TCREUR_Public/100126.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 26, 2010, Vol. 11, No. 017

                            Headlines



B E L A R U S

BPS-BANK: Fitch Affirms Individual Rating at 'D'


C Y P R U S

E-CLEAR PLC: Administrators to Probe Link with Other Elia Firms


C Z E C H   R E P U B L I C

ZLIN MORAVAN: Declared Bankrupt; Owes CZK41 Mln to Creditors


G E R M A N Y

ENTRY FUNDING: Fitch Downgrades Ratings on Class A Notes to 'B'
HORNBACH-BAUMARKT-AG: S&P Retains 'BB' Rating on EUR250 Mil. Notes
HSH NORDBANK: Bankruptcy of Nine Flower Funds Won't Hit Business
UNITYMEDIA GMBH: EU Commission Clears Proposed Acquisition by LGE


H U N G A R Y

VIDAM PARK: Could Face Bankruptcy; Has HUF70 Mln Operating Deficit


I C E L A N D

DECODE GENETICS: Closes Sale of Icelandic Human Genetics Unit
KAUPTHING BANK: Receives Claims Worth US$56 Bln From Creditors


I R E L A N D

AULDCARN LTD: Goes Into Liquidation; Owes EUR2.3 Mln to Creditors
BUDGET TRAVEL: Club Travel Buys Trade Name, Intellectual Property
C. WELL: Creditors Meeting Set for February 2
CAULFIELD MCCARTHY: Faces Uncertainty After HCJV Covenant Breach
COLINDALE CONSTRUCTION: Creditors Meeting Set for February 3

FURNISHWELL LIMITED: Creditors Meeting Set for February 9
HESBRO LIMITED: Appoints Flavien Keily as Liquidator
LINEN SUPPLY: Landlord Balks at Rescue Plan; 290 Jobs at Risk
NOEL LARKIN: Creditors Meeting Set for February 9
PETER D DRONEY: Creditors Meeting Set for February 2

REGIONAL DEVELOPMENTS: Creditors Meeting Set for February 9
SCOTT O' SHEA: Creditors Meeting Set for February 5
SIMPLE SIMON: Creditors Meeting Set for February 2
UNITED STERLING: Creditors Meeting Set for February 2
ZOE DEVELOPMENTS: AIB Secures Court Order to Appoint Receiver


I T A L Y

FIAT SPA: Appoints Harald Wester to Revive Alfa Romeo Brand
PARMALAT SPA: Deloitte & Thornton Settle Lawsuit
PARMALAT SPA: Dr. Bondi to Appeal Grant Thornton Dismissal
PARMALAT SPA: Finalizes US$100MM Settlement With BofA


K A Z A K H S T A N

BANK CENTERCREDIT: Fitch Affirms Individual Rating at 'D/E'
BTA BANK: National Wellbeing Fund May Sell 85% Stake to Sberbank
HALYK BANK: Fitch Affirms Individual Rating at 'D/E'
KAZKOMMERTSBANK: Fitch Affirms Individual Rating at 'E'


N E T H E R L A N D S

LYONDELLBASELL INDUSTRIES: Reports Third Quarter 2009 Results
LYONDELLBASELL INDUSTRIES: Updates Investors on November Results


R U S S I A

AK YAKUTSKENERGO: Fitch Affirms LT Foreign Currency IDR at 'BB'
BANK VTB: Fitch Affirms Individual Rating at 'D'
GAZPROMBANK MORTGAGE: Moody's Reviews Caa3-Rated Notes for Upgrade
RUSHYDRO JSC: Fitch Affirms Long-Term Foreign Currency IDR at BB+
SUKHOI CIVIL: Fitch Affirms Long-Term Foreign Currency IDR at BB+

TRANSCONTAINER OJSC: Fitch Affirms LT Foreign Currency IDR at BB+
UC RUSAL: Raises US$2.2 Bln in Hong Kong Initial Public Offering

* RUSSIA: Fitch Affirms Individual Ratings of Eight Banks at 'D'


S P A I N

CABLEUROPA SA: Fitch Affirms Issuer Default Ratings at 'B'
ESPANOLA DEL ZINC: Suspended From Trading; Chief Executive Resigns


S W E D E N

GENERAL MOTORS: Saab Talks with Spyker Inconclusive


U N I T E D   K I N G D O M

AMADEUS ASSOCIATES: In Administration; 26 Jobs Affected
BRADFORD & BINGLEY: European Commission Approves Liquidation
DUNFERMLINE BUILDING: EU Commission Approves Restructuring Aid
EMI GROUP: Citigroup Wants Buyout Suit to Be Moved to London
JS CHILDRENSWEAR: In Administration; MCR Appointed

KAUPTHING SINGER: Administrator Puts Three Loan Books Up for Sale
LEHMAN BROTHERS: Linklaters Advised PwC on Claim Resolution Pact
MANCHESTER UNITED: Takes GBP54 Million Hit From Bond Issue
MELEA LTD: Placed Into Liquidation; Patents May Be Put Up for Sale
MULTIBUILD LTD: Balfour Beatty in Talks to Buy Business

ROCCO FORTE: HBOS Agrees to Extend GBP300 Million Loan

* UK: Buyouts of Insolvent Firms Up in the North West in 2009
* UK: Retailer Insolvencies Down to 451 in Fourth Quarter 2009
* Motor Trade Insolvency Rate Down 1.56% in 2009, Experian Says


X X X X X X X X

* EUROPE: Companies Could Face EUR400BB Refinancing Crisis in 2010

* Large Companies with Insolvent Balance Sheet




                         *********



=============
B E L A R U S
=============


BPS-BANK: Fitch Affirms Individual Rating at 'D'
------------------------------------------------
Fitch Ratings has upgraded Belarus-based BPS-Bank's Long-term
foreign currency Issuer Default Rating to 'B' from 'B-' and
Support Rating to '4' from '5', thereby resolving the Rating Watch
Positive on the ratings.  A Negative Outlook has been assigned.
The rating action follows the completion of the acquisition of a
93.3% stake in BPS by Sberbank - Savings Bank of the Russian
Federation ('BBB'/Negative) from the Belarusian authorities.  A
full list of rating actions is provided at the end of this
comment.

The upgrades reflect the greater potential for the new
shareholder, relative to the Belarusian authorities, to provide
support to BPS in case of need.  At the same time, the ratings are
constrained by Belarusian transfer and convertibility risks, which
may limit the extent to which Belarusian banks can receive and
utilize external support in order to meet obligations to
creditors.  The Negative Outlook on BPS's IDR reflects the risk
that Belarus's economic environment and external finances could
deteriorate further, leading to a weakening in the sovereign's
credit profile and an increase in transfer and convertibility
risks.

BPS is the fourth-largest bank in Belarus with a market share of
7.1% in corporate lending and assets of US$1.7 billion at end-
Q309.  Sberbank plans to grow BPS's market share in corporate
lending to 12% by 2014 from 7.1% currently.  To that end it
intends to increase BPS's equity by US$300 million-350 million
(currently US$226 million) and provide BPS with additional non-
equity financing of up to US$2 billion by 2014.

Sberbank is the largest bank in central and eastern Europe, and
accounts for about 30% of the assets of Russia's banking system.
The main shareholder of Sberbank is the Central Bank of Russia
(60.25% of the voting shares).  Sberbank has the most extensive
branch network in Russia, including 18 territorial banks and more
than 20,000 outlets, and also operates subsidiaries in Kazakhstan
and Ukraine.

The full list of rating actions:

* Long-term foreign currency IDR: upgraded to 'B' from 'B-', off
  RWP, Negative Outlook assigned

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

* Support rating: upgraded to '4' from '5'; off RWP

* Individual rating: affirmed at 'D/E'

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


===========
C Y P R U S
===========


E-CLEAR PLC: Administrators to Probe Link with Other Elia Firms
---------------------------------------------------------------
Dominic O'Connell at The Times reports that accountancy firm BDO,
which acts as administrators for E-Clear, will investigate whether
money from the company was diverted to the other business
interests of Elias Elia, the chief executive.

Creditors estimate E-Clear owed clients about GBP100 million when
it went under but told a court it had only GBP100,000 to hand, the
report relates.

The report says BDO wants to check whether E-Clear helped fund Mr.
Elia's other activities, including a network of Cypriot property
companies.

According to the report, Mr. Elias set up property and
construction groups under the "Elian" umbrella, several of which
had the same office address in London's Mayfair as E-Clear.

BDO is also expected to study Nord-finanz Bank, a small bank in
Germany owned by E-Clear, the report notes.

The BDO team will need to unravel E-Clear's connection with
Nordfinanz, the report states.

The BDO team expects to meet creditors this week to discuss the
next steps, including how any investigative work will be funded,
the report discloses.

Peter Jones at The Times reports creditors will be asked, in the
absence of any money in E-Clear's bank accounts, to fund further
investigations to try to recover their money.

As reported by the Troubled Company Reporter-Europe on Jan. 21,
2010, Mr. Justice Vos at the High Court on Jan. 19 approved the
order for the administration of E-Clear plc, following the failure
of the company to submit evidence of funds on Friday, Jan. 15.
BDO has been appointed administrator.  According to the Times,
papers shown to the High Court in London on Jan. 19 said that
E-Clear had less than GBP10 million in two bank accounts, while
the personal account of Mr. Elia was empty.  The Times disclosed
investigators for BDO, the accountancy firm appointed by the court
to administer E-Clear, are now looking for GBP90 million and
trying to establish whether Globespan was the victim of fraud or
incompetence.  Simon Mortimer, QC, for PwC, said that E-Clear had
not complied with an order made by the court last week to prove
that it had the GBP35 million owed to Scottish airline Globespan,
the Times said.  E-Clear's role was to process credit card
payments made mainly by holidaymakers and eventually to pass the
money collected to travel companies such as Globespan, according
to the Times.  However, at some point last year the payments to
travel firms dried up, causing many to collapse, the Times noted.


===========================
C Z E C H   R E P U B L I C
===========================


ZLIN MORAVAN: Declared Bankrupt; Owes CZK41 Mln to Creditors
------------------------------------------------------------
CTK, citing Aktualne.cz, reports that the Regional Court in Brno
declared the aircraft manufacturer Zlin Moravan Aviation bankrupt
on Friday, Jan. 22.

According to the report, the firm's fate is now in the hands of
its creditors.

The report recalls the company, bought by QucomHaps of Ireland for
CZK50 million three years ago, has been in insolvency proceeding
since July last year.  It owes over CZK41 million to 40 creditors,
the report discloses.


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


ENTRY FUNDING: Fitch Downgrades Ratings on Class A Notes to 'B'
---------------------------------------------------------------
Fitch Ratings has downgraded Entry Funding No. 1 PLC's
EUR204,802,647 class A notes (ISIN: XS0277614532) due 2013, to 'B'
from 'BBB' and removed them from Rating Watch Negative.  A
Negative Outlook and a Loss Severity Rating of 'LS-2' have been
assigned.  The transaction is a cash securitization of
certificates of indebtedness (Schuldscheindarlehen) of German SMEs
originated and serviced by Landesbank Baden-Wuerttemberg (rated
'A+'/'F1+', the arranger).  The Schuldschein programme was
conducted by LBBW in cooperation with Baden-Wuerttembergische
Bank, Landesbank Rheinland-Pfalz, and several German savings
banks.

The rating actions are primarily the result of the negative
performance of the underlying assets, but also of the high obligor
concentration in the pool and revision of Fitch's Rating Criteria
for European Granular Corporate Balance Sheet Securitizations.
Although the notes were placed on RWN pending full analysis after
the revised criteria were launched, Fitch did not resolve the
Watch immediately upon the criteria application.  This was because
Fitch had been informed that a restructuring of the transaction
would occur in the first months of 2010 with the aim of the
arranger to maintain an investment-grade rating for the class A
notes.  However, the arranger recently informed Fitch that no
restructuring would take place.

The credit enhancement of class A notes derived from both
subordination and excess spread is not sufficient to justify the
previous rating of the notes.


HORNBACH-BAUMARKT-AG: S&P Retains 'BB' Rating on EUR250 Mil. Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
recovery rating on the EUR250 million senior unsecured notes of
Hornbach-Baumarkt-AG (BB/Stable/--), Germany's fourth-largest do-
it-yourself retailer, to '3' from '4'.  The issue-level rating on
the bonds remains unchanged at 'BB', in line with S&P's corporate
credit rating on the company.

The revision of the recovery rating reflects S&P's improved
expectations of "meaningful" (50%-70%) recovery for noteholders in
the event of a payment default, following a change in S&P's
assumptions.

"Despite the weaker guarantee package for Baumarkt's unsecured
revolving credit facility (not rated) relative to that of the
unsecured notes, S&P had previously assumed that the RCF would, by
the time of default, rank ahead of the notes," said Standard &
Poor's recovery analyst Florence Devevey.  "S&P now assume as
S&P's central scenario that both instruments would most likely
rank pari passu in a postdefault waterfall."

S&P continues to assume that RCF lenders will have enhanced their
waterfall ranking by the time of default, but to a lesser extent
than before.  That said, S&P notes that the risk remains that
Baumarkt might have to grant security or priority ranking to the
RCF lenders on the path to S&P's simulated default (in exchange,
for example, for a maturity extension or covenant waivers).

S&P has based its assumption revision on these factors:

* S&P's view of the weak RCF documentation, including a weakly
  structured maintenance covenant;

* S&P's understanding of the documentation that, if the RCF
  proceeds were to be on-lent to subsidiaries, such intercompany
  loans would be subordinated to claims under the notes; and

* S&P's view of the weaker guarantee package for the RCF compared
  with that of the notes.

"S&P now believe that these factors could make it more difficult
for RCF lenders to enhance their ranking above that of noteholders
prior to default, and have therefore revised S&P's assumptions
accordingly," said Ms. Devevey.

                         Recovery Analysis

For the purposes of S&P's recovery analysis, S&P has valued
Baumarkt as a going concern, based on what S&P sees as its
"satisfactory" business risk profile and favorable market position
in the German DIY retail market.  Recovery is also supported by
the notes' comprehensive guarantee package, which broadly covers
most of the operating subsidiaries.

S&P has simulated a default in the first half of 2013, at which
point S&P estimates a stressed enterprise value of about
EUR480 million.  S&P's assessment of recovery prospects in a
discrete asset valuation further supports its recovery
expectations.

S&P deducts from its stressed enterprise value estimate priority
liabilities of about EUR160 million, comprising principally
enforcement costs and priority debt liabilities (in particular
mortgages and overdrafts).  Assuming pari passu ranking of the RCF
and notes, the residual value of EUR320 million is sufficient for
50%-70% recovery for both instruments combined, including
prepetition interest; hence S&P's recovery rating of '3' on the
notes.  However, if Baumarkt were to grant priority ranking to the
RCF lenders on the path to S&P's simulated default, S&P believes
that recovery prospects for the noteholders would be lower
(estimated in the 30%-50% range).

                           Ratings List

                        Ratings Unaffected

                       Hornbach-Baumarkt-AG

       Corporate Credit Rating                BB/Stable/--

       Senior Unsecured
       EUR250 mil. senior unsecured notes     BB

                         Ratings Revised

                         Senior Unsecured

                                             To          From
                                             --          ----
       EUR250 mil. senior unsecured notes
        Recovery Rating                      3           4


HSH NORDBANK: Bankruptcy of Nine Flower Funds Won't Hit Business
----------------------------------------------------------------
William Launder at Dow Jones Newswires reports that HSH Nordbank
on Friday said the bankruptcy of nine trusts governing around 25%
of the bank and advised by private investor J.C. Flowers wouldn't
directly impact HSH Nordbank's business.

As reported by the Troubled Company Reporter on Monday, HSH
Delaware GP LLC and five affiliated partnerships filed for
bankruptcy protection on January 21 before the U.S. Bankruptcy
Court for the District of Delaware (Case No. 10-10187).  According
to various reports, citing court papers, another three trusts
invested in the funds and advised by JC Flowers have requested
that the Delaware court convert their status from Chapter 7 to
Chapter 11 bankruptcy protection.

Michael Bathon at Bloomberg News says HSH, based in Wilmington,
Delaware, listed as much as US$500 million in both assets and debt
in Chapter 11 documents filed in Bankruptcy Court.  According to
Reuters, people familiar with the bankruptcy said the partnerships
had total assets of US$680 million.

As reported by the Troubled Company Reporter on September 9, 2009,
creditors with claims aggregating US$27.8 million filed a petition
to send affiliate HSH Delaware LP to Chapter 7 liquidation (Bankr.
D. Del. Case No. 09-13145).  Commerzbank AG, Lloyds TSB Bank Plc,
ABN Amro Bank NV, Calyon, Royal Bank of Scotland Plc and
Landsbanki Islands HF filed the involuntary Chapter 7 petition.

According to Reuters, nine partnerships were created in 2006 to
buy a 26% stake in HSH Nordbank, the world's largest shipping
financier, from WestLB AG for about EUR1.25 billion (US$1.76
billion).  Reuters says the partnerships received unsecured term
and revolving loans of EUR375 million from ABN AMRO bank to fund
the purchase of HSH Nordbank shares.

JC Flowers advised HSH and its affiliates on the purchase.  HSH
and its affiliates' beneficiaries are primarily investors in J.C.
Flowers Fund II, Bloomberg says, citing court documents.

"An application for Chapter 11 protection, as in this case, is
based on the restructuring of the company.  We assume that a
sustainable solution will be arrived at quickly," The Wall Street
Journal quoted HSH Nordbank as saying in a statement.

According to the WSJ, the funds have come under pressure after
renegotiating loan terms because of the financial crisis and
following a recapitalization of HSH Nordbank by the German
government, which diluted the trusts' stakes in the bank.

Citing a court filing, the WSJ discloses as of December 2009, the
trusts had around EUR383 million in outstanding debts.

HSH Nordbank -- http://www.hsh-nordbank.com/-- is a commercial
bank in northern Europe with headquarters in Hamburg as well as
Kiel, Germany.  It is active in corporate and private banking.
HSH's main focus is on shipping, transportation, real estate and
renewable energy.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 23,
2009, Moody's Investors Service affirmed HSH's E+ bank financial
strength rating, which carries a developing outlook and currently
maps directly to a B1 stand-alone baseline credit assessment.  In
addition, the rating agency affirmed the bank's Caa1/negative
rating for hybrid securities.

At this stage, several factors are still constraining any
upward rating pressure on Moody's stand-alone assessment:

1.) Ongoing pressurized macroeconomic conditions in all of HSH's
    main operating markets.  This adverse situation may continue
    to seriously hurt the bank's shipping and commercial real
    estate portfolios.

2.) Continued earnings volatility, given the bank's high reliance
    on cyclical, less profitable business segments as well as the
    considerable cost associated with the recent capitalization
    measures and the establishment of the risk shield.

3.) Some concerns over the bank's capability to rebuild an
    adequate funding franchise following the phase-out of the
    government's Financial Market Stabilization Funds liquidity
    support measures.

4.) Swiftly restoring high-quality corporate governance standards
    as well as leadership stability after the notable management
    upheaval over recent months.

Given these constraints, however, there is still a likelihood that
Moody's could over time reposition the B1 stand-alone BCA within
the E+ BFSR category, which ranges from a B1 to B3 stand-alone
assessment.

The uncertainties about the direction of HSH's BFSR are reflected
in the developing outlook.  If the BFSR were to move upwards, this
shift would likely be limited to only a few notches (D level).
Moreover, the positive rating migration of the BFSR may not fully
offset the expected gradual decline in external support.  The
rating action reflects this view.


UNITYMEDIA GMBH: EU Commission Clears Proposed Acquisition by LGE
-----------------------------------------------------------------
The European Commission has cleared under the EU Merger Regulation
the proposed acquisition of the German cable network operator
Unitymedia GmbH by Liberty Global Europe Holding B.V. of The
Netherlands.  The Commission concluded that the concentration
would not significantly impede effective competition in the
European Economic Area or any substantial part of it.

LGE is a cable network operator currently active in nine member
states including Austria, but not in Germany.  Its division,
Chellomedia is active in the production of three pay-TV channels
broadcast in Germany: Extreme Sports Channel, Zone Reality and
Zone Club.  Unitymedia is a German cable network operator active
only in the German Federal States of North Rhine-Westphalia and
Hesse.

The Commission examined the effects of the proposed transaction on
the markets for licensing of broadcasting rights and pay-TV
channels in German-speaking countries, on the markets for
wholesale and retail signal transmission in the German Federal
States of North Rhine-Westphalia and Hesse, as well as the markets
for pay-TV, voice telephony, broadband Internet access and triple-
play (TV, internet, phone) services in Germany.

Both LGE and Unitymedia license TV content for their TV platforms
in Austria and Germany.  The Commission found that the horizontal
overlap in the market for licensing of TV content in German-
speaking countries is unlikely to lead to competition problems due
to the parties' limited market share and the presence of strong
competitors such as Sky, Canal+ and RTL-Group.

LGE provides pay-TV channels produced by its division,
Chellomedia.  Unitymedia is active on the downstream market as a
licensee of pay-TV channels.  The Commission therefore also
investigated the effects of the proposed concentration on access
to LGE's pay-TV programs by competitors of Unitymedia.  The
Commission found no competition concerns because the merged
company would not be able to negatively impact other TV-platform
operators by refusing access to its pay-TV channels because of the
availability of competing channels.  The merged company would also
lack the ability to deny operators of TV-channels access to
customers, because of the merged company's limited share of demand
for TV-content and the presence of strong competitors operating
other TV-platforms.

The Commission did not find any competition concerns related to
the vertical relationship between the merging companies of the
markets for wholesale termination of calls on their fixed networks
due to lack of incentives of the merged company to restrict access
to its networks and the high level of state regulation.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 17,
2009, Moody's put the Ba3 Corporate Family Rating of Unitymedia
GmbH under review for possible downgrade following the
announcement that an indirectly wholly owned subsidiary of LGl and
LGI entered into a share purchase agreement with Unity Media
S.C.A. to acquire all the issued and outstanding capital stock of
Unitymedia GmbH for EUR2 billion.  The total acquisition cost
including net financial debt amounts to ~EUR3.5 billion (before
transaction fees).  Completion of the transaction, which is
subject to regulatory review, is expected to occur in the first
half of 2010.  Following completion of the acquisition,
consolidated group debt is expected to increase from EUR1.7
billion to ~EUR2.5 billion.

The existing instrument ratings within the Unitymedia group
(senior secured at Ba3, senior at B2) remain unaffected by the
transaction, reflecting Moody's expectation that all the existing
debt facilities will be fully repaid upon completion in line with
the acquirer's stated intention.  The acquiring entity, UPC
Deutschland is in the process of raising new debt, which will be
pushed down into Unitymedia following completion to effect the
repayment of Unitymedia GmbH's existing debt.

The rating action reflects Moody's expectation that the company's
post-transaction credit profile will be measurably weaker than the
current one that supports a Ba3 CFR for the company.  The
increased indebtedness would reduce the company's financial
flexibility and free cash flow generation ability.  In particular,
the Debt/EBITDA ratio would remain above 5x for a significant
amount of time whereas Moody's current Ba3 rating on Unitymedia
had expected the company to remain on a de-leveraging trajectory
and in an any case very comfortably below 5x on a Debt/EBITDA
basis with progressive free cash flow generation.  Following
completion and assuming repayment of the existing debt and its
replacement with the debt to be raised at UPC Deutschland, Moody's
expects the CFR to be downgraded by one notch to B1.  Should the
transaction not complete, Moody's currently expects that the CFR
would be confirmed at Ba3.


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


VIDAM PARK: Could Face Bankruptcy; Has HUF70 Mln Operating Deficit
------------------------------------------------------------------
MTI, citing Blikk tabloid, reports that Vidam Park, Budapest's
60-year-old amusement park, could face bankruptcy.

According to the report, the tabloid said the council-owned fun
park near Heroes' Square has amassed an operating deficit of HUF70
million and may not be able to pay employees their wages next
month.

The report relates Vidam Chief executive Tamas Kofalvi told the
paper that the company was suffering from liquidity problems, but
insisted that it was "far from bankrupt".  Mr. Kofalvi said the
company's revenues had been reduced by people spending less on
entertainment as a consequence of the economic crisis, the report
notes.


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I C E L A N D
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DECODE GENETICS: Closes Sale of Icelandic Human Genetics Unit
-------------------------------------------------------------
deCODE genetics, Inc., has completed the previously-announced sale
of its Iceland-based subsidiary deCODE genetics ehf (also known as
Islensk erfdagreining) and its drug discovery and development
programs to Saga Investments LLC, a private company.  The sale
followed approval by the U.S. Bankruptcy Court for the District of
Delaware in deCODE genetics Inc.'s ongoing proceeding under
Chapter 11 of the U.S. Bankruptcy Code.  Under its new owners,
deCODE genetics ehf will continue its human genetics operations
and all of the deCODE brand products and services, including
management of its population genetics resources.

                     About decode Genetics

deCODE Genetics Inc. is a global leader in analyzing and
understanding the human genome.  deCODE has identified key
variations in the sequence of the genome conferring increased risk
of major public health challenges from cardiovascular disease to
cancer, and employs its gene discovery engine to develop DNA-based
tests to assess individual risk of common diseases; to license its
tests and intellectual property to partners; and to provide
comprehensive, leading- edge contract services to companies and
research institutions around the globe.  The Company was founded
in 1996 and is headquartered in Reykjavik, Iceland.

deCODE's balance sheet at June 30, 2009, showed total assets of
US$69.85 million and total liabilities of US$313.92 million,
resulting in a stockholders' deficit of US$244.07 million.

The Company filed for Chapter 11 on November 16, 2009 (Bankr. D.
Del. Case No. 09-14063).  The petition listed assets of
US$69.9 million against debt of US$314 million.  Liabilities
include US$230 million on 3.5% senior convertible notes.


KAUPTHING BANK: Receives Claims Worth US$56 Bln From Creditors
--------------------------------------------------------------
Omar R. Valdimarsson and Tasneem Brogger at Bloomberg News report
that Kaupthing Bank hf has received claims worth US$56 billion
from creditors spread across 119 countries.

Citing a Jan. 22 e-mailed statement from Kaupthing, which is being
wound down and whose domestic business was renamed Arion Bank hf,
Bloomberg says the bank received 28,167 claims by the Dec. 30
deadline.  According to Bloomberg, the bank said the claims were
worth ISK7.316 trillion, with the dollar equivalent calculated
according to the central bank's April 22 fixed exchange rate of
130.4.

Bloomberg notes the statement said the claims, equivalent to about
five times Iceland's gross domestic product, stem mostly from
Germany.

Bloomberg relates Visir.is, citing the unpublished claims
registry, said the largest single claimant against Kaupthing is
Deutsche Bank AG, which claims "almost 900 billion kronur" in
"close to 50 different claims".

Kaupthing will hold a creditors' meeting on Jan. 29 to discuss the
claims registry, Bloomberg discloses.

"There are claims that have been filed that Kaupthing has already
paid," Bloomberg quoted Kaupthing spokeswoman Helga Bjork
Eiriksdottir as saying, adding that a "substantial amount" of the
claims have already been settled.

Bloomberg recalls the bank's winding-up committee had earlier
estimated claims at ISK3.68 trillion in senior liabilities and
ISK450 billion in other liabilities.

                       About Kaupthing Bank

Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations in
more than a dozen countries, the bank offers a range of services
including retail banking, corporate finance, asset management,
brokerage, private banking, treasury, and private wealth
management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008 the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

As reported by the Troubled Company Reporter on Nov. 30, 2008,
Olafur Gardasson, assistant for Kaupthing Bank hf., in a
proceeding under Act No. 21/1991, pending before the Reykjavik
District Court, and foreign representative of the Debtor, filed a
petition under chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.


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


AULDCARN LTD: Goes Into Liquidation; Owes EUR2.3 Mln to Creditors
-----------------------------------------------------------------
Suzanne Lynch at The Irish Times reports that Auldcarn Ltd., a
company owned by restaurateurs Christian and Simon Stokes, has
gone into liquidation.

The report relates that Jim Luby of McStay Luby Chartered
Accountants was appointed as liquidator to Auldcarn on Thursday by
the Revenue Commissioners at a meeting of creditors.

Citing Auldcarn's statement of affairs, the report says the
company, whose sole business was the Clarendon Inn pub, which
ceased trading under the management of the Stokes brothers in
early 2008, has debts of EUR2.337 million.  The Clarendon Inn is
now managed by Niall Lawless, who has no connection to the Stokes
brothers, the report notes.

The report says the Revenue Commissioners is the largest creditor
of Auldcarn.  It is owed just under EUR1 million, comprising
EUR957,998 in corporation tax and EUR8,149 in PAYE and PRSI, the
report discloses.

According to the report, the statement of affairs shows the
company has no realizable assets from which the debts can be paid.


BUDGET TRAVEL: Club Travel Buys Trade Name, Intellectual Property
-----------------------------------------------------------------
RTE Business reports that Budget Travel's liquidator, Simon Coyle
of Mazars, has agreed to sell the company's trade name and
intellectual property to Club Travel for an undisclosed sum.

According to the report, the sale was subject to approval by the
Competition Authority.

As reported by the Troubled Company Reporter-Europe, Budget Travel
ceased trading Nov. 25 with the loss of 172 jobs and the closure
of 17 retail shops.

Budget Travel used to be Ireland's largest tour operator.  The
company was established in May 1975 and had a 30% share of the
market.


C. WELL: Creditors Meeting Set for February 2
---------------------------------------------
A meeting of creditors of C. Well Homes Limited will take place at
10:30 a.m. on February 2, 2010 at:

         The Carlton Hotel
         Dublin Road
         Co. Galway
         Ireland

The registered address of the company is at:

         Craughwell
         Co. Galway
         Ireland


CAULFIELD MCCARTHY: Faces Uncertainty After HCJV Covenant Breach
----------------------------------------------------------------
Una Mccaffrey at The Irish Times, citing accounts filed to the
Companies Office, reports that KPMG, auditors to Caulfield
McCarthy Group (Holdings) Limited, said the property company was
subject to "material uncertainties" at the end of March last year.

According to the report, the auditors highlighted guarantees that
the firm had given in respect of the EUR84 million borrowings of
its parent, HCJV, a holding company, and said certain bank
covenants had been breached.

The report relates the auditors said "The group is currently
dependent on continuing support from its bankers," and recommended
the calling of an extraordinary general meeting of the company.

Caulfield McCarthy Group (Holdings) had a loss of EUR2.7 million
in the year to the end of March last, the report discloses.  At
that stage, its liabilities exceeded its assets by almost EUR2
million, the report notes.

HCJV meanwhile had a net deficit on shareholders' funds of EUR62.3
million and bank borrowings at EUR84.2 million at the same point,
the report states.  The breach of covenants on these borrowings
meant that they were "now technically due on demand", the report
says, citing a note to the Caulfield McCarthy Group (Holdings)
accounts.

The accounts also state that the loan repayment date for the HCJV
loans has been renegotiated to the end of 2010, the report notes.

According to the report, the accounts note "The ability of the
company to continue operating as a going concern is dependent on
the continued availability of bank financing to HCJV."

Caulfield McCarthy Group (Holdings) is controlled by HCJV, which
is in turn owned by two companies: Caulfield Group Property
Limited and Castleshine.


COLINDALE CONSTRUCTION: Creditors Meeting Set for February 3
------------------------------------------------------------
A meeting of creditors of Colindale Construction Limited will take
place at 9:30 a.m. on February 3, 2010 t:

         Fitzwilliam Place
         Dublin 2
         Ireland

The registered address of the company is at:

         Unit 408C Greenougue Industrial Estate
         Rathcoole
         Co. Dublin
         Ireland


FURNISHWELL LIMITED: Creditors Meeting Set for February 9
---------------------------------------------------------
A meeting of creditors of Furnishwell Limited T/A Corrib Furniture
will take place at 10:00 a.m. on February 9, 2010 at:

         Harcourt Hotel
         60 Harcourt Street
         Dublin 2
         Ireland

The registered address of the company is at:

         189 Lower Kimmage Road
         Dublin 6W
         Ireland


HESBRO LIMITED: Appoints Flavien Keily as Liquidator
----------------------------------------------------
Flavien Keily of Irish Liquidators was appointed liquidator of
Hesbro Limited on January 15, 2010.


LINEN SUPPLY: Landlord Balks at Rescue Plan; 290 Jobs at Risk
-------------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that that the
company will go into liquidation with the loss of 290 jobs if the
High Court's Mr. Justice Brian McGovern rules in favor of one of
the company's landlords.

The report relates during a two-day court hearing last week, one
of the company's landlords argued against the company's
EUR18 million rescue plan, claiming that outstanding rents should
be paid in full.

According to the report under the scheme, the landlord had been
asked to write off 70% of what it was owed.  If the judge rules in
favor of the landlord, the rescue scheme will collapse, the report
says.

The report recalls the company has already repudiated a number of
its leases following a Supreme Court hearing in December.
However, the landlord at the company's Galway operation argued
last week that it was still entitled to be paid in full even if
the lease has been repudiated, the report notes.

Under the rescue scheme prepared by the firm's examiner, KPMG
accountant Kieran Wallace, all of the firm's preferential
creditors would be paid in full, while unsecured creditors would
receive 30% of their debts, the report discloses.

The company, which supplies linen to hotels and restaurants,
continues to trade, despite its liabilities of EUR61 million, the
report states.


NOEL LARKIN: Creditors Meeting Set for February 9
-------------------------------------------------
A meeting of creditors of Noel Larkin Carpentry Limited will take
place at 11:00 a.m. on February 9, 2010 at:

         Menlo Park Hotel
         Headford Road
         Galway
         Ireland

The registered address of the company is at:

         Meelick
         Eyrecourt
         Ballinasloe
         Co. Galway
         Ireland


PETER D DRONEY: Creditors Meeting Set for February 2
----------------------------------------------------
A meeting of creditors of Peter D Droney & Associates Limited will
take place at 9:00 a.m. on February 2, 2010 at:

         The Ardmore Hotel
         Tolka Valley
         Finglas
         Dublin 11
         Ireland

The registered address of the company is at:

         The Mews
         128 Ranelagh Village
         Ranelagh
         Dublin 6
         Ireland


REGIONAL DEVELOPMENTS: Creditors Meeting Set for February 9
-----------------------------------------------------------
A meeting of creditors of Regional Developments Limited will take
place at 9:30 a.m. on February 9, 2010 at:

         Menlo Park Hotel
         Headford Road
         Galway
         Ireland

The registered address of the company is at:

         43 Gleann Dara
         Bishop O'Donnell Road
         Galway
         Ireland


SCOTT O' SHEA: Creditors Meeting Set for February 5
---------------------------------------------------
A meeting of creditors of Scott O' Shea Limited will take place at
10:00 a.m. on February 5, 2010 at:

         Holiday Inn Hotel
         98-107 Pearse Street
         Dublin 2
         Ireland

The registered address of the company is at:

         G4/G5 Calmount
         Calmount Road
         Ballymount
         Dublin 12
         Ireland


SIMPLE SIMON: Creditors Meeting Set for February 2
--------------------------------------------------
A meeting of creditors of Simple Simon (Natural Foods) Limited
will take place at 9:00 a.m. on February 2, 2010 at:

         The Silver Tassie Hotel
         Ramelton Road
         Letterkenny
         Co. Donegal
         Ireland

The registered address of the company is at:

         The Diamond
         Donegal Town
         Donegal
         Ireland


UNITED STERLING: Creditors Meeting Set for February 2
-----------------------------------------------------
A meeting of creditors of United Sterling Imports Limited will
take place at noon on February 2, 2010 at:

         The Lady Gregory Hotel
         Gort
         Co. Galway
         Ireland

The registered address of the company is at:

         42 Sli na Sruthan
         Clybaun Road
         Galway
         Ireland


ZOE DEVELOPMENTS: AIB Secures Court Order to Appoint Receiver
-------------------------------------------------------------
Mary Carolan at The Irish Times reports that Allied Irish Bank has
secured orders from the Commercial Court appointing a receiver
over a large number of properties owned by companies in the
insolvent Zoe Developments group as part of its effort to recover
loans of more than EUR550 million made to the companies.

According to the report, Mr. Justice Peter Kelly directed receiver
William G. O'Riordan will have the power effectively to act as a
landlord of the properties, manage the companies' interest in
them, receive rents and enter leases.  The report notes the judge
said the receiver was not entitled, at this stage, to enter into
possession of or to sell the properties.

The report relates the judge appointed the receiver after making
orders the EUR550 million loans are "well-charged" (well-secured)
over the various properties via equitable mortgages created on the
basis of undertakings by solicitors for the Zoe companies to hold
the title deeds of the properties in trust for AIB.  All title
deeds have been lodged with the bank, the report says.

As reported by the Troubled Company Reporter-Europe on Jan. 20,
2010, The Irish Times said the bank's action is against Danninger,
Eppo Developments, Fabrizia Developments, Oze Construction and
North Quay Investments Ltd.


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


FIAT SPA: Appoints Harald Wester to Revive Alfa Romeo Brand
-----------------------------------------------------------
Sara Gay Forden at Bloomberg News reports that Fiat SpA appointed
Harald Wester, the carmaker's head of technology, to revive the
money-losing Alfa Romeo brand.

According to Bloomberg, Fiat said Friday Mr. Wester, who replaces
Sergio Cravero as Alfa Romeo's chief executive officer, will
remain CEO of the Maserati and Abarth car divisions and retain his
technology position.

Bloomberg relates Fiat CEO Sergio Marchionne is reviewing strategy
for Alfa and said Jan. 11 at the Detroit auto show that he has no
plans to sell the 100-year-old brand despite difficulties
competing with German carmakers such as Daimler AG's Mercedes-Benz
and Volkswagen AG's Audi.

Mr. Marchionne, as cited by Bloomberg, said although Alfa is
positioned to compete with high-end cars, quality and performance
have fallen short.

"This may be Fiat's last attempt to revive Alfa Romeo," Bloomberg
quoted Philippe Houchois, a London-based analyst at UBS AG, as
saying in a telephone interview.  "If it works, great.  If not,
Marchionne is known to be very careful about consuming capital and
he may have to make other decisions."

Bloomberg notes Fiat has said Alfa Romeo needs to sell about
300,000 cars to break even and is about 180,000 short.  The unit's
losses may be EUR300 million (US$425 million) to EUR400 million a
year, Bloomberg says, citing Max Warburton, an analyst at
Bernstein Research in London.

                         About Fiat SpA

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

                           *     *     *

Fiat S.p.A. continues to carry a Ba1 long-term rating of Fiat
S.p.A. from Moody's Investors Service with negative outlook.


PARMALAT SPA: Deloitte & Thornton Settle Lawsuit
------------------------------------------------
Lead Plaintiffs Hermes Focus Asset Management Europe Limited;
Cattolica Partecipazioni, S.p.A.; Capital & Finance Asset
Management; Societe Moderne des Terrassements Parisiens and
Solotrat ask the U.S. District Court for the Southern
District of New York, pursuant to Rule 23 of the Federal Rules of
Civil Procedure, to:

  (a) approve of the form and manner of notice to Class members
      of:

      * a proposed settlement resolving all claims against
        Defendants Deloitte Touche Tohmatsu, Deloitte & Touche
        LLP, Dianthus S.p.A., formerly known as Deloitte &
        Touche S.p.A., and James Copeland; and

      * a proposed settlement resolving all claims against
        Defendants Grant Thornton International, Grant Thornton
        International Limited, Grant Thornton LLP and Grant
        Thornton S.p.A.; and

  (b) establish a date and time for a fairness hearing to
      consider:

      * final approval of the Settlements as well as the Plan of
        Allocation of the settlement proceeds; and

      * Lead Counsel's application for an award of attorneys'
        fees and reimbursement of expenses.

In support of their request, the Lead Plaintiffs filed an
accompanying memorandum of law, and separate declarations by James
J. Sabella, Esq., at Grant & Eisenhofer P.A., in New York, and
Scott D. Hakala and accompanying exhibits.  Mr. Sabella, Esq., is
the Lead Plaintiffs' counsel, while Mr. Hakala is their expert
economist.

The Settlements provide for payment to the Plaintiffs of a total
of US$15 million, Mr. Sabella relates.  Specifically, the Deloitte
Settlement provides for a settlement amount of US$8.5 million, and
the Grant Thornton Settlement provides for a settlement amount of
US$6.5 million.  The Settlements provide for the release of claims
against, inter alia, the Deloitte and Grant Thornton Defendants
and their member firms.

The issue before the Court is whether the Settlements are within
the range of what might be approved as fair, reasonable and
adequate, sufficient to justify transmitting to the Class notice
concerning the Settlements and scheduling the Final Approval
Hearing, Mr. Sabella tells Judge Kaplan.  Mr. Sabella asserts that
the Court is not required at this point to make a final
determination regarding the reasonableness of the Settlements, and
no Class member's substantive rights will be prejudiced by
issuance of a preliminary order.

The Court knows the history of this litigation and that the
Settling Parties to both Settlements are fully conversant with the
strengths and weaknesses of this case against the persons and
entities being released under the Settlements, Mr. Sabella
contends.  He notes that the Settling Parties are aware of the
rulings already entered and the facts developed.  They, thus, can
readily evaluate the risks associated with proceeding to trial --
indeed, trial was scheduled -- as well as the fairness of the
Settlements, he continues.

"In light of these strengths, weaknesses, and risks, the proposed
Settlements are a good result for the Class and, Lead Plaintiffs
submit, plainly fall within the 'range of possible approval,'" Mr.
Sabella asserts.  Accordingly, he says, the Court should direct
that notice be disseminated to the Class.  The Class period is set
between January 5, 1999, and December 18, 2003.

                         *     *     *

The Court approved the form of the Notice and the Publication
Notice of the Settlements.  Co-Lead Counsel Cohen, Milstein,
Hausfeld & Toll, P.L.L.C., is authorized to retain, and the Court
appoints, Epiq Class Action and Claims Solutions Inc. as the
Notice and Claims Administrator, to supervise and administer the
notice procedure as well as the processing of claims.

Judge Kaplan also sets these schedules:

    March 8, 2010   Settlement Hearing
February 1, 2010   Deadline for filing Class exclusion request
February 1, 2010   Deadline for filing notice of appearance
February 16, 2010   Deadline for filing Settlement objections

All reasonable costs incurred in identifying and notifying Class
members, as well as in administering the Settlements, will be paid
as set forth in the stipulations.

At or after the Settlement Hearing, the Court will determine
whether any application for reimbursement of Co-Lead Counsel's and
other plaintiffs' counsel's fees and expenses will be approved.
Neither the Deloitte Parties nor the Grant Thornton Settling
Defendants nor their Counsel will have any responsibility for any
application for attorneys' fees or expenses submitted by any
plaintiffs' counsel.  Those matters will be considered separately
from the fairness, reasonableness and adequacy of the Settlements,
Judge Kaplan maintained.

                   About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The Company's U.S. operations filed for Chapter 11 protection on
February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy on
April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
January 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304
case.

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


PARMALAT SPA: Dr. Bondi to Appeal Grant Thornton Dismissal
----------------------------------------------------------
To recall, Judge Lewis A. Kaplan of the U.S. District Court for
the Southern District of New York granted defendants Grant
Thornton International, Grant Thornton LLP, and Bank of America
Corporation, et al.'s request for summary judgment and for
dismissal, with prejudice, pursuant to the in pari delicto
defense, of all claims asserted against Grant Thornton and BofA by
Plaintiffs Dr. Enrico Bondi and Parmalat Capital Finance Ltd.

Judge Kaplan related in his 45-page opinion dated September 18,
2009, that there is no dispute that Parmalat Finanziaria, S.p.A.,
Parmalat S.p.A., their affiliates and PCFL officers engaged in a
massive fraud that ended in the collapse of Parmalat.  The
allegedly dishonest Parmalat and PCFL officers were doing
corporate business in obtaining financing from BofA and in
providing fraudulent financial statements to auditors and others,
Judge Kaplan noted.  Whether and to what extent they also stole or
embezzled money from their corporations for their own benefit if
therefore of no consequence for purposes of the in pari delicto
defense except to the extent, if any, that there is evidence of
culpable participation by defendants in those thefts, he further
pointed out.

Judge Lewis A. Kaplan of the U.S. District Court for the Southern
District of New York directed the Clerk the Court, pursuant to
Rule 54(b) of the Federal Rules of Civil Procedure, to enter a
final judgment in favor of defendants Grant Thornton International
and Grant Thornton LLP, which sought summary judgment for the
dismissal of complaint against them filed by Dr. Enrico Bondi, as
Extraordinary Commissioner of Parmalat Finanziaria S.p.A, Parmalat
S.p.A. and other related entities.  On September 21, 2009, Judge
Kaplan entered an opinion granting that summary judgment request.

In separate filings, Dr. Bondi and Parmalat Capital Finance
Limited notified the Court that they will appeal the Summary
Judgment Orders and Opinions.

In response to the notices, Judge Kaplan opined that there is no
just reason for delay because entry of final judgment in favor of
Grant Thornton will not cause duplicative appellate review
inasmuch as the remaining issue of damages to be adjudicated
against the remaining defendant is entirely separate and
dissimilar from the issues to be appealed.  He added that judicial
efficiency will be advanced by continuing the determination of the
remaining damages issue against the remaining defendant until the
appeal is resolved, at which time depending on resolution the
issue may be adjudicated on a consolidated basis with similar
issues against Grant Thornton on remand, or if necessary,
independently in the absence of remand.

                            The Appeals

Parmalat Capital Finance Limited notifies the U.S. District Court
for the Southern District of New York that it will take an appeal
to the United States Court of Appeals for the Second Circuit from
Judge Kaplan's judgment dismissing its complaint, entered in the
multidistrict litigation on September 23, 2009, and the Corrected
Opinion entered on September 21, 2009, which corrected and vacated
the opinion entered September 18, 2009.  Parmalat also appeals
from the order entered on June 17, 2009.

In a separate filing, Dr. Enrico Bondi, as Extraordinary
Commissioner of Parmalat Finanziaria S.p.A, Parmalat S.p.A. and
other related entities, notifies the U.S. District Court for the
Southern District of New York that it will take an appeal to the
United States Court of Appeals for the Second Circuit from the
final judgment for the request for summary judgment and for
dismissal filed by Grant Thornton International, Grant Thornton
LLP, and Bank of America Corporation, et al.

                   About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The Company's U.S. operations filed for Chapter 11 protection on
February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy on
April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
January 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304
case.

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


PARMALAT SPA: Finalizes US$100MM Settlement With BofA
-----------------------------------------------------
Judge Lewis A. Kaplan of the U.S. District Court for the Southern
District of New York signed and approved the stipulation and
settlement between Dr. Enrico Bondi, as Extraordinary Commissioner
of Parmalat Finanziaria S.p.A., Parmalat S.p.A. and other
affiliated entities; and Bank of America Corporation, Bank of
America National Trust & Savings Association, Bank of America N.A,
Banc of America Securities, LLC, Banc of America Securities
Limited, Bank of America International Ltd. and other Bank of
America related entities.

Under the agreement, Bank of America will settle all issues
between the Parties for US$100 million.

The Parties agree that their claims against each other relating to
any matter in connection with Parmalat's 2003 collapse up to and
including July 28, 2009, are dismissed with prejudice, including
all counterclaims that have been asserted by each other in the
action pending in the District Court captioned Dr. Enrico Bondi v.
Bank of America Corporation, et al., which is consolidated for
pretrial purposes with other civil cases under the multidistrict
litigation In re Parmalat Securities Litigation.  Each party will
bear its own fees and costs.

                   About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The Company's U.S. operations filed for Chapter 11 protection on
February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy on
April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
January 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304
case.

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


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


BANK CENTERCREDIT: Fitch Affirms Individual Rating at 'D/E'
-----------------------------------------------------------
Fitch Ratings has revised Kazakhstan-based Halyk Bank's and Bank
CenterCredit's Outlooks to Stable from Negative and Evolving,
respectively.  A third Kazakh bank, Kazkommertsbank, remains on
Negative Outlook.  All the ratings of the three banks are
affirmed.

The Outlook revisions reflect the banks' now solid and reasonable
loss absorption capacity compared to credit risks faced and
potential further loan impairment recognition.  The Outlooks also
reflect the more positive outlook for the Kazakh economy, which
makes further substantial deterioration in these banks' asset
quality less likely, in Fitch's view: the agency forecasts
economic growth of 3.0% in 2010 (2009E: contraction of -1.5%), and
views further depreciation of the KZT unlikely in the near-term
given the current oil price.  Halyk's and BCC's ratings are also
supported by their moderate large ticket debt repayments in the
near- to medium-term, currently strong liquidity and sizable or
significant local franchises.

The 'B-' Long-term IDR and Negative Outlook on KKB reflects the
still very high credit risks faced by the bank and the potential
for eventual loan impairment recognition to exceed the bank's loss
absorption capacity.  A higher share of foreign funding relative
to peers is also a concern, with significant repayments due from
2011, although Fitch notes that refinancing risk has reduced
considerably after large debt repayments in 2007-2009.

Halyk's and KKB's large franchises and the track record of
government equity and funding injections into the two banks
suggest the authorities could provide further moderate assistance
to these entities, if required.  However, given the government's
apparent reluctance to provide substantial support to the
country's banks in all circumstances (as highlighted by the
defaults of BTA Bank, Alliance Bank and Temirbank in 2009, all
rated 'Restricted Default') this assistance cannot be fully relied
upon, in Fitch's view.  Potential rating upside exists for BCC
should Korea's Kookmin Bank ('A+'/Stable) increase further its
stake (currently 30%) in BCC and demonstrate a willingness to
support BCC in case of need; however, Fitch notes Kookmin's
currently very gradual approach to increasing its participation in
the bank's capital.

Halyk's asset quality remains weak, with NPLs (loans more than 90
days overdue) reaching 16.7% at end-November 2009 according to
regulatory data, and restructured loans comprising 23% of the loan
book at end-9M09 (all end-9M09 data is according to IFRS).  Asset
quality performance is undermined by the significant exposure to
the troubled construction and real estate sectors (end-9M09: 20%
of the loan book), while exposure to the 20 largest borrowers (26%
of the loan book) and the share of FX lending (53%) are also high.
However, reported loan impairment numbers have shown some signs of
stabilization in H209, with NPLs rising only 2pp during the five
months to end-November.  Furthermore, Halyk has built up
considerable loss absorption capacity, and at end-November 2009
could have increased its impairment reserves to 31% of loans (from
the actual level of 18.8%) before its total regulatory capital
adequacy ratio would have fallen to the minimum 10% level.

Accrued (but not received) interest was a sizable 43% of equity
(based on local accounts) at end-2009, which significantly
undermines the quality of capital; however, this ratio was still
notably lower than at peers.  Halyk has a moderate share of
foreign funding (end-2009: 15% of total liabilities) with distant
large ticket repayments (from 2013).  Liquidity is currently
comfortable, with cash and bank placements up to one month
comprising 21% of assets at end-2009; however, funding is heavily
reliant on deposits from state-owned companies.

BCC's reported asset quality numbers are much better than peers',
with NPLs moderate at 4% at end-November 2009 and restructured
loans approximately 7.7% at end-Q309.  However, Fitch notes that
interest accruals amounted to 8% of end-2009 gross loans and
accounted for a considerable 23% of 2009 interest income (both
ratios in line with those at Halyk), suggesting somewhat weaker
loan performance than headline asset quality numbers indicate.

Fitch also notes that BCC's exposure to the construction and real
estate sectors (17% of the loan book at end-9M09), individual
borrower concentrations (20 largest borrowers comprised 24% of the
portfolio) and share of foreign currency lending (58%) are broadly
in line with those of Halyk.  Loss absorption capacity is
significant, with the bank able to increase its reserves/loans
ratio to 24% at end-November 2009 (from the actual level of 11.2%)
before the capital ratio would have fallen to 10%.  However, the
quality of capital is undermined by the sizable interest accruals
(equal to 65% of equity at end-2009) and the large tier 2
component (35% of total capital).  BCC's foreign funding was a
moderate 22% of liabilities at end-2009; although BCC will need to
make a significant repayment in 2011 (equal to 7% of liabilities),
the bank's liquidity is currently strong, with cash and up to one-
month bank placements accounting for 17% of assets at end-2009.

KKB's reported asset quality metrics have continued to deteriorate
in H209, with NPLs rising to 17.3% at end-November 2009 from 8.8%
at end-H109 and restructured loans standing at 18.1% at end-9M09
(on a consolidated basis).  Credit risks remain substantial in
light of the high share of lending to the construction and real
estate sectors (end-9M09: 34%), while borrower concentrations and
foreign currency lending (71%) are also higher than at peers.
Most large exposures continue to show clear signs of impairment,
in Fitch's view, while high interest accruals (equal to 38% of
unconsolidated interest income during 2009 and 89% of equity at
end-2009) underline weaknesses in loan performance.  Loss
absorption capacity appears to be high (maximum reserves/loans
ratio of 31% at end-November 2009 compared to actual ratio of
24.9%), but this is undermined by concerns about quality of
capital and potential loan impairment.  At the same time, Fitch
notes that the reduction in foreign debt has been substantial
during H209 (to around 33% from 46% of liabilities) with the next
significant repayments coming due only in 2011 (equal to 7% of
end-2009 liabilities).

Rating actions are:

Halyk Bank of Kazakhstan

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

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

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

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

  -- Support rating: affirmed at '5';

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

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

  -- Senior unsecured debt: affirmed at 'B+'; Recovery Rating at
     'RR4'

Kazkommertsbank

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

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

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

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

  -- Support rating: affirmed at '5';

  -- Individual rating: affirmed at 'E'

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

  -- Senior unsecured debt: affirmed at 'B-'; Recovery Rating at
     'RR4'

  -- Subordinated debt: affirmed at 'CC'; Recovery Rating at 'RR6'

  -- Tier 1 perpetual subordinated notes: affirmed at 'CC';
     Recovery Rating at 'RR6'

Bank Centercredit

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

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

  -- Support rating: affirmed at '5'

  -- Individual rating: affirmed at 'D/E';

  -- Senior unsecured debt: affirmed at 'B'; Recovery Rating at
     'RR4'

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


BTA BANK: National Wellbeing Fund May Sell 85% Stake to Sberbank
----------------------------------------------------------------
Ilya Khrennikov at Bloomberg News, citing RIA Novosti, reports
that Kazakhstan's National Wellbeing Fund may sell as much as 85%
of BTA Bank to Russia's OAO Sberbank.

According to Bloomberg, the Moscow-based newswire said the fund
aims to start negotiations with Sberbank in the second quarter as
part of a plan to restructure BTA's debt.

As reported by the Troubled Company Reporter-Europe, the fund took
control of BTA in February and the bank defaulted in April after
credit markets froze and Kazakhstan's property bubble burst.

Citing Bloomberg News, the Troubled Company Reporter-Europe
reported on Dec. 10, 2009, that BTA signed a non-binding agreement
with creditors on options for restructuring its debt.  Bloomberg
disclosed the bank reached a compromise with bondholders that will
give them cash and new securities equal to about half of the
US$11.6 billion they are owed.

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.  The Bank has in its
offer personal banking services, comprised of current accounts,
savings accounts, term deposits, safety deposit boxes, money
transfer services, credit facilities, and corporate banking
services, including business accounts, credit facilities, treasury
services, letters of guarantee, letters of credit, foreign
exchange services, remittances and other solutions, as well as
debt and credit cards, card services and electronic banking
services.  The Bank has 14 subsidiaries and six affiliated
companies.  It offers its services through a network of numerous
regional branches, cash settlement centers throughout Kazakhstan
and international representative offices located in Ukraine,
Russia, China and the United Arab Emirates.


HALYK BANK: Fitch Affirms Individual Rating at 'D/E'
----------------------------------------------------
Fitch Ratings has revised Kazakhstan-based Halyk Bank's and Bank
CenterCredit's Outlooks to Stable from Negative and Evolving,
respectively.  A third Kazakh bank, Kazkommertsbank, remains on
Negative Outlook.  All the ratings of the three banks are
affirmed.

The Outlook revisions reflect the banks' now solid and reasonable
loss absorption capacity compared to credit risks faced and
potential further loan impairment recognition.  The Outlooks also
reflect the more positive outlook for the Kazakh economy, which
makes further substantial deterioration in these banks' asset
quality less likely, in Fitch's view: the agency forecasts
economic growth of 3.0% in 2010 (2009E: contraction of -1.5%), and
views further depreciation of the KZT unlikely in the near-term
given the current oil price.  Halyk's and BCC's ratings are also
supported by their moderate large ticket debt repayments in the
near- to medium-term, currently strong liquidity and sizable or
significant local franchises.

The 'B-' Long-term IDR and Negative Outlook on KKB reflects the
still very high credit risks faced by the bank and the potential
for eventual loan impairment recognition to exceed the bank's loss
absorption capacity.  A higher share of foreign funding relative
to peers is also a concern, with significant repayments due from
2011, although Fitch notes that refinancing risk has reduced
considerably after large debt repayments in 2007-2009.

Halyk's and KKB's large franchises and the track record of
government equity and funding injections into the two banks
suggest the authorities could provide further moderate assistance
to these entities, if required.  However, given the government's
apparent reluctance to provide substantial support to the
country's banks in all circumstances (as highlighted by the
defaults of BTA Bank, Alliance Bank and Temirbank in 2009, all
rated 'Restricted Default') this assistance cannot be fully relied
upon, in Fitch's view.  Potential rating upside exists for BCC
should Korea's Kookmin Bank ('A+'/Stable) increase further its
stake (currently 30%) in BCC and demonstrate a willingness to
support BCC in case of need; however, Fitch notes Kookmin's
currently very gradual approach to increasing its participation in
the bank's capital.

Halyk's asset quality remains weak, with NPLs (loans more than 90
days overdue) reaching 16.7% at end-November 2009 according to
regulatory data, and restructured loans comprising 23% of the loan
book at end-9M09 (all end-9M09 data is according to IFRS).  Asset
quality performance is undermined by the significant exposure to
the troubled construction and real estate sectors (end-9M09: 20%
of the loan book), while exposure to the 20 largest borrowers (26%
of the loan book) and the share of FX lending (53%) are also high.
However, reported loan impairment numbers have shown some signs of
stabilization in H209, with NPLs rising only 2pp during the five
months to end-November.  Furthermore, Halyk has built up
considerable loss absorption capacity, and at end-November 2009
could have increased its impairment reserves to 31% of loans (from
the actual level of 18.8%) before its total regulatory capital
adequacy ratio would have fallen to the minimum 10% level.

Accrued (but not received) interest was a sizable 43% of equity
(based on local accounts) at end-2009, which significantly
undermines the quality of capital; however, this ratio was still
notably lower than at peers.  Halyk has a moderate share of
foreign funding (end-2009: 15% of total liabilities) with distant
large ticket repayments (from 2013).  Liquidity is currently
comfortable, with cash and bank placements up to one month
comprising 21% of assets at end-2009; however, funding is heavily
reliant on deposits from state-owned companies.

BCC's reported asset quality numbers are much better than peers',
with NPLs moderate at 4% at end-November 2009 and restructured
loans approximately 7.7% at end-Q309.  However, Fitch notes that
interest accruals amounted to 8% of end-2009 gross loans and
accounted for a considerable 23% of 2009 interest income (both
ratios in line with those at Halyk), suggesting somewhat weaker
loan performance than headline asset quality numbers indicate.

Fitch also notes that BCC's exposure to the construction and real
estate sectors (17% of the loan book at end-9M09), individual
borrower concentrations (20 largest borrowers comprised 24% of the
portfolio) and share of foreign currency lending (58%) are broadly
in line with those of Halyk.  Loss absorption capacity is
significant, with the bank able to increase its reserves/loans
ratio to 24% at end-November 2009 (from the actual level of 11.2%)
before the capital ratio would have fallen to 10%.  However, the
quality of capital is undermined by the sizable interest accruals
(equal to 65% of equity at end-2009) and the large tier 2
component (35% of total capital).  BCC's foreign funding was a
moderate 22% of liabilities at end-2009; although BCC will need to
make a significant repayment in 2011 (equal to 7% of liabilities),
the bank's liquidity is currently strong, with cash and up to one-
month bank placements accounting for 17% of assets at end-2009.

KKB's reported asset quality metrics have continued to deteriorate
in H209, with NPLs rising to 17.3% at end-November 2009 from 8.8%
at end-H109 and restructured loans standing at 18.1% at end-9M09
(on a consolidated basis).  Credit risks remain substantial in
light of the high share of lending to the construction and real
estate sectors (end-9M09: 34%), while borrower concentrations and
foreign currency lending (71%) are also higher than at peers.
Most large exposures continue to show clear signs of impairment,
in Fitch's view, while high interest accruals (equal to 38% of
unconsolidated interest income during 2009 and 89% of equity at
end-2009) underline weaknesses in loan performance.  Loss
absorption capacity appears to be high (maximum reserves/loans
ratio of 31% at end-November 2009 compared to actual ratio of
24.9%), but this is undermined by concerns about quality of
capital and potential loan impairment.  At the same time, Fitch
notes that the reduction in foreign debt has been substantial
during H209 (to around 33% from 46% of liabilities) with the next
significant repayments coming due only in 2011 (equal to 7% of
end-2009 liabilities).

Rating actions are:

Halyk Bank of Kazakhstan

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

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

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

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

  -- Support rating: affirmed at '5';

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

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

  -- Senior unsecured debt: affirmed at 'B+'; Recovery Rating at
     'RR4'

Kazkommertsbank

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

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

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

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

  -- Support rating: affirmed at '5';

  -- Individual rating: affirmed at 'E'

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

  -- Senior unsecured debt: affirmed at 'B-'; Recovery Rating at
     'RR4'

  -- Subordinated debt: affirmed at 'CC'; Recovery Rating at 'RR6'

  -- Tier 1 perpetual subordinated notes: affirmed at 'CC';
     Recovery Rating at 'RR6'

Bank Centercredit

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

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

  -- Support rating: affirmed at '5'

  -- Individual rating: affirmed at 'D/E';

  -- Senior unsecured debt: affirmed at 'B'; Recovery Rating at
     'RR4'

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


KAZKOMMERTSBANK: Fitch Affirms Individual Rating at 'E'
-------------------------------------------------------
Fitch Ratings has revised Kazakhstan-based Halyk Bank's and Bank
CenterCredit's Outlooks to Stable from Negative and Evolving,
respectively.  A third Kazakh bank, Kazkommertsbank, remains on
Negative Outlook.  All the ratings of the three banks are
affirmed.

The Outlook revisions reflect the banks' now solid and reasonable
loss absorption capacity compared to credit risks faced and
potential further loan impairment recognition.  The Outlooks also
reflect the more positive outlook for the Kazakh economy, which
makes further substantial deterioration in these banks' asset
quality less likely, in Fitch's view: the agency forecasts
economic growth of 3.0% in 2010 (2009E: contraction of -1.5%), and
views further depreciation of the KZT unlikely in the near-term
given the current oil price.  Halyk's and BCC's ratings are also
supported by their moderate large ticket debt repayments in the
near- to medium-term, currently strong liquidity and sizable or
significant local franchises.

The 'B-' Long-term IDR and Negative Outlook on KKB reflects the
still very high credit risks faced by the bank and the potential
for eventual loan impairment recognition to exceed the bank's loss
absorption capacity.  A higher share of foreign funding relative
to peers is also a concern, with significant repayments due from
2011, although Fitch notes that refinancing risk has reduced
considerably after large debt repayments in 2007-2009.

Halyk's and KKB's large franchises and the track record of
government equity and funding injections into the two banks
suggest the authorities could provide further moderate assistance
to these entities, if required.  However, given the government's
apparent reluctance to provide substantial support to the
country's banks in all circumstances (as highlighted by the
defaults of BTA Bank, Alliance Bank and Temirbank in 2009, all
rated 'Restricted Default') this assistance cannot be fully relied
upon, in Fitch's view.  Potential rating upside exists for BCC
should Korea's Kookmin Bank ('A+'/Stable) increase further its
stake (currently 30%) in BCC and demonstrate a willingness to
support BCC in case of need; however, Fitch notes Kookmin's
currently very gradual approach to increasing its participation in
the bank's capital.

Halyk's asset quality remains weak, with NPLs (loans more than 90
days overdue) reaching 16.7% at end-November 2009 according to
regulatory data, and restructured loans comprising 23% of the loan
book at end-9M09 (all end-9M09 data is according to IFRS).  Asset
quality performance is undermined by the significant exposure to
the troubled construction and real estate sectors (end-9M09: 20%
of the loan book), while exposure to the 20 largest borrowers (26%
of the loan book) and the share of FX lending (53%) are also high.
However, reported loan impairment numbers have shown some signs of
stabilization in H209, with NPLs rising only 2pp during the five
months to end-November.  Furthermore, Halyk has built up
considerable loss absorption capacity, and at end-November 2009
could have increased its impairment reserves to 31% of loans (from
the actual level of 18.8%) before its total regulatory capital
adequacy ratio would have fallen to the minimum 10% level.

Accrued (but not received) interest was a sizable 43% of equity
(based on local accounts) at end-2009, which significantly
undermines the quality of capital; however, this ratio was still
notably lower than at peers.  Halyk has a moderate share of
foreign funding (end-2009: 15% of total liabilities) with distant
large ticket repayments (from 2013).  Liquidity is currently
comfortable, with cash and bank placements up to one month
comprising 21% of assets at end-2009; however, funding is heavily
reliant on deposits from state-owned companies.

BCC's reported asset quality numbers are much better than peers',
with NPLs moderate at 4% at end-November 2009 and restructured
loans approximately 7.7% at end-Q309.  However, Fitch notes that
interest accruals amounted to 8% of end-2009 gross loans and
accounted for a considerable 23% of 2009 interest income (both
ratios in line with those at Halyk), suggesting somewhat weaker
loan performance than headline asset quality numbers indicate.

Fitch also notes that BCC's exposure to the construction and real
estate sectors (17% of the loan book at end-9M09), individual
borrower concentrations (20 largest borrowers comprised 24% of the
portfolio) and share of foreign currency lending (58%) are broadly
in line with those of Halyk.  Loss absorption capacity is
significant, with the bank able to increase its reserves/loans
ratio to 24% at end-November 2009 (from the actual level of 11.2%)
before the capital ratio would have fallen to 10%.  However, the
quality of capital is undermined by the sizable interest accruals
(equal to 65% of equity at end-2009) and the large tier 2
component (35% of total capital).  BCC's foreign funding was a
moderate 22% of liabilities at end-2009; although BCC will need to
make a significant repayment in 2011 (equal to 7% of liabilities),
the bank's liquidity is currently strong, with cash and up to one-
month bank placements accounting for 17% of assets at end-2009.

KKB's reported asset quality metrics have continued to deteriorate
in H209, with NPLs rising to 17.3% at end-November 2009 from 8.8%
at end-H109 and restructured loans standing at 18.1% at end-9M09
(on a consolidated basis).  Credit risks remain substantial in
light of the high share of lending to the construction and real
estate sectors (end-9M09: 34%), while borrower concentrations and
foreign currency lending (71%) are also higher than at peers.
Most large exposures continue to show clear signs of impairment,
in Fitch's view, while high interest accruals (equal to 38% of
unconsolidated interest income during 2009 and 89% of equity at
end-2009) underline weaknesses in loan performance.  Loss
absorption capacity appears to be high (maximum reserves/loans
ratio of 31% at end-November 2009 compared to actual ratio of
24.9%), but this is undermined by concerns about quality of
capital and potential loan impairment.  At the same time, Fitch
notes that the reduction in foreign debt has been substantial
during H209 (to around 33% from 46% of liabilities) with the next
significant repayments coming due only in 2011 (equal to 7% of
end-2009 liabilities).

Rating actions are:

Halyk Bank of Kazakhstan

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

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

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

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

  -- Support rating: affirmed at '5';

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

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

  -- Senior unsecured debt: affirmed at 'B+'; Recovery Rating at
     'RR4'

Kazkommertsbank

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

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

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

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

  -- Support rating: affirmed at '5';

  -- Individual rating: affirmed at 'E'

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

  -- Senior unsecured debt: affirmed at 'B-'; Recovery Rating at
     'RR4'

  -- Subordinated debt: affirmed at 'CC'; Recovery Rating at 'RR6'

  -- Tier 1 perpetual subordinated notes: affirmed at 'CC';
     Recovery Rating at 'RR6'

Bank Centercredit

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

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

  -- Support rating: affirmed at '5'

  -- Individual rating: affirmed at 'D/E';

  -- Senior unsecured debt: affirmed at 'B'; Recovery Rating at
     'RR4'

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


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


LYONDELLBASELL INDUSTRIES: Reports Third Quarter 2009 Results
-------------------------------------------------------------
LyondellBasell Industries AF S.C.A. posted quarterly financial
results for the quarter ended June 30, 2009.  The report was
prepared on December 30, 2009, but was made available on
LyondellBasell's Web site in January 2010.

LyondellBasell had operating income of US$419 million in the third
quarter 2009 compared to operating income of US$274 million in the
second quarter 2008.  Sales volumes improved significantly by the
third quarter of 2009, resulting in higher operating income
relative to third quarter 2008, which was impacted by hurricane
related operating constraints in the U.S.  Moreover, results from
both the third quarter and first nine months of 2009 reflect
benefits of LyondellBasell's cost reduction program, partly offset
by the unfavorable effect of currency exchange rates on non-U.S.
operating income.

Moreover, LyondellBasell had a loss from continuing operations of
US$649 million in the third quarter of 2009 compared to a loss
from continuing operations of US$353 million in the second quarter
of 2009.  Underlying operating results improved US$215 million,
after tax, primarily due to higher product margins for the
chemicals and polymers segments and overall higher sale volumes,
partially offset by lower fuels segment product margins and lower
profitability in the technology and R&D segment.  Offsetting the
operational improvement, the third quarter 2009 loss from
continuing operations included Chapter 11 costs of US$603 million,
and an impairment charge of US$215 million on certain equity
investments partially offset by a US$32 million after-tax
involuntary conversion gain from insurance proceeds.  In addition,
the second quarter 2009 results included Chapter 11 reorganization
costs of US$81 million, after tax.  The remaining difference was
primarily due to a higher effective tax rate in the third quarter
2009 compared to the second quarter 2009.

A full-text copy of LyondellBasell's Third Quarter 2009 Results
is available for free at:

             http://ResearchArchives.com/t/s?4dab

                  LyondellBasell Industries AF S.C.A
                     Consolidated Balance Sheet
                      As of September 30, 2009

Assets
Current assets:
Cash and cash equivalents                      US$619,000,000
Short-term investments                             21,000,000
Accounts receivable:
  Trade, net                                     3,127,000,000
  Related parties                                  247,000,000
Inventories                                     2,984,000,000
Prepaid expenses and other current assets         979,000,000
                                              ----------------
Total current assets                            7,977,000,000

Property, plant and equipment, net              15,299,000,000
Investments and long-term receivables:
Investment in PO joint ventures                   943,000,000
Equity investments                              1,014,000,000
Other investments and long-term receivables        90,000,000
Intangible assets, net                          1,959,000,000
Other assets                                      361,000,000
                                              ----------------
Total assets                                 US$27,643,000,000
                                             =================

Liabilities and Equity
Liabilities not subject to compromise:
Current liabilities:
  Current maturities of long-term debt          US$501,000,000
  Short-term debt                                5,912,000,000
  Accounts payable:
   Trade                                         1,379,000,000
   Related parties                                 401,000,000
  Accrued liabilities                            1,387,000,000
  Deferred income taxes                            240,000,000
                                              ----------------
Total current liabilities                       9,820,000,000

Long-term debt                                    307,000,000
Other liabilities                               1,433,000,000
Deferred income taxes                           2,472,000,000
Commitments and contingencies                               -
Liabilities subject to compromise               21,636,000,000
Stockholders' equity:
Common stock                                       60,000,000
Additional paid-in capital                        563,000,000
Retained deficit                               (8,460,000,000)
Accumulated other comprehensive loss             (312,000,000)
                                              ----------------
Total stockholder's equity                     (8,149,000,000)
Non-controlling interests                         124,000,000
                                              ----------------
  Total equity                                  (8,025,000,000)
                                              ----------------
Total liabilities and equity                 US$27,643,000,000
                                             =================

               LyondellBasell Industries AF S.C.A.
            Unaudited Consolidated Statement of Income
              For the Quarter ended September 30, 2009

Sales and other operating revenues:
Trade                                         US$8,488,000,000
Related parties                                    124,000,000
                                              ----------------
                                                 8,612,000,000
Operating costs and expenses:
Cost of sales                                    7,956,000,000
Selling, general and administrative expenses       199,000,000
Research and development expenses                   38,000,000
                                              ----------------
                                                 8,193,000,000
                                              ----------------
Operating income                                    419,000,000

Interest expense                                   (406,000,000)
Interest income                                     (35,000,000)
Other income, net                                   137,000,000
                                              ----------------
Income from continuing operations before
equity investments, reorganization items
and income taxes                                  115,000,000

Loss from equity investments                       (168,000,000)
Reorganization items                               (928,000,000)
                                              ----------------
Loss from continuing operations before
income taxes                                      (981,000,000)

Benefit from income taxes                          (332,000,000)
                                              ----------------
Loss from continuing operations                    (649,000,000)

Income (loss) from discontinued operations,
net of tax                                          (1,000,000)
                                              ----------------
  NET LOSS                                      (US$650,000,000)
                                                ================

                 LyondellBasell Industries AF S.C.A.
                 Consolidated Statement of Cash Flow
               For Nine Months ended September 30, 2009

Cash flows from operating activities:
Net income (loss)                           (US$2,017,000,000)
(Income) loss from discontinued operations,
net of tax                                          3,000,000
Adjustments to reconcile net income (loss)
to net cash used in operating activities -
continuing operations:
  Depreciation and amortization                  1,338,000,000
  Amortization of debt-related costs               378,000,000
  Inventory valuation adjustment                   109,000,000
  Equity investments -
   Amounts included in net income (loss)           166,000,000
   Distributions of earnings                        21,000,000
  Deferred income taxes                           (894,000,000)
  Reorganization items                           2,000,000,000
  Reorganization-related payments                 (183,000,000)
  Unrealized foreign currency exchange (gain)
   loss                                           (254,000,000)
Changes in assets and liabilities that provided
(used) cash:
Accounts receivable                              (217,000,000)
Inventories                                       239,000,000
Accounts payable                                 (122,000,000)
Repayment of accounts receivable securitization
Facility                                         (503,000,000)

Accrued interest                                    24,000,000
Prepaid expenses and other current assets         (242,000,000)
Other, net                                        (542,000,000)
                                              ----------------
Net cash used in operating activities -
continuing operations                            (696,000,000)
Net cash provided by (used in) operating
activities - discontinued operations               (3,000,000)
                                              ----------------
  Net cash used in operating activities           (699,000,000)
                                              ----------------

Cash flows from investing activities:
Expenditures for property, plant and equipment    (498,000,000)
Proceeds from insurance claims                      72,000,000
Acquisition of businesses, net of cash and
debt acquired                                               -
Contributions and advances to affiliates            (2,000,000)
Proceeds from disposal of assets                    15,000,000
Short-term investments                              13,000,000
Other                                               (6,000,000)
                                              ----------------
Net cash used in investing activities            (406,000,000)
                                              ----------------
Cash flows from financing activities:
Proceeds from issuance of DIP term loan
facility                                        2,018,000,000
Proceeds from note payable                         100,000,000
Repayment of note payable                         (100,000,000)
Repayment of DIP term loan facility                 (5,000,000)
Net borrowings under DIP revolving credit
facility                                          160,000,000
Net borrowings (repayments) under prepetition
revolving credit facilities                      (766,000,000)
Net repayment on revolving credit facilities      (378,000,000)
Proceeds from short-term debt                       18,000,000
Repayment of long-term debt                        (63,000,000)
Payment of debt issuance costs                     (93,000,000)
Other, net                                         (25,000,000)
                                              ----------------
Net cash provided by financing activities         866,000,000
                                              ----------------
Effect of exchange rate changes on cash                       -
                                              ----------------
Decrease in cash and cash equivalents              (239,000,000)
Cash and cash equivalents at beginning of
period                                             858,000,000
                                              ----------------
Cash and cash equivalents at end of period       US$619,000,000
                                                 ===============

                     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)


LYONDELLBASELL INDUSTRIES: Updates Investors on November Results
----------------------------------------------------------------
LyondellBasell Vice President for Investor Relations Douglas Pike
shared with investors the company's results for the month of
November 2009.

Mr. Pike said that November 2009 results are well ahead of plan.
With respect to the fuels segment, he related that depressed
refining conditions are adversely affecting results.  Moreover,
oxyfuels margins experienced seasonal decline, he noted.  As to
the chemicals segment, he explained that U.S. olefin margins
declined slightly while ethane was favored.  In addition, EU
olefins were under increased cost pressure and PO, intermediates
and derivatives volumes and margins were moderately lower compared
in October 2009.  Under the polymers section, Mr. Pike continued,
U.S. polyethylene exports continue to be strong.  He further noted
that polymers' volumes were slightly higher and margins were
generally lower than in October 2009, and that LyondellBasell
benefited from an insurance payment related to its Munchsmunster
polymer plant rebuild.

For the fourth quarter of 2009 and early 2010, Mr. Pike disclosed
that LyondellBasell foresees weak refining conditions will
continue.  LyondellBasell also anticipates season drop in oxyfuels
margins.  LyondellBasell further expects early turnaround of plant
at Corpus Christi, Texas.  Polymers outlook continues to be
dependent upon U.S. polyethylene export opportunities, he added.

A full-text copy of the Investor Update is available for free at:

             http://ResearchArchives.com/t/s?4daa

                     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)


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


AK YAKUTSKENERGO: Fitch Affirms LT Foreign Currency IDR at 'BB'
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-term foreign currency Issuer
Default Ratings of six Russian companies, whilst simultaneously
revising their rating Outlooks to Stable from Negative.

The rating actions follow Fitch's revision earlier of the Russian
Federation's ratings Outlook to Stable, and the affirmation of
Russia's Long-term foreign and local currency Issuer Default
Ratings at 'BBB'.

The rating actions are:

JSC Russian Railways

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

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

  -- Local currency senior unsecured rating: affirmed at 'BBB'

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Short-term local currency IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- National senior unsecured rating: affirmed at 'AAA(rus)'

RZD's ratings are aligned with those of the Russian Federation,
reflecting its 100% state ownership and strategic importance.  The
rating alignment further captures state involvement in tariff-
setting, overall financial planning, direct equity injections,
funding by government-controlled banks and the provision of
subsidies for the freight and loss-making passenger transportation
divisions.  Direct subsidies are set to represent an increasing
proportion of EBITDAR (10% in FY08), further strengthening RZD's
links with the state, but also its reliance on the government.

OJSC Transcontainer

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

  -- Long-term local currency IDR: affirmed at 'BB+'; Outlook
     revised to Stable from Negative

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

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

  -- Senior unsecured rating: affirmed at 'BB+'

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

Transcontainer's ratings reflect the strong strategic and
operational ties between Transcontainer and its parent, the state-
owned Russian railway monopoly, JSC Russian Railways.  In line
with Fitch's Parent-Subsidiary Rating linkage methodology,
Transcontainer's Long-term IDRs have been notched down two levels
from those of RZD.

Sukhoi Civil Aircraft JSC

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

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

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

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

  -- Senior unsecured rating: affirmed at 'BB'

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

  -- National Short-term rating: affirmed at 'F1+(rus)'

The ratings of Sukhoi Civil Aircraft JSC's are driven by the
strong links to its ultimate majority (75% minus one share)
shareholder, the Russian Federation and the strategic nature of
its flagship product, the Super Jet 100 (SSJ100), to the state.
The ratings of SCAC are notched down from those of the sovereign
as a result of purely verbal representations from state officials
regarding the support SCAC can rely on from the Russian government
for additional equity injections over and above what has already
been contributed.

JSC RusHydro

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

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

RusHydro's ratings are notched down by one notch from the
sovereign's due to its state ownership, the strategic importance
of the company to the state, and a degree of reliance by the
company on investment funding from the state.

OAO AK Yakutskenergo

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

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

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

YE's ratings are notched down by three notches from the Russian
Federation's rating due to state ownership, the strategic
importance of the company to the state, direct federal
subsidization, and its reliance on state-controlled banks for the
majority of debt funding and liquidity.

OAO Gazprom

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

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Senior unsecured rating: affirmed at 'BBB'

  -- Gaz Capital S.A.'s debt issuance programme: affirmed at 'BBB'

Gazprom's ratings are based on its standalone profile.  However,
state ownership and the influence of the state on Gazprom's
business environment have an indirect influence on both its
financial and business profile.


BANK VTB: Fitch Affirms Individual Rating at 'D'
-----------------------------------------------
Fitch Ratings has revised the Outlooks on 13 Russian banks, three
European banking subsidiaries of Russian Bank VTB and two Russian
leasing companies to Stable from Negative and affirmed their
ratings.

The rating actions follow the agency's revision of the Outlooks on
Russia's Long-term Issuer Default Ratings to Stable from Negative.

The change in Outlooks on the Long-term IDRs of ZAO Unicredit
Bank, ZAO Raiffeisenbank, ZAO Citibank, Nordea Bank, CJSC
Santander Consumer Bank, ZAO Danske Bank and Rosbank reflect the
diminished likelihood of a downgrade of Russia's Country Ceiling
('BBB+') following the change in the sovereign Outlook.  Russia's
Country Ceiling captures transfer and convertibility risks and
limits the extent to which support from the foreign shareholders
of these banks can be factored into their Long-term foreign
currency IDRs.  Their Long-term local-currency IDRs, where
assigned, also take account of Russian country risks.

ZAO Unicredit Bank is 100%-owned by UniCredit S.p.A.
('A'/Negative), ZAO Raiffeisenbank is 99.97%-owned by Raiffeisen
International Bank-Holding AG, which in turn is 68.5%-owned by
Austria's Raiffeisen Zentralbank Osterreich AG ('A'/Stable),
Nordea Bank is 100%-owned by Nordea Bank AB ('AA-'/Stable), CJSC
Santander Consumer Bank is 100%-owned by Santander Consumer
Finance ('AA'/Stable), ZAO Citibank is 100%-owned by Citigroup
Inc. ('A+'/Stable) via US-based subsidiaries, ZAO Danske Bank is
100%-owned by Danske Bank A/S ('A+'/Stable) and Rosbank is 64.7%-
owned by France's Societe Generale ('A+'/Stable).  The Long- and
Short-term IDRs and Support ratings of these banks reflect the
high probability of support that would likely be forthcoming from
their majority shareholders, in case of need.

The change in Outlooks on the Long-term IDRs of Vnesheconombank,
Sberbank, Bank VTB and Russian Agricultural Bank reflect Fitch's
view of the now less likely deterioration in the government's
ability to provide support in case of need, as reflected in the
sovereign rating action.
The Russian state owns 85.5% of the ordinary shares of Bank VTB
and 60.25% of the voting shares of Sberbank.  Russian Agricultural
Bank is fully-owned by the government.  Vnesheconombank is a state
corporation established by the Russian Federation and was assigned
the role of a national development bank by federal law in May
2007.

The change in Outlooks on the Long-term IDRs of Bank VTB North-
West, Bank VTB24, VTB Leasing, VTB Bank (Austria), VTB Capital
plc.  and Russian Commercial Bank (Cyprus) follows the revision of
the Outlook for their parent, Bank VTB.  The change in Outlook on
the Long-term IDR of VEB-Leasing follows the revision of the
Outlook for its majority owner, Vnesheconombank.  These rating
actions indicate the more secure ability of VTB and
Vnesheconombank to provide support due, in turn, to the now less
likely deterioration in support from the Russian state.

The rating actions are:

Bank VTB (JSC)

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

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating Floor: affirmed at 'BBB'

CJSC Bank VTB24

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

CJSC Santander Consumer Bank

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

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

JSC Bank VTB North-West

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

OJSC VEB-Leasing

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

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

OJSC Nordea Bank

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

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

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

ZAO Danske Bank

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

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

Rosbank

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

  -- Long-term local currency IDR: affirmed at 'BBB+'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

Russian Agricultural Bank

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

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating Floor: affirmed at 'BBB'

Russian Commercial Bank (Cyprus) Ltd

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

Sberbank - Savings Bank of the Russian Federation

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

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

  -- Support Rating Floor: affirmed at 'BBB'

Vnesheconombank

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB'

VTB Bank (Austria) AG

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: 'C/D'; Rating Watch Negative

VTB Capital plc.

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: C/D'; Rating Watch Negative

VTB Leasing

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

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Short-term local currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

ZAO Citibank

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

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

ZAO Raiffeisenbank

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

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

ZAO Unicredit Bank

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

  -- Long-term local currency IDR: affirmed at 'BBB+'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- Short-term local currency IDR: affirmed at 'F2'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'


GAZPROMBANK MORTGAGE: Moody's Reviews Caa3-Rated Notes for Upgrade
------------------------------------------------------------------
Moody's Investors Service has taken this rating action on the
notes issued by:

Gazprombank Mortgage Funding 2 S.A.

  -- Class A1, Placed on review for possible downgrade; previously
     on March 6, 2009 Downgraded to B3;

  -- Class A2, Placed on review for possible upgrade; previously
     on March 6, 2009 Downgraded to B3;

  -- Class B, Placed on review for possible upgrade; previously on
     March 6, 2009 Downgraded to Caa3;

  -- Class C, Placed on review for possible upgrade; previously on
     March 6, 2009 Downgraded to Caa3.

The rating action is prompted by the announcement of the
noteholder meeting to be held on January 22 whereby the
noteholders will be required to vote on an extraordinary
resolution.  According to the proposed extraordinary resolution
the terms and conditions of the class A1 notes will be amended so
that from the interest payment date falling on the January 25,
2009, the class A1 notes will be converted from EUR to RUB at an
exchange rate of EUR1 to RUB34.7.  This corresponds to the
exchange rate at closing of the transaction and it is
significantly more favorable than the current prevailing foreign
exchange spot rate.

In this transaction Lehman Brothers Holding Inc. was the guarantor
for both the swap provider and the liquidity facility provider and
therefore Gazprombank 2007-1 is currently fully exposed to foreign
exchange and interest rate risk and does not benefit from any
liquidity source other than the cash reserve fund.  In March 2009
Moody's has downgraded all classes of notes assuming that the
Issuer will not find a replacement swap and will be exposed to the
foreign exchange spot rates until maturity.

Moody's notes that if the extraordinary resolution will pass the
class A1 notes will crystallize a principal loss of approximately
14% due to the local currency depreciation from closing.  In
addition the transaction will no longer be exposed to currency
risk and therefore the other classes of notes will benefit from
the redenomination of the class A1 notes.  Hence Moody's has
placed on review for downgrade the class A1 notes and has placed
on review for upgrade the other notes.


RUSHYDRO JSC: Fitch Affirms Long-Term Foreign Currency IDR at BB+
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term foreign currency Issuer
Default Ratings of six Russian companies, whilst simultaneously
revising their rating Outlooks to Stable from Negative.

The rating actions follow Fitch's revision earlier of the Russian
Federation's ratings Outlook to Stable, and the affirmation of
Russia's Long-term foreign and local currency Issuer Default
Ratings at 'BBB'.

The rating actions are:

JSC Russian Railways

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

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

  -- Local currency senior unsecured rating: affirmed at 'BBB'

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Short-term local currency IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- National senior unsecured rating: affirmed at 'AAA(rus)'

RZD's ratings are aligned with those of the Russian Federation,
reflecting its 100% state ownership and strategic importance.  The
rating alignment further captures state involvement in tariff-
setting, overall financial planning, direct equity injections,
funding by government-controlled banks and the provision of
subsidies for the freight and loss-making passenger transportation
divisions.  Direct subsidies are set to represent an increasing
proportion of EBITDAR (10% in FY08), further strengthening RZD's
links with the state, but also its reliance on the government.

OJSC Transcontainer

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

  -- Long-term local currency IDR: affirmed at 'BB+'; Outlook
     revised to Stable from Negative

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

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

  -- Senior unsecured rating: affirmed at 'BB+'

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

Transcontainer's ratings reflect the strong strategic and
operational ties between Transcontainer and its parent, the state-
owned Russian railway monopoly, JSC Russian Railways.  In line
with Fitch's Parent-Subsidiary Rating linkage methodology,
Transcontainer's Long-term IDRs have been notched down two levels
from those of RZD.

Sukhoi Civil Aircraft JSC

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

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

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

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

  -- Senior unsecured rating: affirmed at 'BB'

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

  -- National Short-term rating: affirmed at 'F1+(rus)'

The ratings of Sukhoi Civil Aircraft JSC's are driven by the
strong links to its ultimate majority (75% minus one share)
shareholder, the Russian Federation and the strategic nature of
its flagship product, the Super Jet 100 (SSJ100), to the state.
The ratings of SCAC are notched down from those of the sovereign
as a result of purely verbal representations from state officials
regarding the support SCAC can rely on from the Russian government
for additional equity injections over and above what has already
been contributed.

JSC RusHydro

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

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

RusHydro's ratings are notched down by one notch from the
sovereign's due to its state ownership, the strategic importance
of the company to the state, and a degree of reliance by the
company on investment funding from the state.

OAO AK Yakutskenergo

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

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

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

YE's ratings are notched down by three notches from the Russian
Federation's rating due to state ownership, the strategic
importance of the company to the state, direct federal
subsidization, and its reliance on state-controlled banks for the
majority of debt funding and liquidity.

OAO Gazprom

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

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Senior unsecured rating: affirmed at 'BBB'

  -- Gaz Capital S.A.'s debt issuance programme: affirmed at 'BBB'

Gazprom's ratings are based on its standalone profile.  However,
state ownership and the influence of the state on Gazprom's
business environment have an indirect influence on both its
financial and business profile.


SUKHOI CIVIL: Fitch Affirms Long-Term Foreign Currency IDR at BB+
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term foreign currency Issuer
Default Ratings of six Russian companies, whilst simultaneously
revising their rating Outlooks to Stable from Negative.

The rating actions follow Fitch's revision earlier of the Russian
Federation's ratings Outlook to Stable, and the affirmation of
Russia's Long-term foreign and local currency Issuer Default
Ratings at 'BBB'.

The rating actions are:

JSC Russian Railways

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

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

  -- Local currency senior unsecured rating: affirmed at 'BBB'

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Short-term local currency IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- National senior unsecured rating: affirmed at 'AAA(rus)'

RZD's ratings are aligned with those of the Russian Federation,
reflecting its 100% state ownership and strategic importance.  The
rating alignment further captures state involvement in tariff-
setting, overall financial planning, direct equity injections,
funding by government-controlled banks and the provision of
subsidies for the freight and loss-making passenger transportation
divisions.  Direct subsidies are set to represent an increasing
proportion of EBITDAR (10% in FY08), further strengthening RZD's
links with the state, but also its reliance on the government.

OJSC Transcontainer

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

  -- Long-term local currency IDR: affirmed at 'BB+'; Outlook
     revised to Stable from Negative

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

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

  -- Senior unsecured rating: affirmed at 'BB+'

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

Transcontainer's ratings reflect the strong strategic and
operational ties between Transcontainer and its parent, the state-
owned Russian railway monopoly, JSC Russian Railways.  In line
with Fitch's Parent-Subsidiary Rating linkage methodology,
Transcontainer's Long-term IDRs have been notched down two levels
from those of RZD.

Sukhoi Civil Aircraft JSC

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

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

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

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

  -- Senior unsecured rating: affirmed at 'BB'

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

  -- National Short-term rating: affirmed at 'F1+(rus)'

The ratings of Sukhoi Civil Aircraft JSC's are driven by the
strong links to its ultimate majority (75% minus one share)
shareholder, the Russian Federation and the strategic nature of
its flagship product, the Super Jet 100 (SSJ100), to the state.
The ratings of SCAC are notched down from those of the sovereign
as a result of purely verbal representations from state officials
regarding the support SCAC can rely on from the Russian government
for additional equity injections over and above what has already
been contributed.

JSC RusHydro

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

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

RusHydro's ratings are notched down by one notch from the
sovereign's due to its state ownership, the strategic importance
of the company to the state, and a degree of reliance by the
company on investment funding from the state.

OAO AK Yakutskenergo

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

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

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

YE's ratings are notched down by three notches from the Russian
Federation's rating due to state ownership, the strategic
importance of the company to the state, direct federal
subsidization, and its reliance on state-controlled banks for the
majority of debt funding and liquidity.

OAO Gazprom

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

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Senior unsecured rating: affirmed at 'BBB'

  -- Gaz Capital S.A.'s debt issuance programme: affirmed at 'BBB'

Gazprom's ratings are based on its standalone profile.  However,
state ownership and the influence of the state on Gazprom's
business environment have an indirect influence on both its
financial and business profile.


TRANSCONTAINER OJSC: Fitch Affirms LT Foreign Currency IDR at BB+
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term foreign currency Issuer
Default Ratings of six Russian companies, whilst simultaneously
revising their rating Outlooks to Stable from Negative.

The rating actions follow Fitch's revision earlier of the Russian
Federation's ratings Outlook to Stable, and the affirmation of
Russia's Long-term foreign and local currency Issuer Default
Ratings at 'BBB'.

The rating actions are:

JSC Russian Railways

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

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

  -- Local currency senior unsecured rating: affirmed at 'BBB'

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Short-term local currency IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- National senior unsecured rating: affirmed at 'AAA(rus)'

RZD's ratings are aligned with those of the Russian Federation,
reflecting its 100% state ownership and strategic importance.  The
rating alignment further captures state involvement in tariff-
setting, overall financial planning, direct equity injections,
funding by government-controlled banks and the provision of
subsidies for the freight and loss-making passenger transportation
divisions.  Direct subsidies are set to represent an increasing
proportion of EBITDAR (10% in FY08), further strengthening RZD's
links with the state, but also its reliance on the government.

OJSC Transcontainer

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

  -- Long-term local currency IDR: affirmed at 'BB+'; Outlook
     revised to Stable from Negative

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

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

  -- Senior unsecured rating: affirmed at 'BB+'

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

Transcontainer's ratings reflect the strong strategic and
operational ties between Transcontainer and its parent, the state-
owned Russian railway monopoly, JSC Russian Railways.  In line
with Fitch's Parent-Subsidiary Rating linkage methodology,
Transcontainer's Long-term IDRs have been notched down two levels
from those of RZD.

Sukhoi Civil Aircraft JSC

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

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

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

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

  -- Senior unsecured rating: affirmed at 'BB'

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

  -- National Short-term rating: affirmed at 'F1+(rus)'

The ratings of Sukhoi Civil Aircraft JSC's are driven by the
strong links to its ultimate majority (75% minus one share)
shareholder, the Russian Federation and the strategic nature of
its flagship product, the Super Jet 100 (SSJ100), to the state.
The ratings of SCAC are notched down from those of the sovereign
as a result of purely verbal representations from state officials
regarding the support SCAC can rely on from the Russian government
for additional equity injections over and above what has already
been contributed.

JSC RusHydro

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

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

RusHydro's ratings are notched down by one notch from the
sovereign's due to its state ownership, the strategic importance
of the company to the state, and a degree of reliance by the
company on investment funding from the state.

OAO AK Yakutskenergo

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

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

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

YE's ratings are notched down by three notches from the Russian
Federation's rating due to state ownership, the strategic
importance of the company to the state, direct federal
subsidization, and its reliance on state-controlled banks for the
majority of debt funding and liquidity.

OAO Gazprom

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

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Senior unsecured rating: affirmed at 'BBB'

  -- Gaz Capital S.A.'s debt issuance programme: affirmed at 'BBB'

Gazprom's ratings are based on its standalone profile.  However,
state ownership and the influence of the state on Gazprom's
business environment have an indirect influence on both its
financial and business profile.


UC RUSAL: Raises US$2.2 Bln in Hong Kong Initial Public Offering
----------------------------------------------------------------
United Co. Rusal Ltd. raised HK$17.4 billion (US$2.2 billion) in
the first initial public offering by a Russian company in Hong
Kong, Bei Hu and Yuriy Humber at Bloomberg News reports, citing
three people familiar with the sale.

According to Bloomberg, the people, who declined to be identified
before a public announcement, said the company, controlled by
billionaire Oleg Deripaska, priced 1.61 billion new shares, or a
10.6%, at HK$10.80 each.

Bloomberg says the final pricing gives Rusal a market value of
US$21 billion, about 12% less than Aluminum Corp. of China Ltd.,
the nation's largest producer of the metal.  Rusal offered the
shares at HK$9.10 to HK$12.50, Bloomberg states.

Rusal sold shares to international institutions, professional
investors and wealthy individuals ordering at least HK$1 million
of stock each, Bloomberg relates.

Bloomberg notes the people said the final price gives Rusal an
enterprise value, or sum of its stocks and debt minus cash, that
is 11.7 times the 2010 earnings before interest, tax, depreciation
and amortization, or Ebitda, estimated by banks involved in the
share sale.

Rusal plans to begin trading in Hong Kong on Jan. 27 and list
depositary receipts in Paris, Bloomberg discloses.

Rusal, Bloomberg says, will use its IPO proceeds to cut debt.
Bloomberg recalls Borrowings almost doubled after the company
bought a quarter of OAO GMK Norilsk Nickel before commodity prices
collapsed in 2008.  The company cut borrowings to US$14.9 billion,
while extending repayments to as long as seven years, in the debt
restructuring completed in December, Bloomberg recounts.

RIA Novosti reports Libyan Investment Authority bought 1.43% of
Rusal stock for US$300 million while VEB paid US$663 million for a
3.15% stake in the company.

                            Pollution

Yuriy Humber at Bloomberg News reports Clariden Leu AG, a unit of
Credit Suisse Group AG and co-manager of Rusal's initial public
offering, urged investors to shun Russian Mr. Deripaska's aluminum
company over pollution concerns at the largest freshwater lake.

According to Bloomberg, Clariden's emerging markets funds struck
Rusal from their investment lists and canceled plans to buy shares
in the company after Kommersant reported Jan. 19 that Deripaska's
pulp factory on Lake Baikal would be allowed to re-open.
Clariden told clients considering Rusal shares to "take into
account the business practices of its majority owner," Bloomberg
quoted Zina Psiola, who manages more than US$200 million in
emerging market stocks at the Zurich-based private bank, as
saying.  "It's not a Russian but a global issue, saving 20%of the
world's water resources."

Bloomberg notes Sergei Babichenko, a spokesman for Mr. Deripaska's
Basic Element holding company, said the plant won't damage the
environment.

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


* RUSSIA: Fitch Affirms Individual Ratings of Eight Banks at 'D'
----------------------------------------------------------------
Fitch Ratings has revised the Outlooks on 13 Russian banks, three
European banking subsidiaries of Russian Bank VTB and two Russian
leasing companies to Stable from Negative and affirmed their
ratings.

The rating actions follow the agency's revision of the Outlooks on
Russia's Long-term Issuer Default Ratings to Stable from Negative.

The change in Outlooks on the Long-term IDRs of ZAO Unicredit
Bank, ZAO Raiffeisenbank, ZAO Citibank, Nordea Bank, CJSC
Santander Consumer Bank, ZAO Danske Bank and Rosbank reflect the
diminished likelihood of a downgrade of Russia's Country Ceiling
('BBB+') following the change in the sovereign Outlook.  Russia's
Country Ceiling captures transfer and convertibility risks and
limits the extent to which support from the foreign shareholders
of these banks can be factored into their Long-term foreign
currency IDRs.  Their Long-term local-currency IDRs, where
assigned, also take account of Russian country risks.

ZAO Unicredit Bank is 100%-owned by UniCredit S.p.A.
('A'/Negative), ZAO Raiffeisenbank is 99.97%-owned by Raiffeisen
International Bank-Holding AG, which in turn is 68.5%-owned by
Austria's Raiffeisen Zentralbank Osterreich AG ('A'/Stable),
Nordea Bank is 100%-owned by Nordea Bank AB ('AA-'/Stable), CJSC
Santander Consumer Bank is 100%-owned by Santander Consumer
Finance ('AA'/Stable), ZAO Citibank is 100%-owned by Citigroup
Inc. ('A+'/Stable) via US-based subsidiaries, ZAO Danske Bank is
100%-owned by Danske Bank A/S ('A+'/Stable) and Rosbank is 64.7%-
owned by France's Societe Generale ('A+'/Stable).  The Long- and
Short-term IDRs and Support ratings of these banks reflect the
high probability of support that would likely be forthcoming from
their majority shareholders, in case of need.

The change in Outlooks on the Long-term IDRs of Vnesheconombank,
Sberbank, Bank VTB and Russian Agricultural Bank reflect Fitch's
view of the now less likely deterioration in the government's
ability to provide support in case of need, as reflected in the
sovereign rating action.
The Russian state owns 85.5% of the ordinary shares of Bank VTB
and 60.25% of the voting shares of Sberbank.  Russian Agricultural
Bank is fully-owned by the government.  Vnesheconombank is a state
corporation established by the Russian Federation and was assigned
the role of a national development bank by federal law in May
2007.

The change in Outlooks on the Long-term IDRs of Bank VTB North-
West, Bank VTB24, VTB Leasing, VTB Bank (Austria), VTB Capital
plc.  and Russian Commercial Bank (Cyprus) follows the revision of
the Outlook for their parent, Bank VTB.  The change in Outlook on
the Long-term IDR of VEB-Leasing follows the revision of the
Outlook for its majority owner, Vnesheconombank.  These rating
actions indicate the more secure ability of VTB and
Vnesheconombank to provide support due, in turn, to the now less
likely deterioration in support from the Russian state.

The rating actions are:

Bank VTB (JSC)

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

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating Floor: affirmed at 'BBB'

CJSC Bank VTB24

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

CJSC Santander Consumer Bank

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

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

JSC Bank VTB North-West

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

OJSC VEB-Leasing

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

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

OJSC Nordea Bank

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

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

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

ZAO Danske Bank

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

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

Rosbank

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

  -- Long-term local currency IDR: affirmed at 'BBB+'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

Russian Agricultural Bank

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

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating Floor: affirmed at 'BBB'

Russian Commercial Bank (Cyprus) Ltd

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

Sberbank - Savings Bank of the Russian Federation

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

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

  -- Support Rating Floor: affirmed at 'BBB'

Vnesheconombank

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB'

VTB Bank (Austria) AG

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: 'C/D'; Rating Watch Negative

VTB Capital plc.

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: C/D'; Rating Watch Negative

VTB Leasing

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

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

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Short-term local currency IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

ZAO Citibank

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

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

ZAO Raiffeisenbank

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

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'

ZAO Unicredit Bank

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

  -- Long-term local currency IDR: affirmed at 'BBB+'; Outlook
     revised to Stable from Negative

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- Short-term local currency IDR: affirmed at 'F2'

  -- Support Rating: affirmed at '2'

  -- Individual Rating: affirmed at 'D'


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


CABLEUROPA SA: Fitch Affirms Issuer Default Ratings at 'B'
----------------------------------------------------------
Fitch Ratings has affirmed Cableuropa S.A.'s Long- and Short-term
Issuer Default Ratings at 'B' respectively.  The Outlook is
Negative.  At the same time, Fitch has affirmed the senior secured
facilities of Cableuropa at 'BB-' with a Recovery Rating of 'RR2'
and the 2014 senior notes issued by ONO Finance Plc and ONO
Finance II at 'CCC' with 'RR6'.

On January 13, 2010, Cableuropa announced an amendment proposal
aimed at adjusting the repayment profile of its senior secured
facilities, which otherwise will require significant step-ups in
debt repayments from June 2010 onwards.  Senior lenders are being
asked to commit to forward start facilities which would have the
effect of terming out their amortizing A, B and I tranches into
bullet repayments due in June 2013, thus providing the company
with significantly more cashflow headroom in the intervening
years.  There is a minimum 80% extension rate in respect of
tranches A and B and 90% in respect of tranche I included as a
condition precedent to the transaction, and Cableuropa has already
secured approvals from lenders representing 44% of the facilities.
The Negative Outlook continues to reflect the risk that the
amendment proposal is not accepted by lenders.  Should the
amendment be implemented as proposed, the agency expects to change
the Outlook to Stable.

The proposed amend-and-extend approach to Cableuropa's refinancing
would represent only the first step in the company's overall
strategy to deal with its senior loan facilities refinancing risk,
as the company is seeking consent from its senior lenders to allow
for subsequent (partial) refinancings via senior secured loans or
bonds with tenors beyond 2013.  Cableuropa's proposal is further
supported by a EUR125 million cash injection by shareholders at
closing, together with a further EUR75 million committed, to be
injected by YE11 if certain conditions or liquidity thresholds are
not met.

The 'B' IDR is supported by Cableuropa's second incumbent (fixed
line) status in Spain and good business prospects as a result, but
are also constrained by the relatively high leverage (5.4x net
debt/reported LTM EBITDA at end-Q309).  The agency expects
significant improvements in funds from free cash-flow generation
from 2010 as the effects of lower capital expenditure and working
capital outflows free up cash, and the final Auna installment of
EUR71 million has been paid in January 2010.  The proposed
amendments, if approved, will result in an increase in interest
margins and the incurrence of one-off costs and fees; however,
this is mitigated initially by the additional liquidity provided
by the shareholder injection and also by the run-off of current
EURIBOR hedging contracts at higher-than-current-market rates.

If the proposed amendments do not proceed, this could have
negative implications for the IDRs; however, the eventual outcome
would be dependent on the specific circumstances.


ESPANOLA DEL ZINC: Suspended From Trading; Chief Executive Resigns
------------------------------------------------------------------
Paul Tobin at Bloomberg News reports that Spain's securities
regulator said Espanola del Zinc SA was suspended from trading
after Manuel Jesus Perez Perez, its chief executive, resigned.

Bloomberg relates Espanola del Zinc said in a filing the company
had requested the trading suspension for as long as six months as
it seeks to protect investors amid the "uncertainty over the
future of the company".

Espanola del Zinc SA -- http://www.edz.es/-- is a Spain-based
company principally engaged in mining operations and the
production and commercialization of zinc, iron ore and steel.  Its
product portfolio includes packages of zinc, zinc ingot, zinc
alloy, zinc cathodes, sulfuric acid and copper cements.  Through
its subsidiaries, it is also involved in the development of
businesses in the energy sector, and particularly in the
construction and exploitation of installations for the production
of electric and thermal energy using the cogeneration or other
installations based on renewable energy sources.  In addition,
Espanola del Zinc SA is active in the acquisition, holding and
sale of securities and properties, as well as in the promotion and
development of investments projects for the elderly, such as old
people's homes, nursing or rest homes.


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


GENERAL MOTORS: Saab Talks with Spyker Inconclusive
---------------------------------------------------
Nathalie Thomas at The Scotsman reports that General Motors chief
Ed Whitacre last night said advanced talks with Dutch car
manufacturer over the U.S. carmaker's Saab brand have so far
proved inconclusive and it is proceeding with plans to wind down
the operation.

The Scotsman relates Mr. Whitacre told reporters at a press
conference in Detroit last night that no deal has so far been
reached and GM intends to plough on with its wind-down plans for
Saab.

"Obviously there have been advanced talks with Spyker cars to
acquire Saab.  However, we do not have a deal to announce," the
Scotsman quoted Mr. Whitacre as saying.

According to the Scotsman, Spyker said "talks are ongoing, the
outcome of which is still uncertain.  As Saab is currently in
liquidation talks must end soon."

As reported by the Troubled Company Reporter-Europe, Bloomberg
News, citing people familiar with the matter, said Spyker has
offered GM about US$75 million in cash and US$325 million in
preferred shares in the company that would emerge from the
transaction.  According to Bloomberg, the people said GM would get
US$100 million of Saab's existing liquidity.

                        About General Motors

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

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

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

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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


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


AMADEUS ASSOCIATES: In Administration; 26 Jobs Affected
-------------------------------------------------------
BBC News reports that Amadeus Associates International has gone
into administration, resulting in the loss of 26 of 33 jobs at the
company.

The report relates administrators Grant Thornton said they were
"working closely with a new management team" to secure its future.

"This company manufactures a highly regarded range of products but
the retail downturn has been a major issue for the business in
recent months," the report quoted Alistair Wardell, Grant Thornton
partner, as saying.  "While we are in discussion with a number of
interested parties, we are also appealing to possible investors to
contact us immediately if they are interested in acquiring a well-
established business with a number of key licensing agreements in
place."

Based in Llandaff North in Cardiff, Amadeus Associates
International makes a range of cups and bowls for babies and
toddlers.  The company is best known for the Anyway Up cup, which
has sold 35 million worldwide, the 360o and Cow cups and its
Always Learning range.


BRADFORD & BINGLEY: European Commission Approves Liquidation
------------------------------------------------------------
The European Commission has approved under EU state aid rules UK
Government measures granted for the liquidation of Bradford &
Bingley.  Following Bradford & Bingley's split-up and
nationalization of the part containing the impaired assets in
2008, the UK authorities notified a liquidation plan for the bank.
The Commission has authorized the measures, because they are
appropriate and necessary for an orderly winding down of the bank
while taking into account the necessity to preserve the confidence
of creditors in the financial system and remedy a serious
disturbance of the UK economy.  The Commission therefore concluded
that the plan is compatible with Article 107(3)(b) of the Treaty
on the Functioning of the European Union (TFEU), that allows aid
to remedy a serious disturbance in a Member State's economy.

Competition Commissioner Neelie Kroes said "The Bradford & Bingley
decision illustrates once again the positive contribution of EU
state aid policy to ensuring orderly and effective solutions to
tackle the financial crisis.  The UK authorities' market-oriented
solution has avoided any disproportionate distortions of
competition while enabling the preservation of the viable parts of
the business."

The decision in the case of Bradford & Bingley, together with the
decision taken on Dunfermline, is closing the chapter of UK bank
restructuring prompted by State aid in the context of the
financial crisis.

Bradford and Bingley provided specialist mortgages and savings
products.  It operated 197 branches and 141 agencies spread across
the UK.  Its market share of net new mortgage lending at the end
of the 2007 was 7.7%.

By September 2008, the bank had fallen into difficulties due to
its dependence on wholesale funding and its risky loan portfolio,
which resulted in the withdrawal of its license to accept deposits
by the UK Financial Services Authority.  The UK authorities
decided to nationalize and wind down the bank while it was still
solvent, sell its retail deposit book and branches to Abbey
National and provide the remaining part of the business with a
working capital facility and guarantee arrangements.  These
measures were authorized by the Commission as rescue aid on
October 1, 2008, under which the UK was obliged to submit
liquidation or restructuring plan for Bradford & Bingley.

The liquidation plan submitted by the UK foresees a prolongation
of the rescue measures previously authorized, which are now
extended for the liquidation of the bank, and a potential capital
injection.

The Commission concluded that the liquidation plan ensures an
orderly winding down of Bradford & Bingley in a manner which
maintains financial stability.  The liquidation period covers more
that 10 years.  However, once the bank is no longer active in the
market, competitive distortions are limited. The wind-down can be
accelerated by a sale of the remaining assets when market
conditions improve.

Bradford & Bingley is no longer active on the market.  However,
the Commission accepted that in order to facilitate the orderly
wind-down of its portfolio, it will continue offering limited
services to its existing clients.  In the same vein, Bradford &
Bingley will relinquish or limit any regulatory permission that is
not required for the orderly wind-down of the business.

The Commission will strictly monitor the progress of the wind-down
process and its impact on competition.


DUNFERMLINE BUILDING: EU Commission Approves Restructuring Aid
--------------------------------------------------------------
The European Commission has approved under EU state aid rules the
aid given by the UK authorities to facilitate restructuring of the
Dunfermline Building Society of the United Kingdom.

The restructuring consisted of the immediate split-up of
Dunfermline, after which the part containing the good assets and
liabilities was sold in an auction to a competitor with a
financial contribution by the UK State of over GBP1.5 billion.
The part containing the impaired assets was put into
administration.  The Commission found that the orderly break-up of
Dunfermline resulted in the return to viability of the good part
that was sold.  The Commission furthermore concluded that there
was sufficient burden-sharing as subordinated debt-holders
contributed to the restructuring as much as possible and that the
liquidation of a substantial part of Dunfermline limited the
distortion of competition caused by the aid.  The Commission
therefore concluded that the direct restructuring is compatible
with the EU rules on state aid to remedy a serious disturbance in
a Member State's economy (Article 87(3)(b) of the EC Treaty).

Competition Commissioner Neelie Kroes said, "The decision on
Dunfermline again demonstrates that EU state aid policy is part of
the solution to tackle the financial crisis.  The UK authorities
opted for a market-oriented solution which enabled competitors to
obtain the viable parts of the businesses, while at the same time
sufficient safeguards were put in place to ensure burden-sharing
and to limit distortions of competition."

The decision in the case of Dunfermline, together with the
decision on Bradford & Bingley, is closing the chapter of UK bank
restructuring prompted by State aid in the context of the
financial crisis.

Dunfermline is a building society predominantly active in
Scotland.  It provides many of the same financial services as a
retail bank, mainly to retail customers and small and medium-sized
companies.  Its structure however is different from a bank in that
it is essentially "mutual" in nature.  This means that its
depositors are the members of the building society and its profits
are channeled back into the business for their benefit.

Dunfermline encountered difficulties as a result of its exposure
to loans for housing development, commercial investment and buy-
to-let.  Due to the increased likelihood of defaults on these
commercial loans, Dunfermline was forced to make substantial
provisions to cover potential impairments.

The UK authorities split-up Dunfermline into two parts; one part
containing the good quality assets and liabilities (representing
approximately 50% of the business) which was immediately sold to a
competitor (Nationwide Building Society) and the other containing
the impaired commercial loan assets which was put into
administration.  Since the liabilities of the package sold
initially exceeded the assets, the UK authorities had to provide
over GBP1.5 billion in cash (most of which can eventually be
recovered from the UK's deposit guarantee scheme) in order to
enable the sale to go through.  The UK also provided a working
capital loan of GBP10 million to Dunfermline in administration to
allow it to meet its pre-administration contractual commitments.

As regards the direct restructuring of Dunfermline, the Commission
found that the orderly break-up of Dunfermline, followed by the
sale of the viable part to a competitor ensured the return of
viability of the sold business.  The Commission furthermore
concluded there was sufficient burden-sharing as subordinated
debt-holders contributed to the restructuring as much as possible,
while the restructuring costs were limited through an auction
process.  Finally, the Commission concluded that the distortion of
competition caused by the aid was limited because of the profound
restructuring, the sale of the viable part of the business to a
competitor through an auction, the liquidation of the remaining
part and the limited market share of Dunfermline in both the
Scottish and broader UK markets.


EMI GROUP: Citigroup Wants Buyout Suit to Be Moved to London
------------------------------------------------------------
Martin Arnold at The Financial Times reports that Citigroup has
called for its legal battle with Terra Firma over the private
equity group's buy-out of music group EMI to be moved from New
York to London.

According to the FT, the location of the lawsuit is important as
it could determine how much Terra Firma may be awarded from
Citigroup in damages, its ability to obtain information from the
US bank, and whether the lender can recoup its costs if it wins.

The FT says Terra Firma, the UK private equity group run by Guy
Hands, has until February 4 to respond to Citi's request for the
case against it to be dismissed in New York and moved to a London
courtroom.  If the case remains in New York, it is set to begin on
October 18, the FT states.

The FT relates Citigroup told the Federal district court of New
York the case should be moved to London because agreements
governing the auction of EMI and Citigroup's financing of its
acquisition by Terra Firma specified that any dispute should be
settled in London and that almost all the major events, companies
and people referred to in the lawsuit were based in London, so
holding the case in New York would be inappropriate on the grounds
of "forum non conveniens".

As reported by the Troubled Company Reporter-Europe on Dec. 14,
2009, the FT said Mr. Hands claimed that the bank both advised EMI
and financed his GBP4 billion acquisition of the UK music company
fraudulently misrepresented the facts of the auction.  Terra Firma
is seeking unspecified punitive damages on top of the GBP1.5
billion-plus writedown Mr. Hands has taken on his investment, the
FT said.  The FT noted Citigroup said it would defend itself
vigorously against a case, which it said was without merit.  At
its core are two claims: that Citigroup encouraged Mr. Hands to
make a 265p per share binding bid by a May 21, 2007 deadline, even
though other bidders had allegedly dropped out; and that a
Citigroup analyst report on Warner Music at the time was an
attempt to force the indebted EMI into its bank's hands, the FT
disclosed.

Citing The New York Post, the Troubled Company Reporter-Europe
reported on Sept. 30, 2009, that Citigroup, which is seeking to
reduce the size of its balance sheet, may force EMI into
bankruptcy.

As reported by the Troubled Company Reporter-Europe on Aug. 18,
2009, The Wall Street Journal said EMI Music isn't generating
enough profit to comply with a GBP950 million loan from Citigroup.
According to the WSJ, people familiar with the situation said EMI
Music will need cash injections over the next eight months to
avoid defaulting on the loan -- and it is unclear how much more
cash Mr. Hands is willing to invest.  The WSJ said if Mr. Hands,
who has injected about GBP80 million into EMI Music through its
parent company, Maltby Capital Ltd., doesn't come up with the
money, Citigroup could seek to take control of the business and
sell it.  The WSJ disclosed the Citigroup loan requires increases
in EMI Music's earnings before interest, tax, depreciation, and
amortization relative to the size of its debt, the Journal
disclosed.  According to the WSJ, since September, EMI Music has
been subjected to three "covenant tests" to see if it meets the
ratio -- and failed each one.

EMI -- http://www.emigroup.com/-- is the fourth largest record
company in terms of market share (behind Universal Music Group,
Sony Music Entertainment, and Warner Music Group).  It houses
recorded music segment EMI Music and EMI Music Publishing.  EMI
Music distributes CDs, videos, and other formats primarily through
imprints and divisions such as Capitol Records and Virgin, and
sports a roster of artists such as The Beastie Boys, Norah Jones,
and Lenny Kravitz.  EMI Music Publishing, the world's largest
music publisher, handles the rights to more than a million songs.
EMI Music operates through regional divisions (EMI Music North
America, International, and UK & Ireland).  Private equity firm
Terra Firma owns EMI.


JS CHILDRENSWEAR: In Administration; MCR Appointed
--------------------------------------------------
Paul Clark and Matt Bond, Partners at MCR, have been appointed
joint administrators of JS Childrenswear Limited together with Ian
Yerrill of Gerald Edelman on Friday, January 22, 2010.

The 75-year-old business, which trades under the brand name of
Adams, has more than 120 stores in the UK and employs over 2,000
staff.

Operating from its base in Nuneaton, Adams is one of the largest
independent childrenswear retailers in the UK, which at its height
had 271 own brand stores and concessions throughout the UK trading
under Adams Kids. Additionally, the company supplies Boots with
the 'Mini Mode' own brand range.

In January 2009 the business and assets of Adams Childrenswear
Limited was sold to JS Childrenswear Limited, a newly formed
company backed by John Shannon, following a period in
administration.  The current business employs more than 2,000
staff throughout the UK and Ireland in over 120 retail outlets.
More recently Mr. Shannon sold the company to Habib Alvi
Investments Limited under the control of a Mr Syed Sabur Ali.

Paul Clark, Partner, MCR, stated: "Like many retailers, it has
experienced a difficult trading environment during the course of
the past 12 months which has been exacerbated by a further
downturn and general tightening of the credit markets." Mr. Clark
added:  "I personally addressed the Head Office staff earlier
[Fri]day.  There are understandably concerned about their own
position.  We have also held telephone conference calls with all
of the area managers with a view to ensuring that the full support
of the shops workforce is continued.  We fully appreciate the
difficult position in which the staff find themselves so soon
after Christmas.  We are grateful for the assistance that we have
received so far."

"The Company is trading as normal at present while all options are
considered.  This has involved contact being made with the
essential suppliers, many of whom have been unpaid for some time.
We are now looking at the viability of the business with a view to
securing a going concern sale," Mr. Clark concluded.

The affairs, business and property of the Company are being
managed by the Administrators, who act as agents of the Company
and without personal liability.  The role of the Administrator is
to deal with the business and assets of the insolvent estate.  All
Administrators are licensed by the Insolvency Practitioners'
Association.


KAUPTHING SINGER: Administrator Puts Three Loan Books Up for Sale
-----------------------------------------------------------------
John Glover at Bloomberg News, citing the Sunday Times, reports
that Kaupthing Singer & Friedlander has put three loan books
valued at GBP2 billion (US$3.2 billion) up for sale.

According to Bloomberg, the newspaper said a GBP1-billion book of
real-estate loans that the administrator Ernst & Young LLP has put
up for sale is probably the most attractive.

Bloomberg relates the newspaper said a total of GBP1.2 billion was
lent to individuals, while about 25% of the total GBP824 million
pounds of loans to corporations aren't performing.

As reported by the Troubled Company Reporter-Europe, the U.K.
government seized Kaupthing Singer & Friedlander in October 2008,
saying it couldn't meet its obligations to depositors.

Kaupthing Singer & Friedlander is the U.K. unit of collapsed
Icelandic lender Kaupthing Bank hf.


LEHMAN BROTHERS: Linklaters Advised PwC on Claim Resolution Pact
----------------------------------------------------------------
Linklaters has advised PricewaterhouseCoopers LLP, administrators
to Lehman Brothers International (Europe), on the Claim Resolution
Agreement, the new process by which client assets can start to be
returned.  It was announced late December that the CRA has become
unconditional, having received the support of more than 90% of
affected clients.

The CRA is a multilateral contract between LBIE and its clients
which governs the basis on which assets can be returned.  Under
these arrangements the administrators expect to return more
than US$11 billion of client assets.

The CRA replaces the originally proposed Scheme of Arrangement,
which was blocked by the Court of Appeal, without delay and was
accepted by an overwhelming majority of affected clients at first
showing.

David Ereira, banking partner at Linklaters who has led the
team working on the development of the CRA, commented, "We are
very pleased to have been able to advise the administrators on
this hugely innovative transaction, which enables the
administrators to return such a significant amount of client
assets."

"The CRA has addressed many of the issues now being grappled with
by the government in their proposed reforms in the insolvency of
investment firms without the need to change the law and will
result in a speedier resolution than may be achieved in other
jurisdictions where other Lehman insolvencies are going on."

The Linklaters team working on first the Scheme of Arrangement and
then the CRA drew upon the expertise of people across the firm who
have been involved in the administration.  In addition to the
firm's banking and restructuring & insolvency experts, it included
the debt structured products team (who undertook the detailed
review of Lehman's contracts); the financial regulation group (who
have been advising on all the market facing and regulatory aspects
of the insolvency); the corporate practice; and the dispute
resolution team.

Partners included David Ereira, Michael Voisin, Stephen Fletcher,
Pauline Ashall, Mark Kingstone and Nick Porter.  Associates
included Marcus Au Yeung, Jon Branch, Harpal Dhillon, Fionnghuala
Griggs, Patricia Ho, Fiona Houston, Jacqueline Ingram, Clare
Merrifield, James O'Connell, Susan Roscoe and Aisling Zarraga.

                       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)


MANCHESTER UNITED: Takes GBP54 Million Hit From Bond Issue
----------------------------------------------------------
Ben Marlow and Dominic Rushe at The Sunday Times report that
Manchester United's bond issue has cost the Premier League
football club GBP54 million.

According to the Sunday Times, the sum is more than the club would
expect to have to pay to sign one of Europe's top players.

The Sunday Times says as part of the GBP500 million funds raised
by United last week, the club has been forced to pay GBP15 million
in fees and expenses to investment bankers and lawyers.

It has also taken a GBP39 million hit from the unwinding of
interest rate hedging arrangements on the debt that has been
refinanced by the bond, the Sunday Times discloses.  The Sunday
Times notes although the owners, the Glazer family, have managed
to defer payment of some liability, the club is still paying GBP11
million of it upfront.

As reported by the Troubled Company Reporter-Europe on Jan. 22,
2010, the FT said accounts issued Jan. 20 for Red Football Joint
Venture, the Glazers' ultimate holding company for Manchester
United, reveal that the club's overall debt has risen from GBP699
million to GBP717 million.  The FT disclosed the holding group
paid GBP68.5 million in interest in the year to June 30, and made
an overall profit of GBP6.4 million.  The FT said the club faces
having to pay more in interest to investors in its high-risk debt
because it is in danger of exceeding a threshold measuring its
leverage.  The club is at risk of exceeding a threshold set in the
payment-in-kind notes -- an instrument allowing borrowers to roll
over cash interest payments -- which were issued as part of its
GBP790 million buy-out in 2005, according to the FT.

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.


MELEA LTD: Placed Into Liquidation; Patents May Be Put Up for Sale
------------------------------------------------------------------
Chris Smith at European Plastics News reports that Gibraltar-based
Melea Ltd., which owns all of the gas-assisted injection molding
patents marketed by Gain Technologies Inc., has been placed into
liquidation.

The report relates the Supreme Court of Gibraltar issued a
liquidation judgment against Melea on Nov. 2, following a petition
brought by U.K.-based Cinpres Gas Injection Ltd., the company's
major creditor.  Melea, the report says, owes money to Cinpres
after a British appeals court decision in January 2008.  That case
resulted in Cinpres gaining ownership of one of Melea's gas
patents in Europe relating to the overspill molding process, the
report recounts.

The Gibraltar Supreme Court named Christopher Smith, a director at
Grant Thornton (Gibraltar) Ltd., as the liquidator and receiver
for Melea, the report discloses.

"The liquidation is at a very early stage and we are still at the
asset identification stage," the report quoted Mr. Smith as
saying.

According to the report, the liquidator said this process could
still take some considerable time, but that it will ultimately end
with the patent portfolio being sold.

The report notes Mr. Smith said "I am still at the stage of trying
to identify interested parties".


MULTIBUILD LTD: Balfour Beatty in Talks to Buy Business
-------------------------------------------------------
Simon Binns at Crain's Manchester Business, citing Building
magazine, reports that Balfour Beatty is in talks to buy
Multibuild Ltd.

According to Crain's, a report in Building magazine said the deal
could be completed in this week.  Crain's says the deal would
increase Balfour's capacity for fit-out work and bolster its
presence in the budget hotel market.

Crain's, citing the report, says some parts of Multibuild would be
closed down if a deal went ahead, with Balfour paying "a minimal
sum."

Balfour Beatty declined to comment on the story, Crain's notes.

As reported by the Troubled Company Reporter-Europe on Jan. 18,
2010, Construction News said Multibuild will be wound up once its
recently agreed company voluntary arrangement comes to an end.
Construction News disclosed the GBP69 million turnover firm's
latest accounts, filed at Companies House on Christmas Eve, reveal
that the directors have "resolved to wind up the company", and
that as such it is no longer operating as a going concern.

Construction News said details of the CVA show Multibuild had
about 250 creditors, which were owed a total of GBP11.3 million,
the report discloses.  Under the terms of the CVA, creditors were
asked to accept a percentage of the debts they are owed,
Construction News noted.

Multibuild Ltd. -- http://www.multibuild.co.uk/-- is a
construction firm based in Stockport.


ROCCO FORTE: HBOS Agrees to Extend GBP300 Million Loan
------------------------------------------------------
Dominic Walsh at The Times reports that HBOS, part of Lloyds
Banking Group, agreed to extend a GBP300 million loan to Rocco
Forte Collection, averting a cashflow crisis that threatened the
financial security of the company.

It is understood that Rocco Forte Collection had to hold urgent
talks with the bank last year after the downturn in trade put its
joint venture with HBOS, encompassing seven of its thirteen
hotels, including Brown's, its London flagship, in breach of
financial covenants, the report discloses.

The report notes a source close to the process said that although
the main company was trading within its covenants, the talks had
comprised the whole GBP300 million loan -- split roughly two
thirds in the joint venture and a third in the main group -- after
it was decided that the two were "inextricably linked".

The report says it is understood that, in the past few days, amid
a recent improvement in trading, the bank has agreed to grant an
18-month extension to the combined GBP300 million facility.
According to the report, in return for a relaxation of the
covenants, the Rocco Forte Collection has agreed to a higher rate
of interest.

Rothschild is thought to be advising the group on its debt burden
and its entire corporate structure, the report states.

The Rocco Forte Collection -- http://www.roccofortecollection.com/
-- is a family of 13 highly individual hotels and resorts, with
four new properties due to open within the next three years.  The
London-based company is owned by Sir Rocco Forte.


* UK: Buyouts of Insolvent Firms Up in the North West in 2009
-------------------------------------------------------------
The number of businesses bought out from insolvency in the North
West region more than doubled over the past 12 months, Michael
Fahy at Crain's Manchester Business reports, citing research by
Experian Corpfin on behalf of insolvency trade body R3.

According to the report, the research found out that during 2009,
75 acquisitions in the North West involved companies acquired out
of administration or other formal insolvency procedures -- up from
29 the previous year.

The report says insolvent deals accounted for one in every six
acquisitions in the region during the year, compared to one in
every 22 deals in 2008.

During the fourth quarter of 2009, 20 out of the 99 deals
completed in the North West -- one in five -- involved a
distressed business, the report discloses.

"Acquisitions of insolvent businesses in the North West have more
than doubled in a year and remain at high levels.  It shows that
canny buyers are taking the opportunity to pick up bargains while
values are low.  Each of these statistics represents a business
that is being given a second chance of survival and with it, an
opportunity to save jobs," the report quoted Matt Dunham, North
West regional chair of R3, as saying.


* UK: Retailer Insolvencies Down to 451 in Fourth Quarter 2009
--------------------------------------------------------------
Andrew Cleary at Bloomberg News reports PriceWaterhouseCoopers LLP
on Friday said that the number of retailers filing for insolvency
in the fourth quarter of 2009 in the United Kingdom fell as
refinancing conditions improved and companies benefited from the
collapse of weaker competitors.

According to Bloomberg, PwC said in an e-mailed statement said a
total of 451 retailers filed for insolvency in the period, down
from 507 in the in the third quarter and 557 in the fourth quarter
of 2008.

According to Bloomberg, for all of last year, 2,204 retailers
became insolvent, an 18% increase on 2008.

"By the end of 2009, the downturn had already exposed many
retailers who weren't performing, so I'm not surprised to see a
drop off in insolvencies in the fourth quarter," Bloomberg quoted
Mark Hudson, retail leader at PwC, as saying in the statement.
"Instead there were a number of refinancings which eased the
pressure for some retailers, thereby avoiding insolvency."


* Motor Trade Insolvency Rate Down 1.56% in 2009, Experian Says
---------------------------------------------------------------
The annual rate of motor trade insolvencies dipped in 2009, Motor
Trader.com reports citing research from Experian.

Citing Experian's latest Insolvency and Late Payment indices, the
report says the rate of automotive insolvencies last year was
1.56%, compared with 1.66% in 2008.

According to the report, December saw the highest rate of
insolvencies over the course of 2009 with 0.15% of the sector
becoming insolvent.

The report relates Experian said the financial strength of the
automotive sector saw "significant improvement" throughout 2009.
Automotive businesses saw their average financial strength score
improve from 78.68 in January 2009 to 80.12 in December 2009, the
report discloses.

Experian bases its financial strength score on the likelihood of a
business failing in the next 12 months, with 100 being the least
likely to default and 1 being the most likely, the report notes.


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


* EUROPE: Companies Could Face EUR400BB Refinancing Crisis in 2010
------------------------------------------------------------------
AlixPartners, the global business-advisory firm, on Jan. 25 said a
EUR397 billion corporate-refinancing crisis could be fast
approaching companies in the European G4, as that is the amount of
the debt of major companies in France, Germany, Italy and the UK
that matures by year end.

"European corporate borrowers could be facing a refinancing crisis
of almost EUR400 billion in 2010," said Stefano Aversa, co-
president of AlixPartners and the firm's head of the EMEA region.
"Despite significant spread-tightening in the credit markets,
there remain only limited options for rolling over this debt.
Therefore, the potential for a very serious cash crunch is
knocking on the door of these companies.

The AlixPartners study looked at debt presently held by 577
European companies, including 150 in France, 114 in Germany, 53 in
Italy and 260 in the UK.  A companion study looked at debt held by
about 1,200 U.S.-based corporations, and found that a US$513
billion corporate-refinancing crisis could be in store for
companies in America this year.

"In addition," Mr. Aversa continued.  "European banks are still
de-leveraging and cannot be expected to be the source of credit
that they once were, and thus many corporations will turn to bonds
to raise capital, potentially glutting the bond market and
compounding the refinancing crisis."

Companies do have other avenues to liquidity, though, said
Mr. Aversa.  "Many of these companies could unlock great amounts
of cash though aggressive 'self-help' programs, such as unlocking
dollars tied up in inventories, payables, receivables, overhead,
trade spend and so forth.  Companies are often very surprised to
learn how quickly this 'hidden money' can be found and utilized to
help them meet their debt-refinancing needs.  Clearly, aggressive
self help is going to be the name of the game for companies this
year -- or at least it should be."

                        About AlixPartners

AlixPartners -- http://www.alixpartners.com/-- is a global
business-advisory firm offering comprehensive services to improve
corporate performance, execute corporate turnarounds, and provide
litigation consulting and forensic accounting services.  The
firm's specialty is urgent, high-impact situations when results
really matter.  The firm has more than 900 professionals in 14
offices across North America, Europe and Asia.


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

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

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

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

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

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

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

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

FRANCE
------
CARRERE GROUP         CAR FP         -9829592.638    279906700
CARRERE GROUP         CRGP IX        -9829592.638    279906700
CARRERE GROUP         CARG FP        -9829592.638    279906700
CARRERE GROUP         CARF PZ        -9829592.638    279906700
CARRERE GROUP         CRRHF US       -9829592.638    279906700
CARRERE GROUP         CAR2 EU        -9829592.638    279906700
CARRERE GROUP         XRR GR         -9829592.638    279906700
CARRERE GROUP         CAR2 EO        -9829592.638    279906700
CHAINE ET TRAME       CTRM FP         -46169771.5  134467847.6
CHAINE ET TRAME       CHTR FP         -46169771.5  134467847.6
GRANDE PAROISSE       GDPA FP        -927267926.9    629287290
GRANDE PAROISSE       GDPXF US       -927267926.9    629287290
GRANDE PAROISSE       GAPA FP        -927267926.9    629287290
IMMOB HOTEL BALN      IMHB FP        -66874823.95  301323804.9
IMMOB HOTELIERE       SIH FP         -66874823.95  301323804.9
IMMOB HOTELIERE       IMHO PZ        -66874823.95  301323804.9
IMMOB HOTELIERE       IMBHF US       -66874823.95  301323804.9
IMMOB HOTELIERE       IMHO EU        -66874823.95  301323804.9
IMMOB HOTELIERE       IMMH IX        -66874823.95  301323804.9
IMMOB HOTELIERE       IMH GR         -66874823.95  301323804.9
IMMOB HOTELIERE       IMHO FP        -66874823.95  301323804.9
IMMOB HOTELIERE       IMHO EO        -66874823.95  301323804.9
LAB DOLISOS           DOLI FP        -27752176.19  110485462.4
LAB DOLISOS           LADL FP        -27752176.19  110485462.4
MATUSSIERE & FOR      1007765Q FP    -77896683.67  293868350.8
MATUSSIERE & FOR      MTUSF US       -77896683.67  293868350.8
MB RETAIL EUROPE      MBRE EO         -46169771.5  134467847.6
MB RETAIL EUROPE      CTRF IX         -46169771.5  134467847.6
MB RETAIL EUROPE      MBRE PZ         -46169771.5  134467847.6
MB RETAIL EUROPE      MBRE FP         -46169771.5  134467847.6
MB RETAIL EUROPE      MBRE EU         -46169771.5  134467847.6
NORTENE               NRTN FP        -35623999.56  117566786.9
NORTENE               NORT FP        -35623999.56  117566786.9
NORTENE               NRTP IX        -35623999.56  117566786.9
OROSDI                OROS FP         -7291.55004  131233317.6
OROSDI-BACK           OROS PZ         -7291.55004  131233317.6
OROSDI-BACK           ORBA FP         -7291.55004  131233317.6
OROSDI-BACK           OROS EO         -7291.55004  131233317.6
OROSDI-BACK           OROS EU         -7291.55004  131233317.6
OROSDI-BACK           BACK IX         -7291.55004  131233317.6
OUTSIDE LIVING I      NORT EU        -35623999.56  117566786.9
OUTSIDE LIVING I      OLIN FP        -35623999.56  117566786.9
OUTSIDE LIVING I      NORT PZ        -35623999.56  117566786.9
OUTSIDE LIVING I      OLIN PZ        -35623999.56  117566786.9
OUTSIDE LIVING I      NORT EO        -35623999.56  117566786.9
PAGESJAUNES           PGJUF US        -3303869370  970555919.3
PAGESJAUNES GRP       PAJ EB          -3303869370  970555919.3
PAGESJAUNES GRP       PAJ BQ          -3303869370  970555919.3
PAGESJAUNES GRP       PAJ TQ          -3303869370  970555919.3
PAGESJAUNES GRP       PAJUSD EO       -3303869370  970555919.3
PAGESJAUNES GRP       PAJGBX EU       -3303869370  970555919.3
PAGESJAUNES GRP       PAJ NQ          -3303869370  970555919.3
PAGESJAUNES GRP       PAJUSD EU       -3303869370  970555919.3
PAGESJAUNES GRP       PAJ EO          -3303869370  970555919.3
PAGESJAUNES GRP       PAJ QM          -3303869370  970555919.3
PAGESJAUNES GRP       PAJ LI          -3303869370  970555919.3
PAGESJAUNES GRP       PAJ PZ          -3303869370  970555919.3
PAGESJAUNES GRP       PAJ EU          -3303869370  970555919.3
PAGESJAUNES GRP       QS3 GR          -3303869370  970555919.3
PAGESJAUNES GRP       PAJGBX EO       -3303869370  970555919.3
PAGESJAUNES GRP       PAJGBP EO       -3303869370  970555919.3
PAGESJAUNES GRP       PAJ VX          -3303869370  970555919.3
PAGESJAUNES GRP       PAJP IX         -3303869370  970555919.3
PAGESJAUNES GRP       PAJ FP          -3303869370  970555919.3
PAGESJAUNES GRP       PAJ IX          -3303869370  970555919.3
RHODIA SA             2324015Q EO    -913748142.2   6150227880
RHODIA SA             RHA NQ         -913748142.2   6150227880
RHODIA SA             RHANR PZ       -913748142.2   6150227880
RHODIA SA             RHD GR         -913748142.2   6150227880
RHODIA SA             RHDAF US       -913748142.2   6150227880
RHODIA SA             RHDI GR        -913748142.2   6150227880
RHODIA SA             RHAGBX EO      -913748142.2   6150227880
RHODIA SA             RHA VX         -913748142.2   6150227880
RHODIA SA             2324011Q EU    -913748142.2   6150227880
RHODIA SA             RHAGBX EU      -913748142.2   6150227880
RHODIA SA             RHANR FP       -913748142.2   6150227880
RHODIA SA             RHA PZ         -913748142.2   6150227880
RHODIA SA             RHA QM         -913748142.2   6150227880
RHODIA SA             RHA EB         -913748142.2   6150227880
RHODIA SA             RHA BQ         -913748142.2   6150227880
RHODIA SA             RHAUSD EO      -913748142.2   6150227880
RHODIA SA             RHA TQ         -913748142.2   6150227880
RHODIA SA             RHADF US       -913748142.2   6150227880
RHODIA SA             RHA FP         -913748142.2   6150227880
RHODIA SA             RHAY IX        -913748142.2   6150227880
RHODIA SA             RHA EO         -913748142.2   6150227880
RHODIA SA             RHAUSD EU      -913748142.2   6150227880
RHODIA SA             RHAGBP EO      -913748142.2   6150227880
RHODIA SA             RHA EU         -913748142.2   6150227880
RHODIA SA             RHA IX         -913748142.2   6150227880
RHODIA SA             3218857Q IX    -913748142.2   6150227880
RHODIA SA - NEW       RHANV FP       -913748142.2   6150227880
RHODIA SA - NEW       3506266Q FP    -913748142.2   6150227880
RHODIA SA - NEW       2335921Q FP    -913748142.2   6150227880
RHODIA SA - NEW       3156011Q FP    -913748142.2   6150227880
RHODIA SA-ADR         RHAYY US       -913748142.2   6150227880
RHODIA SA-RIGHTS      653447Q FP     -913748142.2   6150227880
RHODIA SA-RIGHTS      RHADS FP       -913748142.2   6150227880
SDR CENTREST          117241Q FP     -132420119.6  252176017.2
SELCODIS              SPVX IX        -21481214.33  175720770.8
Selcodis              SPVX FP        -21481214.33  175720770.8
SELCODIS              SLCO EU        -21481214.33  175720770.8
SELCODIS              SLCO PZ        -21481214.33  175720770.8
SELCODIS              SLCO EO        -21481214.33  175720770.8
SELCODIS              SLCO FP        -21481214.33  175720770.8
THOMSON - NEW         2336061Q FP    -587281616.7   6690514315
THOMSON - NEW         TMSNV FP       -587281616.7   6690514315
THOMSON (EX-TMM)      TMS EO         -587281616.7   6690514315
THOMSON (EX-TMM)      TNMA GR        -587281616.7   6690514315
THOMSON (EX-TMM)      TMMN FP        -587281616.7   6690514315
THOMSON (EX-TMM)      TMS EB         -587281616.7   6690514315
THOMSON (EX-TMM)      TMS BQ         -587281616.7   6690514315
THOMSON (EX-TMM)      TMSUSD EU      -587281616.7   6690514315
THOMSON (EX-TMM)      TMS FP         -587281616.7   6690514315
THOMSON (EX-TMM)      TMSUSD EO      -587281616.7   6690514315
THOMSON (EX-TMM)      TMS US         -587281616.7   6690514315
THOMSON (EX-TMM)      TMSGBP EO      -587281616.7   6690514315
THOMSON (EX-TMM)      TMS QM         -587281616.7   6690514315
THOMSON (EX-TMM)      TMSGBX EU      -587281616.7   6690514315
THOMSON (EX-TMM)      TMS GK         -587281616.7   6690514315
THOMSON (EX-TMM)      TMS NQ         -587281616.7   6690514315
THOMSON (EX-TMM)      TMSGBX EO      -587281616.7   6690514315
THOMSON (EX-TMM)      TNM GR         -587281616.7   6690514315
THOMSON (EX-TMM)      TMS TQ         -587281616.7   6690514315
THOMSON (EX-TMM)      TMS EU         -587281616.7   6690514315
THOMSON (EX-TMM)      TMS PZ         -587281616.7   6690514315
THOMSON (EX-TMM)      TMM LN         -587281616.7   6690514315
THOMSON (EX-TMM)      TMM ES         -587281616.7   6690514315
THOMSON (EX-TMM)      TMS VX         -587281616.7   6690514315
THOMSON (EX-TMM)      TMMLF US       -587281616.7   6690514315
THOMSON (EX-TMM)      TMM VX         -587281616.7   6690514315
THOMSON (EX-TMM)      TMM IX         -587281616.7   6690514315
THOMSON MULT-ADR      TMS-P US       -587281616.7   6690514315
THOMSON MULTIMED      TMM FP         -587281616.7   6690514315
THOMSON MULTI-NE      ZTM FP         -587281616.7   6690514315
TROUVAY CAUVIN        TVYCF US       -396977.9956  133986439.7
TROUVAY CAUVIN        ETEC FP        -396977.9956  133986439.7

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

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

GREECE
------
AG PETZETAKIS SA      PTZ GR         -30790135.48  234437763.5
AG PETZETAKIS SA      PZETF US       -30790135.48  234437763.5
AG PETZETAKIS SA      PETZK EU       -30790135.48  234437763.5
AG PETZETAKIS SA      PETZK PZ       -30790135.48  234437763.5
AG PETZETAKIS SA      PTZ1 GR        -30790135.48  234437763.5
AG PETZETAKIS SA      PETZK GA       -30790135.48  234437763.5
AG PETZETAKIS SA      PETZK EO       -30790135.48  234437763.5
ALMA-ATERM-AUCT       ATERME GA      -4110971.317  105276552.2
ALMA-ATERMON SA       ATERM EO       -4110971.317  105276552.2
ALMA-ATERMON SA       ATERM EU       -4110971.317  105276552.2
ALMA-ATERMON SA       ATERM PZ       -4110971.317  105276552.2
ALTEC SA -AUCT        ALTECE GA      -103590250.3  177563163.7
ALTEC SA INFO         ALTEC EU       -103590250.3  177563163.7
ALTEC SA INFO         ALTEC EO       -103590250.3  177563163.7
ALTEC SA INFO         ALTEC PZ       -103590250.3  177563163.7
ALTEC SA INFO         ALTEC GA       -103590250.3  177563163.7
ALTEC SA INFO         AXY GR         -103590250.3  177563163.7
ALTEC SA INFO         ATCQF US       -103590250.3  177563163.7
ALTEC SA INFO-RT      ALTECR GA      -103590250.3  177563163.7
ALTEC SA INFO-RT      ALTED GA       -103590250.3  177563163.7
ARIES MARITIME T      RAMS US           -57875000    197992000
ASPIS PRONIA GE       ASASK PZ       -189908329.1  896537349.7
ASPIS PRONIA GE       ASASK GA       -189908329.1  896537349.7
ASPIS PRONIA GE       ASASK EO       -189908329.1  896537349.7
ASPIS PRONIA GE       ASASK EU       -189908329.1  896537349.7
ASPIS PRONIA GE       AISQF US       -189908329.1  896537349.7
ASPIS PRONIA -PF      ASAPR GA       -189908329.1  896537349.7
ASPIS PRONIA-PF       ASASP GA       -189908329.1  896537349.7
ASPIS PRONIA-PF       APGV GR        -189908329.1  896537349.7
ASPIS PRONIA-RT       ASASKR GA      -189908329.1  896537349.7
ASPIS PRONOIA GE      APGG IX        -189908329.1  896537349.7
ASPIS PRONOIA GE      APG GR         -189908329.1  896537349.7
ASPIS PRON-PF RT      ASASPR GA      -189908329.1  896537349.7
ATERMON DYNAMIC       ATERM GA       -4110971.317  105276552.2
EMPEDOS SA            EMPED GA       -33637669.62  174742646.9
EMPEDOS SA-RTS        EMPEDR GA      -33637669.62  174742646.9
KOUMBAS INSUR-RT      KOUMD GA       -39842421.26  236519943.7
KOUMBAS RTS           KOUMR GA       -39842421.26  236519943.7
KOUMBAS SYNERGY       KOUM GA        -39842421.26  236519943.7
KOUMBAS SYNERGY       KOUM EO        -39842421.26  236519943.7
KOUMBAS SYNERGY       KOUM EU        -39842421.26  236519943.7
KOUMBAS SYNERGY       KOUM PZ        -39842421.26  236519943.7
KOUMBAS SYNERGY       KOUMF US       -39842421.26  236519943.7
NAOUSSA SPIN -RT      NAOYD GA       -44175513.67  341686153.1
NAOUSSA SPIN-AUC      NAOYKE GA      -44175513.67  341686153.1
NAOUSSA SPINNING      NML1 GR        -44175513.67  341686153.1
NAOUSSA SPINNING      NML GR         -44175513.67  341686153.1
NAOUSSA SPIN-RTS      NAOYKR GA      -44175513.67  341686153.1
NEWLEAD HOLDINGS      A1M GR            -57875000    197992000
NEWLEAD HOLDINGS      NEWL US           -57875000    197992000
PETZET - PFD-RTS      PETZPD GA      -30790135.48  234437763.5
PETZETAKIS - RTS      PETZKD GA      -30790135.48  234437763.5
PETZETAKIS-AUC        PETZKE GA      -30790135.48  234437763.5
PETZETAKIS-PFD        PTZ3 GR        -30790135.48  234437763.5
PETZETAKIS-PFD        PETZP GA       -30790135.48  234437763.5
RADIO KORASSIDIS      KORA GA        -100972173.9  180679253.6
RADIO KORASSIDIS      RKC GR         -100972173.9  180679253.6
RADIO KORASSIDIS      RAKOF US       -100972173.9  180679253.6
RADIO KORASSI-RT      KORAD GA       -100972173.9  180679253.6
RADIO KORASS-RTS      KORAR GA       -100972173.9  180679253.6
THEMELIODOMI          THEME GA       -55751178.85  232036822.6
THEMELIODOMI-AUC      THEMEE GA      -55751178.85  232036822.6
THEMELIODOMI-RTS      THEMED GA      -55751178.85  232036822.6
THEMELIODOMI-RTS      THEMER GA      -55751178.85  232036822.6
UNITED TEXTILES       UTEX EU        -44175513.67  341686153.1
UNITED TEXTILES       NAOSF US       -44175513.67  341686153.1
UNITED TEXTILES       NAOYK GA       -44175513.67  341686153.1
UNITED TEXTILES       UTEX GA        -44175513.67  341686153.1
UNITED TEXTILES       UTEX EO        -44175513.67  341686153.1
UNITED TEXTILES       UTEX PZ        -44175513.67  341686153.1

HUNGARY
-------
HUNGARIAN TELEPH      HUC EX            -75973000    835658048
HUNGARIAN TELEPH      HUGC IX           -75973000    835658048
HUNGARIAN TELEPH      HUC GR            -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      HFEIMEUR EO      -223771648   2277793536
EIMSKIPAFELAG HF      AVION IR         -223771648   2277793536
EIMSKIPAFELAG HF      HFEIM EU         -223771648   2277793536
EIMSKIPAFELAG HF      HFEIM IR         -223771648   2277793536
EIMSKIPAFELAG HF      HFEIM PZ         -223771648   2277793536
EIMSKIPAFELAG HF      HFEIM EO         -223771648   2277793536
EIMSKIPAFELAG HF      HFEIMEUR EU      -223771648   2277793536

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

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

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

NETHERLANDS
-----------
BAAN CO NV-ASSEN      BAANA NA       -7854741.409  609871188.9
BAAN COMPANY NV       BAAN PZ        -7854741.409  609871188.9
BAAN COMPANY NV       BNCG IX        -7854741.409  609871188.9
BAAN COMPANY NV       BAAN NA        -7854741.409  609871188.9
BAAN COMPANY NV       BAAVF US       -7854741.409  609871188.9
BAAN COMPANY NV       BAAN IX        -7854741.409  609871188.9
BAAN COMPANY NV       BAAN GR        -7854741.409  609871188.9
BAAN COMPANY NV       BAAN EO        -7854741.409  609871188.9
BAAN COMPANY NV       BAAN EU        -7854741.409  609871188.9
BAAN COMPANY-NY       BAANF US       -7854741.409  609871188.9
JAMES HARDIE IND      600241Q GR       -153000000   2120699904
JAMES HARDIE IND      726824Z NA       -153000000   2120699904
JAMES HARDIE IND      HAH NZ           -153000000   2120699904
JAMES HARDIE IND      HAH AU           -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      JHIUF US         -153000000   2120699904
JAMES HARDIE-CDI      JHX AU           -153000000   2120699904
JAMES HARDIE-CDI      JHA GR           -153000000   2120699904
LIBERTY GL EU-A       UPC NA          -5505478850   5112616630
UNITED PAN -ADR       UPEA GR         -5505478850   5112616630
UNITED PAN-A ADR      UPCOY US        -5505478850   5112616630
UNITED PAN-EUR-A      UPC LN          -5505478850   5112616630
UNITED PAN-EUR-A      UPC LI          -5505478850   5112616630
UNITED PAN-EUROP      UPE GR          -5505478850   5112616630
UNITED PAN-EUROP      UPE1 GR         -5505478850   5112616630
UNITED PAN-EUROP      UPCEF US        -5505478850   5112616630
UNITED PAN-EUROP      UPC VX          -5505478850   5112616630
UNITED PAN-EUROP      UPCOF US        -5505478850   5112616630

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

PORTUGAL
--------
KROSNO                KRS PW         -2241614.766  111838141.2
KROSNO                KROS IX        -2241614.766  111838141.2
KROSNO                KRS LI         -2241614.766  111838141.2
KROSNO                KRS1EUR EO     -2241614.766  111838141.2
KROSNO                KRS1EUR EU     -2241614.766  111838141.2
KROSNO SA             KRNFF US       -2241614.766  111838141.2
KROSNO SA             KRS1 EU        -2241614.766  111838141.2
KROSNO SA             KROSNO PW      -2241614.766  111838141.2
KROSNO SA             KRS1 EO        -2241614.766  111838141.2
KROSNO SA             KRS PZ         -2241614.766  111838141.2
KROSNO SA-RTS         KRSP PW        -2241614.766  111838141.2
KROSNO-PDA-ALLT       KRSA PW        -2241614.766  111838141.2
TOORA                 2916665Q EU    -288818.3897  147004954.2
TOORA                 TOR PW         -288818.3897  147004954.2
TOORA                 TOR PZ         -288818.3897  147004954.2
TOORA                 2916661Q EO    -288818.3897  147004954.2
TOORA-ALLOT CERT      TORA PW        -288818.3897  147004954.2
BENFICA               SLBENX PX      -16614056.44  234366255.6
BENFICA               SLBEN PZ       -16614056.44  234366255.6
BENFICA               SLBEN EU       -16614056.44  234366255.6
BENFICA               SLBEN EO       -16614056.44  234366255.6
BENFICA               SLBEN PL       -16614056.44  234366255.6
BENFICA               SLBE IX        -16614056.44  234366255.6
LISGRAFICA IMPRE      LIAG PL        -11584933.86  107940470.6
LISGRAFICA IMPRE      LIG EU         -11584933.86  107940470.6
LISGRAFICA IMPRE      LIG PL         -11584933.86  107940470.6
LISGRAFICA IMPRE      LIAG EU        -11584933.86  107940470.6
LISGRAFICA IMPRE      LIG EO         -11584933.86  107940470.6
LISGRAFICA IMPRE      LIG PZ         -11584933.86  107940470.6
LISGRAFICA IMPRE      LIAG EO        -11584933.86  107940470.6
LISGRAFICA-RTS        LIGDS PL       -11584933.86  107940470.6
PORCELANA VISTA       PVAL PL        -75871846.95  148731546.6
SPORT LISBOA E B      1249Z PL       -16614056.44  234366255.6
SPORTING-SOC DES      SCPX PX         -4083492.14  225687305.9
SPORTING-SOC DES      SCDF EU         -4083492.14  225687305.9
SPORTING-SOC DES      SCG GR          -4083492.14  225687305.9
SPORTING-SOC DES      SCDF EO         -4083492.14  225687305.9
SPORTING-SOC DES      SCP PL          -4083492.14  225687305.9
SPORTING-SOC DES      SCPL IX         -4083492.14  225687305.9
SPORTING-SOC DES      SCDF PL         -4083492.14  225687305.9
SPORTING-SOC DES      SCP1 PZ         -4083492.14  225687305.9
VAA VISTA ALEGRE      VAF PL         -75871846.95  148731546.6
VAA VISTA ALEGRE      VAF PZ         -75871846.95  148731546.6
VAA VISTA ALEGRE      VAFX PX        -75871846.95  148731546.6
VAA VISTA ALEGRE      VAF EU         -75871846.95  148731546.6
VAA VISTA ALEGRE      VAF EO         -75871846.95  148731546.6
VAA VISTA ALTAN       VAFK EU        -75871846.95  148731546.6
VAA VISTA ALTAN       VAFK EO        -75871846.95  148731546.6
VAA VISTA ALTAN       VAFKX PX       -75871846.95  148731546.6
VAA VISTA ALTAN       VAFK PZ        -75871846.95  148731546.6
VAA VISTA ALTAN       VAFK PL        -75871846.95  148731546.6

ROMANIA
-------
OLTCHIM RM VALCE      OLT PZ         -89344235.29  511515508.8
OLTCHIM RM VALCE      OLTEUR EO      -89344235.29  511515508.8
OLTCHIM RM VALCE      OLT EO         -89344235.29  511515508.8
OLTCHIM RM VALCE      OLTCF US       -89344235.29  511515508.8
OLTCHIM RM VALCE      OLT EU         -89344235.29  511515508.8
OLTCHIM RM VALCE      OLTEUR EU      -89344235.29  511515508.8
OLTCHIM RM VALCE      OLT RO         -89344235.29  511515508.8
RAFO SA               RAF RO         -457922636.3  356796459.3
UZINELE SODICE G      UZIM RO        -62313938.86  107275526.8

RUSSIA
------
AMO ZIL               ZILL RM        -186141084.1  448501182.5
AMO ZIL-CLS           ZILL* RU       -186141084.1  448501182.5
AMO ZIL-CLS           ZILL RU        -186141084.1  448501182.5
AMUR SHIP-BRD         AMZS RU         -99051792.6   1089408985
AMUR SHIP-BRD         AMZS* RU        -99051792.6   1089408985
DAGESTAN ENERGY       DASB* RU       -33465586.31  128437866.5
DAGESTAN ENERGY       DASB RM        -33465586.31  128437866.5
DAGESTAN ENERGY       DASB RU        -33465586.31  128437866.5
EAST-SIBERIA-BRD      VSNK* RU       -125269473.1  155047305.2
EAST-SIBERIA-BRD      VSNK RU        -125269473.1  155047305.2
EAST-SIBERIAN-BD      VSNK$ RU       -125269473.1  155047305.2
FINANCIAL LEASIN      137282Z RU     -28157479.23  503349976.1
FINANCIAL LEASIN      FLKO RM        -28157479.23  503349976.1
FINANCIAL LE-BRD      FLKO* RU       -28157479.23  503349976.1
FINANCIAL LE-BRD      FLKO RU        -28157479.23  503349976.1
GUKOVUGOL             GUUG RU        -57835245.31  143665227.2
GUKOVUGOL             GUUG* RU       -57835245.31  143665227.2
GUKOVUGOL-PFD         GUUGP* RU      -57835245.31  143665227.2
GUKOVUGOL-PFD         GUUGP RU       -57835245.31  143665227.2
KOLENERGOSBY-CLS      KOSB RU        -8070130.628  103789430.5
KOLENERGOSBY-CLS      KOSB* RU       -8070130.628  103789430.5
KOLENERGOSBY-PFD      KOSBP RU       -8070130.628  103789430.5
KOLENERGOSBY-PFD      KOSBPG RU      -8070130.628  103789430.5
KOLENERGOSBY-PFD      KOSBP* RU      -8070130.628  103789430.5
KOLENERGOSBYT         KOSB RM        -8070130.628  103789430.5
KOLENERGOSBY-T+0      KOSBG RU       -8070130.628  103789430.5
KOMPANIYA GL-BRD      GMST* RU       -69058321.52   1307372498
KOMPANIYA GL-BRD      GMST RU        -69058321.52   1307372498
MZ ARSENAL-$BRD       ARSE RU        -4671159.212  193672793.3
MZ ARSENAL-BRD        ARSE$ RU       -4671159.212  193672793.3
MZ ARSENAL-BRD        ARSE* RU       -4671159.212  193672793.3
SAMARANEFTEGA-P$      SMNGP RU       -331600428.5  891998590.7
SAMARANEFTEGAS        SMNG* RU       -331600428.5  891998590.7
SAMARANEFTEGAS        SVYOF US       -331600428.5  891998590.7
SAMARANEFTEGAS        SMNG$ RU       -331600428.5  891998590.7
SAMARANEFTEGAS        SMNG RM        -331600428.5  891998590.7
SAMARANEFTEGAS-$      SMNG RU        -331600428.5  891998590.7
SAMARANEFTEGAS-P      SMNGP$ RU      -331600428.5  891998590.7
SAMARANEFTEGAS-P      SMNGP RM       -331600428.5  891998590.7
SAMARANEFTEGAS-P      SMNGP* RU      -331600428.5  891998590.7
TERNEYLES-BRD         TERL RU         -15178937.2  182115156.8
TERNEYLES-BRD         TERL* RU        -15178937.2  182115156.8
TRANSAERO AIRLIN      TRNS RU        -24618275.96  740576227.5
TRANSAERO AIRLIN      TRNS* RU       -24618275.96  740576227.5
URGALUGOL-BRD         YRGL* RU       -15706613.04  105440541.1
URGALUGOL-BRD         YRGL RU        -15706613.04  105440541.1
URGALUGOL-BRD-PF      YRGLP RU       -15706613.04  105440541.1
VOLGOGRAD KHIM        VHIM* RU       -9340386.757  133590956.9
VOLGOGRAD KHIM        VHIM RU        -9340386.757  133590956.9
ZIL AUTO PLANT        ZILL$ RU       -186141084.1  448501182.5
ZIL AUTO PLANT-P      ZILLP* RU      -186141084.1  448501182.5
ZIL AUTO PLANT-P      ZILLP RM       -186141084.1  448501182.5
ZIL AUTO PLANT-P      ZILLP RU       -186141084.1  448501182.5

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

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

TURKEY
------
BESIKTAS FUTBOL       BJKASY TI      -10396040.97  175760356.3
BESIKTAS FUTBOL       BKTFF US       -10396040.97  175760356.3
BESIKTAS FUTBOL       BJKASM TI      -10396040.97  175760356.3
BESIKTAS FUTBOL       BWX GR         -10396040.97  175760356.3
BESIKTAS FUTBOL       BJKAS TI       -10396040.97  175760356.3
EGS EGE GIYIM VE      EGDIS TI       -7732138.551  147075066.7
EGS EGE GIYIM-RT      EGDISR TI      -7732138.551  147075066.7
IKTISAT FINAN-RT      IKTFNR TI      -46900661.12  108228233.6
IKTISAT FINANSAL      IKTFN TI       -46900661.12  108228233.6
MUDURNU TAVUKC-N      MDRNUN TI      -64930189.62  160408172.1
MUDURNU TAVUKCUL      MDRNU TI       -64930189.62  160408172.1
SIFAS                 SIFAS TI        -15439198.6    130608104
TUTUNBANK             TUT TI          -4024959602   2643810457
YASARBANK             YABNK TI        -4024959602   2643810457
ODESSA OIL REFIN      ONPZ UZ        -70727947.39  325964086.9

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

UNITED KINGDOM
--------------
4LESS GROUP           FLG OF         -3088436.068  106650689.4
4LESS GROUP           FL/ LN         -3088436.068  106650689.4
4LESS GROUP           LI4 GR         -3088436.068  106650689.4
4LESS GROUP           FL/ PO         -3088436.068  106650689.4
4LESS GROUP           BYH PO         -3088436.068  106650689.4
4LESS GROUP           BHL PO         -3088436.068  106650689.4
ABBOTT MEAD VICK      648824Q LN     -1685852.904  168258996.3
ADVANCE DISPLAY       ADTP PZ         -3015578835   2590007904
AEA TECHNOLO-FPR      AATF PZ        -215101594.9    121405070
AEA TECHNOLO-FPR      AATF LN        -215101594.9    121405070
AEA TECHNOLOGY        AAT EO         -215101594.9    121405070
AEA TECHNOLOGY        AAT IX         -215101594.9    121405070
AEA TECHNOLOGY        AEY GR         -215101594.9    121405070
AEA TECHNOLOGY        EAETF US       -215101594.9    121405070
AEA TECHNOLOGY        AAT EU         -215101594.9    121405070
AEA TECHNOLOGY        AAT PO         -215101594.9    121405070
AEA TECHNOLOGY        AAT LN         -215101594.9    121405070
AEA TECHNOLOGY        AATGBP EO      -215101594.9    121405070
AEA TECHNOLOGY        AAT VX         -215101594.9    121405070
AEA TECHNOLOGY        AAT PZ         -215101594.9    121405070
AEA TECHNOLO-NPR      AATN PZ        -215101594.9    121405070
AEA TECHNOLO-NPR      AATN 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           ALDYF US         -120493900  252232072.9
ALLDAYS PLC           317056Q LN       -120493900  252232072.9
AMER BUS SYS          ARB LN           -497127008    121439000
AMEY PLC              AMEYF US       -48862569.33  931527720.5
AMEY PLC              AMY LN         -48862569.33  931527720.5
AMEY PLC              AMY VX         -48862569.33  931527720.5
AMEY PLC-ASSENT       AMYA LN        -48862569.33  931527720.5
AMEY PLC-NEW          AMYN LN        -48862569.33  931527720.5
ANKER PLC             ANK PO         -21861359.81    115463159
ANKER PLC             DW14 GR        -21861359.81    115463159
ANKER PLC             ANK LN         -21861359.81    115463159
ANKER PLC - ASSD      ANKB LN        -21861359.81    115463159
ANKER PLC - ASSD      ANKC LN        -21861359.81    115463159
ANKER PLC-ASSD        ANKA LN        -21861359.81    115463159
ATKINS (WS) PLC       ATK PZ           -207093345   1339139513
ATKINS (WS) PLC       ATKGBP EO        -207093345   1339139513
ATKINS (WS) PLC       ATKEUR EU        -207093345   1339139513
ATKINS (WS) PLC       ATK BQ           -207093345   1339139513
ATKINS (WS) PLC       ATK LN           -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 EO           -207093345   1339139513
ATKINS (WS) PLC       ATK EU           -207093345   1339139513
ATKINS (WS) PLC       6W2 GR           -207093345   1339139513
ATKINS (WS) PLC       ATK PO           -207093345   1339139513
ATKINS (WS) PLC       ATK NR           -207093345   1339139513
ATKINS (WS) PLC       ATK VX           -207093345   1339139513
ATKINS (WS) PLC       ATK IX           -207093345   1339139513
ATKINS (WS) PLC       WATKF US         -207093345   1339139513
ATKINS (WS) PLC       ATK NQ           -207093345   1339139513
ATKINS (WS) PLC       ATK TQ           -207093345   1339139513
BAYDONHILL PLC        BHL EU         -3088436.068  106650689.4
BAYDONHILL PLC        BHL PG         -3088436.068  106650689.4
BAYDONHILL PLC        BHL EO         -3088436.068  106650689.4
BAYDONHILL PLC        BHL PZ         -3088436.068  106650689.4
BAYDONHILL PLC        BHL IX         -3088436.068  106650689.4
BAYDONHILL PLC        BHL LN         -3088436.068  106650689.4
BAYDONHILL PLC        BYH LN         -3088436.068  106650689.4
BCH GROUP PLC         BCH LN         -5728274.385  187993198.2
BLACK & EDGINGTO      BLE LN         -134177517.4  149159301.6
BNB RECRUITMENT       BNBRF US       -10242627.53    103637705
BNB RECRUITMENT       BNB IX         -10242627.53    103637705
BNB RECRUITMENT       BQX GR         -10242627.53    103637705
BNB RECRUITMENT       BNB LN         -10242627.53    103637705
BNB RECRUITMENT       BNB PO         -10242627.53    103637705
BOOKER PLC            1330Q GR        -59832880.4   1298182549
BOOKER PLC            987188Q LN      -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       BSKGF US       -1855444.443  268563822.5
BRADSTOCK GROUP       BDK LN         -1855444.443  268563822.5
BRIT ENERGY LTD       523362Q LN      -5822867501   4921095750
BRIT ENERGY PLC       BHEGF US        -5822867501   4921095750
BRIT ENERGY PLC       BGYEF US        -5822867501   4921095750
BRIT ENERGY PLC       555140Q VX      -5822867501   4921095750
BRIT ENERGY PLC       BEN1 GR         -5822867501   4921095750
BRIT ENERGY-A         BENA GR         -5822867501   4921095750
BRIT ENERGY-ADR       BHEFF US        -5822867501   4921095750
BRIT NUCLEAR          1046Z LN        -4247644150  40325778907
BRIT TELECOM          BTE GR          -5730703494  46660870566
BRIT TELECOM          9484 JP         -5730703494  46660870566
BRIT TELECOM PLC      BTPWF US        -5730703494  46660870566
BRIT TELECOM PLC      BT/A VX         -5730703494  46660870566
BRIT TELECOM PLC      BTPLF US        -5730703494  46660870566
BRIT TELECOM-ADR      1481Q CN        -5730703494  46660870566
BRIT TELECOM-ADR      BTEA GR         -5730703494  46660870566
BRIT TELECOM-RTS      BTY-R US        -5730703494  46660870566
BRITISH ENER-$US      BGYD AR         -5822867501   4921095750
BRITISH ENER-$US      BGYNYD AR       -5822867501   4921095750
BRITISH ENER-ADR      BGYNY US        -5822867501   4921095750
BRITISH ENER-BLK      BGYB AR         -5822867501   4921095750
BRITISH ENER-BLK      BGYNYB AR       -5822867501   4921095750
BRITISH ENER-C/E      BGYC AR         -5822867501   4921095750
BRITISH ENER-C/E      BGYNYC AR       -5822867501   4921095750
BRITISH ENER-CED      BGYNY AR        -5822867501   4921095750
BRITISH ENER-CED      BGY AR          -5822867501   4921095750
BRITISH ENERGY-A      3012442Q LN     -5822867501   4921095750
BRITISH ENERGY-A      BGYA PO         -5822867501   4921095750
BRITISH ENERGY-A      BHEAF US        -5822867501   4921095750
BRITISH ENERGY-A      BGYGF US        -5822867501   4921095750
BRITISH ENERGY-A      BGYA VX         -5822867501   4921095750
BRITISH TELE-FP       BT/F LN         -5730703494  46660870566
BRITISH TELE-NP       BT/N LN         -5730703494  46660870566
BRITISH TELE-NP       BTPXF US        -5730703494  46660870566
BRITVIC               B6S GR         -3988699.913   1361742201
BRITVIC PLC           BVICEUR EU     -3988699.913   1361742201
BRITVIC PLC           BVICUSD EU     -3988699.913   1361742201
BRITVIC PLC           BVIC QM        -3988699.913   1361742201
BRITVIC PLC           BVIC VX        -3988699.913   1361742201
BRITVIC PLC           BVIC NR        -3988699.913   1361742201
BRITVIC PLC           BVIC NQ        -3988699.913   1361742201
BRITVIC PLC           BVIC PZ        -3988699.913   1361742201
BRITVIC PLC           BVIC TQ        -3988699.913   1361742201
BRITVIC PLC           BVICUSD EO     -3988699.913   1361742201
BRITVIC PLC           BVIC EB        -3988699.913   1361742201
BRITVIC PLC           BVIC LN        -3988699.913   1361742201
BRITVIC PLC           BVICGBP EO     -3988699.913   1361742201
BRITVIC PLC           BTVCF US       -3988699.913   1361742201
BRITVIC PLC           BVIC EU        -3988699.913   1361742201
BRITVIC PLC           BVICEUR EO     -3988699.913   1361742201
BRITVIC PLC           BVIC EO        -3988699.913   1361742201
BRITVIC PLC           BVIC BQ        -3988699.913   1361742201
BRITVIC PLC           BVIC IX        -3988699.913   1361742201
BT GROUP PLC          BT/A QM         -5730703494  46660870566
BT GROUP PLC          BT/AEUR EU      -5730703494  46660870566
BT GROUP PLC          BT/APEN EO      -5730703494  46660870566
BT GROUP PLC          BT/A NQ         -5730703494  46660870566
BT GROUP PLC          BTQ GR          -5730703494  46660870566
BT GROUP PLC          BT/A BQ         -5730703494  46660870566
BT GROUP PLC          BT/APEN EU      -5730703494  46660870566
BT GROUP PLC          BT/A LN         -5730703494  46660870566
BT GROUP PLC          BT/ VX          -5730703494  46660870566
BT GROUP PLC          BT/AUSD EO      -5730703494  46660870566
BT GROUP PLC          BT/A PO         -5730703494  46660870566
BT GROUP PLC          BT/AUSD EU      -5730703494  46660870566
BT GROUP PLC          BT/A TQ         -5730703494  46660870566
BT GROUP PLC          BT/A NR         -5730703494  46660870566
BT GROUP PLC          BT/AEUR EO      -5730703494  46660870566
BT GROUP PLC          BTGOF US        -5730703494  46660870566
BT GROUP PLC          BT/A EB         -5730703494  46660870566
BT GROUP PLC          BT PZ           -5730703494  46660870566
BT GROUP PLC          BTEG IX         -5730703494  46660870566
BT GROUP PLC          BT/A EO         -5730703494  46660870566
BT GROUP PLC          BT/AGBP EO      -5730703494  46660870566
BT GROUP PLC          BT/A EU         -5730703494  46660870566
BT GROUP PLC          BT IX           -5730703494  46660870566
BT GROUP PLC-ADR      BT/$ LN         -5730703494  46660870566
BT GROUP PLC-W/I      BTWI LN         -5730703494  46660870566
BT GROUP-ADR          BTQA GR         -5730703494  46660870566
BT GROUP-ADR WI       BTY-W US        -5730703494  46660870566
BT GROUP-CED $US      BTYD AR         -5730703494  46660870566
BT GROUP-CED $US      BTD AR          -5730703494  46660870566
BT GROUP-CED BLK      BTYB AR         -5730703494  46660870566
BT GROUP-CED BLK      BTB AR          -5730703494  46660870566
BT GROUP-CED C/E      BTC AR          -5730703494  46660870566
BT GROUP-CED C/E      BTYC AR         -5730703494  46660870566
BT GROUP-CEDEAR       BTY AR          -5730703494  46660870566
BT GROUP-CEDEAR       BT AR           -5730703494  46660870566
BT GROUP-SPON AD      BT US           -5730703494  46660870566
BT GROUP-SPON AD      BTY US          -5730703494  46660870566
BT GROUP-SPON AD      BT MM           -5730703494  46660870566
BT GROUP-SPON AD      BTYN MM         -5730703494  46660870566
CARLISLE GROUP        506819Q LN     -11904426.45    203548565
CHRYSALIS GROUP       CHSEUR EU      -7422046.098  110320050.3
CHRYSALIS GROUP       CLYSF US       -7422046.098  110320050.3
CHRYSALIS GROUP       CHS PO         -7422046.098  110320050.3
CHRYSALIS GROUP       5CY GR         -7422046.098  110320050.3
CHRYSALIS GROUP       CHSEUR EO      -7422046.098  110320050.3
CHRYSALIS GROUP       CHS EO         -7422046.098  110320050.3
CHRYSALIS GROUP       CHS PZ         -7422046.098  110320050.3
CHRYSALIS GROUP       CHS EU         -7422046.098  110320050.3
CHRYSALIS GROUP       CHSUSD EU      -7422046.098  110320050.3
CHRYSALIS GROUP       CYGUF US       -7422046.098  110320050.3
CHRYSALIS GROUP       CHS LN         -7422046.098  110320050.3
CHRYSALIS GROUP       CHS IX         -7422046.098  110320050.3
CHRYSALIS GROUP       CHS VX         -7422046.098  110320050.3
CHRYSALIS GROUP       HR4 GR         -7422046.098  110320050.3
CHRYSALIS GROUP       CHSUSD EO      -7422046.098  110320050.3
CHRYSALIS GROUP       CHSGBP EO      -7422046.098  110320050.3
CLIPPER WINDPOWE      CWP PG           -218336000    776211968
CLIPPER WINDPOWE      CWP EO           -218336000    776211968
CLIPPER WINDPOWE      CWPA LN          -218336000    776211968
CLIPPER WINDPOWE      CWP LN           -218336000    776211968
CLIPPER WINDPOWE      CWP EU           -218336000    776211968
CLIPPER WINDPOWE      CWP IX           -218336000    776211968
CLIPPER WINDPOWE      3470635Q LN      -218336000    776211968
CLIPPER WINDPOWE      C2W GR           -218336000    776211968
CLIPPER WINDPOWE      CRPWF US         -218336000    776211968
CLIPPER WINDPOWE      CWP PZ           -218336000    776211968
COMPASS GROU-OLD      1259Q LN       -668101173.9   2972459078
COMPASS GROUP         QOP GR         -668101173.9   2972459078
COMPASS GRP-ADR       CMSJY US       -668101173.9   2972459078
COMPASS GRP-ADR       CMSGY US       -668101173.9   2972459078
COSTAIN GROUP         COSTUSD EO     -19097658.92  649978943.3
COSTAIN GROUP         COST LN        -19097658.92  649978943.3
COSTAIN GROUP         CSGFF US       -19097658.92  649978943.3
COSTAIN GROUP         COST PO        -19097658.92  649978943.3
COSTAIN GROUP         COST EO        -19097658.92  649978943.3
COSTAIN GROUP         COST IX        -19097658.92  649978943.3
COSTAIN GROUP         COSTEUR EO     -19097658.92  649978943.3
COSTAIN GROUP         COST EU        -19097658.92  649978943.3
COSTAIN GROUP         COSTGBP EO     -19097658.92  649978943.3
COSTAIN GROUP         COST PZ        -19097658.92  649978943.3
COSTAIN GROUP         COSTUSD EU     -19097658.92  649978943.3
COSTAIN GROUP         COST VX        -19097658.92  649978943.3
COSTAIN GROUP         COSTEUR EU     -19097658.92  649978943.3
COSTAIN GROU-RTS      COSF LN        -19097658.92  649978943.3
COSTAIN GROU-RTS      COSN LN        -19097658.92  649978943.3
DAILY MAIL TST        DMGOGBP EO     -139060248.4   3723159411
DAILY MAIL TST        DMGO LN        -139060248.4   3723159411
DAILY MAIL TST        DMGO EU        -139060248.4   3723159411
DAILY MAIL TST        DMGO PO        -139060248.4   3723159411
DAILY MAIL TST        DMGO PZ        -139060248.4   3723159411
DAILY MAIL TST        DMGO EO        -139060248.4   3723159411
DAILY MAIL TST        DGW GR         -139060248.4   3723159411
DAILY MAIL TST        DMTOF US       -139060248.4   3723159411
DAILY MAIL TST        DMGO VX        -139060248.4   3723159411
DAILY MAIL TST        DMGO IX        -139060248.4   3723159411
DAILY MAIL TST A      DMGTUSD EU     -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 EB        -139060248.4   3723159411
DAILY MAIL TST A      DMGT NR        -139060248.4   3723159411
DAILY MAIL TST A      DMGT LN        -139060248.4   3723159411
DAILY MAIL TST A      DMGT EU        -139060248.4   3723159411
DAILY MAIL TST A      DMGTGBP EO     -139060248.4   3723159411
DAILY MAIL TST A      DMGT QM        -139060248.4   3723159411
DAILY MAIL TST A      DMGT NQ        -139060248.4   3723159411
DAILY MAIL TST A      DMGT PO        -139060248.4   3723159411
DAILY MAIL TST A      DMGTEUR EU     -139060248.4   3723159411
DAILY MAIL TST A      DMGTEUR EO     -139060248.4   3723159411
DAILY MAIL TST A      DMGT TQ        -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 BQ        -139060248.4   3723159411
DAILY MAIL TST A      DGW1 GR        -139060248.4   3723159411
DAILY MAIL TST A      DMGT EO        -139060248.4   3723159411
DAILY MAIL TST A      DMGT PZ        -139060248.4   3723159411
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 IX           -497127008    121439000
DANKA BUS SYSTEM      3205283Q EO      -497127008    121439000
DANKA BUS SYSTEM      3205291Q EO      -497127008    121439000
DANKA BUS SYSTEM      DANKF US         -497127008    121439000
DANKA BUS SYSTEM      DNK VX           -497127008    121439000
DANKA BUS SYSTEM      DNK PO           -497127008    121439000
DANKA BUS-$US CE      DANKD AR         -497127008    121439000
DANKA BUS-ADR         DANKE US         -497127008    121439000
DANKA BUS-ADR         AP39 LI          -497127008    121439000
DANKA BUS-ADR         DB6 GR           -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         DLAREUR EO     -49140782.93  785933430.9
DE LA RUE PLC         DLARCHF EU     -49140782.93  785933430.9
DE LA RUE PLC         DLAR LN        -49140782.93  785933430.9
DE LA RUE PLC         DELRF US       -49140782.93  785933430.9
DE LA RUE PLC         DLAR QM        -49140782.93  785933430.9
DE LA RUE PLC         DLAR EO        -49140782.93  785933430.9
DE LA RUE PLC         DLAR NQ        -49140782.93  785933430.9
DE LA RUE PLC         DL1A GR        -49140782.93  785933430.9
DE LA RUE PLC         DLAR EB        -49140782.93  785933430.9
DE LA RUE PLC         DLAR PZ        -49140782.93  785933430.9
DE LA RUE PLC         DLAR IX        -49140782.93  785933430.9
DE LA RUE PLC         DLRUF US       -49140782.93  785933430.9
DE LA RUE PLC         DLAR BQ        -49140782.93  785933430.9
DE LA RUE PLC         DLARCHF EO     -49140782.93  785933430.9
DE LA RUE PLC         DLAREUR EU     -49140782.93  785933430.9
DE LA RUE PLC         DLARUSD EU     -49140782.93  785933430.9
DE LA RUE PLC         DL1B GR        -49140782.93  785933430.9
DE LA RUE PLC         DLAR NR        -49140782.93  785933430.9
DE LA RUE PLC         DLAR VX        -49140782.93  785933430.9
DE LA RUE PLC         DLAR TQ        -49140782.93  785933430.9
DE LA RUE PLC         DLAR EU        -49140782.93  785933430.9
DE LA RUE PLC         DLARGBP EO     -49140782.93  785933430.9
DE LA RUE PLC         DL1 GR         -49140782.93  785933430.9
DE LA RUE PLC         DLARUSD EO     -49140782.93  785933430.9
DE LA RUE PLC         DL1C GR        -49140782.93  785933430.9
DE LA RUE PLC         DLAR PO        -49140782.93  785933430.9
DE LA RUE PLC         DLARF US       -49140782.93  785933430.9
DE LA RUE-ADR         DERUY US       -49140782.93  785933430.9
DE LA RUE-ADR         DLUEY US       -49140782.93  785933430.9
DE LA RUE-PREF        3115438Q EU    -49140782.93  785933430.9
DE LA RUE-PREF        DLAP PZ        -49140782.93  785933430.9
DE LA RUE-PREF        DLAP LN        -49140782.93  785933430.9
EASYNET GROUP         EZNGF US       -60380609.34  334049332.2
EASYNET GROUP         ESY LN         -60380609.34  334049332.2
EASYNET GROUP         EAY GR         -60380609.34  334049332.2
EASYNET GROUP         ESY VX         -60380609.34  334049332.2
EASYNET GROUP         ESY PO         -60380609.34  334049332.2
EASYNET GROUP-CV      91009Z LN      -60380609.34  334049332.2
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         EMIPY US        -2265916257   2950021937
EMI GROUP-ADR         38IS LN         -2265916257   2950021937
EMI GROUP-ADR         EMI$ LN         -2265916257   2950021937
EUROPEAN HOME         EHREUR EO      -14328735.16  110864081.4
EUROPEAN HOME         EHREUR EU      -14328735.16  110864081.4
EUROPEAN HOME         EHRGBP EO      -14328735.16  110864081.4
EUROPEAN HOME         FPAKF US       -14328735.16  110864081.4
EUROPEAN HOME         EHR EU         -14328735.16  110864081.4
EUROPEAN HOME         KLZ VX         -14328735.16  110864081.4
EUROPEAN HOME         KLZ PO         -14328735.16  110864081.4
EUROPEAN HOME         EHR PO         -14328735.16  110864081.4
EUROPEAN HOME         EHR LN         -14328735.16  110864081.4
EUROPEAN HOME         EHR PZ         -14328735.16  110864081.4
EUROPEAN HOME         EHR VX         -14328735.16  110864081.4
EUROPEAN HOME         EHR EO         -14328735.16  110864081.4
EUROPEAN MINERAL      EPM CN           -123563000    104843000
EUROPEAN MINERAL      EUM LN           -123563000    104843000
EUROPEAN MINERAL      EPMLF US         -123563000    104843000
EUROPEAN MINERAL      EPM/U CN         -123563000    104843000
EUROPEAN MINERAL      EUM PO           -123563000    104843000
FAREPAK PLC           FPK LN         -14328735.16  110864081.4
FARNELL ELEC-ADR      FRN$ LN        -53758146.86  722693619.5
FARNELL ELEC-ADR      FRNZ LN        -53758146.86  722693619.5
FARNELL ELEC-RFD      FRNR LN        -53758146.86  722693619.5
FARNELL ELECTRON      FRNL LN        -53758146.86  722693619.5
GALIFORM PLC          GFRM NQ        -116415877.1  612420067.1
GALIFORM PLC          GFRM NR        -116415877.1  612420067.1
GALIFORM PLC          MFI PO         -116415877.1  612420067.1
GALIFORM PLC          GFRM TQ        -116415877.1  612420067.1
GALIFORM PLC          MFI IX         -116415877.1  612420067.1
GALIFORM PLC          GFRM LN        -116415877.1  612420067.1
GALIFORM PLC          GFRM QM        -116415877.1  612420067.1
GALIFORM PLC          GFRMGBP EO     -116415877.1  612420067.1
GALIFORM PLC          GLFMF US       -116415877.1  612420067.1
GALIFORM PLC          GFRM IX        -116415877.1  612420067.1
GALIFORM PLC          GFRM PO        -116415877.1  612420067.1
GALIFORM PLC          GFRM VX        -116415877.1  612420067.1
GALIFORM PLC          GFRM EB        -116415877.1  612420067.1
GALIFORM PLC          GFRM BQ        -116415877.1  612420067.1
GALIFORM PLC          GFRM EU        -116415877.1  612420067.1
GALIFORM PLC          MFI VX         -116415877.1  612420067.1
GALIFORM PLC          GFRMEUR EO     -116415877.1  612420067.1
GALIFORM PLC          GFRMNOK EO     -116415877.1  612420067.1
GALIFORM PLC          GFRMEUR EU     -116415877.1  612420067.1
GALIFORM PLC          GFRM PZ        -116415877.1  612420067.1
GALIFORM PLC          GFRMNOK EU     -116415877.1  612420067.1
GALIFORM PLC          MFIFF US       -116415877.1  612420067.1
GALIFORM PLC          GFRM EO        -116415877.1  612420067.1
GARTLAND WHALLEY      GWB LN         -10986769.42  145352034.5
GARTMORE GROUP        GRT3USD EU     -197233258.3  975283243.9
GARTMORE GROUP        GRT LN         -197233258.3  975283243.9
GARTMORE GROUP        GRT3USD EO     -197233258.3  975283243.9
GARTMORE GROUP        G8T GR         -197233258.3  975283243.9
GARTMORE GROUP        GRT3GBP EO     -197233258.3  975283243.9
GARTMORE GROUP        GRT3 EU        -197233258.3  975283243.9
GARTMORE GROUP        GRT3 EO        -197233258.3  975283243.9
GO-AHEAD GROUP        GHGUF US       -15712050.26   1619995130
GO-AHEAD GROUP        GOG EO         -15712050.26   1619995130
GO-AHEAD GROUP        G9X GR         -15712050.26   1619995130
GO-AHEAD GROUP        GOGEUR EU      -15712050.26   1619995130
GO-AHEAD GROUP        GOG QM         -15712050.26   1619995130
GO-AHEAD GROUP        GOG TQ         -15712050.26   1619995130
GO-AHEAD GROUP        GOG IX         -15712050.26   1619995130
GO-AHEAD GROUP        GOG EB         -15712050.26   1619995130
GO-AHEAD GROUP        GOG NQ         -15712050.26   1619995130
GO-AHEAD GROUP        GOG PZ         -15712050.26   1619995130
GO-AHEAD GROUP        GOG PO         -15712050.26   1619995130
GO-AHEAD GROUP        GOGGBP EO      -15712050.26   1619995130
GO-AHEAD GROUP        GOG BQ         -15712050.26   1619995130
GO-AHEAD GROUP        GOG VX         -15712050.26   1619995130
GO-AHEAD GROUP        GOG LN         -15712050.26   1619995130
GO-AHEAD GROUP        GOG EU         -15712050.26   1619995130
GO-AHEAD GROUP        GOG NR         -15712050.26   1619995130
GO-AHEAD GROUP        GOGEUR EO      -15712050.26   1619995130
GREEN (E) & PART      GEP LN         -27530263.14    313453511
HAWTIN PLC            HTI LN         -3873861.331  110875080.8
HAWTIN PLC            HTI PO         -3873861.331  110875080.8
HAWTIN PLC            HTI EU         -3873861.331  110875080.8
HAWTIN PLC            HTI PG         -3873861.331  110875080.8
HAWTIN PLC            HWN GR         -3873861.331  110875080.8
HAWTIN PLC            HTI VX         -3873861.331  110875080.8
HAWTIN PLC            HTI IX         -3873861.331  110875080.8
HAWTIN PLC            HTI EO         -3873861.331  110875080.8
HAWTIN PLC            HTI PZ         -3873861.331  110875080.8
HILTON G-CRT OLD      HIGT BB          -547740614   1922113569
HILTON GROUP PLC      HG/ LN           -547740614   1922113569
HILTON GROUP PLC      HLTGF US         -547740614   1922113569
HILTON GROUP PLC      HG PO            -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      HOGGF US          -11371715  739481804.8
HOGG ROBINSON GR      HRG EO            -11371715  739481804.8
HOGG ROBINSON GR      HRG EU            -11371715  739481804.8
HOGG ROBINSON GR      HRGEUR EO         -11371715  739481804.8
HOGG ROBINSON GR      HRG PZ            -11371715  739481804.8
HOGG ROBINSON GR      HRG VX            -11371715  739481804.8
HOGG ROBINSON GR      HRG LN            -11371715  739481804.8
HOGG ROBINSON GR      HRG IX            -11371715  739481804.8
HOGG ROBINSON GR      HRGGBP EO         -11371715  739481804.8
HOGG ROBINSON GR      HRGEUR EU         -11371715  739481804.8
HOGG ROBINSON GR      DQX GR            -11371715  739481804.8
INTERCONTIN-ADR       IHG US            -39000000   2911000064
INTERCONTIN-ADR       IHG-W US          -39000000   2911000064
INTERCONTIN-ADR       IHGA LN           -39000000   2911000064
INTERCONTINENTAL      IC1B GR           -39000000   2911000064
INTERCONTINENTAL      IHG LN            -39000000   2911000064
INTERCONTINENTAL      IHGUSD EO         -39000000   2911000064
INTERCONTINENTAL      IHGGBP EO         -39000000   2911000064
INTERCONTINENTAL      IHGEUR EO         -39000000   2911000064
INTERCONTINENTAL      IHG EO            -39000000   2911000064
INTERCONTINENTAL      IHGOF US          -39000000   2911000064
INTERCONTINENTAL      IHG PO            -39000000   2911000064
INTERCONTINENTAL      ICHGF US          -39000000   2911000064
INTERCONTINENTAL      IHG NQ            -39000000   2911000064
INTERCONTINENTAL      IC1C GR           -39000000   2911000064
INTERCONTINENTAL      IHG QM            -39000000   2911000064
INTERCONTINENTAL      IHG VX            -39000000   2911000064
INTERCONTINENTAL      988082Q GR        -39000000   2911000064
INTERCONTINENTAL      IHG TQ            -39000000   2911000064
INTERCONTINENTAL      IHG EB            -39000000   2911000064
INTERCONTINENTAL      IHG IX            -39000000   2911000064
INTERCONTINENTAL      IHGUSD EU         -39000000   2911000064
INTERCONTINENTAL      IC1 GR            -39000000   2911000064
INTERCONTINENTAL      IHGCHF EU         -39000000   2911000064
INTERCONTINENTAL      IHG EU            -39000000   2911000064
INTERCONTINENTAL      IHGCHF EO         -39000000   2911000064
INTERCONTINENTAL      IC1A GR           -39000000   2911000064
INTERCONTINENTAL      IHG BQ            -39000000   2911000064
INTERCONTINENTAL      IHGEUR EU         -39000000   2911000064
INTERCONTINENTAL      IHG PZ            -39000000   2911000064
INTERCONTINENTAL      IHG NR            -39000000   2911000064
INTERCONTINENTAL      INCNF US          -39000000   2911000064
JARVIS PLC            JRVS LN        -64739862.73    130951086
JARVIS PLC            JRVS EU        -64739862.73    130951086
JARVIS PLC            JRVS IX        -64739862.73    130951086
JARVIS PLC            JVSPF US       -64739862.73    130951086
JARVIS PLC            JRVS PO        -64739862.73    130951086
JARVIS PLC            JRVSEUR EU     -64739862.73    130951086
JARVIS PLC            JRVS PZ        -64739862.73    130951086
JARVIS PLC            JVR GR         -64739862.73    130951086
JARVIS PLC            JRVS VX        -64739862.73    130951086
JARVIS PLC            JRVS EO        -64739862.73    130951086
JARVIS PLC            JRVSGBP EO     -64739862.73    130951086
JARVIS PLC            JRVSEUR EO     -64739862.73    130951086
JESSOPS PLC           JSPEUR EO       -42702021.2  112964060.4
JESSOPS PLC           JSPGBP EO       -42702021.2  112964060.4
JESSOPS PLC           JS4 GR          -42702021.2  112964060.4
JESSOPS PLC           JSP EU          -42702021.2  112964060.4
JESSOPS PLC           JSP EO          -42702021.2  112964060.4
JESSOPS PLC           JSP LN          -42702021.2  112964060.4
JESSOPS PLC           JSP VX          -42702021.2  112964060.4
JESSOPS PLC           JSP PZ          -42702021.2  112964060.4
JESSOPS PLC           JSP PO          -42702021.2  112964060.4
JESSOPS PLC           JSPEUR EU       -42702021.2  112964060.4
JESSOPS PLC           JSP IX          -42702021.2  112964060.4
KAZAKHSTAN MNRLS      KMC/U CN         -123563000    104843000
KAZAKHSTAN MNRLS      KMCO CN          -123563000    104843000
KAZAKHSTAN MNRLS      KMCOF US         -123563000    104843000
KAZAKHSTAN MNRLS      KMCO/U CN        -123563000    104843000
KLEENEZE PLC          KLZ LN         -14328735.16  110864081.4
LADBROKE GROUP        LADB LN          -547740614   1922113569
LADBROKE GRP-IDR      695767Q BB       -547740614   1922113569
LADBROKE GRP-OLD      LADB BB          -547740614   1922113569
LADBROKES - FPR       LADF PZ          -547740614   1922113569
LADBROKES - FPR       LADF LN          -547740614   1922113569
LADBROKES PLC         LAD QM           -547740614   1922113569
LADBROKES PLC         LAD EO           -547740614   1922113569
LADBROKES PLC         LADEUR EO        -547740614   1922113569
LADBROKES PLC         LAD LN           -547740614   1922113569
LADBROKES PLC         LADEUR EU        -547740614   1922113569
LADBROKES PLC         LAD BQ           -547740614   1922113569
LADBROKES PLC         LAD NR           -547740614   1922113569
LADBROKES PLC         HG/ VX           -547740614   1922113569
LADBROKES PLC         LADGBP EO        -547740614   1922113569
LADBROKES PLC         LADNZD EO        -547740614   1922113569
LADBROKES PLC         LADUSD EO        -547740614   1922113569
LADBROKES PLC         LAD PZ           -547740614   1922113569
LADBROKES PLC         LAD PO           -547740614   1922113569
LADBROKES PLC         LDBKF US         -547740614   1922113569
LADBROKES PLC         LAD EB           -547740614   1922113569
LADBROKES PLC         LAD TQ           -547740614   1922113569
LADBROKES PLC         LAD IX           -547740614   1922113569
LADBROKES PLC         LADNZD EU        -547740614   1922113569
LADBROKES PLC         LAD GR           -547740614   1922113569
LADBROKES PLC         LAD VX           -547740614   1922113569
LADBROKES PLC         LAD NQ           -547740614   1922113569
LADBROKES PLC         LAD EU           -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 LN          -547740614   1922113569
LADBROKES PLC-NP      LADN PZ          -547740614   1922113569
LAMBERT FENCHURC      LMF LN         -1453050.041   1826806853
LEEDS SPORTING        LES LN          -73166148.8  143762193.7
LEEDS SPORTING        LEDPF US        -73166148.8  143762193.7
LEEDS UNITED PLC      889687Q GR      -73166148.8  143762193.7
LEEDS UNITED PLC      LDSUF US        -73166148.8  143762193.7
LEEDS UNITED PLC      LUFC LN         -73166148.8  143762193.7
LONDON TOWN PLC       LTWR LN        -21897636.36  175672299.2
LONDON TOWN PLC       LTW PG         -21897636.36  175672299.2
LONDON TOWN PLC       LTW EO         -21897636.36  175672299.2
LONDON TOWN PLC       LTWX LN        -21897636.36  175672299.2
LONDON TOWN PLC       LTW LN         -21897636.36  175672299.2
LONDON TOWN PLC       LTW IX         -21897636.36  175672299.2
LONDON TOWN PLC       LTW PZ         -21897636.36  175672299.2
LONDON TOWN PLC       LTW PO         -21897636.36  175672299.2
LONDON TOWN PLC       LOU GR         -21897636.36  175672299.2
LONDON TOWN PLC       LTW EU         -21897636.36  175672299.2
M 2003 PLC            203055Q LN      -2203513803   7204891602
M 2003 PLC            MTWOF US        -2203513803   7204891602
M 2003 PLC-ADR        MTWOE US        -2203513803   7204891602
M 2003 PLC-ADR        MTWOY US        -2203513803   7204891602
MARCONI PLC           MNI BB          -2203513803   7204891602
MARCONI PLC           MONI BB         -2203513803   7204891602
MARCONI PLC           MY2 GR          -2203513803   7204891602
MARCONI PLC           203083Q VX      -2203513803   7204891602
MARCONI PLC           MNI LN          -2203513803   7204891602
MARCONI PLC           MRCQF US        -2203513803   7204891602
MARCONI PLC-ADR       MCBA GR         -2203513803   7204891602
MARCONI PLC-ADR       MONIE US        -2203513803   7204891602
MARCONI PLC-ADR       MONI US         -2203513803   7204891602
MARCONI PLC-ADR       MY2A GR         -2203513803   7204891602
MARCONI PLC-ADR       QUQMON AU       -2203513803   7204891602
MARCONI PLC-ADR       MCONY US        -2203513803   7204891602
MARCONI PLC-ADR       MONIY US        -2203513803   7204891602
MARCONI PLC-ADR       MRCQY US        -2203513803   7204891602
MFI FURNITURE GR      MFI LN         -116415877.1  612420067.1
MINERVA PLC           MNR EO         -76016914.25   1319730523
MINERVA PLC           MNR LN         -76016914.25   1319730523
MINERVA PLC           MNR PO         -76016914.25   1319730523
MINERVA PLC           MNVAF US       -76016914.25   1319730523
MINERVA PLC           MNR EU         -76016914.25   1319730523
MINERVA PLC           MNR IX         -76016914.25   1319730523
MINERVA PLC           MNR PZ         -76016914.25   1319730523
MINERVA PLC           MNRA LN        -76016914.25   1319730523
MINERVA PLC           MNRGBP EO      -76016914.25   1319730523
MINERVA PLC           MNR NR         -76016914.25   1319730523
MINERVA PLC           MNREUR EO      -76016914.25   1319730523
MINERVA PLC           M7E GR         -76016914.25   1319730523
MINERVA PLC           MNREUR EU      -76016914.25   1319730523
MINERVA PLC           MNR TQ         -76016914.25   1319730523
MINERVA PLC           MNR VX         -76016914.25   1319730523
MINERVA PLC-NP        MNRN LN        -76016914.25   1319730523
MYTRAVEL GROUP        MYTPF US       -379721841.6   1817512774
MYTRAVEL GROUP        MT/S LN        -379721841.6   1817512774
MYTRAVEL GROUP        MT IX          -379721841.6   1817512774
MYTRAVEL GROUP        ARO2 GR        -379721841.6   1817512774
MYTRAVEL GROUP        MT/S PO        -379721841.6   1817512774
MYTRAVEL GROUP        MT/S VX        -379721841.6   1817512774
MYTRAVEL GROUP P      MT/ VX         -379721841.6   1817512774
MYTRAVEL GROUP P      1018144Q GR    -379721841.6   1817512774
MYTRAVEL GROUP P      MYTGF US       -379721841.6   1817512774
MYTRAVEL GROUP-A      2281919Q GR    -379721841.6   1817512774
MYTRAVEL GROUP-A      MYTVF US       -379721841.6   1817512774
NEW STAR ASSET        NSAM IX          -397718038  292972732.1
NEW STAR ASSET        NSAM PZ          -397718038  292972732.1
NEW STAR ASSET        N6S GR           -397718038  292972732.1
NEW STAR ASSET        3226447Q EO      -397718038  292972732.1
NEW STAR ASSET        3226431Q EU      -397718038  292972732.1
NEW STAR ASSET        3226439Q EU      -397718038  292972732.1
NEW STAR ASSET        NSAM PO          -397718038  292972732.1
NEW STAR ASSET        3226443Q EO      -397718038  292972732.1
NEW STAR ASSET        NSAM LN          -397718038  292972732.1
NEW STAR ASSET        3226435Q EO      -397718038  292972732.1
NEW STAR ASSET        NWSAF US         -397718038  292972732.1
NEW STAR ASSET        NSAM TQ          -397718038  292972732.1
NEW STAR ASSET        NSAA LN          -397718038  292972732.1
ORANGE PLC            ORNGF US         -593935051   2902299502
ORANGE PLC            951641Q LN       -593935051   2902299502
ORANGE PLC            1460Q GR         -593935051   2902299502
ORANGE PLC-ADR        ORNGY US         -593935051   2902299502
ORANGE PLC-ADR        ONG GR           -593935051   2902299502
ORANGE PLC-ADR        ORA$ LN          -593935051   2902299502
ORBIS PLC             OBG PO         -4168498.479  127701679.5
ORBIS PLC             RLP GR         -4168498.479  127701679.5
ORBIS PLC             ORBSF US       -4168498.479  127701679.5
ORBIS PLC             OBS LN         -4168498.479  127701679.5
ORBIS PLC             OBS PO         -4168498.479  127701679.5
ORBIS PLC             OBS PZ         -4168498.479  127701679.5
ORBIS PLC             OBS IX         -4168498.479  127701679.5
ORSU METALS CORP      OSU PG           -123563000    104843000
ORSU METALS CORP      ORSM007* RU      -123563000    104843000
ORSU METALS CORP      EUM IX           -123563000    104843000
ORSU METALS CORP      OSUGBX EO        -123563000    104843000
ORSU METALS CORP      OSUMF US         -123563000    104843000
ORSU METALS CORP      OSU LN           -123563000    104843000
ORSU METALS CORP      OSU PZ           -123563000    104843000
ORSU METALS CORP      ORSUF US         -123563000    104843000
ORSU METALS CORP      E4M GR           -123563000    104843000
ORSU METALS CORP      ORSM007 RU       -123563000    104843000
ORSU METALS CORP      OSU CN           -123563000    104843000
ORSU METALS CORP      EPMCF US         -123563000    104843000
ORSU METALS CORP      E4M1 GR          -123563000    104843000
PARK FOOD GROUP       PKFD LN        -52867263.19  185089877.3
PARK GROUP PLC        PKG VX         -52867263.19  185089877.3
PARK GROUP PLC        PKGGBP EO      -52867263.19  185089877.3
PARK GROUP PLC        PKG PO         -52867263.19  185089877.3
PARK GROUP PLC        PRKG IX        -52867263.19  185089877.3
PARK GROUP PLC        PKG LN         -52867263.19  185089877.3
PARK GROUP PLC        PKG PZ         -52867263.19  185089877.3
PARK GROUP PLC        PKG EO         -52867263.19  185089877.3
PARK GROUP PLC        PRKGF US       -52867263.19  185089877.3
PARK GROUP PLC        PKG EU         -52867263.19  185089877.3
PATIENTLINE PLC       PTL PO         -54677284.64  124948245.8
PATIENTLINE PLC       2928903Q EU    -54677284.64  124948245.8
PATIENTLINE PLC       PTL LN         -54677284.64  124948245.8
PATIENTLINE PLC       PTL VX         -54677284.64  124948245.8
PATIENTLINE PLC       2928899Q EO    -54677284.64  124948245.8
PATIENTLINE PLC       2928907Q EO    -54677284.64  124948245.8
PATIENTLINE PLC       PTL IX         -54677284.64  124948245.8
PATIENTLINE PLC       PTL PZ         -54677284.64  124948245.8
PREMIER FARN-ADR      2246804Q US    -53758146.86  722693619.5
PREMIER FARN-ADR      PFLZ LN        -53758146.86  722693619.5
PREMIER FARN-ADR      PIFLY US       -53758146.86  722693619.5
PREMIER FARNELL       PFL BQ         -53758146.86  722693619.5
PREMIER FARNELL       PFL EU         -53758146.86  722693619.5
PREMIER FARNELL       PFL NR         -53758146.86  722693619.5
PREMIER FARNELL       PFL VX         -53758146.86  722693619.5
PREMIER FARNELL       PFL NQ         -53758146.86  722693619.5
PREMIER FARNELL       PFL QM         -53758146.86  722693619.5
PREMIER FARNELL       PFLGBP EO      -53758146.86  722693619.5
PREMIER FARNELL       PML GR         -53758146.86  722693619.5
PREMIER FARNELL       PFLEUR EU      -53758146.86  722693619.5
PREMIER FARNELL       PFL PZ         -53758146.86  722693619.5
PREMIER FARNELL       PFL IX         -53758146.86  722693619.5
PREMIER FARNELL       PFL EO         -53758146.86  722693619.5
PREMIER FARNELL       PFL LN         -53758146.86  722693619.5
PREMIER FARNELL       PFLEUR EO      -53758146.86  722693619.5
PREMIER FARNELL       PFL EB         -53758146.86  722693619.5
PREMIER FARNELL       PFLUSD EO      -53758146.86  722693619.5
PREMIER FARNELL       PFLSEK EU      -53758146.86  722693619.5
PREMIER FARNELL       PIFLF US       -53758146.86  722693619.5
PREMIER FARNELL       PFL PO         -53758146.86  722693619.5
PREMIER FARNELL       PFL TQ         -53758146.86  722693619.5
PREMIER FARNELL       PFLSEK EO      -53758146.86  722693619.5
PREMIER FARNELL       PFLUSD EU      -53758146.86  722693619.5
PROSTRAKAN GROUP      PSK LN         -1646349.907  143067806.9
PROSTRAKAN GROUP      PSK IX         -1646349.907  143067806.9
PROSTRAKAN GROUP      PSKEUR EO      -1646349.907  143067806.9
PROSTRAKAN GROUP      PKNGF US       -1646349.907  143067806.9
PROSTRAKAN GROUP      PSK EO         -1646349.907  143067806.9
PROSTRAKAN GROUP      PSK VX         -1646349.907  143067806.9
PROSTRAKAN GROUP      PSK PO         -1646349.907  143067806.9
PROSTRAKAN GROUP      PSK PZ         -1646349.907  143067806.9
PROSTRAKAN GROUP      PSK EU         -1646349.907  143067806.9
PROSTRAKAN GROUP      PSKGBP EO      -1646349.907  143067806.9
PROSTRAKAN GROUP      PSKEUR EU      -1646349.907  143067806.9
REAL ESTATE OP-O      REO EU         -145048365.8   2933767507
REAL ESTATE OP-O      REO IX         -145048365.8   2933767507
REAL ESTATE OP-O      REOGBP EO      -145048365.8   2933767507
REAL ESTATE OP-O      REO EO         -145048365.8   2933767507
REAL ESTATE OP-O      REO ID         -145048365.8   2933767507
REAL ESTATE OP-O      REA GR         -145048365.8   2933767507
REAL ESTATE OP-O      REO LN         -145048365.8   2933767507
REAL ESTATE OP-O      REO PZ         -145048365.8   2933767507
REAL ESTATE OP-O      REO VX         -145048365.8   2933767507
REGUS LTD             273187Q LN     -46111835.37    367181111
REGUS PLC             2296Z LN       -46111835.37    367181111
REGUS PLC             REGSF US       -46111835.37    367181111
REGUS PLC             273195Q VX     -46111835.37    367181111
REGUS PLC             RGU GR         -46111835.37    367181111
REGUS PLC-ADS         REGS US        -46111835.37    367181111
REGUS PLC-ADS         REGSY US       -46111835.37    367181111
REGUS PLC-ADS         RGUA GR        -46111835.37    367181111
REGUS PLC-ADS         REGSV US       -46111835.37    367181111
RENTOKIL INITIAL      RTO QM         -351331070.1   3368925867
RENTOKIL INITIAL      RTO PO         -351331070.1   3368925867
RENTOKIL INITIAL      RTO1 GR        -351331070.1   3368925867
RENTOKIL INITIAL      RTOUSD EU      -351331070.1   3368925867
RENTOKIL INITIAL      RTO VX         -351331070.1   3368925867
RENTOKIL INITIAL      RTO EU         -351331070.1   3368925867
RENTOKIL INITIAL      RTOG IX        -351331070.1   3368925867
RENTOKIL INITIAL      RTOKF US       -351331070.1   3368925867
RENTOKIL INITIAL      RTO BQ         -351331070.1   3368925867
RENTOKIL INITIAL      RTO GR         -351331070.1   3368925867
RENTOKIL INITIAL      RTOUSD EO      -351331070.1   3368925867
RENTOKIL INITIAL      RTO IX         -351331070.1   3368925867
RENTOKIL INITIAL      RTO TQ         -351331070.1   3368925867
RENTOKIL INITIAL      RTO NR         -351331070.1   3368925867
RENTOKIL INITIAL      RKLIF US       -351331070.1   3368925867
RENTOKIL INITIAL      RTO EO         -351331070.1   3368925867
RENTOKIL INITIAL      RTOEUR EU      -351331070.1   3368925867
RENTOKIL INITIAL      RTO PZ         -351331070.1   3368925867
RENTOKIL INITIAL      RTO EB         -351331070.1   3368925867
RENTOKIL INITIAL      RTOEUR EO      -351331070.1   3368925867
RENTOKIL INITIAL      RTO LN         -351331070.1   3368925867
RENTOKIL INITIAL      RTOGBP EO      -351331070.1   3368925867
RENTOKIL INITIAL      RTO NQ         -351331070.1   3368925867
RENTOKIL-SP ADR       AP76 LI        -351331070.1   3368925867
RENTOKIL-SP ADR       RTOKY US       -351331070.1   3368925867
SAATCHI & SA-ADR      SSI$ LN        -119260804.2  705060824.5
SAATCHI & SA-ADR      SSA US         -119260804.2  705060824.5
SAATCHI & SAATCH      SSI LN         -119260804.2  705060824.5
SAATCHI & SAATCH      188190Q GR     -119260804.2  705060824.5
SAATCHI & SAATCH      SSATF US       -119260804.2  705060824.5
SCOTTISH MEDIA        SSMR LN        -49061227.23    212049868
SCOTTISH MEDIA        SSM LN         -49061227.23    212049868
SCOTTISH MEDIA        1442Q GR       -49061227.23    212049868
SCOTTISH TELEV        SCTVF US       -49061227.23    212049868
SETON HEALTHCARE      2290Z LN       -10585179.82  156822902.8
SFI GROUP PLC         SUF LN         -108067115.8  177647536.1
SFI GROUP PLC         SUYFF US       -108067115.8  177647536.1
SKYEPHARMA PLC        SKP TQ         -134177517.4  149159301.6
SKYEPHARMA PLC        SKYEF US       -134177517.4  149159301.6
SKYEPHARMA PLC        SKP EO         -134177517.4  149159301.6
SKYEPHARMA PLC        SKP PZ         -134177517.4  149159301.6
SKYEPHARMA PLC        SKPEUR EO      -134177517.4  149159301.6
SKYEPHARMA PLC        SKPGBP EO      -134177517.4  149159301.6
SKYEPHARMA PLC        SKPEUR EU      -134177517.4  149159301.6
SKYEPHARMA PLC        SKP LN         -134177517.4  149159301.6
SKYEPHARMA PLC        SKP VX         -134177517.4  149159301.6
SKYEPHARMA PLC        SKP IX         -134177517.4  149159301.6
SKYEPHARMA PLC        SK8C GR        -134177517.4  149159301.6
SKYEPHARMA PLC        SKP EU         -134177517.4  149159301.6
SKYEPHARMA PLC        SKP PO         -134177517.4  149159301.6
SKYEPHARMA PLC        SK8A GR        -134177517.4  149159301.6
SKYEPHARMA PLC        SKP1 VX        -134177517.4  149159301.6
SKYEPHARMA -SUB       2976665Z LN    -134177517.4  149159301.6
SKYEPHARMA-ADR        SKYE US        -134177517.4  149159301.6
SKYEPHARMA-ADR        SK8 GR         -134177517.4  149159301.6
SKYEPHARMA-ADR        AP80 LI        -134177517.4  149159301.6
SKYEPHARMA-ADR        SKYPY US       -134177517.4  149159301.6
SKYEPHARMA-ADR        SKYEY US       -134177517.4  149159301.6
SKYEPHARMA-ADR        SK8N GR        -134177517.4  149159301.6
SKYEPHAR-RTS F/P      SKPF LN        -134177517.4  149159301.6
SKYEPHAR-RTS F/P      SKPF VX        -134177517.4  149159301.6
SKYEPHAR-RTS N/P      SKPN VX        -134177517.4  149159301.6
SKYEPHAR-RTS N/P      SKPN LN        -134177517.4  149159301.6
SMG PLC               SMG PO         -49061227.23    212049868
SMG PLC               SMG LN         -49061227.23    212049868
SMG PLC-FUL PAID      SMGF LN        -49061227.23    212049868
SMG PLC-NIL PAID      SMGN LN        -49061227.23    212049868
SMITHS NEWS PLC       NWS IX         -111380853.7  310693960.2
SMITHS NEWS PLC       NWS2 TQ        -111380853.7  310693960.2
SMITHS NEWS PLC       NWS1 EO        -111380853.7  310693960.2
SMITHS NEWS PLC       NWS1GBP EO     -111380853.7  310693960.2
SMITHS NEWS PLC       NWS2GBP EO     -111380853.7  310693960.2
SMITHS NEWS PLC       SMWPY US       -111380853.7  310693960.2
SMITHS NEWS PLC       NWS1 EU        -111380853.7  310693960.2
SMITHS NEWS PLC       NWS1 BQ        -111380853.7  310693960.2
SMITHS NEWS PLC       NWS LN         -111380853.7  310693960.2
SMITHS NEWS PLC       NWS2EUR EU     -111380853.7  310693960.2
SMITHS NEWS PLC       NWS VX         -111380853.7  310693960.2
SMITHS NEWS PLC       NWS PZ         -111380853.7  310693960.2
SMITHS NEWS PLC       NWS PO         -111380853.7  310693960.2
SMITHS NEWS PLC       NWS2EUR EO     -111380853.7  310693960.2
SMITHS NEWS PLC       SMWPF US       -111380853.7  310693960.2
SMITHS NEWS PLC       NWS2 EU        -111380853.7  310693960.2
SMITHS NEWS PLC       NWS2 EO        -111380853.7  310693960.2
STAGECOACH GROUP      SGC1 EU        -113434621.8   2507562892
STAGECOACH GROUP      SGC1 NR        -113434621.8   2507562892
STAGECOACH GROUP      SGCG PZ        -113434621.8   2507562892
STAGECOACH GROUP      SGC1AUD EO     -113434621.8   2507562892
STAGECOACH GROUP      SGC1 TQ        -113434621.8   2507562892
STAGECOACH GROUP      SGC PO         -113434621.8   2507562892
STAGECOACH GROUP      SGC1 EO        -113434621.8   2507562892
STAGECOACH GROUP      SGC1 QM        -113434621.8   2507562892
STAGECOACH GROUP      SGC1EUR EU     -113434621.8   2507562892
STAGECOACH GROUP      SGC1 BQ        -113434621.8   2507562892
STAGECOACH GROUP      SGC1EUR EO     -113434621.8   2507562892
STAGECOACH GROUP      SGC1AUD EU     -113434621.8   2507562892
STAGECOACH GROUP      SGC1USD EO     -113434621.8   2507562892
STAGECOACH GROUP      SHP4 GR        -113434621.8   2507562892
STAGECOACH GROUP      SGC IX         -113434621.8   2507562892
STAGECOACH GROUP      SGC1 EB        -113434621.8   2507562892
STAGECOACH GROUP      SGC LN         -113434621.8   2507562892
STAGECOACH GROUP      SGC1 NQ        -113434621.8   2507562892
STAGECOACH GROUP      SGC2 VX        -113434621.8   2507562892
STAGECOACH GROUP      SGC1GBP EO     -113434621.8   2507562892
STAGECOACH GROUP      SGC1USD EU     -113434621.8   2507562892
STAGECOACH GROUP      SHP GR         -113434621.8   2507562892
STAGECOACH GROUP      SAGKF US       -113434621.8   2507562892
STAGECOACH GRP-B      SGCB LN        -113434621.8   2507562892
STAGECOACH-NEW        SGCN LN        -113434621.8   2507562892
STV GROUP PLC         SMG PZ         -49061227.23    212049868
STV GROUP PLC         STVGGBP EO     -49061227.23    212049868
STV GROUP PLC         STVGEUR EU     -49061227.23    212049868
STV GROUP PLC         SMG IX         -49061227.23    212049868
STV GROUP PLC         STVG LN        -49061227.23    212049868
STV GROUP PLC         STVG VX        -49061227.23    212049868
STV GROUP PLC         SMGPF US       -49061227.23    212049868
STV GROUP PLC         SMG VX         -49061227.23    212049868
STV GROUP PLC         STVG EU        -49061227.23    212049868
STV GROUP PLC         STVG EO        -49061227.23    212049868
STV GROUP PLC         STVGEUR EO     -49061227.23    212049868
TELEWEST COM-ADR      TWT$ LN         -3702234581   7581020925
TELEWEST COM-ADR      940767Q GR      -3702234581   7581020925
TELEWEST COM-ADR      TWSTD US        -3702234581   7581020925
TELEWEST COM-ADR      TWSTY US        -3702234581   7581020925
TELEWEST COMM         715382Q LN      -3702234581   7581020925
TELEWEST COMM         604296Q GR      -3702234581   7581020925
TELEWEST COMM         TWT VX          -3702234581   7581020925
TELEWEST COMM         TWSTF US        -3702234581   7581020925
THORN EMI PLC         THNE FP         -2265916257   2950021937
THORN EMI-ADR         TORNY US        -2265916257   2950021937
THORN EMI-ADR         THN$ LN         -2265916257   2950021937
THORN EMI-CDR         THN NA          -2265916257   2950021937
THORN EMI-REGD        1772Q GR        -2265916257   2950021937
TOPPS TILES PLC       TPT EU         -85010363.51  146193829.2
TOPPS TILES PLC       TPT BQ         -85010363.51  146193829.2
TOPPS TILES PLC       TPT LN         -85010363.51  146193829.2
TOPPS TILES PLC       TPTEUR EO      -85010363.51  146193829.2
TOPPS TILES PLC       TPTEUR EU      -85010363.51  146193829.2
TOPPS TILES PLC       TPT PZ         -85010363.51  146193829.2
TOPPS TILES PLC       TPT EO         -85010363.51  146193829.2
TOPPS TILES PLC       TPT PO         -85010363.51  146193829.2
TOPPS TILES PLC       TPT TQ         -85010363.51  146193829.2
TOPPS TILES PLC       TPTJF US       -85010363.51  146193829.2
TOPPS TILES PLC       TPT VX         -85010363.51  146193829.2
TOPPS TILES PLC       TPTGBP EO      -85010363.51  146193829.2
TOPPS TILES PLC       TPTJY US       -85010363.51  146193829.2
TOPPS TILES PLC       TPT IX         -85010363.51  146193829.2
TOPPS TILES-NEW       TPTN LN        -85010363.51  146193829.2
UTC GROUP             UGR LN         -11904426.45    203548565
VIRGIN MOB-ASSD       VMOC LN        -392165437.6  166070003.7
VIRGIN MOB-ASSD       VMOA LN        -392165437.6  166070003.7
VIRGIN MOBILE         VMOB LN        -392165437.6  166070003.7
VIRGIN MOBILE         VGMHF US       -392165437.6  166070003.7
VIRGIN MOBILE         UEM GR         -392165437.6  166070003.7
VIRGIN MOBILE         VMOB VX        -392165437.6  166070003.7
VIRGIN MOBILE         VMOB PO        -392165437.6  166070003.7
WARNER ESTATE         WNER PO        -37798939.99  432125169.9
WARNER ESTATE         WNER VX        -37798939.99  432125169.9
WARNER ESTATE         WNER PZ        -37798939.99  432125169.9
WARNER ESTATE         WNER EO        -37798939.99  432125169.9
WARNER ESTATE         WNER LN        -37798939.99  432125169.9
WARNER ESTATE         WRL GR         -37798939.99  432125169.9
WARNER ESTATE         WNER EU        -37798939.99  432125169.9
WARNER ESTATE         WNER IX        -37798939.99  432125169.9
WARNER ESTATE         WNEHF US       -37798939.99  432125169.9
WARNER ESTATE         WNERGBP EO     -37798939.99  432125169.9
WATSON & PHILIP       WTSN LN          -120493900  252232072.9
WHITE YOUNG GREE      WHY EO         -27530263.14    313453511
WHITE YOUNG GREE      WHY EU         -27530263.14    313453511
WHITE YOUNG GREE      WHY PZ         -27530263.14    313453511
WHITE YOUNG GREE      WHYEUR EO      -27530263.14    313453511
WHITE YOUNG GREE      WHYEUR EU      -27530263.14    313453511
WHITE YOUNG GREE      WHY VX         -27530263.14    313453511
WHITE YOUNG GREE      WHYGBP EO      -27530263.14    313453511
WHITE YOUNG GREE      WHY LN         -27530263.14    313453511
WHITE YOUNG GREE      WHY PO         -27530263.14    313453511
WHITE YOUNG-NEW       WHYN LN        -27530263.14    313453511
WINCANTON PL-ADR      WNCNY US       -63105009.98   1416979806
WINCANTON PLC         WIN PZ         -63105009.98   1416979806
WINCANTON PLC         WIN1GBP EO     -63105009.98   1416979806
WINCANTON PLC         WNCNF US       -63105009.98   1416979806
WINCANTON PLC         WIN1 TQ        -63105009.98   1416979806
WINCANTON PLC         WIN1USD EO     -63105009.98   1416979806
WINCANTON PLC         WIN LN         -63105009.98   1416979806
WINCANTON PLC         WIN VX         -63105009.98   1416979806
WINCANTON PLC         WIN PO         -63105009.98   1416979806
WINCANTON PLC         WIN1 NQ        -63105009.98   1416979806
WINCANTON PLC         WIN1 QM        -63105009.98   1416979806
WINCANTON PLC         WIN1USD EU     -63105009.98   1416979806
WINCANTON PLC         WIN1 BQ        -63105009.98   1416979806
WINCANTON PLC         WIN1 EU        -63105009.98   1416979806
WINCANTON PLC         WIN IX         -63105009.98   1416979806
WINCANTON PLC         WIN1EUR EU     -63105009.98   1416979806
WINCANTON PLC         WIN1 EB        -63105009.98   1416979806
WINCANTON PLC         WIN1 EO        -63105009.98   1416979806
WINCANTON PLC         WIN1EUR EO     -63105009.98   1416979806
WYG PLC               WYGEUR EO      -27530263.14    313453511
WYG PLC               WYG PZ         -27530263.14    313453511
WYG PLC               WYG EU         -27530263.14    313453511
WYG PLC               WYG EO         -27530263.14    313453511
WYG PLC               WYGEUR EU      -27530263.14    313453511
WYG PLC               WHY IX         -27530263.14    313453511
WYG PLC               WYG LN         -27530263.14    313453511
WYG PLC               WYGGBP EO      -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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