=============


LEHMAN BROTHERS: Has EUR1.4 Billion Claims in Belgium, L'Echo Says
------------------------------------------------------------------
Matthew Newman at Bloomberg News, citing L'Echo, reports that
about 1,600 claims in Belgium amounting to EUR1.4 billion
(US$2 billion) have been brought against the former Lehman
Brothers Holdings Inc.

According to Bloomberg, the newspaper said majority of the claims
against Lehman are from companies and organizations.  Bloomberg
relates L'Echo said the five largest claims amount to almost
EUR1.1 billion.

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


ARCANDOR AG: Schickedanz Sells Villas to Help Repay EUR200MM Loan
-----------------------------------------------------------------
Richard Weiss at Bloomberg News, citing Bild am Sonntag, reports
that Quelle AG heiress Madeleine Schickedanz sold two villas in
the Swiss skiing resort Saint Moritz for CHF70 million
(US$68 million).

According to Bloomberg, the newspaper said with the proceeds of
the sales Ms. Schickedanz plans to repay part of an estimated
EUR200-million loan granted by Sal.Oppenheim Jr. & Cie. to help
save insolvent retailer Arcandor AG.  Bloomberg relates Bild
reported the loan is backed by 11 properties.

                        About Arcandor AG

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

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

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


ORION CABLE: Creditors Back Sale of Tele Columbus Unit
------------------------------------------------------
Anousha Sakoui at The Financial Times reports that creditors of
Orion Cable GmbH have agreed a deal that will see Tele Columbus,
one of its operating companies, sold to a new company.

Orion's shareholders will sell their shares in Tele Columbus to a
special purpose vehicle funded by the company's lenders in
exchange for EUR2.5 million (US$3.6 million), the FT says, citing
people close to the situation.

The deal between a steering group of lenders and shareholders
means that an auction of shares in Tele Columbus, which had been
set for December 30, has been called off, the FT notes.  The FT
recalls the auction was triggered after creditors enforced
covenants on loans last month.

The new company owning Tele Columbus, funded by the lenders, will
have a new management team, the FT discloses.  The special purpose
vehicle has appointed an independent director, Frank Niklaus from
Niklaus & Co, the FT relates.

According to the FT, lenders will now start negotiations among
them to agree a restructuring of the EUR900 million debts of
Tele Columbus.  This process needs to be finalized by March 31 but
can be extended to the end of June, the FT states.

As reported by the Troubled Company Reporter-Europe on Dec. 10,
2009, Orion has debts totaling EUR1.9 billion (US$2.8 billion).

Tele Columbus is a cable company providing television, Internet
and telephony services to about 2 million customers.

Orion Cable GmbH is a German cable television provider.  The
company is owned by the Luxembourg investment group Escaline Sarl.


QIMONDA AG: US Unit Wants Plan Filing Extended Until April 30
-------------------------------------------------------------
Qimonda Richmond LLC and Qimonda North America ask the U.S.
Bankruptcy Court for the Eastern District of Virginia to extend
their exclusive periods to file a Chapter 11 Plan, and to solicit
acceptances of that plan until April 30, 2010, and June 29, 2010,
respectively.

This is the Debtors' third request for an extension of the
exclusive periods.

The Debtors need additional time to resolve the Qimonda AG claims,
to liquidate their remaining assets and address pending material
claims.

Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The Company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA).  The Company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs.  Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.

Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009.  On June 15, 2009, QAG filed
a petition for relief under Chapter 15 of the Bankruptcy Code
(Bankr. E.D. Virginia Case No. 09-14766).

Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG.  QNA is also the parent company of Qimonda
Richmond LLC.  QNA and QR filed for Chapter 11 on February 20
(Bankr. D. Del. Lead Case No. 09-10589).  Mark D. Collins, Esq.,
Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at
Richards Layton & Finger PA, represents the Debtors as counsel.
Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed seven creditors to serve on an official committee of
unsecured creditors.  Jones Day and Ashby & Geddes represent the
Committee.  In its bankruptcy petition, Qimonda Richmond, LLC,
listed more than US$1 billion each in assets and debts.  The
information was based on Qimonda Richmond's financial records
which are maintained on a consolidated basis with Qimonda North
America Corp.


* GERMANY: S&P Lowers Ratings on Five Mezzanine CLO Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered or affirmed its credit
ratings in six German mezzanine small and medium enterprise
collateralized loan obligation transactions.  At the same time,
S&P removed all the ratings from CreditWatch negative.

The rating actions conclude a review process that examined both
portfolio performance as well as levels of single-obligor
concentration risk.

With regard to performance, S&P has analyzed the latest portfolio
delinquencies, deferrals, and cumulative defaults.  S&P has taken
into account levels of excess spread available when S&P derived
the levels of expected losses from the current stock of defaults.
In various transactions, this analysis has led us to the opinion
that principal losses to the most junior rated tranches in some
transactions are highly likely.  S&P has therefore lowered the
ratings to the 'CCC' rating category.

For single-obligor concentration risk, S&P has applied the largest
obligor default tests in accordance with S&P's updated rating
criteria.  S&P carried out the tests case-by-case and took into
account portfolio credit quality and individual transaction track
records.

To examine general portfolio credit quality S&P conducted
selective credit estimates of single assets from various
transactions, and from those estimates S&P derived indications for
the overall portfolio credit quality.  The results indicated to us
that the average portfolio credit quality ranges between 'BB-' and
'B-'.

While S&P has removed the ratings in all six transactions from
CreditWatch negative, any further portfolio deterioration or
defaults of large obligors could again put the ratings under
pressure, in S&P's opinion.

S&P believes that these six German mezzanine SME CLOs (also known
as arbitrage SME CLOs) have underperformed compared with other
European SME CLOs, or more specifically compared with German
balance-sheet SME CLOs.  These represent only a fraction of either
the overall European SME CLO issuance or German SME CLO issuance.
S&P therefore do not consider their performance representative of
the overall sector.

Furthermore, S&P believes that among the six transactions, the
performance is not uniform.  For example, while CB MezzCAP Limited
Partnership has exhibited the worst relative performance so far,
S&P consider that PRIME 2006-1 Funding Limited Partnership and
FORCE Two Limited Partnership have the most stable performance
track-records so far.  S&P factored these differences into its
rating considerations.

                           Ratings List

                  CB MezzCAP Limited Partnership
               EUR199.5 Million Floating-Rate Notes

       Ratings Lowered and Removed From CreditWatch Negative

                                   Rating
                                   ------
     Class               To                    From
     -----               --                    ----
     A                   BB-                   A/Watch Neg
     B                   B-                    BB/Watch Neg
     C                   CCC-                  B+/Watch Neg
     D                   CCC-                  B/Watch Neg
     E                   CCC-                  B-/Watch Neg

                   FORCE Two Limited Partnership
         EUR214.5 Million Fixed- And Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                                   Rating
                                   ------
     Class               To                    From
     -----               --                    ----
     A                   BBB                   A/Watch Neg
     B                   BB                    A/Watch Neg
     C                   BB-                   BBB/Watch Neg
     D                   B                     BB/Watch Neg
     E                   B-                    B/Watch Neg

                 FORCE 2005-1 Limited Partnership
               EUR370.5 Million Floating-Rate Notes

      Ratings Affirmed and Removed From CreditWatch Negative

                                   Rating
                                   ------
     Class               To                    From
     -----               --                    ----
     A                   A                     A/Watch Neg
     B                   A                     A/Watch Neg
     C                   BBB                   BBB/Watch Neg
     D                   BB                    BB/Watch Neg

             PRIME 2006-1 Funding Limited Partnership
               EUR207.5 Million Floating-Rate Notes

      Ratings Affirmed and Removed From CreditWatch Negative

                                   Rating
                                   ------
     Class               To                    From
     -----               --                    ----
     B                   BB+                   BB+/Watch Neg
     C                   B+                    B+/Watch Neg
     D                   B                     B/Watch Neg
     E                   B-                    B-/Watch Neg

      Ratings Lowered and Removed From CreditWatch Negative

                                   Rating
                                   ------
     Class               To                    From
     -----               --                    ----
     A                   BBB                   BBB+/Watch Neg

                       PULS CDO 2006-1 PLC

                    EUR266.95 Million Senior
    and Subordinated Deferrable Fixed- And Floating-Rate Notes
                          Series 2006-1

      Ratings Affirmed and Removed From CreditWatch Negative

                                   Rating
                                   ------
     Class               To                    From
     -----               --                    ----
     A-1                 A                     A/Watch Neg
     A-2A                A                     A/Watch Neg
     R combo             A                     A/Watch Neg

      Ratings Lowered and Removed From CreditWatch Negative

                                   Rating
                                   ------
     Class               To                    From
     -----               --                    ----
     A-2B                BBB                   A/Watch Neg
     B                   BB                    A/Watch Neg
     C-1                 B                     BBB-/Watch Neg
     C-2                 B-                    BB+/Watch Neg
     D                   CCC-                  BB-/Watch Neg
     E-1                 CCC-                  B/Watch Neg
     E-2                 CCC-                  B/Watch Neg
     Q combo             CCC-                  B-/Watch Neg

                       PULS CDO 2007-1 Ltd.
        EUR300 Million Senior and Subordinated Deferrable
                Floating-Rate Notes Series 2007-1

      Ratings Affirmed and Removed From CreditWatch Negative

                                   Rating
                                   ------
     Class               To                    From
     -----               --                    ----
     A-1                 A                     A/Watch Neg
     A-2A                A                     A/Watch Neg

      Ratings Lowered and Removed From CreditWatch Negative

                                   Rating
                                   ------
     Class               To                    From
     -----               --                    ----
     A-2B                A-                    A/Watch Neg
     B                   BBB                   A/Watch Neg
     C                   B                     BBB/Watch Neg
     D                   CCC-                  BB/Watch Neg
     E                   CCC-                  B/Watch Neg


=============
I C E L A N D
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LANDSBANKI ISLANDS: Grimsson Delays Decision on Icesave Accord
--------------------------------------------------------------
Omar R. Valdimarsson and Tasneem Brogger at Bloomberg News report
that Iceland's President Olafur R. Grimsson is delaying his
decision on a U.K. and Dutch depositor accord that lawmakers
passed last week, as he weighs voter opposition to the bill
against the prospect of souring international relations.

Bloomberg relates more than 60,000 of Iceland's 320,000
inhabitants signed a petition handed to Grimsson Saturday urging
him to veto the legislation.  According to Bloomberg, a
presidential rejection of the so-called Icesave accord would mean
lawmakers must either drop the bill or put the matter to a
referendum.

As reported yesterday by the Troubled Company Reporter-Europe,
Bloomberg News said Iceland's parliament voted 33 to 30 to allow
the government to provide a state guarantee for loans from the
U.K. and the Netherlands to cover depositor claims from the two
countries stemming from the collapse of Landsbanki Islands hf.
Bloomberg disclosed the bill allows Iceland's government to
guarantee repayments of as much as GBP2.35 billion
(US$3.8 billion) borrowed from the U.K. and EUR1.2 billion
(US$1.7 billion) borrowed from the Netherlands to repay depositors
in the so- called Icesave Internet accounts.  Failure to approve
the accord would have reignited a dispute that prompted the U.K.
last year to use anti-terror legislation to freeze Icelandic
assets, Bloomberg noted.

Bloomberg recalled thousands of British and Dutch depositors
risked losing their savings when Landsbanki collapsed along with
the rest of Iceland's over-leveraged banking system in October
2008.  Bloomberg said by passing the bill, lawmakers have paved
the way for unlocking further disbursements from a US$4.6 billion
bailout from the International Monetary Fund and Nordic countries.

                    About Landsbanki Islands

Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank.  The bank offered online savings
accounts under the "Icesave" brand.  On October 7, 2008, the
Icelandic Financial Supervisory Authority took control of
Landsbanki and two other major banks.

Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921).  Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor.  When it filed for protection
from its creditors, it listed assets and debts of more than
US$1 billion each.

As reported by the Troubled Company Reporter-Europe, on June 15,
2009, British authorities revoked the October 2008 Freezing Order
on the assets of Landsbanki in Britain, which were set using anti-
terrorism legislation.  Following the fall of Iceland's three
largest banks, Icelandic banking assets in the UK were frozen on
October 8, 2008 using anti-terrorism laws.  The Icelandic
government has ever since protested the application of
this legislation against Iceland.


STRAUMUR BURDARAS: Intermarket to Make Takeover Bid for West Ham
----------------------------------------------------------------
BBC News reports that London-based financial company Intermarket
has confirmed that it will make a takeover bid for West Ham.

Citing the Daily Telegraph, BBC says the bid is believed to value
the club at GBP100 million.  According to BBC, that includes
estimating West Ham's debts at GBP48 million.  The club's owners
CB Holding insist the debts are closer to GBP38 million, BBC
notes.

BBC relates a spokesman for Intermarket said he could not reveal
any further details as the company had signed a non-disclosure
agreement with Rothschild, the bank appointed by CB Holding to
solicit from potential investors.

The main shareholder in CB Holding is Icelandic bank Straumur-
Burdaras, who has said that it is in no hurry to sell the club,
BBC discloses.

As reported by the Troubled Company Reporter-Europe on March 11,
2009, Straumur-Burdaras collapsed after running out of liquidity,
forcing the Icelandic government to take over the lender.

Straumur-Burdaras Fjarfestingabanki hf a.k.a Straumur-Burdaras
Investment Bank hf -- http://www.straumur.net/-- is an Iceland-
based investment bank.  It provides such services as debt
financing, corporate advisory and capital market services.  The
Bank's Corporate Finance team identifies, structures and executes
public and private market transactions, while the Debt Finance
team originates and underwrites the required debt financing.  In
addition, it acts as a co-investor in selected projects.  The
Capital Markets team provides securities brokerage services for
companies, institutional investors, mutual funds, and high-net-
worth individuals.  Capital Markets also manages new share
offerings and bond issuance for companies and institutions.  The
Bank operates primarily in Northern and Central Europe, in such
countries as Iceland, Denmark, Sweden, Finland, the Czech
Republic, Poland, Slovakia, Romania and the United Kingdom.  It
has eight wholly owned subsidiaries in Iceland, Luxembourg, the
Netherlands and Finland.


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I R E L A N D
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EATON VANCE: Moody's Confirms Junk Ratings on Two Classes of Notes
------------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Eaton Vance CDO VII PLC:

  -- EUR13,400,000 Class B-1 Second Priority Secured Floating Rate
     Notes due 2026, Downgraded to A1; previously on 4 March 2009
     Aa2 Placed Under Review for Possible Downgrade;

  -- US$16,300,000 Class B-2 Second Priority Secured Floating Rate
     Notes due 2026, Downgraded to A1; previously on 4 March 2009
     Aa2 Placed Under Review for Possible Downgrade;

  -- EUR10,800,000 Class C-1 Third Priority Deferrable Secured
     Floating Rate Notes due 2026; Upgraded to Baa3; previously on
     19 March 2009 Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade;

  -- US$13,100,000 Class C-2 Third Priority Deferrable Secured
     Floating Rate Notes due 2026; Upgraded to Baa3; previously on
     19 March 2009 Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade;

  -- EUR14,200,000 Class D-1 Fourth Priority Deferrable Secured
     Floating Rate Notes due 2026; Confirmed at B2; previously on
     19 March 2009 Downgraded to B2 and Placed Under Review for
     Possible Downgrade;

  -- US$17,200,000 Class D-2 Fourth Priority Deferrable Secured
     Floating Rate Notes due 2026; Confirmed at B2; previously on
     19 March 2009 Downgraded to B2 and Placed Under Review for
     Possible Downgrade;

  -- EUR8,000,000 Class E-1 (current aggregate outstanding balance
     including deferred interest is EUR8,390,405.60) Fifth
     Priority Deferrable Secured Floating Rate Notes due 2026;
     Confirmed at Caa3; previously on 19 March 2009 Downgraded to
     Caa3 and Placed Under Review for Possible Downgrade;

  -- US$9,700,000 Class E-2 (current aggregate outstanding balance
     including deferred interest is US$10,112,411.32) Fifth
     Priority Deferrable Secured Floating Rate Notes due 2026;
     Confirmed at Caa3; previously on 19 March 2009 Downgraded to
     Caa3 and Placed Under Review for Possible Downgrade.

The Class A-1, Class A-2 and the Variable Funding Notes are not
affected and remain Aaa due to the current overcollateralization.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European and US
senior secured loans, as well as some exposures to second-lien
loans, mezzanine loans and structured finance securities (19% in
aggregate).

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

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

According to Moody's, the rating actions taken on the Class B-1
and B-2 notes are also a result of credit deterioration of the
underlying portfolio.  This is observed through a decline in the
average credit rating as measured through the portfolio weighted
average rating factor 'WARF' (currently 2825), an increase in the
amount of defaulted securities (currently 3.88% of the portfolio),
an increase in the proportion of securities from issuers rated
Caa1 and below (currently 12.7%), a failure of the Class D par
value test and a failure of Class E par value test.  These
measures were taken from the recent trustee report dated
December 15, 2009.  Moody's also performed a number of sensitivity
analyses, including consideration of a further decline in
portfolio WARF quality.  Due to the impact of aforementioned
stresses, key inputs used by Moody's in its analysis, such as par,
weighted average rating factor, and the weighted average recovery
rate may be different from trustee's reported numbers.

Moody's notes that the confirmation ratings on Class D-1, Class D-
2, Class E-1 and Class E2 as well as the upgrade actions on Class
C-1 and C-2 notes have incorporated the aforementioned stresses as
well as credit deterioration in the underlying portfolio.
However, the actions reflect updated analysis indicating that the
impact of these factors on the ratings of these notes is not as
negative as previously assessed during Stage I of the deal review
in March.  The current conclusions stem from comprehensive deal-
level analysis completed during Stage II of the ongoing CLO
surveillance review, which included an in-depth assessment of
results from Moody's quantitative CLO rating model along with an
examination of deal-specific qualitative factors.  By way of
comparison, during Stage I Moody's took rating actions that were
largely the result of a parameter-based approach.

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


ELVA FUNDING: S&P Raises Rating on EUR34.8 Mil. Notes From 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BBB-' from 'BB+' its
credit rating on Elva Funding PLC's EUR34.8 secured credit-linked
variable-rate notes series 2007-14.

This rating action follows an upward revision to the credit
enhancement for these notes, which is now sufficient, in S&P's
opinion, to support a 'BBB-' rating.  The SROC achieved at the
'BBB-' rating level is 100.2013%.


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


BANCA ITALEASE: Fitch Upgrades Individual Rating to 'E'
-------------------------------------------------------
Fitch Ratings has upgraded Banca Italease's Individual Rating to
'E' from 'F' following the completion of the offer period for the
bank's capital increase on December 23.

The bank's 'BBB+' Long-term Issuer Default Rating and its 'F2'
Short-term IDR remain on Rating Watch Negative, on which they were
placed in July 2009.  The bank's Support rating was affirmed at
'2'.  The 'CCC' rating of the bank's EUR150 million trust
preferred securities was placed on Rating Watch Positive.

Italease raised EUR1.15bn fresh capital during the offer period,
of which over 91% was from its controlling shareholder, Banco
Popolare (rated 'A-' RWN/ 'F2').  As a result, Italease's
regulatory capital ratios, which had remained well-below the
regulatory minimum since end-2008 following large losses, have
been restored.  The bank expects to report a Tier 1 regulatory
capital ratio above 8%, based on end-June 2009 risk-weighted
assets, following the capital increase, compared to 1.61% at end-
June 2009.

Following the upgrade, Italease's Individual rating reflects its
weak asset quality, exposure to legal risk and Fitch's expectation
that the bank's performance will remain weak in the future.  As
part of its reorganization plan, Italease spun off EUR5.2 billion
gross loans, including EUR2.7 billion securitized loans, to Alba
Leasing SpA, a new company owned by Italease, which holds a 32.79%
stake, and three other Italian banks.  Alba's assets, which will
no longer be consolidated in Italease's financial statements as it
is not considered controlled by Italease, are predominantly
composed of performing leases and loans.  The company will
continue to originate new business through the branch networks of
its partner banks.  An additional EUR4.9 billion of gross impaired
loans covered by about EUR900 million impairment allowances, were
spun off to Release SpA.  Italease holds an 80% stake in Release,
which will be consolidated in Italease's financial statements,
with the remainder owned by three other banks.

At end-September 2009, Italease's gross impaired loans (doubtful
and watchlist loans) amounted to EUR4.8 billion, equal to a high
25% of gross loans.  A large proportion of impaired loans relates
to the real estate sector and is concentrated among 34
counterparties.  Further risk exposure arises from a number of law
cases against the bank, which include law suits by shareholders
and clients.  In addition, the bank is subject to investigations
by the Italian tax authorities regarding the payment of direct and
indirect taxes.  As a result of one of these investigations the
bank was notified in December 2009 that about EUR350 million of
tax relating to real estate operations is being contested by the
authorities.  The bank's operating performance has been weighed
down by high loan impairment charges, and new business volumes
have fallen by over 80% in 9M09.  As a result, the bank announced
a EUR171.6 million net loss for 9M09.

Italeases's IDRs reflect support from its controlling shareholder,
and the RWN reflect the RWN, on which Banco Popolare's Long-term
IDR was placed in March 2009.  In resolving Banco Poplare's RWN,
Fitch will evaluate the group's ability to reduce its exposure to
risky assets, which include Italease's impaired loans, and to
improve its capitalization, while maintaining an acceptable
operating profitability in a difficult economic environment.

The RWP on the rating of Italease's trust preferred securities
reflects Fitch's expectation that, once the bank can report
adequate regulatory capital ratios, the probability for coupon
payments will increase.  Fitch expects to resolve this RWP once
further information on the timing of future coupon payments
becomes available.


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


ALMATY REM: Creditors Must File Claims by January 13
----------------------------------------------------
LLP Almaty Rem Stroy-A is currently undergoing liquidation.
Creditors have until January 13, 2010, to submit proofs of claim
to:

         Dostyk Ave. 327
         Medeusky District
         Almaty
         Kazakhstan


BATYS KURYLYS: Creditors Must File Claims by January 13
-------------------------------------------------------
Creditors of LLP Batys Kurylys Service have until January 13,
2010, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Aktau
         Micro District 27, 51
         Aktau
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
October 14, 2009.


CHINGIZ HAN: Creditors Must File Claims by January 13
-----------------------------------------------------
Creditors of LLP Chingiz Han Ltd. have until January 13, 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 4, 2009,
after finding it insolvent.

The Court is located at:

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


GALIYA REALTY: Creditors Must File Claims by January 13
-------------------------------------------------------
LLP Galiya Realty Investment is currently undergoing liquidation.
Creditors have until January 13, 2010, to submit proofs of claim
to:

         Tole Bi Str. 55
         Almaty
         Kazakhstan


GELIOS LLP: Creditors Must File Claims by January 13
----------------------------------------------------
Creditors of LLP Gelios have until January 13, 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 4, 2009,
after finding it insolvent.

The Court is located at:

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


KANTAR-8 LLP: Creditors Must File Claims by January 13
------------------------------------------------------
Creditors of LLP Kantar-8 have until January 13, 2010, to submit
proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktobe commenced
bankruptcy proceedings against the company on October 15, 2009,
after finding it insolvent.

The Court is located at:

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


KAR AVTO: Creditors Must File Claims by January 13
--------------------------------------------------
Creditors of LLP Kar Avto Combinat 1 have until January 13, 2010,
to submit proofs of claim to:

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

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


ORLEU TAU-STROY: Creditors Must File Claims by January 13
---------------------------------------------------------
LLP Orleu Tau-Stroy is currently undergoing liquidation.
Creditors have until January 13, 2010, to submit proofs of claim
to:

         Al-Farabi Ave. 5
         Almaty
         Kazakhstan


STROY-R LLP: Creditors Must File Claims by January 13
-----------------------------------------------------
LLP Stroy-R is currently undergoing liquidation.  Creditors have
until January 13, 2010, to submit proofs of claim to:

         Metallurgov Ave. 13-105
         Temirtau
         Kazakhstan


ZAP SIB: Creditors Must File Claims by January 13
-------------------------------------------------
Creditors of LLP Zap Sib Electro Montage have until January 13,
2010, to submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
October 23, 2009.


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


EVRIKA COMPANY: Creditors Must File Claims by January 27
--------------------------------------------------------
LLC Evrika Company is currently undergoing liquidation.  Creditors
have until January 27, 2010, to submit proofs of claim to:

         Remeslennaya Str. 16
         Bishkek
         Kyrgyzstan


GDK CONSULTING: Creditors Must File Claims by January 27
--------------------------------------------------------
LLC GDK Consulting is currently undergoing liquidation.  Creditors
have until January 27, 2010, to submit proofs of claim:

Inquires can be addressed to (0-772) 57-81-00, (0-777) 10-25-88.


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


CLARENVILLE CDO: Moody's Cuts Rating on Class A-2 Notes to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Clarenville CDO S.A.

  -- Class A-1a Senior Secured Floating Rate Notes, due 2016,
     Downgraded to A1; previously on Mar 1, 2004 Assigned Aaa

  -- Class A-1b Senior Secured Floating Rate Notes, due 2016,
     Downgraded to A1; previously on Mar 1, 2004 Assigned Aaa

  -- Class A-1c Senior Secured Floating Rate Notes, due 2016,
     Downgraded to A1; previously on Mar 1, 2004 Assigned Aaa

  -- Class A-2 Senior Secured Floating Rate Notes, due 2016,
     Downgraded to Ba1; previously on Mar 4, 2009 Aa2 Placed Under
     Review for Possible Downgrade

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

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

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

According to Moody's, the rating actions taken on the notes are
results of credit deterioration of the underlying portfolio.  This
is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2861), and an increase in the amount of
defaulted securities (currently 1.18% of the portfolio).  Also
Moody's notes that this transaction has a high Long-dated assets
bucket (currently 6.08% of the portfolio) which was taken at a
discount value in Moody's quantitative analysis.  These measures
above were taken from the recent trustee report dated Nov. 3,
2009.  Moody's also performed a number of sensitivity analyses,
including consideration of a further decline in portfolio WARF
quality.  Due to the impact of all the aforementioned stresses,
key model inputs used by Moody's in its analysis, such as par,
weighted average rating factor, and weighted average recovery
rate, may be different from trustee's reported numbers.

Moody's also highlights that this transaction is exposed to FX
risk.  Indeed the transaction includes GBP31.9 million and
US$90.4 million assets, which are 1) naturally hedged by
GBP17.4 million and US$53.7 million liabilities, 2) by cross
currency swaps of GBP5.5 million and US$8.5 million, and 3) by 3-
month forwards rolling contracts.  Given that the latter only
covers short term FX risk, they provide imperfect FX hedges to the
transaction which remains exposed to GBP9.0 million and
US$28.2 million FX risk on the asset side.  This is currently a
negative to the transaction given that GBP and US$ have
depreciated against Euro during the past time.

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


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


LYONDELL CHEMICAL: Amends Plan as LBO Lenders Settlement Reached
----------------------------------------------------------------
Lyondell Chemical Company and its debtor affiliates presented to
the United States Bankruptcy Court for the Southern District of
New York a Second Amended Joint Chapter 11 Plan of Reorganization
and accompanying Disclosure Statement on December 23, 2009.

Deryck A. Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in
New York, relates that pursuant to the implementation of the
Second Amended Plan, LyondellBasell Industries N.V. or "New
Topco" will become the parent company of the Reorganized Debtors
and the Debtors who are issuers, obligors, borrowers, or
guarantors under:

  (i) a December 20, 2007 Senior Secured Credit Agreement among
      Debtors LyondellBasell Industries AF S.C.A., Lyondell
      Chemical and other Debtor and non-Debtor borrowers;
      Deutsche Bank Trust Company Americas as primary and
      European administrative agent and certain lenders;

(ii) a December 20, 2007 Bridge Loan Agreement among
      Debtor LyondellBasell Finance Company; certain of the
      Debtors; Merrill Lynch Capital Corporation as
      administrative agent; Citibank N.A. as collateral agent;
      and lenders; and

(iii) a 2015 Notes Indenture dated August 30, 2005, among LBI;
      Wilmington Trust Co. as trustee; ABN Amro Bank N.V. as
      security agent and AIB/BNY Fund Management as Irish paying
      agent,

but are not Schedule III Debtors.  A list of the Obligor Debtors
is available for free at:

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

A list of Schedule III Debtors is available for free at:

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

On or before the effective date of the Plan, reorganized Lyondell
Chemical will enter into an Exit Facility.  The terms and
conditions of the Exit Facility will be set forth in a plan
supplement to be submitted to the Court.

Moreover, in full satisfaction, and release of their Claims
against Obligor Non-Debtors, and pursuant to distributions in
connection with Global Restructuring transactions pursuant to the
Second Amended Plan, holders of Senior Secured Facility Claims
will receive 100% of the Class A Shares allocable to the value of
LBI and non-Debtor LyondellBasell Industries Holdings B.V. and
any of their direct and indirect subsidiaries, subject to
dilution on account of the Equity Compensation Plan and the New
Warrants.  However, nothing in the Second Amended Plan will
reduce the number of Class A Shares to be distributed to holders
of Claims in Class 5.

A list of the Obligor Non-Debtors is available for free at:

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

On or prior to the Effective Date, LBI will transfer its Claims
against Obligor Non-Debtors Basell Funding Company B.V. and LBIH
to the holders of Senior Secured Claims.  The holders of Senior
Secured Claims will transfer their claims against the Obligor
Non-Debtors and Basell Germany to LBHBV in exchange for all of
the outstanding stock of LyondellBasell Holdings B.V., a newly
created, wholly-owned subsidiary of New Topco.

The holders of Senior Secured Claims will transfer all of the
stock of LBHBV to New Topco in exchange for Class A Shares and
any other consideration they are to receive under the Plan other
than Subscription Rights.  The security agent under a December
20, 2007 Intercreditor Agreement among LBI, the Obligor Debtors;
Deutsche bank as senior agent, Citibank, N.A., as security and
ABL agent; Merrill Lynch Capital Corporation, as interim facility
agent; The Bank of New York as trustee for ARCO Chemical Company
and Equistar Chemicals, LP; and certain lenders, will sell the
stock of LBIH to LBHBV for EUR10 in Cash.  The vote of the Senior
Secured Lenders on the Second Amended Plan will be deemed to be a
direction to the security agent to make a sale.  All guarantee
claims and liens against Obligor Non-Debtors under the 2015 Notes
Indenture and the Bridge Loan Agreement will be released, Mr.
Palmer notes.

Moreover, all Intercompany Claims by a Schedule III Debtor
against another Schedule III Debtor will remain in place after
the Effective Date; provided that (i) Millennium America Inc.
will contribute its prepetition net receivables from MHC Inc. to
Millennium Holdings LLC, and (ii) Millennium Holdings LLC will
contribute its prepetition net receivables from MHC Inc. to MHC
Inc.  All prepetition and postpetition Intercompany Claims and
Administrative Expenses by Schedule III Debtors against
Reorganized Debtors and Non-Debtor affiliates, and for the
benefit of Reorganized Debtors and Non-Debtor Affiliates against
Schedule III Debtors as of the Effective Date will be discharged
or waived.  However, the Intercompany Claim of KIC Ltd. against
Millennium US Op Co., LLC will be afforded the same treatment as
General Unsecured Claims against MPCO.

On or after the Effective Date, the Debtors or the Reorganized
Debtors, as applicable, on their own behalf and on behalf of the
holders of Allowed Class 7-A Claims, holders of Allowed General
Unsecured Claims against Millennium Chemicals Inc., Millennium
Specialty Chemicals, Inc., Millennium Petrochemicals, Inc., and
Millennium America, Inc., and holders of Allowed Class 8 Claims if
Class 8 votes to accept the Plan, if any, will execute a
Litigation Trust Agreement to establish a Litigation Trust in
accordance with the Second Amended Plan.

                    Modified Claims Treatment

As required by Lender Litigation Settlement among the Ad Hoc Group
of lenders under the Senior Secured Credit Agreement, lenders
under the Bridge Loan Agreement, and the Debtors, on the Effective
Date, holders of Class 3 DIP Roll-Up Claims will assign to the
Debtors all of their rights and remedies under the Intercreditor
Agreement with respect to the holders of 8.375% senior notes due
2015 in the principal amounts of US$615 million and EUR500
million.  On the Effective Date, the 3% exit fee under the DIP
Term Loan Agreement will also be paid to the DIP Roll Up Lenders.

Furthermore, Class 4 Senior Secured Claims will receive:

(i) pro rata share of 100% of Class A Shares based on valuation
     shares;

(ii) right to purchase that holder's Rights Offering Pro Rata
     Share of Class B Shares; and

(iii) an Allowed Claim in Class 7-C up to US$9.5 billion against
     Millennium Petrochemicals, Inc. and Millennium Specialty
     Chemicals Inc.

Moreover, holders of Class 5 Bridge Loan Claims will each have an
allowed claim in Class 7-C against MPI and MSC; pro rata share of
[___] Class A Shares; and pro rata share of New Warrants.  Holders
of Class 5 Bridge Loan Claims will waive all Deficiency Claims
they may have against the Obligor Debtors.  As required by the
Lender Litigation Settlement, on the Effective Date, the Bridge
Loan Lenders will assign to the Debtors all of their rights and
remedies under the Intercreditor Agreement with respect to the
holders of the 2015 Notes.

Each holder of a Class 7-C Allowed General Unsecured Claim
against an MCI Subsidiary will receive, in full and complete
satisfaction of that claim, a contractual right under the Second
Amended Plan from the applicable MCI Subsidiary entitling the
holder to a potential payment up to the amount of that holder's
Allowed Claims against the MCI Subsidiary on the Effective Date.
However, to the extent holders of Claims in Class 4 or Class 5
are granted a Claim in Class 7-C by virtue of the Second Amended
Plan for every US$1 of distribution distributed on account of the
aggregate amount of Claims held by the Senior Secured Lenders and
the Bridge Loan Lenders in Class 7-C, the Senior Secured Lenders
will receive 100% of the distribution and the Bridge Loan Lenders
will receive 0% of that distribution.  Similarly, holders of
General Unsecured Claims against MCI, MSC, MPI and Millennium
America, Inc. other than Senior Secured Lenders and Bridge
Lenders, will also be entitled to share in recoveries as holders
in Class 7-A.

With respect to holders of Class 8 2015 Notes Claims, if (i)
Class 8 votes to accept the Plan, (ii) Wilmington Trust has not
objected to the Lender Litigation Settlement, (iii) Wilmington
Trust has not objected to confirmation of the Second Amended
Plan, and (iv) the adversary proceeding commenced by Lyondell
Chemical Company against Wilmington Trust is dismissed with
prejudice, the Debtors, as assignees as of the Effective Date of
the rights and remedies of the Senior Secured Lenders and Bridge
Loan Lenders under the Intercreditor Agreement, will waive the
contractual subordination and turnover provisions of the
Intercreditor Agreement so that the holders of Allowed 2015 Notes
Claims will receive on the Effective Date, and subject to
dismissal with prejudice of the 2015 Adversary Proceeding, in
full satisfaction of and in exchange for that Allowed Claim,
their Pro Rata Share as holders of Class 7-A Claims.

However, if (i) Class 8 rejects the Plan, or (ii) Wilmington
Trust objects to the Lender Litigation Settlement, (iii)
Wilmington Trust objects to confirmation of the Second Amended
Plan, or (iv) the 2015 Note Adversary Proceeding is not dismissed
with prejudice, holders of Allowed 2015 Notes Claims will not
receive any distribution under the Second Amended Plan by reason
of enforcement by the Debtors of the subordination and turnover
provisions of the Intercreditor Agreement and the recovery of the
holders of 2015 Notes Claims as holders of Claims in Class 7-A
will be deemed turned over to the Reorganized Debtors.

                     Modification of the Plan

Mr. Palmer explains that if any impaired Class of Claims that is
entitled to vote will not accept the Second Amended Plan by the
requisite statutory majorities provided in Section 1126(c) of the
Bankruptcy Code, the Debtors reserve the right to amend the
Second Amended Plan, in consultation with (i) the Ad Hoc Group,
(ii) arrangers holding at least 50.1% in principal amount of the
outstanding loans held by all arrangers, in the aggregate, under
the Bridge Loan Agreement, (iii) arrangers under the Senior
Secured Credit Agreement and Bridge Loan Agreement, and (iv)
LeverageSource LLC, an affiliate of Apollo Management VII, L.P.,
AI LBI Investment LLC, an affiliate of Access Industries, and
Ares Corporate Opportunities Fund III, L.P. as Rights Offering
Sponsors under an Equity Commitment Agreement or undertake to
have the Bankruptcy Court confirm the Plan under Section 1129(b)
of the Bankruptcy Code.

Moreover, the Debtors reserve the right, in consultation with the
Ad Hoc Group and Rights Offering Sponsors, and in all events in
accordance with the Bankruptcy Code and the Bankruptcy Rules, to
amend or modify the Plan, in accordance with Section 1127(a) of
the Bankruptcy Code at any time subsequent to the commencement of
solicitation of votes on the Plan and prior to the entry of the
Confirmation Order.  However, in the case of a material
amendment, the Debtors must receive the consent of the Rights
Offering Sponsors as set forth in the Equity Commitment
Agreement, the Majority Arrangers, the Arrangers and the Ad Hoc
Group.

After the entry of the Confirmation Order, the Debtors may, upon
order of the Bankruptcy Court, amend or modify the Second Amended
Plan pursuant to Section 1127(b), or remedy any defect or
omission or reconcile any inconsistency in the Plan in a manner
necessary to carry out the purpose and intent of the Plan.
However, in the case of a material amendment, the Debtors must
receive the consent of Rights Offering Sponsors pursuant to the
Equity Commitment Agreement, the Majority Arrangers, the
Arrangers and the Ad Hoc Group.  A holder of an Allowed Claim
that has accepted the Second Amended Plan will be deemed to have
accepted the Plan as modified if the proposed modification does
not alter the treatment of the Claim of that holder.

Notwithstanding anything to the contrary in the Plan or
Disclosure Statement, if the Equity Commitment Agreement is
terminated, the Debtors reserve the right to amend or withdraw
the Plan without having to comply with any consultation or
consent rights contained in the Plan, and all other parties
reserve any rights they may have in connection with any of that
amendment or withdrawal.

                 Conditions to Occurrence of the
                    Effective Date of the Plan

The conditions precedent to the occurrence of the Effective Date
of the Second Amended Plan are:

(1) The Bankruptcy Court will have entered the Confirmation
     Order, in form and substance reasonably satisfactory to the
     (1) the Ad Hoc Group, (2) the Majority Arrangers, (3) the
     Arrangers and (4) the Rights Offering Sponsors, which will
     approve the Second Amended Plan on substantially the same
     terms and conditions set forth provided, however, that the
     satisfaction of the stated parties will not be required to
     the extent that any modification to the proposed form of
     Confirmation Order is determined by the Bankruptcy Court to
     be required by applicable law;

(2) The Second Amended Plan approved by the Bankruptcy Court
     pursuant to the Confirmation Order will be in form and
     substance reasonably satisfactory to each of the (1) Debtors
     and the Ad Hoc Group, (2) the Ad Hoc Group, (3) the Rights
     Offering Sponsors, (4) the Majority Arrangers and (5) the
     Arrangers, provided, however, that the satisfaction of the
     stated parties will not be required to the extent that any
     modification to the Plan is determined by the Bankruptcy
     Court to be required by applicable law;

(3) No stay of the Confirmation Order will be in effect at the
     time the other conditions set forth in the Plan are
     satisfied or waived;

(4) All documents, instruments and agreements provided for
     under, or necessary to implement, the Second Amended Plan
     will have been executed and delivered by the parties, in
     form and substance satisfactory to each of the Debtors,
     unless the execution or delivery has been waived by the
     parties benefited and all documents, Instruments and
     agreements will be effective on the Effective Date;

(5) All of the payments to be made by the Debtors by or on the
     Effective Date will have been made or will be made on the
     Effective Date;

(6) The Debtors or the Reorganized Debtors, as applicable, will
     have entered into an Exit Facility providing for US$[____] of
     financing, and all conditions precedent to funding under the
     Exit Facility will have been satisfied or waived;

(7) The Debtors will have raised US$2.8 billion in cash pursuant
     to the Rights Offering and the purchase of 23,562,677
     Backstop Consideration Shares by the Rights Offering
     Sponsors;

(8) The Debtors or the Reorganized Debtors, as applicable, will
     have obtained all governmental and other regulatory
     approvals or rulings that may be necessary for
     consummation of the Plan or that is required by law,
     regulation or order;

(9) The Debtors will have sold the appropriate amount of Class B
     Shares to the Rights Offering Sponsors in accordance with
     the Equity Commitment Agreement, and will have paid the fees
     and expenses incurred by counsel and other professionals to
     the Rights Offering Sponsors, in full in Cash, without the
     need for any of the members of the Ad Hoc Group or the
     Rights Offering Sponsors to file retention applications or
     fee applications with the Bankruptcy Court unless required
     by order of the Bankruptcy Court; and

(10) The Lender Litigation Settlement will have been approved by
     a final order of the Bankruptcy Court, in form and substance
     reasonably satisfactory to the Debtors, the Ad Hoc Group and
     the Bridge Loan Arrangers.

The Debtors, with the consent of (1) the Ad Hoc Group, (2) the
Rights Offering Sponsors, (3) the Majority Arrangers, and (4) the
Bridge Loan Arrangers, and to the extent not prohibited by
applicable law, may waive one or more of the Conditions
Precedent.

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

A full-text copy of the Second Amended Disclosure Statement is
available for free at:

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

A blacklined version of the Second Amended Disclosure Statement
is available for free at:

   http://bankrupt.com/misc/Lyondell_2ndAmDS_blacklined.pdf

                           *     *     *


Bankruptcy Judge Robert Gerber of the United States Bankruptcy
Court for the Southern District of New York deferred the hearing
to consider adequacy of the Disclosure Statement accompanying the
Joint Plan of Reorganization filed by Lyondell Chemical Company
and its debtor affiliates to February 8, 2010.  Objections to the
Disclosure Statement are due January 27, 2010.

                      About Lyondell Chemical

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

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

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

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

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

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


LYONDELL CHEMICAL: Reliance's US$12 Bil. "Too Low", Says Access
---------------------------------------------------------------
Reliance Industries Limited's US$12 billion bid to acquire
LyondellBasell is "too low," an official of Access Industries,
Inc., which is owned by Leonard Blavatnik said, according to a
December 22, 2009 report by The Economic Times.

The Access official, who requested anonymity, explained that
secured creditors like Apollo Management VII L.P. will be making
loss if a deal is to happen at that price submitted by Reliance
Industries.  This is why there is resistance from the present
management and stakeholders of LyondellBasell, the Access
official added, said The Economic Times.

According to the report, Reliance Industries' due diligence is
over and Reliance Industries' chairman Mukesh Ambani has made a
final call to LyondellBasell.

For its part, Reliance Industries Limited did not comment on the
views expressed by the Access Official, The Economic Times
related.  Similarly, Stan Neve, official spokesperson of Access,
did not make any statement, citing the ongoing restructuring
process of LyondellBasell, The Economic Times disclosed.

Reliance Industries will pursue its bid for LyondellBasell by
either raising its offering price for LyondellBasell, or
increasing the cash component of its non-biding cash bid of
US$12 billion, The Telegraph reported on December 26, 2009.

The Telegraph, citing unconfirmed reports, noted that Reliance
Industries' previous US$12 billion cash bid included a US$2
billion cash infusion.  In light of recent events, Reliance
Industries may increase the cash portion of the bid from US$5
billion to US$6 billion, The Telegraph said.

                      About Lyondell Chemical

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

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

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

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

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

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


RENOIR CDO: Moody's Junks Rating on Class C Notes From 'B2'
-----------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Renoir CDO B.V.

  -- Class A Floating Rate Notes, Downgraded to Baa2; previously
     on March 11, 2009 Confirmed at Aa3

  -- Class B Deferrable Floating rate Notes, Downgraded to B1;
     previously on March 11, 2009 Downgraded to Baa3

  -- Class C Deferrable Floating Rate Notes, Downgraded to Caa3;
     previously on March 11, 2009 Downgraded to B2

This transaction is a managed cash CDO of predominately European
structured finance assets with exposure to RMBS, consumer ABS,
corporate CDOs and CMBS.

According to Moody's, the rating actions taken are a result of
credit deterioration of the underlying portfolio.  As a result of
broad credit deteriorations across various structured finance
sectors including RMBS, ABS and CDOs, there have been substantial
negative credit migrations in the portfolio.  The credit quality
as measured by the weighted average rating factor 'WARF' has
increased to 1, 318 (approximately Ba2) from 781 (approximately
Baa3/Ba1) in March 2009 -- the previous rating action date.  In
addition, the portfolio now consists of 3.66% of Ca-rated assets
compared to 0% in March 2009.  The class A/B overcollateralization
has declined from 8 percentage points above the trigger level to 4
points above the trigger level.


TARA HILL: Moody's Lowers Rating on Class IV Notes to 'Caa3'
------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Tara Hill B.V.  The Class I remains Aaa mainly due to
the current over collateralization.

  -- EUR71M Class II Senior Floating Rate Notes, Downgraded to A3;
     previously on Mar 4, 2009 Aa2 Placed Under Review for
     Possible Downgrade

  -- EUR35M Class III Mezzanine Fixed Rate Notes, Downgraded to
     B2; previously on Mar 20, 2009 Downgraded to Ba3 and Remained
     On Review for Possible Downgrade

  -- EUR17M Class IV Mezzanine Fixed Rate Notes, Downgraded to
     Caa3 (currently EUR13,973,181 outstanding); previously on
     Mar 20, 2009 Downgraded to Caa1 and Remained On Review for
     Possible Downgrade

  -- EUR20M Class S Combination Notes (currently EUR2,809,019 of
     Rated Balance), Confirmed at Baa3; previously on Mar 4, 2009
     Baa3 Placed Under Review for Possible Downgrade

The rating assigned to the Class S Combination Notes addresses the
repayment of the Rated Balance on or before the legal final
maturity, where the 'Rated Balance' is equal at any time to the
principal amount of the Combination Note on the Issue Date minus
the aggregate of all payments made from the Issue Date to such
date, either through interest or principal payments.  It is not an
opinion about the ability of the issuer to pay interest.  Moody's
outstanding Rated Balance may not necessarily correspond to the
outstanding notional amount reported by the trustee.  The Rated
Balance determined by Moody's is EUR2.8 million.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine loan exposure (3.5% of
the portfolio).

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2548), an increase in the amount of defaulted
securities (currently 3.8% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 9.01% of the portfolio), and a failure of the Class IV
par value test.  These measures were taken from the recent trustee
report dated November 30, 2009.  Moody's also performed a number
of sensitivity analyses, including consideration of a further
decline in portfolio WARF quality.

Due to the impact of all the aforementioned stresses, key model
inputs used by Moody's in its analysis, such as par, weighted
average rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

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


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


AGENCY FOR HOUSING: S&P Puts Ratings on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BBB' long-term and 'A-3' short-term issuer credit ratings on
Russia-based Agency for Housing Mortgage Lending OJSC on
CreditWatch with negative implications.  At the same time, the
'ruAAA' Russia national scale rating was affirmed.

"The CreditWatch placement follows S&P's revision of the outlook
on the sovereign to stable from negative and its planned revision
of the agency's financials and mid-term strategy," said Standard &
Poor's credit analyst Felix Ejgel.

The 'BBB' long-term rating on AHML is four notches above its
stand-alone credit profile, reflecting S&P's opinion that there is
a "very high" likelihood that the Russian Federation (foreign
currency BBB/Stable/A-3; local currency BBB+/Stable/A-2; Russia
national scale 'ruAAA') would provide timely and sufficient
extraordinary support to AHML in the event of financial
difficulties.

In accordance with S&P's criteria for government-related entities,
its view of a "very high" likelihood of extraordinary government
support is based on S&P's assessment of AHML's:

* "Very important" role as Russia's sole developer of mortgage
  market infrastructure, which is an essential part of the state's
  broader affordable housing policy; and

* "Very strong" link with the Russian Federation, because the
  agency's 100% state ownership is unchallenged in the medium
  term, and because of the very strong ongoing government support
  in the form of guarantees on the agency's bonds and regular
  capital injections.

AHML's stand-alone credit profile, which S&P assesses at 'BB-',
reflects the agency's high risk concentration in real estate;
ongoing growth of nonperforming loans, which reached 10.3% by
Dec. 1, 2009; and still-high political risk challenging AHML's
medium-term financial strategy.

Continuing receipt of strong ongoing support from the state in the
form of regular capital injections and guarantees on domestic
bonds, despite the economic downturn, support the stand-alone
credit profile.  Moreover, AHML's operations in the secondary
mortgage market remain conservative, preserving the agency's high
liquidity and preventing faster deterioration of its mortgage
portfolio's quality.

S&P plans to resolve the CreditWatch status within the next three
months after S&P has reviewed AHML's financial performance in 2009
and its financial and operational strategy for 2010-2012, which
the agency plans to disclose within the next two months.  They
might affect AHML's stand-alone credit profile, as well as its
public policy role and link to the government.

"We could affirm the ratings on AHML if S&P assume that the agency
will continue to benefit from at least a "very high" likelihood of
timely and sufficient extraordinary government support and if
S&P's assessment of AHML's stand-alone credit profile remains at
or above 'BB-'," said Mr. Ejgel.

Alternatively, S&P might lower the global scale ratings by one
notch in case one of two conditions materializes:

* If S&P lower its assessment of the likelihood of extraordinary
  government support because AHML's public policy role diminishes
  and relaxed control over its agency operations, or

* If S&P's assessment of the agency's stand-alone credit profile
  weakens because of reduced ongoing support amidst deteriorating
  financials.


ALYANS LLC: Creditors Must File Claims by January 27
----------------------------------------------------
Creditors of LLC Alyans Construction Company (TIN 2465074665, PSRN
1022402485533) have until January 27, 2010, to submit proofs of
claims to:

         Ye. Sapozhnikova
         Insolvency Manager
         Post User Box 20238
         660016 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?33?8645/2009.

The Debtor can be reached at:

         LLC Alyans
         Verkhnyaya Str. 82
         Krasnoyarsk
         Russia


BANK SAINT: Fitch Affirms Individual Rating at 'D'
--------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn Russia
based Bank Saint Petersburg's ratings, including its Long-term IDR
of 'B' with a Negative Outlook.  Fitch will no longer provide
ratings or analytical coverage of BSP.

Despite BSP's placement of an approximately US$200 million
convertible preference share issue on December 23 (which
management estimates increased its Basel 1 tier 1 capital ratio to
12% from 8.7% at end-Q309), loss absorption capacity remains
moderate, in Fitch's view, relative to the risk of further asset
quality deterioration.  BSP has a high proportion of
construction/real estate lending and rapidly expanded its loan
book shortly prior to the economic crisis.  During Q309, non-
performing loans (loans overdue by more than 90 days and
classified as uncollectable) increased to 6.2% from 2.2% of the
loan book while restructured loans rose to 7.9% from 6.6%.
Although loans overdue more than one day declined from 7.5% to
6.6% of the loan book during the same period of time, Fitch
believes this ratio can be volatile given BSP's high borrower
concentration.

However, BSP's liquidity position is currently satisfactory and
the bank's solid regional franchise in Saint-Petersburg, broad
deposit base and high cost efficiency are also positive for the
bank's credit profile.

Rating actions are:

  -- Long-term foreign currency Issuer Default Rating: affirmed at
     'B'; Outlook Negative; withdrawn

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

  -- Individual Rating: affirmed at 'D' and withdrawn

  -- Support Rating: affirmed at '5' and withdrawn

  -- Support Rating Floor: affirmed at 'B-' and withdrawn

  -- Senior unsecured debt program: affirmed at 'B' and
     withdrawn

  -- Subordinated debt program: affirmed at 'CCC' and withdrawn


CONSTRUCTION MATERIALS: V. Strizhkov Named Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Yaroslavskaya appointed V. Strizhkov as
Insolvency Manager for LLC Construction Materials Plant (TIN
7602055747).  The case is docketed under Case No. ?82?2961/2009?
72-B/40.  He can be reached at:

         Office 234
         Konenkova Str. 6a
         127560 Moscow
         Russia

The Debtor can be reached at:

         LLC Construction Materials Plant
         Building 1
         1st kilometer of Prusovo motorway
         Yaroslavskiy
         Yaroslavl
         Russia


DALMATOVSKIY CANNERY: Under External Mngt Bankruptcy Procedure
--------------------------------------------------------------
The Arbitration Court of Kurganskaya has commenced external
management bankruptcy procedure on LLC Dalmatovskiy Cannery (TIN
4506000860, PSRN 1024501452250).  The Case is docketed under
No. ?34?5923/2008.

The External Insolvency Manager is:

         Yu.Butyugin
         Office 3
         Popova Str. 28
         Belozerskoe
         641360 Kurganskaya
         Russia


FRIM AUTOMOBILE: Creditors Must File Claims by January 27
---------------------------------------------------------
Creditors of LLC Frim Automobile Company (TIN 7423019044) have
until January 27, 2010, to submit proofs of claims to:

         S.Anisimov
         Insolvency Manager
         Fedorova Str. 1A
         454048 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinskaya will convene at 10:30 a.m.
on April 28, 2010, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?76?9776/2009?55-61.

The Debtor can be reached at:

          LLC Frim
          Lenina Str. 8
          Snezhinsk
          Chelyabinsk
          Russia


KOLCHUGINSKIY REINFORCED: A. Starostin Named Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed A.Starostin as Temporary
Insolvency Manager for LLC Kolchuginskiy Reinforced Concrete
Structures (TIN 7733569714, PSRN 1067746652808).  The case is
docketed under Case No. ?40?75121/09?73?313B.  He can be reached
at:

         Apt. 18
         Kraynova Str. 18
         600022 Vladimir
         Russia

The Debtor can be reached at:

         LLC Kolchuginskiy Reinforced Concrete Structures
         Derbenevskaya Str. 10
         115114 Moscow
         Russia


KRASNOPOLSKAYA PAPER: Creditors Must File Claims by January 27
--------------------------------------------------------------
Creditors of LLC Krasnopolskaya Paper Factory (TIN 4421004760,
PSRN1034486260863) have until January 27, 2010, to submit proofs
of claims to:

         Yu.Lukina
         Temporary Insolvency Manager
         Liter A
         Building 4
         3rd Rabfakovskiy pereulok 5
         192012 Saint-Petersburg
         Russia

The Arbitration Court of Kostromskaya will convene at 10:00 a.m.
on April 22, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?31?2254/2009.

The Debtor can be reached at:
         LLC Krasnopolskaya Paper Factory
         Krasnaya polyana
         Ostrovskiy
         Kostromskaya
         Russia


NEFTE-GAZ-STROY: Court Names M. Fonarev as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed M.Fonarev as Insolvency
Manager for CJSC Nefte-Gaz-Stroy (TIN 7706403879, PSRN
1037706058224) (Construction).  The case is docketed under Case
No. A40?26867/07?95?95B.  He can be reached at:

         Post User Box 123
         107014 Moscow
         Russia

The Debtor can be reached at:

         CJSC Nefte-Gaz-Stroy
         ZhitnayaStr. 14
         117970 Moscow
         Russia


URAL-STROY: A. Khafizova Named as Temporary Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Chelyabinskaya appointed A.Khafizova as
Temporary  Insolvency Manager for LLC Ural-Stroy-Montazh S (TIN
7450033390, PSRN 1047423004353 ) (Construction).  The case is
docketed under Case No. ?76?36918/2009?55-308.  He can be reached
at:

         Tsinkovaya Str. 1
         454008 Chelyabinsk
         Russia

The Debtor can be reached at:

         LLC Ural-Stroy-Montazh S
         Tsinkovaya Str. 1
         454008 Chelyabinsk
         Russia


===============
S L O V E N I A
===============


* SLOVENIA: Firms Secured EUR553MM Under State-Guarantee Loan
-------------------------------------------------------------
Boris Cerni at Bloomberg News reports that Slovenian banks,
including the country's largest Nova Ljubljanska Banka d.d., have
approved EUR553-million (US$797 million) of loans since June to
help companies weather the worst economic downturn since the fall
of communism.

"Latest data show that banks have lent to the economy EUR553
million, approving 353 loans via auctions organized by the
Slovenian Export and Development Bank Inc.," Bloomberg quoted
Urska Storman, spokeswoman for the Finance Ministry in Ljubljana,
as saying in a telephone interview Thursday.

Bloomberg relates Ms. Storman said the loans are part of a
EUR1.2-billion state-guarantee plan that started in June and will
run until the end of next year.  Nova Kreditna Banka Maribor d.d.
and Abanka Vipa d.d. are among the banks that participated in the
program, she said, according to Bloomberg.

Bloomberg, citing the government's economic institute, discloses
the economy contracted an annual 8.3% in the third quarter and is
forecast to shrink 7.3% for the whole 2009.


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


IM PRESTAMOS: Moody's Downgrades Rating on Class C Notes to 'B2'
----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by IM Prestamos Fondos Cedulas, FTA and the associated
EUR40 million liquidity line.

  -- EUR40,000,000 Liquidity Facility, Confirmed at Aaa;
     previously on June 2, 2009 Aaa Placed under Review for
     Possible Downgrade

  -- EUR344,100,000 Class A Notes due 2022 (currently
     EUR309,814,323.33 outstanding), Downgraded to A3; previously
     on June 2, 2009 Aaa Placed under Review for Possible
     Downgrade

  -- EUR6,900,000 Class B Notes due 2022 (currently
     EUR6,122,808.84 outstanding), Downgraded to Ba2; previously
     on June 2, 2009 Baa2 Placed under Review for Possible
     Downgrade

  -- EUR900,000 Class C Notes due 2022, Downgraded to B2;
     previously on June 2, 2009 Ba2 Placed under Review for
     Possible Downgrade

This transaction is a static cash CBO of portions of subordinated
loans funding the reserve funds of 12 (at closing 14) Spanish
multi-issuer covered bonds, and is exposed to the risk of several
Spanish financial institutions defaulting under their mortgage
covered bonds.  SMICBs can be considered as a securitization of a
pool of Cedulas.  [Each SMICB is backed by a group of Cedulas
which are bought by a Fund, which in turn issues SMICBs].  The
Cedulas holders are backed by the issuer's entire mortgage book.
The subordinated loans backing the IM Prestamos transaction
represent the first loss pieces (as the loans fund the reserve
funds) in the respective SMICB structures (or structured cedulas).

The rating actions are a result of: (i) primarily, the downgrade
of many of the unsecured ratings of the issuers of Cedulas backing
the SMICBs, and (ii) as a contributory factor, the deterioration
in the quality of the collateral backing the SMICBs.

In June 2009 the senior unsecured ratings of many Spanish
financial institutions were downgraded; please refer the press
release 'Moody's downgrades senior ratings of 25 Spanish banks'
dated June 15, 2009.  Moody's outlook on the Spanish banking
sector remains negative.  The downgrades of issuers increased the
risk of drawing upon the reserve funds in the SMICBs.  Moody's
placed the ratings of this transaction on watch for possible
downgrade in June in response to Moody's announcement that it had
placed 36 Spanish financial institutions and most of the SMICBs on
review for possible downgrade

In addition, in December 2009, 43 series of SMICBs were downgraded
to Aa1 from Aaa, 2 series were downgraded to Aa2 from Aaa, and 12
series were confirmed at Aaa.  Pursuant to material reductions in
the levels of over collateralization and changes to the underlying
pools backing these SMICBs, Moody's does not currently assume full
recovery of principal and interest under any of the Cedulas in the
event of an issuer default.  Please refer to the press release
titled 'Moody's downgrades 45 series of Spanish multi-issuer
covered bonds; confirms ratings of 12 other series' dated 17th
December 2009 for further details.

In reaching its rating decisions, Moody's considers that should a
Cedulas issuer default, it is likely that the reserve funds that
form the underlying portfolio of IM Prestamos would require to be
drawn upon to make good the potential shortfall suffered by the
underlying Cedulas holders.  The extent of such potential
shortfall is dependent on the level of over collateralization and
quality of the issuer's underlying pool.  Moody's analysis
indicates that in the light of such potential shortfalls, the
credit quality of the reserve funds of the 12 SMICBs that form the
portfolio of IM Prestamos Fondos Cedulas is more consistent with
ratings in a Baa2-A3 range.

The investment grade quality of the reserve funds of SMICBs is
largely driven by high recovery rate assumptions on the underlying
Cedulas.  The ratings of the IM Prestamos Fondos Cedulas, FTA
notes are thus sensitive to these recovery rate assumptions.

At closing in July 2007, Moody's noted that in the event of an
issuer default, the over-collateralization levels at the time
across Spanish issuers enabled the assumption of a full recovery
of interest and principal under any of the Cedulas.  Moody's also
noted that any decrease in these over-collateralization levels or
substantial change in the pool composition could lead to a review
of these assumptions and might affect the ratings of the notes
issued by IM Prestamos Fondos Cedulas, FTA.

A fuller explanation of the rating methodology used to rate SMICBs
and associated items may be found in the paper 'Rating Spanish
Multi-Issuer Covered Bonds' published on September 14, 2009.


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


* UKRAINE: State-Owned Mining Firms Protected From Bankruptcy
-------------------------------------------------------------
Ukrainian President Viktor Yuschenko has signed a law imposing a
ban on opening bankruptcy cases against mining enterprises with a
state stake exceeding 25% until January 1, 2013, Interfax-Ukraine
reports, citing a statement posted on the official presidential
Web site.

According to the report, the mine bankruptcy moratorium was set to
expire at the end of 2009.

Included in the list of mining enterprises are mines, pits,
quarries, open-pit mines, ore-dressing plants and others, the
report notes.


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


BRADFORD & BINGLEY: FSA Calls In BDO Stoy Hayward to Conduct Probe
------------------------------------------------------------------
Paul J. Davies at The Financial Times reports that The Financial
Services Authority is using external experts to conduct
supervisory reviews into the actions of some of the UK's
struggling banks, including Royal Bank of Scotland and HBOS.

The FT relates people with the situations said the FSA engaged PwC
to review RBS, Ernst & Young to look at HBOS -- which is now part
of Lloyds Banking Group -- and BDO Stoy Hayward to review Bradford
& Bingley.

The reviews at RBS and HBOS have been under way since at least
April last year, the FT notes, citing public statements made by
the two banks.  According to the FT, the reviews are focused on
the disclosures made before the banks' 2008 capital raisings and
other specific actions and controls ahead of those moves.

Iain Dey at The Sunday Times says a report on the findings is
expected to be published within weeks, revealing a catalogue of
errors that allowed risks to go unchecked.  The Sunday Times,
citing sources close to the inquiry, discloses a breakdown in
communication at all three institutions kept board directors in
the dark on the risks being run by company executives.

According to the Sunday Times, RBS's role in the ill-advised
acquisition in 2007 of ABN Amro, the Dutch bank, has been one of
the prime areas of investigation.  The investigation of HBOS has
focused on documents supporting the bank's capital raisings and
how it disclosed its bad debts throughout 2008, while Bradford &
Bingley, which was part-nationalized in September 2008, has faced
a number of questions over the performance of its buy-to-let and
self-certified mortgage books, the Sunday Times notes.

As reported by the Troubled Company Reporter-Europe on Oct. 27,
2009, Bradford & Bingley was considering dividing its GBP50
billion balance sheet into "good" and "bad" assets as part of
efforts to repay its loan as quickly as possible.

The Times disclosed B&B was closed to new business last September
and its mortgage book nationalized with an GBP18.4 billion loan
from the Financial Services Compensation Scheme.  Santander of
Spain bought its GBP20 billion deposits book, the Times recalled.
The Times said B&B had been told it must repay the sum as quickly
as possible.  It must also wean itself off the working capital
that it receives from the Government, which currently stands at
GBP8.5 billion, according to the Times.  The bank was also
considering selling books of business to speed up the repayment of
the loan, the Times noted.

                     About Bradford & Bingley

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


DONINGTON VENTURES: Donington Park Lease Handed Back to Landlords
-----------------------------------------------------------------
Visordown News reports that the lease for troubled motor racing
circuit Donington Park is going back to its landlords, following a
month-long struggle to find a new operator.

The report recalls Donington Ventures Leisure Limited, which held
a 150-year lease on the track, had fallen into administration
earlier this year.

"We have not managed to sell the lease and we have handed it back
to the landlords.  Although there have been many interested
parties and detailed and lengthy negotiations, ultimately it has
not been possible to do a deal," the report quoted administrator
Nigel Price, a partner at business recovery specialists Begbies
Traynor, as saying.  "DVLL had a 17-year contract with Formula One
Administration to host the British Grand Prix round of the Formula
One World Motor Racing Championship but this was finally lost at
the end of November and some parties withdrew.  However, there was
still serious interest in the circuit as a national track,
although the onerous terms of the lease meant that a deal could
not be done in the relatively short timescale available to us."

The circuit's remaining staff members have now been made
redundant, the report discloses.


LEHMAN BROTHERS: U.K. Payout Contract Declared Effective Dec. 29
----------------------------------------------------------------
Lehman Brothers Holdings Inc.'s U.K. unit, which is being run by
PricewaterhouseCoopers LLP, as administrator, can return about $11
billion of assets after more than 90% of creditors agreed to a
contract governing the payout.

On Nov. 24, 2009, Lehman Brothers International (Europe) announced
the offer to certain of its clients and counterparties to enter
into the Claim Resolution Agreement.  LBIE has received valid
acceptances of the Offer in relation to not less than 90% of the
Acceptance Value of the Acceptance Threshold Claims in aggregate.
The Acceptance Condition was therefore satisfied and the Offer was
declared unconditional as to acceptances on December 29, 2009.

PwC will begin making payments after March 19, the deadline for
making claims on assets held in trust by Lehman.

The U.K. case is In the matter of Lehman Brothers International
Europe, 7942/08, High Court of Justice, Chancery Division.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LLOYDS BANKING: FSA Calls In Ernst & Young to Conduct HBOS Probe
----------------------------------------------------------------
Paul J. Davies at The Financial Times reports that The Financial
Services Authority is using external experts to conduct
supervisory reviews into the actions of some of the UK's
struggling banks, including Royal Bank of Scotland and HBOS.

The FT relates people with the situations said the FSA engaged PwC
to review RBS, Ernst & Young to look at HBOS -- which is now part
of Lloyds Banking Group -- and BDO Stoy Hayward to review Bradford
& Bingley.

The reviews at RBS and HBOS have been under way since at least
April last year, the FT notes, citing public statements made by
the two banks.  According to the FT, the reviews are focused on
the disclosures made before the banks' 2008 capital raisings and
other specific actions and controls ahead of those moves.

Iain Dey at The Sunday Times says a report on the findings is
expected to be published within weeks, revealing a catalogue of
errors that allowed risks to go unchecked.  The Sunday Times,
citing sources close to the inquiry, discloses a breakdown in
communication at all three institutions kept board directors in
the dark on the risks being run by company executives.

According to the Sunday Times, RBS's role in the ill-advised
acquisition in 2007 of ABN Amro, the Dutch bank, has been one of
the prime areas of investigation.  The investigation of HBOS has
focused on documents supporting the bank's capital raisings and
how it disclosed its bad debts throughout 2008, while Bradford &
Bingley, which was part-nationalized in September 2008, has faced
a number of questions over the performance of its buy-to-let and
self-certified mortgage books, the Sunday Times notes.

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

                  About Lloyds Banking Group PLC

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


MADOFF SECURITIES: Placed Into Liquidation
------------------------------------------
Iain Dey at The Sunday Times reports that Madoff Securities
International Ltd., Bernard Madoff's London-based investment
business, has been formally placed into liquidation.

The report relates liquidators were appointed on Thursday to wind
up the London business, which has been described by investigators
as a personal "piggy bank" for Mr. Madoff and his family.

The move followed a winding up petition from Stephen Raven, the
former chief executive of Madoff Securities International, who is
believed to be owed wages, the report says.

A full statement of affairs is now expected within weeks, followed
soon after by a formal creditors' meeting, the report states.

The report recalls last filed accounts of Madoff Securities
International showed that the firm had GBP117 million in
shareholder funds.  Documents filed in Florida by the provisional
liquidator to the firm have indicated that its liabilities
potentially exceed US$1 billion (GBP600 million), the report
discloses.

The U.S. government has said that Mr. Madoff used the London
business to launder money as part of the cover story he created to
mask his enormous Ponzi scheme, the report recounts.  The firm was
also used as a conduit for Mr. Madoff to buy yachts and luxury
cars for himself and his family, the report notes.

                 About BLMIS and Madoff Securities

London-based Madoff Securities International Limited is a money
management business of Bernard L. Madoff in the United Kingdom.

Bernard L. Madoff Investment Securities LLC and Bernard L.
Madoff orchestrated the largest Ponzi scheme in history, with
losses topping US$50 billion.

On December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970.  The District Court's Protective Order (i) appointed
Irving H. Picard, Esq., as trustee for the liquidation of BLMIS,
(ii) appointed Baker & Hostetler LLP as his counsel, and (iii)
removed the SIPA Liquidation proceeding to the Bankruptcy Court
(Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.).

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).  Roughly US$100 million to US$500
million in assets and more than US$1 billion in debts were listed
for Madoff Securities.

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in
United States v. Madoff, No. 09-CR-213 (S.D.N.Y.).


MANCHESTER UNITED: Mulls GBP600 Million Bond Issue
--------------------------------------------------
Ben Marlow at The Sunday Times reports that Manchester United is
considering a GBP600 million bond issue as it struggles to keep
its spiraling debts under control.

The report relates JP Morgan, the U.S. bank that engineered the
Glazer family's GBP790 million takeover of the club in 2005, and
Deutsche Bank, have been working on options to improve the club's
financial situation amid concerns that its debts could soon have
serious repercussions.

In the past few weeks, advisers have begun sounding out potential
investors on a bond issue, the report recounts.  The cash would be
used to pay back some of the club's existing debts, the report
says.

Manchester United owes about GBP700 million to banks, financial
institutions and hedge funds, the report discloses, citing debt
specialists, Capital Structure.  Most of this stems from the
Glazer family's takeover, which was criticized by fans because so
much debt was being loaded on to the club, the report notes.

Sources familiar with the situation say the amount that Manchester
United will seek to raise depends on the appetite shown by
investors, the report relates.  At present the figure is between
GBP500 million and GBP600 million, the report discloses.  If
demand is strong, the club could seek more, the report notes.

It is unclear whether the proceeds of a bond issue would be used
to repay the so-called payment in kind notes borrowed from Perry
Capital and Citadel, two American hedge funds, or the GBP520
million that is secured against the club, the report says.  The
PIK notes initially stood at GBP138 million in 2006, but have
since accrued GBP40 million of unpaid interest, the report states.

Manchester United Limited -- http://www.manutd.com/-- operates
Manchester United Football Club, one of the most popular and
successful soccer teams in the world.  Man U is currently the top
soccer team the UK's Premier League, boasting 18 championships and
11 FA Cup titles. Manchester United generates revenue primarily
through ticket sales at venerable Old Trafford stadium, as well as
through broadcasting rights and sales of Red Devils merchandise.
Man U was founded as Newton Heath in 1878 before changing its name
in 1902.  It is owned by American tycoon Malcolm Glazer, whose
holdings include the Tampa Bay Buccaneers NFL team and a majority
stake in Zapata.


NORTHERN ROCK: National Australia Bank Mulls Bid, Seeks Advisers
----------------------------------------------------------------
Ambereen Choudhury at Bloomberg News, citing London-based The
Observer, reports that National Australia Bank Ltd. may consider
bidding for Northern Rock Plc.  NAB is seeking advisers on the
deal.

According to Bloomberg, The Observer said the Australian bank
invited presentations by investment banks Morgan Stanley, Lazard
Ltd., Citigroup Inc. and Credit Suisse Group AG to help it prepare
an offer for Northern Rock this year.

                        Restructuring Plan

As reported by the Troubled Company Reporter-Europe on Oct. 30,
2009, the Wall Street Journal said the European Commission
approved a restructuring plan of Northern Rock.  The Journal
disclosed the restructuring plan for Northern Rock calls for the
lender, which the U.K. government nationalized in February 2008,
to be split into a "good bank" and a "bad bank.  The good bank
would take over the bank's deposits, good loans and ongoing
mortgage business, and would be sold, while the bad bank would
hold mostly soured loans and be wound down over time, according to
the Journal.

                        About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- deals with mortgages, savings
accounts, loans and insurance.  The company also promotes secured
loans to its existing mortgage customers.  The company had more
than US$200 billion in assets at the end of June 2007.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 11,
2009, Standard & Poor's Ratings Services raised the rating on
Northern Rock's dated subordinated lower Tier 2 debt to 'BB' from
'CCC'.  The ratings on its perpetual subordinated debt and
preference shares were unaffected.  The outlook is stable.


ROYAL BANK: FSA Calls In PwC to Conduct Supervisory Reviews
-----------------------------------------------------------
Paul J. Davies at The Financial Times reports that The Financial
Services Authority is using external experts to conduct
supervisory reviews into the actions of some of the U.K.'s
struggling banks, including Royal Bank of Scotland and HBOS.

The FT relates people familiar with the situations said the FSA
engaged PwC to review RBS, Ernst & Young to look at HBOS -- which
is now part of Lloyds Banking Group -- and BDO Stoy Hayward to
review Bradford & Bingley.

The reviews at RBS and HBOS have been under way since at least
April last year, the FT notes, citing public statements made by
the two banks.  According to the FT, the reviews are focused on
the disclosures made before the banks' 2008 capital raisings and
other specific actions and controls ahead of those moves.

Iain Dey at The Sunday Times says a report on the findings is
expected to be published within weeks, revealing a catalogue of
errors that allowed risks to go unchecked.  The Sunday Times,
citing sources close to the inquiry, discloses a breakdown in
communication at all three institutions kept board directors in
the dark on the risks being run by company executives.

According to the Sunday Times, RBS's role in the ill-advised
acquisition in 2007 of ABN Amro, the Dutch bank, has been one of
the prime areas of investigation.  The investigation of HBOS has
focused on documents supporting the bank's capital raisings and
how it disclosed its bad debts throughout 2008, while Bradford &
Bingley, which was part-nationalized in September 2008, has faced
a number of questions over the performance of its buy-to-let and
self-certified mortgage books, the Sunday Times notes.

                            About RBS

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2009, Fitch Ratings upgraded The Royal Bank of Scotland Group's
(RBS Group) and The Royal Bank of Scotland's Individual Ratings to
'D/E' from 'E' and removed the Rating Watch Positive.  The upgrade
of the Individual Ratings reflects improvements in the group's
capital combined with some progress in restructuring the balance
sheet.


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


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

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

AUSTRIA
-------
LIBRO AG            LBROF US         -109013328   171684389
LIBRO AG            LIBR AV          -109013328   171684389
LIBRO AG            LB6 GR           -109013328   171684389
LIBRO AG            LIB AV           -109013328   171684389
SKYEUROPE           SKYP PW        -89480486.93   159076577
SKYEUROPE           SKY PW         -89480486.93   159076577
SKYEUROPE HLDG      SKYPLN EO      -89480486.93   159076577
SKYEUROPE HLDG      SKY EO         -89480486.93   159076577
SKYEUROPE HLDG      SKYPLN EU      -89480486.93   159076577
SKYEUROPE HLDG      SKY LI         -89480486.93   159076577
SKYEUROPE HLDG      SKYV IX        -89480486.93   159076577
SKYEUROPE HLDG      SKY AV         -89480486.93   159076577
SKYEUROPE HLDG      SKYA PZ        -89480486.93   159076577
SKYEUROPE HLDG      SKY EU         -89480486.93   159076577
SKYEUROPE HLDG      S8E GR         -89480486.93   159076577
SKYEUROPE HLDG      SKURF US       -89480486.93   159076577
SKYEUROPE HOL-RT    SK1 AV         -89480486.93   159076577

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

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   138582274
SETUZA AS           2994759Q EO    -61453764.17   138582274
SETUZA AS           SETU IX        -61453764.17   138582274
SETUZA AS           SZA GR         -61453764.17   138582274
SETUZA AS           SETUZA PZ      -61453764.17   138582274
SETUZA AS           2994767Q EO    -61453764.17   138582274
SETUZA AS           SZA EX         -61453764.17   138582274
SETUZA AS           SETUZA CP      -61453764.17   138582274
SETUZA AS           2994755Q EU    -61453764.17   138582274

DENMARK
-------
ELITE SHIPPING      ELSP DC        -27715991.74   100892900
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   134467848
CHAINE ET TRAME     CTRM FP         -46169771.5   134467848
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   301323805
IMMOB HOTELIERE     IMHO FP        -66874823.95   301323805
IMMOB HOTELIERE     IMH GR         -66874823.95   301323805
IMMOB HOTELIERE     IMMH IX        -66874823.95   301323805
IMMOB HOTELIERE     IMHO EO        -66874823.95   301323805
IMMOB HOTELIERE     SIH FP         -66874823.95   301323805
IMMOB HOTELIERE     IMBHF US       -66874823.95   301323805
IMMOB HOTELIERE     IMHO PZ        -66874823.95   301323805
IMMOB HOTELIERE     IMHO EU        -66874823.95   301323805
LAB DOLISOS         LADL FP        -27752176.19   110485462
LAB DOLISOS         DOLI FP        -27752176.19   110485462
MATUSSIERE & FOR    MTUSF US       -77896683.67   293868351
MATUSSIERE & FOR    1007765Q FP    -77896683.67   293868351
MB RETAIL EUROPE    MBRE PZ         -46169771.5   134467848
MB RETAIL EUROPE    MBRE FP         -46169771.5   134467848
MB RETAIL EUROPE    MBRE EU         -46169771.5   134467848
MB RETAIL EUROPE    CTRF IX         -46169771.5   134467848
MB RETAIL EUROPE    MBRE EO         -46169771.5   134467848
NORTENE             NORT FP        -35623999.56   117566787
NORTENE             NRTP IX        -35623999.56   117566787
NORTENE             NRTN FP        -35623999.56   117566787
OROSDI              OROS FP         -7291.55004   131233318
OROSDI-BACK         OROS EO         -7291.55004   131233318
OROSDI-BACK         OROS EU         -7291.55004   131233318
OROSDI-BACK         ORBA FP         -7291.55004   131233318
OROSDI-BACK         BACK IX         -7291.55004   131233318
OROSDI-BACK         OROS PZ         -7291.55004   131233318
OUTSIDE LIVING I    NORT EO        -35623999.56   117566787
OUTSIDE LIVING I    OLIN PZ        -35623999.56   117566787
OUTSIDE LIVING I    NORT PZ        -35623999.56   117566787
OUTSIDE LIVING I    OLIN FP        -35623999.56   117566787
OUTSIDE LIVING I    NORT EU        -35623999.56   117566787
PAGESJAUNES         PGJUF US        -3303869370   970555919
PAGESJAUNES GRP     PAJ PZ          -3303869370   970555919
PAGESJAUNES GRP     PAJ NQ          -3303869370   970555919
PAGESJAUNES GRP     PAJUSD EO       -3303869370   970555919
PAGESJAUNES GRP     PAJ EO          -3303869370   970555919
PAGESJAUNES GRP     PAJ BQ          -3303869370   970555919
PAGESJAUNES GRP     QS3 GR          -3303869370   970555919
PAGESJAUNES GRP     PAJUSD EU       -3303869370   970555919
PAGESJAUNES GRP     PAJGBX EO       -3303869370   970555919
PAGESJAUNES GRP     PAJ TQ          -3303869370   970555919
PAGESJAUNES GRP     PAJ IX          -3303869370   970555919
PAGESJAUNES GRP     PAJ EU          -3303869370   970555919
PAGESJAUNES GRP     PAJ QM          -3303869370   970555919
PAGESJAUNES GRP     PAJGBP EO       -3303869370   970555919
PAGESJAUNES GRP     PAJP IX         -3303869370   970555919
PAGESJAUNES GRP     PAJ EB          -3303869370   970555919
PAGESJAUNES GRP     PAJGBX EU       -3303869370   970555919
PAGESJAUNES GRP     PAJ VX          -3303869370   970555919
PAGESJAUNES GRP     PAJ LI          -3303869370   970555919
PAGESJAUNES GRP     PAJ FP          -3303869370   970555919
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
SELCODIS            SLCO PZ        -21481214.33   175720771
Selcodis            SPVX FP        -21481214.33   175720771
SELCODIS            SLCO EU        -21481214.33   175720771
SELCODIS            SPVX IX        -21481214.33   175720771
SELCODIS            SLCO FP        -21481214.33   175720771
SELCODIS            SLCO EO        -21481214.33   175720771
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   133986440
TROUVAY CAUVIN      ETEC FP        -396977.9956   133986440

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
O TWELVE ESTATES    OTEEUR EO      -7152968.898   297722697
O TWELVE ESTATES    OTE EU         -7152968.898   297722697
O TWELVE ESTATES    O2T GR         -7152968.898   297722697
O TWELVE ESTATES    OTE EO         -7152968.898   297722697
O TWELVE ESTATES    OTE PZ         -7152968.898   297722697
O TWELVE ESTATES    OTE IX         -7152968.898   297722697
O TWELVE ESTATES    OTE LN         -7152968.898   297722697

GERMANY
-------
AGOR AG             DOO EU         -482446.6262   144432986
AGOR AG             DOOD PZ        -482446.6262   144432986
AGOR AG             DOO EO         -482446.6262   144432986
AGOR AG             DOO GR         -482446.6262   144432986
AGOR AG             DOOG IX        -482446.6262   144432986
AGOR AG             NDAGF US       -482446.6262   144432986
AGOR AG-RTS         2301918Z GR    -482446.6262   144432986
ALNO AG             ALNO IX        -68516656.94   290459934
ALNO AG             ANO PZ         -68516656.94   290459934
ALNO AG             ANO GR         -68516656.94   290459934
ALNO AG             ANO EU         -68516656.94   290459934
ALNO AG             ANO EO         -68516656.94   290459934
ALNO AG-NEW         ANO1 GR        -68516656.94   290459934
ALNO AG-RTS         2259765Z GR    -68516656.94   290459934
BROKAT AG           BRKAF US       -27139391.98   143536860
BROKAT AG           BROAF US       -27139391.98   143536860
BROKAT AG           BROFQ US       -27139391.98   143536860
BROKAT AG           BKISF US       -27139391.98   143536860
BROKAT AG -NEW      BRJ1 NM        -27139391.98   143536860
BROKAT AG -NEW      BRJ1 GR        -27139391.98   143536860
BROKAT AG-ADR       BROA US        -27139391.98   143536860
BROKAT TECH -ADR    BROAQ US       -27139391.98   143536860
BROKAT TECH AG      BRJ GR         -27139391.98   143536860
BROKAT TECH AG      BSA LN         -27139391.98   143536860
BROKAT TECH AG      BRJ NM         -27139391.98   143536860
BROKAT TECH-ADR     BRJA GR        -27139391.98   143536860
CBB HOLD-NEW 97     COB2 GR        -42994732.85   904723628
CBB HOLDING AG      COBG IX        -42994732.85   904723628
CBB HOLDING AG      COB2 EU        -42994732.85   904723628
CBB HOLDING AG      COB GR         -42994732.85   904723628
CBB HOLDING AG      CUBDF US       -42994732.85   904723628
CBB HOLDING AG      COBG PZ        -42994732.85   904723628
CBB HOLDING AG      COB2 EO        -42994732.85   904723628
CBB HOLDING-NEW     COB1 GR        -42994732.85   904723628
CBB HOLDING-NEW     COB3 GR        -42994732.85   904723628
CINEMAXX AG         CNEMF US       -42008900.33   144431938
CINEMAXX AG         MXCG IX        -42008900.33   144431938
CINEMAXX AG         MXCUSD EU      -42008900.33   144431938
CINEMAXX AG         MXC EU         -42008900.33   144431938
CINEMAXX AG         MXCUSD EO      -42008900.33   144431938
CINEMAXX AG         MXC PZ         -42008900.33   144431938
CINEMAXX AG         MXC GR         -42008900.33   144431938
CINEMAXX AG         MXC EO         -42008900.33   144431938
CINEMAXX AG-RTS     MXC8 GR        -42008900.33   144431938
DORT ACTIEN-BRAU    944167Q GR     -12689156.29   117537054
DORT ACTIEN-RTS     DAB8 GR        -12689156.29   117537054
EDOB ABWICKLUNGS    ESCDF US       -22323463.23   425598808
EDOB ABWICKLUNGS    ESC GR         -22323463.23   425598808
EDOB ABWICKLUNGS    ESC EU         -22323463.23   425598808
EDOB ABWICKLUNGS    ESC PZ         -22323463.23   425598808
EDOB ABWICKLUNGS    ESC TQ         -22323463.23   425598808
EDOB ABWICKLUNGS    ESC BQ         -22323463.23   425598808
EDOB ABWICKLUNGS    ESC EO         -22323463.23   425598808
EM.TV & MERC-NEW    ETV1 GR        -22067409.41   849175625
EM.TV & MERC-NEW    ETV1 NM        -22067409.41   849175625
EM.TV & MERC-RTS    ETV8 NM        -22067409.41   849175625
EM.TV & MERC-RTS    ETV8 GR        -22067409.41   849175625
EM.TV & MERCHAND    985403Q GR     -22067409.41   849175625
EM.TV & MERCHAND    ETVMF US       -22067409.41   849175625
EM.TV & MERCHAND    EMTVF US       -22067409.41   849175625
EM.TV & MERCHAND    ETV LN         -22067409.41   849175625
EM.TV & MERCHAND    ETV VX         -22067409.41   849175625
EM.TV & MERCHAND    ETV NM         -22067409.41   849175625
ESCADA AG           ESCG IX        -22323463.23   425598808
ESCADA AG -PFD      ESC3 GR        -22323463.23   425598808
ESCADA AG-NEW       ESCN EO        -22323463.23   425598808
ESCADA AG-NEW       3069367Q GR    -22323463.23   425598808
ESCADA AG-NEW       ESCC GR        -22323463.23   425598808
ESCADA AG-NEW       ESCD GR        -22323463.23   425598808
ESCADA AG-NEW       835345Q GR     -22323463.23   425598808
ESCADA AG-NEW       ESCN GR        -22323463.23   425598808
ESCADA AG-NEW       ESCN EU        -22323463.23   425598808
ESCADA AG-RTS       ESCE GR        -22323463.23   425598808
ESCADA AG-SP ADR    ESCDY US       -22323463.23   425598808
KAUFRING AG         KFR EO         -19296489.56   150995474
KAUFRING AG         KFR GR         -19296489.56   150995474
KAUFRING AG         KFR EU         -19296489.56   150995474
KAUFRING AG         KFR PZ         -19296489.56   150995474
KAUFRING AG         KAUG IX        -19296489.56   150995474
MANIA TECHNOLOGI    MNI NM          -35060806.5   107465714
MANIA TECHNOLOGI    MNI GR          -35060806.5   107465714
MANIA TECHNOLOGI    MNI1 EU         -35060806.5   107465714
MANIA TECHNOLOGI    MNI PZ          -35060806.5   107465714
MANIA TECHNOLOGI    MNI1 EO         -35060806.5   107465714
MANIA TECHNOLOGI    MIAVF US        -35060806.5   107465714
MANIA TECHNOLOGI    2260970Z GR     -35060806.5   107465714
MANIA TECHNOLOGI    MNIG IX         -35060806.5   107465714
MATERNUS KLINI-N    MAK1 GR        -17804909.71   189933669
MATERNUS-KLINIKE    MAK PZ         -17804909.71   189933669
MATERNUS-KLINIKE    MAK GR         -17804909.71   189933669
MATERNUS-KLINIKE    MNUKF US       -17804909.71   189933669
MATERNUS-KLINIKE    MAK EO         -17804909.71   189933669
MATERNUS-KLINIKE    MAKG IX        -17804909.71   189933669
MATERNUS-KLINIKE    MAK EU         -17804909.71   189933669
NORDAG AG           DOO1 GR        -482446.6262   144432986
NORDAG AG-PFD       DOO3 GR        -482446.6262   144432986
NORDAG AG-RTS       DOO8 GR        -482446.6262   144432986
NORDSEE AG          533061Q GR     -8200552.046   194616923
PRIMACOM AG         PRCG IX        -18656728.68   610380926
PRIMACOM AG         PRC EO         -18656728.68   610380926
PRIMACOM AG         PRC EU         -18656728.68   610380926
PRIMACOM AG         PCAGF US       -18656728.68   610380926
PRIMACOM AG         PRC GR         -18656728.68   610380926
PRIMACOM AG         PRC2 GR        -18656728.68   610380926
PRIMACOM AG         PRC NM         -18656728.68   610380926
PRIMACOM AG         PRCG PZ        -18656728.68   610380926
PRIMACOM AG-ADR     PCAG US        -18656728.68   610380926
PRIMACOM AG-ADR     PCAGY US       -18656728.68   610380926
PRIMACOM AG-ADR+    PCAG ES        -18656728.68   610380926
RAG ABWICKL-REG     RSTHF US       -1744121.914   217776126
RAG ABWICKL-REG     ROSG PZ        -1744121.914   217776126
RAG ABWICKL-REG     ROS1 EU        -1744121.914   217776126
RAG ABWICKL-REG     ROS1 EO        -1744121.914   217776126
RAG ABWICKL-REG     ROS GR         -1744121.914   217776126
RINOL AG            RILB EO             -2.7111   168095049
RINOL AG            RNLAF US            -2.7111   168095049
RINOL AG            RILB PZ             -2.7111   168095049
RINOL AG            RIL GR              -2.7111   168095049
RINOL AG            RILB EU             -2.7111   168095049
RINOL AG            RILB GR             -2.7111   168095049
RINOL AG            RILB IX             -2.7111   168095049
ROSENTHAL AG        2644179Q GR    -1744121.914   217776126
ROSENTHAL AG-ACC    ROS4 GR        -1744121.914   217776126
ROSENTHAL AG-ADR    RSTHY US       -1744121.914   217776126
ROSENTHAL AG-REG    ROSG IX        -1744121.914   217776126
SANDER (JIL) AG     JLSDF US       -6153256.917   127548040
SANDER (JIL) AG     SAD GR         -6153256.917   127548040
SANDER (JIL)-PRF    2916161Q EO    -6153256.917   127548040
SANDER (JIL)-PRF    SAD3 PZ        -6153256.917   127548040
SANDER (JIL)-PRF    SAD3 GR        -6153256.917   127548040
SANDER (JIL)-PRF    2916157Q EU    -6153256.917   127548040
SINNLEFFERS AG      WHG GR         -4491629.961   453887060
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
VIVANCO GRUPPE      VVA1 EU        -22198683.12   111990951
VIVANCO GRUPPE      VVA1 PZ        -22198683.12   111990951
VIVANCO GRUPPE      VVA GR         -22198683.12   111990951
VIVANCO GRUPPE      VVAG IX        -22198683.12   111990951
VIVANCO GRUPPE      VVA1 EO        -22198683.12   111990951
VIVANCO GRUPPE      VIVGF US       -22198683.12   111990951

GREECE
------
AG PETZETAKIS SA    PZETF US       -30790135.48   234437763
AG PETZETAKIS SA    PETZK PZ       -30790135.48   234437763
AG PETZETAKIS SA    PETZK EO       -30790135.48   234437763
AG PETZETAKIS SA    PETZK GA       -30790135.48   234437763
AG PETZETAKIS SA    PETZK EU       -30790135.48   234437763
AG PETZETAKIS SA    PTZ1 GR        -30790135.48   234437763
AG PETZETAKIS SA    PTZ GR         -30790135.48   234437763
ALMA-ATERM-AUCT     ATERME GA      -4110971.317   105276552
ALMA-ATERMON SA     ATERM EO       -4110971.317   105276552
ALMA-ATERMON SA     ATERM EU       -4110971.317   105276552
ALMA-ATERMON SA     ATERM PZ       -4110971.317   105276552
ALTEC SA -AUCT      ALTECE GA      -103590250.3   177563164
ALTEC SA INFO       ATCQF US       -103590250.3   177563164
ALTEC SA INFO       ALTEC GA       -103590250.3   177563164
ALTEC SA INFO       ALTEC EU       -103590250.3   177563164
ALTEC SA INFO       ALTEC PZ       -103590250.3   177563164
ALTEC SA INFO       AXY GR         -103590250.3   177563164
ALTEC SA INFO       ALTEC EO       -103590250.3   177563164
ALTEC SA INFO-RT    ALTECR GA      -103590250.3   177563164
ALTEC SA INFO-RT    ALTED GA       -103590250.3   177563164
ARIES MARITIME T    RAMS US           -57875000   197992000
ASPIS PRON-PF RT    ASASPR GA      -154558841.2   846005812
ASPIS PRONIA -PF    ASAPR GA       -154558841.2   846005812
ASPIS PRONIA GE     AISQF US       -154558841.2   846005812
ASPIS PRONIA GE     ASASK EU       -154558841.2   846005812
ASPIS PRONIA GE     ASASK GA       -154558841.2   846005812
ASPIS PRONIA GE     ASASK EO       -154558841.2   846005812
ASPIS PRONIA GE     ASASK PZ       -154558841.2   846005812
ASPIS PRONIA-PF     APGV GR        -154558841.2   846005812
ASPIS PRONIA-PF     ASASP GA       -154558841.2   846005812
ASPIS PRONIA-RT     ASASKR GA      -154558841.2   846005812
ASPIS PRONOIA GE    APGG IX        -154558841.2   846005812
ASPIS PRONOIA GE    APG GR         -154558841.2   846005812
ATERMON DYNAMIC     ATERM GA       -4110971.317   105276552
EMPEDOS SA          EMPED GA       -33637669.62   174742647
EMPEDOS SA-RTS      EMPEDR GA      -33637669.62   174742647
KOUMBAS INSUR-RT    KOUMD GA       -39842421.26   236519944
KOUMBAS RTS         KOUMR GA       -39842421.26   236519944
KOUMBAS SYNERGY     KOUM GA        -39842421.26   236519944
KOUMBAS SYNERGY     KOUM PZ        -39842421.26   236519944
KOUMBAS SYNERGY     KOUM EO        -39842421.26   236519944
KOUMBAS SYNERGY     KOUM EU        -39842421.26   236519944
KOUMBAS SYNERGY     KOUMF US       -39842421.26   236519944
NAOUSSA SPIN -RT    NAOYD GA       -44175513.67   341686153
NAOUSSA SPIN-AUC    NAOYKE GA      -44175513.67   341686153
NAOUSSA SPIN-RTS    NAOYKR GA      -44175513.67   341686153
NAOUSSA SPINNING    NML GR         -44175513.67   341686153
NAOUSSA SPINNING    NML1 GR        -44175513.67   341686153
NEWLEAD HOLDINGS    NEWL US           -57875000   197992000
NEWLEAD HOLDINGS    A1M GR            -57875000   197992000
PETZET - PFD-RTS    PETZPD GA      -30790135.48   234437763
PETZETAKIS - RTS    PETZKD GA      -30790135.48   234437763
PETZETAKIS-AUC      PETZKE GA      -30790135.48   234437763
PETZETAKIS-PFD      PTZ3 GR        -30790135.48   234437763
PETZETAKIS-PFD      PETZP GA       -30790135.48   234437763
RADIO KORASS-RTS    KORAR GA       -100972173.9   180679254
RADIO KORASSI-RT    KORAD GA       -100972173.9   180679254
RADIO KORASSIDIS    RAKOF US       -100972173.9   180679254
RADIO KORASSIDIS    RKC GR         -100972173.9   180679254
RADIO KORASSIDIS    KORA GA        -100972173.9   180679254
THEMELIODOMI        THEME GA       -55751178.85   232036823
THEMELIODOMI-AUC    THEMEE GA      -55751178.85   232036823
THEMELIODOMI-RTS    THEMED GA      -55751178.85   232036823
THEMELIODOMI-RTS    THEMER GA      -55751178.85   232036823
UNITED TEXTILES     UTEX EU        -44175513.67   341686153
UNITED TEXTILES     UTEX GA        -44175513.67   341686153
UNITED TEXTILES     UTEX PZ        -44175513.67   341686153
UNITED TEXTILES     NAOSF US       -44175513.67   341686153
UNITED TEXTILES     UTEX EO        -44175513.67   341686153
UNITED TEXTILES     NAOYK GA       -44175513.67   341686153

HUNGARY
-------
OT OPTIMA TELEKO    2299892Z CZ       -48565065   119632635
OT-OPTIMA TELEKO    OPTERA CZ         -48565065   119632635
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   119787801
BOUNDARY CAPITAL    BCPI IX        -10192301.85   119787801
BOUNDARY CAPITAL    BCP LN         -10192301.85   119787801
BOUNDARY CAPITAL    BCP IX         -10192301.85   119787801
BOUNDARY CAPITAL    BCP ID         -10192301.85   119787801
BOUNDARY CAPITAL    BCM GR         -10192301.85   119787801
BOUNDARY CAPITAL    BCP1 PG        -10192301.85   119787801
BOUNDARY CAPITAL    BCP1 EO        -10192301.85   119787801
BOUNDARY CAPITAL    BCP1 PZ        -10192301.85   119787801
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   441922392
MCINERNEY -RT FP    MCIF LN        -113397336.3   441922392
MCINERNEY -RT NP    MCIN LN        -113397336.3   441922392
MCINERNEY -RT NP    MCIN ID        -113397336.3   441922392
MCINERNEY HLDGS     MK9 PO         -113397336.3   441922392
MCINERNEY HLDGS     MCIGBX EU      -113397336.3   441922392
MCINERNEY HLDGS     MK9C PZ        -113397336.3   441922392
MCINERNEY HLDGS     MCIGBX EO      -113397336.3   441922392
MCINERNEY HLDGS     MCIGBP EO      -113397336.3   441922392
MCINERNEY HLDGS     MCI ID         -113397336.3   441922392
MCINERNEY HLDGS     MCI EO         -113397336.3   441922392
MCINERNEY HLDGS     MCI PO         -113397336.3   441922392
MCINERNEY HLDGS     MCII IX        -113397336.3   441922392
MCINERNEY HLDGS     MCI VX         -113397336.3   441922392
MCINERNEY HLDGS     MNEYF US       -113397336.3   441922392
MCINERNEY HLDGS     MCI EU         -113397336.3   441922392
MCINERNEY HLDGS     MCI IX         -113397336.3   441922392
MCINERNEY HLDGS     MCI LN         -113397336.3   441922392
MCINERNEY HLDGS     MK9 GR         -113397336.3   441922392
MCINERNEY PROP-A    MYP ID         -113397336.3   441922392
MCINERNEY PROP-A    MCIYF US       -113397336.3   441922392
MCINERNEY PROP-A    MYP LN         -113397336.3   441922392
MCINERNEY-ADR       MNEYY US       -113397336.3   441922392
PAYZONE PLC         PAYZ EU        -138030903.2   510010035
PAYZONE PLC         4P6 GR         -138030903.2   510010035
PAYZONE PLC         PAYZ PZ        -138030903.2   510010035
PAYZONE PLC         PAYZ LN        -138030903.2   510010035
PAYZONE PLC         PAYZ PG        -138030903.2   510010035
PAYZONE PLC         PAYZ IX        -138030903.2   510010035
PAYZONE PLC         PAYZ EO        -138030903.2   510010035
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   128859803
BINDA SPA           BNDAF US       -11146475.29   128859803
BROGGI IZAR FABB    BIF IM         -178432.4639   134255669
CART SOTTRI-BIND    DEM IM         -11146475.29   128859803
CIRIO FINANZIARI    CRO IM         -422095869.5  1583083044
CIRIO FINANZIARI    FIY GR         -422095869.5  1583083044
COIN SPA            GC IX          -151690764.8   791310849
COIN SPA            965089Q GR     -151690764.8   791310849
COIN SPA            GUCIF US       -151690764.8   791310849
COIN SPA-RTS        GCAA IM        -151690764.8   791310849
COIN SPA/OLD        GC IM          -151690764.8   791310849
COMPAGNIA ITALIA    CITU IX        -137726596.3   527372691
COMPAGNIA ITALIA    CGLUF US       -137726596.3   527372691
COMPAGNIA ITALIA    ICT IM         -137726596.3   527372691
CORNELL BHN         BY EO          -178432.4639   134255669
CORNELL BHN         INN IM         -178432.4639   134255669
CORNELL BHN         INO1 IX        -178432.4639   134255669
CORNELL BHN         CBX IM         -178432.4639   134255669
CORNELL BHN         BY EU          -178432.4639   134255669
CREDITO FOND-RTS    CRFSA IM       -200209050.3  4213063202
CREDITO FONDIARI    CRF IM         -200209050.3  4213063202
ELIOS HOLDING       EH IM          -178432.4639   134255669
ELIOS HOLDING-NE    EH00 IM        -178432.4639   134255669
ELIOS HOLDING-RT    EHAA IM        -178432.4639   134255669
ELIOS SPA           EHM IM         -178432.4639   134255669
I VIAGGI DEL VEN    VVE IX         -92020221.43   318192569
I VIAGGI DEL VEN    IVGIF US       -92020221.43   318192569
I VIAGGI DEL VEN    VVE IM         -92020221.43   318192569
I VIAGGI DEL VEN    VVE EU         -92020221.43   318192569
I VIAGGI DEL VEN    IV7 GR         -92020221.43   318192569
I VIAGGI DEL VEN    VVE PZ         -92020221.43   318192569
I VIAGGI DEL VEN    VVE EO         -92020221.43   318192569
I VIAGGI DEL VEN    VVE TQ         -92020221.43   318192569
I VIAGGI-RTS        VVEAA IM       -92020221.43   318192569
INNOTECH SPA        ELIOF US       -178432.4639   134255669
OLCESE SPA          O IM           -12846689.89   179691573
OLCESE SPA-RTS      OAA IM         -12846689.89   179691573
OLCESE VENEZIANO    OLVE IM        -12846689.89   179691573
OMNIA NETWORK SP    ONT EO          -47468652.4   322390902
OMNIA NETWORK SP    ONT TQ          -47468652.4   322390902
OMNIA NETWORK SP    ONT PZ          -47468652.4   322390902
OMNIA NETWORK SP    ONT EU          -47468652.4   322390902
OMNIA NETWORK SP    ONTI IX         -47468652.4   322390902
OMNIA NETWORK SP    ONT IM          -47468652.4   322390902
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
SNIA BPD-ADR        SBPDY US       -141933883.9   150445252
SNIA SPA            SN EU          -141933883.9   150445252
SNIA SPA            SN EO          -141933883.9   150445252
SNIA SPA            SN TQ          -141933883.9   150445252
SNIA SPA            SIAI IX        -141933883.9   150445252
SNIA SPA            SNIA GR        -141933883.9   150445252
SNIA SPA            SNIB GR        -141933883.9   150445252
SNIA SPA            SIAI PZ        -141933883.9   150445252
SNIA SPA            SSMLF US       -141933883.9   150445252
SNIA SPA            SBPDF US       -141933883.9   150445252
SNIA SPA            SNIXF US       -141933883.9   150445252
SNIA SPA            SN IM          -141933883.9   150445252
SNIA SPA - RTS      SNAAW IM       -141933883.9   150445252
SNIA SPA- RTS       SNAXW IM       -141933883.9   150445252
SNIA SPA-2003 SH    SN03 IM        -141933883.9   150445252
SNIA SPA-CONV SA    SPBDF US       -141933883.9   150445252
SNIA SPA-DRC        SNR00 IM       -141933883.9   150445252
SNIA SPA-NEW        SN00 IM        -141933883.9   150445252
SNIA SPA-NON CON    SPBNF US       -141933883.9   150445252
SNIA SPA-RCV        SNR IM         -141933883.9   150445252
SNIA SPA-RCV        SNIVF US       -141933883.9   150445252
SNIA SPA-RIGHTS     SNAW IM        -141933883.9   150445252
SNIA SPA-RNC        SNIWF US       -141933883.9   150445252
SNIA SPA-RNC        SNRNC IM       -141933883.9   150445252
SNIA SPA-RTS        SNSO IM        -141933883.9   150445252
SNIA SPA-RTS        SNAA IM        -141933883.9   150445252
SOCOTHERM SPA       SCT TQ         -161739278.5   398222827
SOCOTHERM SPA       SCTM IX        -161739278.5   398222827
SOCOTHERM SPA       SOCEF US       -161739278.5   398222827
SOCOTHERM SPA       SCT IM         -161739278.5   398222827
SOCOTHERM SPA       SCT EU         -161739278.5   398222827
SOCOTHERM SPA       SCTI PZ        -161739278.5   398222827
SOCOTHERM SPA       SCT EO         -161739278.5   398222827
TAS TECNOLOGIA      TAS EU         -405622.1721   172796510
TAS TECNOLOGIA      TAQ GR         -405622.1721   172796510
TAS TECNOLOGIA      TAS NM         -405622.1721   172796510
TAS TECNOLOGIA      TAS TQ         -405622.1721   172796510
TAS TECNOLOGIA      TAS PZ         -405622.1721   172796510
TAS TECNOLOGIA      TAS IM         -405622.1721   172796510
TAS TECNOLOGIA      TAS EO         -405622.1721   172796510
TECNODIFF ITALIA    TDI NM         -89894162.82   152045757
TECNODIFF ITALIA    TEF GR         -89894162.82   152045757
TECNODIFF ITALIA    TDI IM         -89894162.82   152045757
TECNODIFF ITALIA    TDIFF US       -89894162.82   152045757
TECNODIFF-RTS       TDIAOW NM      -89894162.82   152045757
TECNODIFFUSIONE     TDIAAW IM      -89894162.82   152045757
TISCALI - RTS       TISAAW IM      -421259823.5   632152614
TISCALI - RTS       TIQA GR        -421259823.5   632152614
TISCALI SPA         TISGBX EU      -421259823.5   632152614
TISCALI SPA         TISN FP        -421259823.5   632152614
TISCALI SPA         TIQ1 GR        -421259823.5   632152614
TISCALI SPA         TSCXF US       -421259823.5   632152614
TISCALI SPA         TISN IM        -421259823.5   632152614
TISCALI SPA         TIS FP         -421259823.5   632152614
TISCALI SPA         TISGBX EO      -421259823.5   632152614
TISCALI SPA         TIS EO         -421259823.5   632152614
TISCALI SPA         TIS NR         -421259823.5   632152614
TISCALI SPA         TISN IX        -421259823.5   632152614
TISCALI SPA         TIQ GR         -421259823.5   632152614
TISCALI SPA         TIS VX         -421259823.5   632152614
TISCALI SPA         TIS IX         -421259823.5   632152614
TISCALI SPA         TIS IM         -421259823.5   632152614
TISCALI SPA         TISGBP EO      -421259823.5   632152614
TISCALI SPA         TIS PZ         -421259823.5   632152614
TISCALI SPA         TIS EU         -421259823.5   632152614
TISCALI SPA         TIS TQ         -421259823.5   632152614
TISCALI SPA         TISN NA        -421259823.5   632152614
TISCALI SPA         TIS NA         -421259823.5   632152614
TISCALI SPA         TISN VX        -421259823.5   632152614
TISCALI SPA         TIQG IX        -421259823.5   632152614
TISCALI SPA- RTS    TISAXA IM      -421259823.5   632152614
TISCALI SPA- RTS    3391621Q GR    -421259823.5   632152614
YORKVILLE BHN       BY IM          -178432.4639   134255669
YORKVILLE BHN       BY TQ          -178432.4639   134255669
YORKVILLE BHN       CBXI PZ        -178432.4639   134255669

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   609871189
BAAN COMPANY NV     BAAN EU        -7854741.409   609871189
BAAN COMPANY NV     BAAN GR        -7854741.409   609871189
BAAN COMPANY NV     BNCG IX        -7854741.409   609871189
BAAN COMPANY NV     BAAN EO        -7854741.409   609871189
BAAN COMPANY NV     BAAN IX        -7854741.409   609871189
BAAN COMPANY NV     BAAN PZ        -7854741.409   609871189
BAAN COMPANY NV     BAAVF US       -7854741.409   609871189
BAAN COMPANY NV     BAAN NA        -7854741.409   609871189
BAAN COMPANY-NY     BAANF US       -7854741.409   609871189
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   399710324
PETRO GEO-SERV      PGS VX         -18066142.21   399710324
PETRO GEO-SERV      265143Q NO     -18066142.21   399710324
PETRO GEO-SERV-N    PGSN NO        -18066142.21   399710324
PETRO GEO-SV-ADR    PGSA GR        -18066142.21   399710324
PETRO GEO-SV-ADR    PGOGY US       -18066142.21   399710324
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
KROSNO              KROS IX        -2241614.766   111838141
KROSNO              KRS LI         -2241614.766   111838141
KROSNO              KRS PW         -2241614.766   111838141
KROSNO              KRS1EUR EO     -2241614.766   111838141
KROSNO SA           KRS1 EU        -2241614.766   111838141
KROSNO SA           KROSNO PW      -2241614.766   111838141
KROSNO SA           KRS PZ         -2241614.766   111838141
KROSNO SA           KRNFF US       -2241614.766   111838141
KROSNO SA           KRS1 EO        -2241614.766   111838141
KROSNO SA-RTS       KRSP PW        -2241614.766   111838141
KROSNO-PDA-ALLT     KRSA PW        -2241614.766   111838141
TOORA               TOR PZ         -288818.3897   147004954
TOORA               TOR PW         -288818.3897   147004954
TOORA               2916661Q EO    -288818.3897   147004954
TOORA               2916665Q EU    -288818.3897   147004954
TOORA-ALLOT CERT    TORA PW        -288818.3897   147004954

PORTUGAL
--------
BENFICA             SLBEN EO       -16614056.44   234366256
BENFICA             SLBE IX        -16614056.44   234366256
BENFICA             SLBENX PX      -16614056.44   234366256
BENFICA             SLBEN PL       -16614056.44   234366256
BENFICA             SLBEN EU       -16614056.44   234366256
BENFICA             SLBEN PZ       -16614056.44   234366256
LISGRAFICA IMPRE    LIAG EU        -11584933.86   107940471
LISGRAFICA IMPRE    LIAG PL        -11584933.86   107940471
LISGRAFICA IMPRE    LIAG EO        -11584933.86   107940471
LISGRAFICA IMPRE    LIG EU         -11584933.86   107940471
LISGRAFICA IMPRE    LIG PZ         -11584933.86   107940471
LISGRAFICA IMPRE    LIG PL         -11584933.86   107940471
LISGRAFICA IMPRE    LIG EO         -11584933.86   107940471
LISGRAFICA-RTS      LIGDS PL       -11584933.86   107940471
PORCELANA VISTA     PVAL PL        -75871846.95   148731547
SPORT LISBOA E B    1249Z PL       -16614056.44   234366256
SPORTING-SOC DES    SCDF EO         -4083492.14   225687306
SPORTING-SOC DES    SCP1 PZ         -4083492.14   225687306
SPORTING-SOC DES    SCPX PX         -4083492.14   225687306
SPORTING-SOC DES    SCPL IX         -4083492.14   225687306
SPORTING-SOC DES    SCG GR          -4083492.14   225687306
SPORTING-SOC DES    SCDF PL         -4083492.14   225687306
SPORTING-SOC DES    SCP PL          -4083492.14   225687306
SPORTING-SOC DES    SCDF EU         -4083492.14   225687306
VAA VISTA ALEGRE    VAFX PX        -75871846.95   148731547
VAA VISTA ALEGRE    VAF EU         -75871846.95   148731547
VAA VISTA ALEGRE    VAF PZ         -75871846.95   148731547
VAA VISTA ALEGRE    VAF EO         -75871846.95   148731547
VAA VISTA ALEGRE    VAF PL         -75871846.95   148731547
VAA VISTA ALTAN     VAFK PZ        -75871846.95   148731547
VAA VISTA ALTAN     VAFK EU        -75871846.95   148731547
VAA VISTA ALTAN     VAFK EO        -75871846.95   148731547
VAA VISTA ALTAN     VAFKX PX       -75871846.95   148731547
VAA VISTA ALTAN     VAFK PL        -75871846.95   148731547

ROMANIA
-------
ARDAF               ARDF RO        -57541345.69   142988411
OLTCHIM RM VALCE    OLT PZ         -89344235.29   511515509
OLTCHIM RM VALCE    OLTCF US       -89344235.29   511515509
OLTCHIM RM VALCE    OLTEUR EU      -89344235.29   511515509
OLTCHIM RM VALCE    OLT EO         -89344235.29   511515509
OLTCHIM RM VALCE    OLTEUR EO      -89344235.29   511515509
OLTCHIM RM VALCE    OLT RO         -89344235.29   511515509
OLTCHIM RM VALCE    OLT EU         -89344235.29   511515509
RAFO SA             RAF RO         -457922636.3   356796459
UZINELE SODICE G    UZIM RO        -62313938.86   107275527

RUSSIA
------
ALFA CEMENT-BRD     AFMTF US       -672832.3703   105454564
ALFA CEMENT-BRD     ALCE RU        -672832.3703   105454564
ALFA CEMENT-BRD     ALCE* RU       -672832.3703   105454564
AMO ZIL             ZILL RM        -171193521.5   350870451
AMO ZIL-CLS         ZILL* RU       -171193521.5   350870451
AMO ZIL-CLS         ZILL RU        -171193521.5   350870451
AMUR SHIP-BRD       AMZS RU         -99051792.6  1089408985
AMUR SHIP-BRD       AMZS* RU        -99051792.6  1089408985
DAGESTAN ENERGY     DASB RU        -33465586.31   128437867
DAGESTAN ENERGY     DASB* RU       -33465586.31   128437867
DAGESTAN ENERGY     DASB RM        -33465586.31   128437867
EAST-SIBERIA-BRD    VSNK* RU       -116177580.5   140342466
EAST-SIBERIA-BRD    VSNK RU        -116177580.5   140342466
EAST-SIBERIAN-BD    VSNK$ RU       -116177580.5   140342466
FINANCIAL LE-BRD    FLKO* RU       -28157479.23   503349976
FINANCIAL LE-BRD    FLKO RU        -28157479.23   503349976
FINANCIAL LEASIN    FLKO RM        -28157479.23   503349976
FINANCIAL LEASIN    137282Z RU     -28157479.23   503349976
GUKOVUGOL           GUUG* RU       -57835245.31   143665227
GUKOVUGOL           GUUG RU        -57835245.31   143665227
GUKOVUGOL-PFD       GUUGP RU       -57835245.31   143665227
GUKOVUGOL-PFD       GUUGP* RU      -57835245.31   143665227
KOLENERGOSBY-CLS    KOSB RU        -8070130.628   103789431
KOLENERGOSBY-CLS    KOSB* RU       -8070130.628   103789431
KOLENERGOSBY-PFD    KOSBP* RU      -8070130.628   103789431
KOLENERGOSBY-PFD    KOSBP RU       -8070130.628   103789431
KOLENERGOSBY-PFD    KOSBPG RU      -8070130.628   103789431
KOLENERGOSBY-T+0    KOSBG RU       -8070130.628   103789431
KOLENERGOSBYT       KOSB RM        -8070130.628   103789431
KOMPANIYA GL-BRD    GMST* RU       -69058321.52  1307372498
KOMPANIYA GL-BRD    GMST RU        -69058321.52  1307372498
MZ ARSENAL-$BRD     ARSE RU        -4671159.212   193672793
MZ ARSENAL-BRD      ARSE* RU       -4671159.212   193672793
MZ ARSENAL-BRD      ARSE$ RU       -4671159.212   193672793
SAMARANEFTEGA-P$    SMNGP RU       -331600428.5   891998591
SAMARANEFTEGAS      SVYOF US       -331600428.5   891998591
SAMARANEFTEGAS      SMNG RM        -331600428.5   891998591
SAMARANEFTEGAS      SMNG$ RU       -331600428.5   891998591
SAMARANEFTEGAS      SMNG* RU       -331600428.5   891998591
SAMARANEFTEGAS-$    SMNG RU        -331600428.5   891998591
SAMARANEFTEGAS-P    SMNGP* RU      -331600428.5   891998591
SAMARANEFTEGAS-P    SMNGP RM       -331600428.5   891998591
SAMARANEFTEGAS-P    SMNGP$ RU      -331600428.5   891998591
TERNEYLES-BRD       TERL RU         -15178937.2   182115157
TERNEYLES-BRD       TERL* RU        -15178937.2   182115157
TRANSAERO AIRLIN    TRNS* RU        -32834680.5   456883935
TRANSAERO AIRLIN    TRNS RU         -32834680.5   456883935
URGALUGOL-BRD       YRGL RU        -15706613.04   105440541
URGALUGOL-BRD       YRGL* RU       -15706613.04   105440541
URGALUGOL-BRD-PF    YRGLP RU       -15706613.04   105440541
VOLGOGRAD KHIM      VHIM* RU       -6661016.159   113935933
VOLGOGRAD KHIM      VHIM RU        -6661016.159   113935933
ZIL AUTO PLANT      ZILL$ RU       -171193521.5   350870451
ZIL AUTO PLANT-P    ZILLP* RU      -171193521.5   350870451
ZIL AUTO PLANT-P    ZILLP RU       -171193521.5   350870451
ZIL AUTO PLANT-P    ZILLP RM       -171193521.5   350870451

SERBIA
-------
DUVANSKA            DIVR SG        -7729350.776   109207261
IMK 14 OKTOBAR A    IMKO SG        -5175836.416   110102264
PINKI AD            PNKI SG        -36537862.34   120707518
ZASTAVA AUTOMOBI    ZAKG SG        -396504649.1   174692011

SPAIN
-----
ACTUACIONES ACTI    AGR SM         -148097530.9   674738808
AGRUPACIO - RT      AGR/D SM       -148097530.9   674738808
FERGO AISA SA       AISA SM        -148097530.9   674738808
FERGO AISA SA       AISA EU        -148097530.9   674738808
FERGO AISA SA       AISA EO        -148097530.9   674738808
FERGO AISA SA       AISA PZ        -148097530.9   674738808
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
BESIKTAS FUTBOL     BJKAS TI       -10396040.97   175760356
BESIKTAS FUTBOL     BJKASM TI      -10396040.97   175760356
BESIKTAS FUTBOL     BWX GR         -10396040.97   175760356
BESIKTAS FUTBOL     BJKASY TI      -10396040.97   175760356
EGS EGE GIYIM VE    EGDIS TI       -7732138.551   147075067
EGS EGE GIYIM-RT    EGDISR TI      -7732138.551   147075067
IKTISAT FINAN-RT    IKTFNR TI      -46900661.12   108228234
IKTISAT FINANSAL    IKTFN TI       -46900661.12   108228234
MUDURNU TAVUKC-N    MDRNUN TI      -64930189.62   160408172
MUDURNU TAVUKCUL    MDRNU TI       -64930189.62   160408172
SIFAS               SIFAS TI        -15439198.6   130608104
TUTUNBANK           TUT TI          -4024959602  2643810457
YASARBANK           YABNK TI        -4024959602  2643810457

UKRAINE
-------
AZOVZAGALMASH MA    AZGM UZ        -16212049.02   277693906
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   424303605
DNIPROOBLENERGO     DNON UZ        -3607242.033   284973579
DONETSKOBLENERGO    DOON UZ        -209532649.1   360933615
LUGANSKOBLENERGO    LOEN UZ        -26290526.22   191765121
NAFTOKHIMIK PRIC    NAFP UZ        -19746288.63   299014708
NAFTOKHIMIK-GDR     N3ZA GR        -19746288.63   299014708
ODESSA OIL REFIN    ONPZ UZ        -70727947.39   325964087

UNITED KINGDOM
--------------
4LESS GROUP         BYH PO         -3088436.068   106650689
4LESS GROUP         FLG OF         -3088436.068   106650689
4LESS GROUP         LI4 GR         -3088436.068   106650689
4LESS GROUP         FL/ PO         -3088436.068   106650689
4LESS GROUP         BHL PO         -3088436.068   106650689
4LESS GROUP         FL/ LN         -3088436.068   106650689
ABBOTT MEAD VICK    648824Q LN     -1685852.904   168258996
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   252232073
ALLDAYS PLC         ALDYF US         -120493900   252232073
AMER BUS SYS        ARB LN           -497127008   121439000
AMEY PLC            AMY LN         -48862569.33   931527720
AMEY PLC            AMY VX         -48862569.33   931527720
AMEY PLC            AMEYF US       -48862569.33   931527720
AMEY PLC-ASSENT     AMYA LN        -48862569.33   931527720
AMEY PLC-NEW        AMYN LN        -48862569.33   931527720
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
BAYDONHILL PLC      BHL PZ         -3088436.068   106650689
BAYDONHILL PLC      BYH LN         -3088436.068   106650689
BAYDONHILL PLC      BHL LN         -3088436.068   106650689
BAYDONHILL PLC      BHL PG         -3088436.068   106650689
BAYDONHILL PLC      BHL IX         -3088436.068   106650689
BAYDONHILL PLC      BHL EU         -3088436.068   106650689
BCH GROUP PLC       BCH LN         -5728274.385   187993198
BLACK & EDGINGTO    BLE LN         -134177517.4   149159302
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
BRADSTOCK GROUP     BSKGF US       -1855444.443   268563822
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  4.0326E+10
BRIT TELECOM        BTE GR          -5730703494  4.6661E+10
BRIT TELECOM        9484 JP         -5730703494  4.6661E+10
BRIT TELECOM PLC    BTPLF US        -5730703494  4.6661E+10
BRIT TELECOM PLC    BTPWF US        -5730703494  4.6661E+10
BRIT TELECOM PLC    BT/A VX         -5730703494  4.6661E+10
BRIT TELECOM-ADR    1481Q CN        -5730703494  4.6661E+10
BRIT TELECOM-ADR    BTEA GR         -5730703494  4.6661E+10
BRIT TELECOM-RTS    BTY-R US        -5730703494  4.6661E+10
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  4.6661E+10
BRITISH TELE-NP     BTPXF US        -5730703494  4.6661E+10
BRITISH TELE-NP     BT/N LN         -5730703494  4.6661E+10
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  4.6661E+10
BT GROUP PLC        BT/A PO         -5730703494  4.6661E+10
BT GROUP PLC        BT/A LN         -5730703494  4.6661E+10
BT GROUP PLC        BT/A QM         -5730703494  4.6661E+10
BT GROUP PLC        BTGOF US        -5730703494  4.6661E+10
BT GROUP PLC        BT/AUSD EO      -5730703494  4.6661E+10
BT GROUP PLC        BTEG IX         -5730703494  4.6661E+10
BT GROUP PLC        BT/A NR         -5730703494  4.6661E+10
BT GROUP PLC        BT/AUSD EU      -5730703494  4.6661E+10
BT GROUP PLC        BT/A EB         -5730703494  4.6661E+10
BT GROUP PLC        BT/A EO         -5730703494  4.6661E+10
BT GROUP PLC        BT/A TQ         -5730703494  4.6661E+10
BT GROUP PLC        BT/A NQ         -5730703494  4.6661E+10
BT GROUP PLC        BT/APEN EO      -5730703494  4.6661E+10
BT GROUP PLC        BT/AEUR EO      -5730703494  4.6661E+10
BT GROUP PLC        BT/AGBP EO      -5730703494  4.6661E+10
BT GROUP PLC        BT/APEN EU      -5730703494  4.6661E+10
BT GROUP PLC        BT IX           -5730703494  4.6661E+10
BT GROUP PLC        BT/A EU         -5730703494  4.6661E+10
BT GROUP PLC        BT PZ           -5730703494  4.6661E+10
BT GROUP PLC        BT/A BQ         -5730703494  4.6661E+10
BT GROUP PLC        BT/AEUR EU      -5730703494  4.6661E+10
BT GROUP PLC        BT/ VX          -5730703494  4.6661E+10
BT GROUP PLC-ADR    BT/$ LN         -5730703494  4.6661E+10
BT GROUP PLC-W/I    BTWI LN         -5730703494  4.6661E+10
BT GROUP-ADR        BTQA GR         -5730703494  4.6661E+10
BT GROUP-ADR WI     BTY-W US        -5730703494  4.6661E+10
BT GROUP-CED $US    BTYD AR         -5730703494  4.6661E+10
BT GROUP-CED $US    BTD AR          -5730703494  4.6661E+10
BT GROUP-CED BLK    BTYB AR         -5730703494  4.6661E+10
BT GROUP-CED BLK    BTB AR          -5730703494  4.6661E+10
BT GROUP-CED C/E    BTYC AR         -5730703494  4.6661E+10
BT GROUP-CED C/E    BTC AR          -5730703494  4.6661E+10
BT GROUP-CEDEAR     BT AR           -5730703494  4.6661E+10
BT GROUP-CEDEAR     BTY AR          -5730703494  4.6661E+10
BT GROUP-SPON AD    BTY US          -5730703494  4.6661E+10
BT GROUP-SPON AD    BT MM           -5730703494  4.6661E+10
BT GROUP-SPON AD    BTYN MM         -5730703494  4.6661E+10
BT GROUP-SPON AD    BT US           -5730703494  4.6661E+10
CARLISLE GROUP      506819Q LN     -11904426.45   203548565
CHRYSALIS GROUP     CHS PZ         -7422046.098   110320050
CHRYSALIS GROUP     CHS EO         -7422046.098   110320050
CHRYSALIS GROUP     CHS VX         -7422046.098   110320050
CHRYSALIS GROUP     CYGUF US       -7422046.098   110320050
CHRYSALIS GROUP     CHSUSD EO      -7422046.098   110320050
CHRYSALIS GROUP     CHS PO         -7422046.098   110320050
CHRYSALIS GROUP     CHSEUR EU      -7422046.098   110320050
CHRYSALIS GROUP     CHS EU         -7422046.098   110320050
CHRYSALIS GROUP     HR4 GR         -7422046.098   110320050
CHRYSALIS GROUP     CHS IX         -7422046.098   110320050
CHRYSALIS GROUP     CHSUSD EU      -7422046.098   110320050
CHRYSALIS GROUP     CHSGBP EO      -7422046.098   110320050
CHRYSALIS GROUP     CHSEUR EO      -7422046.098   110320050
CHRYSALIS GROUP     5CY GR         -7422046.098   110320050
CHRYSALIS GROUP     CHS LN         -7422046.098   110320050
CHRYSALIS GROUP     CLYSF US       -7422046.098   110320050
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
COSTAIN GROU-RTS    COSN LN        -19097658.92   649978943
COSTAIN GROUP       CSGFF US       -19097658.92   649978943
COSTAIN GROUP       COSTUSD EO     -19097658.92   649978943
COSTAIN GROUP       COST EU        -19097658.92   649978943
COSTAIN GROUP       COSTGBP EO     -19097658.92   649978943
COSTAIN GROUP       COST EO        -19097658.92   649978943
COSTAIN GROUP       COSTEUR EU     -19097658.92   649978943
COSTAIN GROUP       COSTUSD EU     -19097658.92   649978943
COSTAIN GROUP       COST IX        -19097658.92   649978943
COSTAIN GROUP       COSTEUR EO     -19097658.92   649978943
COSTAIN GROUP       COST PO        -19097658.92   649978943
COSTAIN GROUP       COST PZ        -19097658.92   649978943
COSTAIN GROUP       COST VX        -19097658.92   649978943
COSTAIN GROUP       COST LN        -19097658.92   649978943
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   785933431
DE LA RUE PLC       DL1 GR         -49140782.93   785933431
DE LA RUE PLC       DLAR IX        -49140782.93   785933431
DE LA RUE PLC       DLAR NR        -49140782.93   785933431
DE LA RUE PLC       DLAR PO        -49140782.93   785933431
DE LA RUE PLC       DLARF US       -49140782.93   785933431
DE LA RUE PLC       DLAREUR EO     -49140782.93   785933431
DE LA RUE PLC       DLAR VX        -49140782.93   785933431
DE LA RUE PLC       DLARCHF EU     -49140782.93   785933431
DE LA RUE PLC       DLARCHF EO     -49140782.93   785933431
DE LA RUE PLC       DL1C GR        -49140782.93   785933431
DE LA RUE PLC       DLAREUR EU     -49140782.93   785933431
DE LA RUE PLC       DLARUSD EU     -49140782.93   785933431
DE LA RUE PLC       DLARUSD EO     -49140782.93   785933431
DE LA RUE PLC       DLAR EU        -49140782.93   785933431
DE LA RUE PLC       DLAR TQ        -49140782.93   785933431
DE LA RUE PLC       DLAR PZ        -49140782.93   785933431
DE LA RUE PLC       DLARGBP EO     -49140782.93   785933431
DE LA RUE PLC       DL1B GR        -49140782.93   785933431
DE LA RUE PLC       DLAR EO        -49140782.93   785933431
DE LA RUE PLC       DLAR NQ        -49140782.93   785933431
DE LA RUE PLC       DLAR EB        -49140782.93   785933431
DE LA RUE PLC       DELRF US       -49140782.93   785933431
DE LA RUE PLC       DLAR BQ        -49140782.93   785933431
DE LA RUE PLC       DLAR QM        -49140782.93   785933431
DE LA RUE PLC       DLRUF US       -49140782.93   785933431
DE LA RUE PLC       DLAR LN        -49140782.93   785933431
DE LA RUE-ADR       DLUEY US       -49140782.93   785933431
DE LA RUE-ADR       DERUY US       -49140782.93   785933431
DE LA RUE-PREF      DLAP LN        -49140782.93   785933431
DE LA RUE-PREF      DLAP PZ        -49140782.93   785933431
DE LA RUE-PREF      3115438Q EU    -49140782.93   785933431
EASYNET GROUP       EZNGF US       -45232889.17   322770284
EASYNET GROUP       ESY LN         -45232889.17   322770284
EASYNET GROUP       ESY VX         -45232889.17   322770284
EASYNET GROUP       EAY GR         -45232889.17   322770284
EASYNET GROUP       ESY PO         -45232889.17   322770284
EASYNET GROUP-CV    91009Z LN      -45232889.17   322770284
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
EUROPEAN HOME       KLZ VX         -14328735.16   110864081
EUROPEAN HOME       KLZ PO         -14328735.16   110864081
EUROPEAN HOME       EHREUR EO      -14328735.16   110864081
EUROPEAN HOME       EHR EU         -14328735.16   110864081
EUROPEAN HOME       EHR PZ         -14328735.16   110864081
EUROPEAN HOME       EHR PO         -14328735.16   110864081
EUROPEAN HOME       EHR LN         -14328735.16   110864081
EUROPEAN HOME       EHR VX         -14328735.16   110864081
EUROPEAN HOME       FPAKF US       -14328735.16   110864081
EUROPEAN HOME       EHRGBP EO      -14328735.16   110864081
EUROPEAN HOME       EHREUR EU      -14328735.16   110864081
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
FARNELL ELEC-ADR    FRN$ LN        -53758146.86   722693620
FARNELL ELEC-ADR    FRNZ LN        -53758146.86   722693620
FARNELL ELEC-RFD    FRNR LN        -53758146.86   722693620
FARNELL ELECTRON    FRNL LN        -53758146.86   722693620
GALIFORM PLC        MFI IX         -116415877.1   612420067
GALIFORM PLC        GFRM EU        -116415877.1   612420067
GALIFORM PLC        MFIFF US       -116415877.1   612420067
GALIFORM PLC        GFRMNOK EU     -116415877.1   612420067
GALIFORM PLC        GFRM TQ        -116415877.1   612420067
GALIFORM PLC        MFI VX         -116415877.1   612420067
GALIFORM PLC        GFRM LN        -116415877.1   612420067
GALIFORM PLC        GFRMEUR EU     -116415877.1   612420067
GALIFORM PLC        GFRMEUR EO     -116415877.1   612420067
GALIFORM PLC        GFRM EO        -116415877.1   612420067
GALIFORM PLC        GLFMF US       -116415877.1   612420067
GALIFORM PLC        GFRM VX        -116415877.1   612420067
GALIFORM PLC        MFI PO         -116415877.1   612420067
GALIFORM PLC        GFRM IX        -116415877.1   612420067
GALIFORM PLC        GFRM PO        -116415877.1   612420067
GALIFORM PLC        GFRM QM        -116415877.1   612420067
GALIFORM PLC        GFRMNOK EO     -116415877.1   612420067
GALIFORM PLC        GFRM PZ        -116415877.1   612420067
GALIFORM PLC        GFRM EB        -116415877.1   612420067
GALIFORM PLC        GFRM BQ        -116415877.1   612420067
GALIFORM PLC        GFRM NR        -116415877.1   612420067
GALIFORM PLC        GFRMGBP EO     -116415877.1   612420067
GALIFORM PLC        GFRM NQ        -116415877.1   612420067
GARTLAND WHALLEY    GWB LN         -10986769.42   145352034
GARTMORE GROUP      G8T GR         -197233258.3   975283244
GARTMORE GROUP      GRT3GBP EO     -197233258.3   975283244
GARTMORE GROUP      GRT LN         -197233258.3   975283244
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   110875081
HAWTIN PLC          HTI EU         -3873861.331   110875081
HAWTIN PLC          HTI PZ         -3873861.331   110875081
HAWTIN PLC          HTI IX         -3873861.331   110875081
HAWTIN PLC          HTI PG         -3873861.331   110875081
HAWTIN PLC          HWN GR         -3873861.331   110875081
HAWTIN PLC          HTI LN         -3873861.331   110875081
HAWTIN PLC          HTI VX         -3873861.331   110875081
HAWTIN PLC          HTI PO         -3873861.331   110875081
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   739481805
HOGG ROBINSON GR    HOGGF US          -11371715   739481805
HOGG ROBINSON GR    HRGEUR EU         -11371715   739481805
HOGG ROBINSON GR    HRGGBP EO         -11371715   739481805
HOGG ROBINSON GR    HRG PZ            -11371715   739481805
HOGG ROBINSON GR    HRG LN            -11371715   739481805
HOGG ROBINSON GR    HRG EU            -11371715   739481805
HOGG ROBINSON GR    DQX GR            -11371715   739481805
HOGG ROBINSON GR    HRG VX            -11371715   739481805
HOGG ROBINSON GR    HRG IX            -11371715   739481805
HOGG ROBINSON GR    HRG EO            -11371715   739481805
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
JESSOPS PLC         JSP PO          -42702021.2   112964060
JESSOPS PLC         JSP PZ          -42702021.2   112964060
JESSOPS PLC         JSP IX          -42702021.2   112964060
JESSOPS PLC         JS4 GR          -42702021.2   112964060
JESSOPS PLC         JSP EU          -42702021.2   112964060
JESSOPS PLC         JSPEUR EO       -42702021.2   112964060
JESSOPS PLC         JSPEUR EU       -42702021.2   112964060
JESSOPS PLC         JSP VX          -42702021.2   112964060
JESSOPS PLC         JSP EO          -42702021.2   112964060
JESSOPS PLC         JSP LN          -42702021.2   112964060
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
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   143762194
LEEDS SPORTING      LES LN          -73166148.8   143762194
LEEDS UNITED PLC    LUFC LN         -73166148.8   143762194
LEEDS UNITED PLC    LDSUF US        -73166148.8   143762194
LEEDS UNITED PLC    889687Q GR      -73166148.8   143762194
LONDON TOWN PLC     LTW EU         -21897636.36   175672299
LONDON TOWN PLC     LTW PO         -21897636.36   175672299
LONDON TOWN PLC     LTW PZ         -21897636.36   175672299
LONDON TOWN PLC     LTWX LN        -21897636.36   175672299
LONDON TOWN PLC     LTW IX         -21897636.36   175672299
LONDON TOWN PLC     LTWR LN        -21897636.36   175672299
LONDON TOWN PLC     LTW LN         -21897636.36   175672299
LONDON TOWN PLC     LOU GR         -21897636.36   175672299
LONDON TOWN PLC     LTW EO         -21897636.36   175672299
LONDON TOWN PLC     LTW PG         -21897636.36   175672299
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
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
NEW STAR ASSET      NSAM PZ          -397718038   292972732
NEW STAR ASSET      3226447Q EO      -397718038   292972732
NEW STAR ASSET      3226439Q EU      -397718038   292972732
NEW STAR ASSET      NSAM LN          -397718038   292972732
NEW STAR ASSET      NSAM PO          -397718038   292972732
NEW STAR ASSET      3226435Q EO      -397718038   292972732
NEW STAR ASSET      NSAA LN          -397718038   292972732
NEW STAR ASSET      NSAM TQ          -397718038   292972732
NEW STAR ASSET      NSAM IX          -397718038   292972732
NEW STAR ASSET      NWSAF US         -397718038   292972732
NEW STAR ASSET      N6S GR           -397718038   292972732
NEW STAR ASSET      3226431Q EU      -397718038   292972732
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   127701680
ORBIS PLC           RLP GR         -4168498.479   127701680
ORBIS PLC           OBS LN         -4168498.479   127701680
ORBIS PLC           ORBSF US       -4168498.479   127701680
ORBIS PLC           OBS IX         -4168498.479   127701680
ORBIS PLC           OBS PZ         -4168498.479   127701680
ORBIS PLC           OBS PO         -4168498.479   127701680
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
PARK GROUP PLC      PKG EO         -52867263.19   185089877
PARK GROUP PLC      PRKG IX        -52867263.19   185089877
PARK GROUP PLC      PKG PO         -52867263.19   185089877
PARK GROUP PLC      PKG EU         -52867263.19   185089877
PARK GROUP PLC      PKG LN         -52867263.19   185089877
PARK GROUP PLC      PKG PZ         -52867263.19   185089877
PARK GROUP PLC      PKG VX         -52867263.19   185089877
PARK GROUP PLC      PRKGF US       -52867263.19   185089877
PARK GROUP PLC      PKGGBP EO      -52867263.19   185089877
PATIENTLINE PLC     2928903Q EU    -54677284.64   124948246
PATIENTLINE PLC     PTL IX         -54677284.64   124948246
PATIENTLINE PLC     PTL PZ         -54677284.64   124948246
PATIENTLINE PLC     2928899Q EO    -54677284.64   124948246
PATIENTLINE PLC     PTL LN         -54677284.64   124948246
PATIENTLINE PLC     PTL PO         -54677284.64   124948246
PATIENTLINE PLC     PTL VX         -54677284.64   124948246
PATIENTLINE PLC     2928907Q EO    -54677284.64   124948246
PREMIER FARN-ADR    2246804Q US    -53758146.86   722693620
PREMIER FARN-ADR    PFLZ LN        -53758146.86   722693620
PREMIER FARN-ADR    PIFLY US       -53758146.86   722693620
PREMIER FARNELL     PFL PZ         -53758146.86   722693620
PREMIER FARNELL     PFLSEK EU      -53758146.86   722693620
PREMIER FARNELL     PFL QM         -53758146.86   722693620
PREMIER FARNELL     PFL NR         -53758146.86   722693620
PREMIER FARNELL     PFLUSD EU      -53758146.86   722693620
PREMIER FARNELL     PFLUSD EO      -53758146.86   722693620
PREMIER FARNELL     PFL PO         -53758146.86   722693620
PREMIER FARNELL     PFL VX         -53758146.86   722693620
PREMIER FARNELL     PFL TQ         -53758146.86   722693620
PREMIER FARNELL     PFL BQ         -53758146.86   722693620
PREMIER FARNELL     PFLEUR EO      -53758146.86   722693620
PREMIER FARNELL     PML GR         -53758146.86   722693620
PREMIER FARNELL     PFLGBP EO      -53758146.86   722693620
PREMIER FARNELL     PFL IX         -53758146.86   722693620
PREMIER FARNELL     PFL EO         -53758146.86   722693620
PREMIER FARNELL     PFLSEK EO      -53758146.86   722693620
PREMIER FARNELL     PFL EU         -53758146.86   722693620
PREMIER FARNELL     PFL LN         -53758146.86   722693620
PREMIER FARNELL     PFL NQ         -53758146.86   722693620
PREMIER FARNELL     PFLEUR EU      -53758146.86   722693620
PREMIER FARNELL     PFL EB         -53758146.86   722693620
PREMIER FARNELL     PIFLF US       -53758146.86   722693620
PROSTRAKAN GROUP    PSK PZ         -1646349.907   143067807
PROSTRAKAN GROUP    PSK IX         -1646349.907   143067807
PROSTRAKAN GROUP    PKNGF US       -1646349.907   143067807
PROSTRAKAN GROUP    PSK VX         -1646349.907   143067807
PROSTRAKAN GROUP    PSK PO         -1646349.907   143067807
PROSTRAKAN GROUP    PSKEUR EU      -1646349.907   143067807
PROSTRAKAN GROUP    PSK EO         -1646349.907   143067807
PROSTRAKAN GROUP    PSK EU         -1646349.907   143067807
PROSTRAKAN GROUP    PSKGBP EO      -1646349.907   143067807
PROSTRAKAN GROUP    PSKEUR EO      -1646349.907   143067807
PROSTRAKAN GROUP    PSK LN         -1646349.907   143067807
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   705060825
SAATCHI & SA-ADR    SSA US         -119260804.2   705060825
SAATCHI & SAATCH    188190Q GR     -119260804.2   705060825
SAATCHI & SAATCH    SSATF US       -119260804.2   705060825
SAATCHI & SAATCH    SSI LN         -119260804.2   705060825
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   156822903
SFI GROUP PLC       SUYFF US       -108067115.8   177647536
SFI GROUP PLC       SUF LN         -108067115.8   177647536
SKYEPHAR-RTS F/P    SKPF VX        -134177517.4   149159302
SKYEPHAR-RTS F/P    SKPF LN        -134177517.4   149159302
SKYEPHAR-RTS N/P    SKPN LN        -134177517.4   149159302
SKYEPHAR-RTS N/P    SKPN VX        -134177517.4   149159302
SKYEPHARMA -SUB     2976665Z LN    -134177517.4   149159302
SKYEPHARMA PLC      SK8A GR        -134177517.4   149159302
SKYEPHARMA PLC      SKP PZ         -134177517.4   149159302
SKYEPHARMA PLC      SKPEUR EO      -134177517.4   149159302
SKYEPHARMA PLC      SKP1 VX        -134177517.4   149159302
SKYEPHARMA PLC      SKP PO         -134177517.4   149159302
SKYEPHARMA PLC      SKP LN         -134177517.4   149159302
SKYEPHARMA PLC      SKP TQ         -134177517.4   149159302
SKYEPHARMA PLC      SKPGBP EO      -134177517.4   149159302
SKYEPHARMA PLC      SK8C GR        -134177517.4   149159302
SKYEPHARMA PLC      SKP VX         -134177517.4   149159302
SKYEPHARMA PLC      SKPEUR EU      -134177517.4   149159302
SKYEPHARMA PLC      SKP EU         -134177517.4   149159302
SKYEPHARMA PLC      SKP EO         -134177517.4   149159302
SKYEPHARMA PLC      SKYEF US       -134177517.4   149159302
SKYEPHARMA PLC      SKP IX         -134177517.4   149159302
SKYEPHARMA-ADR      AP80 LI        -134177517.4   149159302
SKYEPHARMA-ADR      SK8N GR        -134177517.4   149159302
SKYEPHARMA-ADR      SKYPY US       -134177517.4   149159302
SKYEPHARMA-ADR      SKYE US        -134177517.4   149159302
SKYEPHARMA-ADR      SKYEY US       -134177517.4   149159302
SKYEPHARMA-ADR      SK8 GR         -134177517.4   149159302
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
SMITHS NEWS PLC     NWS PO         -111380853.7   310693960
SMITHS NEWS PLC     NWS LN         -111380853.7   310693960
SMITHS NEWS PLC     NWS2 EO        -111380853.7   310693960
SMITHS NEWS PLC     NWS2 EU        -111380853.7   310693960
SMITHS NEWS PLC     NWS1 EU        -111380853.7   310693960
SMITHS NEWS PLC     NWS1 EO        -111380853.7   310693960
SMITHS NEWS PLC     NWS VX         -111380853.7   310693960
SMITHS NEWS PLC     NWS2EUR EU     -111380853.7   310693960
SMITHS NEWS PLC     NWS1GBP EO     -111380853.7   310693960
SMITHS NEWS PLC     NWS PZ         -111380853.7   310693960
SMITHS NEWS PLC     NWS2EUR EO     -111380853.7   310693960
SMITHS NEWS PLC     SMWPY US       -111380853.7   310693960
SMITHS NEWS PLC     NWS IX         -111380853.7   310693960
SMITHS NEWS PLC     SMWPF US       -111380853.7   310693960
SMITHS NEWS PLC     NWS2 TQ        -111380853.7   310693960
SMITHS NEWS PLC     NWS2GBP EO     -111380853.7   310693960
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
TOPPS TILES PLC     TPT PZ         -85010363.51   146193829
TOPPS TILES PLC     TPT VX         -85010363.51   146193829
TOPPS TILES PLC     TPTGBP EO      -85010363.51   146193829
TOPPS TILES PLC     TPT LN         -85010363.51   146193829
TOPPS TILES PLC     TPTEUR EU      -85010363.51   146193829
TOPPS TILES PLC     TPT EU         -85010363.51   146193829
TOPPS TILES PLC     TPT EO         -85010363.51   146193829
TOPPS TILES PLC     TPT BQ         -85010363.51   146193829
TOPPS TILES PLC     TPTJY US       -85010363.51   146193829
TOPPS TILES PLC     TPT IX         -85010363.51   146193829
TOPPS TILES PLC     TPT PO         -85010363.51   146193829
TOPPS TILES PLC     TPTEUR EO      -85010363.51   146193829
TOPPS TILES PLC     TPT TQ         -85010363.51   146193829
TOPPS TILES-NEW     TPTN LN        -85010363.51   146193829
UTC GROUP           UGR LN         -11904426.45   203548565
VIRGIN MOB-ASSD     VMOA LN        -392165437.6   166070004
VIRGIN MOB-ASSD     VMOC LN        -392165437.6   166070004
VIRGIN MOBILE       VMOB PO        -392165437.6   166070004
VIRGIN MOBILE       VGMHF US       -392165437.6   166070004
VIRGIN MOBILE       UEM GR         -392165437.6   166070004
VIRGIN MOBILE       VMOB LN        -392165437.6   166070004
VIRGIN MOBILE       VMOB VX        -392165437.6   166070004
WARNER ESTATE       WNER VX        -37798939.99   432125170
WARNER ESTATE       WRL GR         -37798939.99   432125170
WARNER ESTATE       WNER EO        -37798939.99   432125170
WARNER ESTATE       WNER IX        -37798939.99   432125170
WARNER ESTATE       WNEHF US       -37798939.99   432125170
WARNER ESTATE       WNER PO        -37798939.99   432125170
WARNER ESTATE       WNERGBP EO     -37798939.99   432125170
WARNER ESTATE       WNER EU        -37798939.99   432125170
WARNER ESTATE       WNER LN        -37798939.99   432125170
WARNER ESTATE       WNER PZ        -37798939.99   432125170
WATSON & PHILIP     WTSN LN          -120493900   252232073
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 2010.  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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