TCREUR_Public/101005.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, October 5, 2010, Vol. 11, No. 196

                            Headlines



F I N L A N D

ENCORIUM GROUP: Posts US$805,100 Net Loss in June 30 Quarter


F R A N C E

CEGEDIM SA: S&P Changes Outlook to Negative; Affirms 'BB+' Rating


G E R M A N Y

ALMATIS BV: Emerges From U.S. Bankruptcy
ARCANDOR AG: Karstadt Insolvency Proceedings Officially Ended
ARCANDOR AG: Karstadt Talks with Dawnay Day Ongoing; Sale Stalls
CONTINENTAL AG: Fitch Gives Positive Outlook; Affirms 'B+' Rating
CORNERSTONE TITAN: S&P Affirms 'BB- (sf)' Rating on Class E Notes

HYPO REAL: Completes Transfer of Loans & Securities to Bad Bank
WESTFAELISCHE HYPOTHEKENBANK: S&P Withdraws Ratings on Notes

* GERMANY: Banks to Bear Greater Responsibility Under New Bill
* GERMANY: Considers Capping Variable Pay at Bailed-Out Banks


I T A L Y

CELL THERAPEUTICS: Reports US$3.58 Million Net Loss for August


N E T H E R L A N D S

GENMED HOLDING: Posts US$426,200 Net Loss in June 30 Quarter


G R E E C E

NAVIOS MARITIME: Moody's Assigns 'B2' Corporate Family Rating
NAVIOS MARITIME: S&P Assigns 'B' Corporate Credit Rating
PIRAEUS BANK: Fitch Affirms Individual Rating at 'D'
PIRAEUS BANK: S&P Affirms 'BB/B' Counterparty Credit Ratings


I R E L A N D

ALLIED IRISH: Has Until March Next Year to Sell UK Assets
ANGLO IRISH: Fitch Downgrades Rating on Subordinated Debt to 'C'
MEDITERRANEAN FOOD: High Court Appoints Interim Examiner


I T A L Y

FIAT SPA: S&P Keeps CreditWatch Negative on 'BB+' Rating
SEAT PAGINE: Mulls Sale of EUR150 Million High-Yield Bonds


L I T H U A N I A

STAR1 AIRLINES: Files for Bankruptcy Following Detention


L U X E M B O U R G

GATE GOURMET: S&P Puts 'B' Rating on CreditWatch Positive


N E T H E R L A N D S

EDGAR VOS: Chain of Stores Declared Bankrupt


R U S S I A

BCC-MOSCOW LLC: Fitch Assigns 'B' Long-Term Issuer Default Ratings


S P A I N

MADRID RMBS: S&P Affirms 'B- (sf)' Rating on Class E Notes
TDA 27: S&P Downgrades Rating on Class E Notes to 'D'


U N I T E D   K I N G D O M

1ST DENTAL: Insists it Can Still Lead Consolidation of Industry
CK BUGGIES: In Liquidation; Some Creditors May Not Recoup Claims
CROMWELL PRESS: Goes Into Administration
CURZON FUNDING: S&P Lowers Rating on Class C Notes to 'BB- (sf)'
FREIGHT SHEPHERD: In Liquidation; Verran Buys Part of Business

JOHN LAING: Goes Into Administration
LIVERPOOL FOOTBALL: Owners Will Default on Loans, Lord Sugar Says
MILLER METCALFE: Inks Company Voluntary Arrangement With Creditors
PARK MANUFACTURING: Goes Into Administration
PASSIONATE PUB: Goes Into Liquidation

PLUG AND SOCKET: In Liquidation; Creditors Unlikely to Get Payment
PREMIER FOODS: In Talks to Sell Meat-Free Businesses to Cut Debt
REALTIME WORLDS: Backers Lost Almost GBP50MM Following Collapse
RENEWABLE ZUKUNFT: Delay of Green Subsidy Prompts Collapse
RESTAURANTS AT WORK: Into Administration; BaxterStorey Buys Assets

ROYAL BANK: Three Potential Bidders Eye GBP3 Bln Loan Portfolio
TONGE LEISURE: Forced to Go Into Administration


X X X X X X X X

* S&P's List of Global Corporate Defaults Now at 57 This Year

* Large Companies with Insolvent Balance Sheet




                         *********



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F I N L A N D
=============


ENCORIUM GROUP: Posts US$805,100 Net Loss in June 30 Quarter
----------------------------------------------------------
Encorium Group, Inc. filed its quarterly report on Form 10-Q,
reporting a net loss of US$805,157 on US$4.4 million of revenue
for the three months ended June 30, 2010, compared with a net loss
of US$1.9 million on US$5.3 million of revenue for the same period
of 2009.

The Company's balance sheet as of June 30, 2010, showed
US$10.0 million in total assets, US$10.6 million in total
liabilities, and a stockholders' deficit of US$619,663.

As reported in the Troubled Company Reporter on April 23, 2010,
Deloitte and Touche, LLP, in Philadelphia, Pa., expressed
substantial doubt about the Company's ability to continue as a
going concern, following its 2009 results.  The independent
auditors noted of the Company's recurring losses from operations,
current available cash, and anticipated level of capital
requirements.

A full-text copy of the Form 10-Q available for free at:

               http://researcharchives.com/t/s?6c17

                       About Encorium Group

Wayne, Pa.-based Encorium Group, Inc. (Nasdaq: ENCO) is a clinical
research organization (CRO) that engages in the design and
management of complex clinical trials for the pharmaceutical,
biotechnology and medical device industries.  The Company was
initially incorporated in August 1998 in Nevada.  In June 2002,
the Company changed its  state of incorporation to Delaware.  In
November 2006, the Company expanded its international operations
with the acquisition of its wholly-owned subsidiary, Encorium Oy,
a CRO founded in 1996 in Finland, which offers clinical trial
services to the pharmaceutical and medical device industries.
Since 2006 the Company has conducted substantially all of its
European operations through Encorium Oy and its wholly-owned
subsidiaries located in Denmark, Estonia, Sweden, Lithuania,
Romania, Germany and Poland.

On July 16, 2009, the Company sold substantially all of the assets
relating to the Company's U.S. line of business to Pierrel
Research USA, Inc., the result of which the Company no longer has
any employees or significant operations in the United States.


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


CEGEDIM SA: S&P Changes Outlook to Negative; Affirms 'BB+' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on French healthcare software and services firm Cegedim
S.A. to negative from stable.  At the same time, S&P affirmed its
'BB+' long-term corporate credit rating on Cegedim and the 'BB+'
issue rating on its ?300 million unsecured notes due 2015.  The
'4' recovery rating on these notes remains unchanged, reflecting
S&P's expectations of average (30%-50%) recovery for creditors in
the event of a payment default.

"The outlook revision follows Cegedim's report of declining
earnings and increasing leverage in first-half 2010 and its
announced decision to abandon its operating margin guidance for
full-year 2010," said Standard & Poor's credit analyst Patrice
Cochelin.

S&P believes that Cegedim may report higher adjusted leverage at
the end of this year, versus the year-end 2009 level, because of
falling earnings pressure and recently announced acquisitions.

On June 30, 2010, Cegedim reported gross consolidated debt of ?597
million and financial instruments of ?11 million.


"The negative outlook reflects the possibility that S&P could
downgrade Cegedim if its financial leverage fails to decline
gradually by the end of this year, in line with S&P's rating
expectations," said Mr. Cochelin.

In particular, S&P could lower the ratings if Cegedim's debt-to-
EBITDA ratio, as calculated by Standard & Poor's, exceeds 3.5x at
end-December 2010 or end-June 2011.  A downgrade could also result
from further downward revisions of the company's operating
prospects, including its current guidance for revenue growth of 5%
for 2010, or from rising financial leverage, or Cegedim's failure
to actively manage its liquidity, notably the refinancing of its
revolver, which matures in May 2012.

Cegedim's maintenance or strengthening of its business positions
could prompt a positive rating action.  In S&P's opinion, this
could stem from a large conversion of profits into discretionary
cash flow after dividends, and sustained, lower financial
leverage, including adjusted debt to EBITDA below 3x.


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


ALMATIS BV: Emerges From U.S. Bankruptcy
----------------------------------------
The Almatis Group'a plan of reorganization, which was confirmed by
the United States Bankruptcy Court for the Southern District of
New York on September 20, 2010, became effective allowing Almatis
to complete its financial restructuring and emerge from
Chapter 11.

"[The] successful emergence from Chapter 11 after just five months
allows us to turn our full attention to the growth and development
of business again," stated Remco de Jong, CEO of Almatis.  "As we
have said before, we are emerging from Chapter 11 as a stronger
company with significantly reduced debt and a strongly operating
business.  With this stronger financial footing and the support of
DIC, who continues to be our majority shareholder, we are able to
invest and pursue growth opportunities for the business."

Remco de Jong added: "We would also like to thank our customers,
suppliers, business partners, lenders and employees for their
support throughout this process.  The commitment of our
stakeholders was instrumental in effectuating the necessary
financial restructuring."

Pursuant to the Plan, the existing senior debt was repaid in full.
In addition, the junior lenders to Almatis will receive new PIK
Notes and a 40% equity stake in the Almatis Group in exchange for
their old claims.  In exchange for a new US$100 million equity
investment, DIC will retain a 60% equity stake in the Almatis
Group.  Financing for the distributions under the Plan was
provided from the new DIC equity investment and from approximately
US$565 million in new debt underwritten by GSO Capital Partners,
Sankaty Credit Opportunities IV, and GoldenTree Asset Management.
An additional US$50 million revolving credit facility is provided
by Bank of America, Merrill Lynch International and several units
of JP Morgan Chase.  As a result of the occurrence of the
effective date of the Plan, Almatis will also pay in full all
outstanding prepetition claims of trade vendors expeditiously.

                       About Almatis Group

Almatis B.V., operationally headquartered in Frankfurt, Germany,
is a global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Almatis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion in its petition.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

Bankruptcy Creditors' Service, Inc., publishes Almatis Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding and
ancillary foreign proceedings undertaken by Almatis B.V., and its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


ARCANDOR AG: Karstadt Insolvency Proceedings Officially Ended
-------------------------------------------------------------
Patrick Donahue at Bloomberg News reports that Arcandor AG's
Karstadt department-store chain, which was bought by billionaire
Nicolas Berggruen, said the administrative court in Essen has
officially ended insolvency proceedings.

Bloomberg relates Karstadt said in an e-mailed statement Rolf
Weidmann has been appointed by the court to ensure that the
insolvency agreement is carried out.

On Sept. 6, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that an Essen court approved the sale of
Karstadt to Mr. Berggruen, ending insolvency procedures which
started in June 2009.  Bloomberg disclosed that the court released
its decision by e-mail after Mr. Berggruen's bid for the insolvent
retailer was accepted by two groups of creditors on Sept. 2.
Holders of so-called mezzanine financing, a combination of debt
and equity, backed the offer hours after the transaction was
approved by creditors of Karstadt's biggest landlord, the
Highstreet partnership, according to Bloomberg.  Bloomberg
recalled Mr. Berggruen signed a contract to acquire Karstadt on
June 8 and then held talks with the retailers' landlords about
lower rents.

                        About Arcandor AG

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

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.  Arcandor
filed for bankruptcy protection after the German government turned
down its request for loan guarantees.  On June 8, 2009, the
government rejected two applications for help by the company,
which employs 43,000 people.  The retailer sought loan guarantees
of EUR650 million (US$904 million) from Germany's Economy Fund
program.  It also sought a further EUR437 million from a state-
owned bank.


ARCANDOR AG: Karstadt Talks with Dawnay Day Ongoing; Sale Stalls
----------------------------------------------------------------
Global Insolvency, citing Dow Jones' Daily Bankruptcy Review,
reports that talks with Karstadt's one remaining creditor that
filed a complaint against the company's insolvency plan are
ongoing, holding up its sale to billionaire investor Nicholas
Berggruen.

Global Insolvency notes originally, Karstadt was to be handed over
to Mr. Berggruen at the end of September, but the complaint is
preventing court approval for the insolvency plan needed to
finalize the sale.

According to Global Insolvency, administrator Klaus Hubert Goerg
said in a letter to Karstadt staff the talks with the U.K.
investment group Dawnay Day are more complex than those with
German gift wholesaler Gilde Handerwerk Macrander GmbH & Co. KG.
Global Insolvency relates a court in the German town of Essen
confirmed on Sept. 29 Gilde, the one other creditor that filed a
complaint, retracted its objection against the approval of
investor Nicolas Berggruen's insolvency plan for Karstadt.  Mr.
Goerg doesn't expect Dawnay Day's complaint to succeed, Global
Insolvency notes.

On Sept. 6, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that an Essen court approved the sale of
Karstadt to Mr. Berggruen, ending insolvency procedures which
started in June 2009.  Bloomberg disclosed the court released its
decision by e-mail after Mr. Berggruen's bid for the insolvent
retailer was accepted by two groups of creditors on Sept. 2.
Holders of so-called mezzanine financing, a combination of debt
and equity, backed the offer hours after the transaction was
approved by creditors of Karstadt's biggest landlord, the
Highstreet partnership, according to Bloomberg.  Bloomberg
recalled Mr. Berggruen signed a contract to acquire Karstadt on
June 8 and then held talks with the retailers' landlords about
lower rents.

                        About Arcandor AG

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

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.  Arcandor
filed for bankruptcy protection after the German government turned
down its request for loan guarantees.  On June 8, 2009, the
government rejected two applications for help by the company,
which employs 43,000 people.  The retailer sought loan guarantees
of EUR650 million (US$904 million) from Germany's Economy Fund
program.  It also sought a further EUR437 million from a state-
owned bank.


CONTINENTAL AG: Fitch Gives Positive Outlook; Affirms 'B+' Rating
-----------------------------------------------------------------
Fitch Ratings has changed the Outlook on Continental AG's Long-
term Issuer Default Rating to Positive from Stable.  At the same
time, Fitch has affirmed Continental's Long- and Short-term IDRs
at 'B+' and 'B', respectively.  Fitch has also affirmed the rating
for the senior secured notes issued by Conti-Gummi Finance BV at
'BB-' with a Recovery Rating of 'RR3'.

The Positive Outlook reflects measures taken by Continental to
reduce balance sheet debt and extend its debt maturity profile,
together with the expectation for the next 12-24 months that a
continuing positive trend in operational performance and
profitability will lead to an improvement in leverage and coverage
ratios.

After a 17% year-on-year decline in sales for FYE09, Continental's
H110 sales show an improvement of 40%, and Fitch expects revenue
growth of 14% for FY10.  Due to restructuring measures implemented
during FY09, Continental's EBITDAR margin has also improved
markedly, to around 14% for H110, a level that Fitch expects will
be maintained over the next two years.  While FY10 Free Cash Flow
will be limited (around 1% of revenues), in subsequent years FCF
is expected to increase allowing deleveraging to reach 2.1x (gross
debt/EBITDAR) by 2012.

In the past three months, Continental successfully refinanced a
EUR2.5 billion forward start facility maturing in 2012, and has
applied the remaining proceeds from the recent EUR3 billion notes
issuance to repay the EUR5 billion Syndicated Term Loan Tranche C,
also maturing in 2012.  The company now has a more balanced debt
maturity profile with EUR4 billion maturing in 2012 and the
remaining EUR3 billion maturing over these 5-8 years.  Liquidity
as at H110 is adequate, consisting of EUR3.1 billion, including
undrawn lines under a revolving facility of EUR1.9 billion and
cash of EUR1.2 billion.  Long-term senior secured notes, currently
representing about 37% of senior secured debt, are expected to
increase to at least 50% by 2012, given the company's objective to
become less dependent on bank funding.

Continental's major shareholder, Schaeffler GmbH, which currently
holds 42.17% of Continental's share capital, for the first time
published annual accounts on September 1, 2010.  Fitch believes
this could be a first step towards an intended merger of the two
companies.  Any debt-financed acquisitions, other cash-draining
investments or a merger with Schaeffler GmbH may result in a
downgrade of Continental's ratings.  An upgrade could occur if
Continental continues to deleverage, with gross leverage falling
below 2.2x EBITDA, and its debt maturity profile lengthens.

In assessing the secured notes' recovery rating of 'RR3', Fitch
has taken into account that the notes are structurally subordinate
to the indebtedness of non-guarantor subsidiaries (amounting to
around EUR1 billion at June 2010) and junior to the EUR300 million
European Investment Bank ('AAA'/Stable) loan and the EUR162
million factoring facility (benefiting from direct security on
trade receivables).

As a supplier of tires, brake control systems, driving dynamics
control, driver assistance systems, sensors, components for power
train and chassis, instrumentation and vehicle electronics,
Continental is one the world's leading suppliers to the automotive
industry.  A majority of the company's revenues (60%) stem from
automotive-related sales, while the remainder is attributed to the
rubber business.  Continental's geographic diversification is
limited, with 63% of sales in Europe, 18% in North America and
only 14% in Asia in FY09.


CORNERSTONE TITAN: S&P Affirms 'BB- (sf)' Rating on Class E Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Cornerstone Titan 2007-
1 PLC's class A2, B, and C notes.  At the same time, S&P affirmed
its ratings on the class A1, X, D, and E notes and removed from
CreditWatch negative its ratings on class D and E.

The rating actions follow a full review of this commercial
mortgage-backed securities transaction.  In S&P's opinion the
credit quality of some of the loans in the pool has deteriorated
given the general decline in real estate market values for some of
the sub-markets where the properties are located (for example
German multifamily housing and German secondary retail), S&P's
expectation of principal losses from some of the loans, and--to a
lesser degree--loan maturity concentration.

In May 2009, S&P placed its ratings on the class B to E notes on
CreditWatch negative in the context of its general market review.
In February 2010, S&P subsequently lowered its ratings on all
classes except the class A1 notes and kept them on CreditWatch
negative while observing the developments surrounding some of the
loans in the pool, in particular the Loews loan (one of the
largest loans in the pool).  S&P does not currently rate the class
F and G notes.

This transaction closed in March 2007 with a note balance of
?1,321.9 million.  The underlying pool initially held 32 loans
secured on real estate assets in Germany, The Netherlands,
Switzerland, France, and Poland.  On the most recent note interest
payment date in July 2010, 28 loans remained outstanding and the
outstanding note balance was ?1,159.5 million.  The final maturity
date of the notes is in January 2017.

The five largest loans--Xanadu, Hugo, Loews, Wolfsburg, and German
Retail Portfolio III--together account for approximately 65% of
the pool by loan balance (an increase from 60% at closing).  While
Xanadu, Hugo, and Wolfsburg are performing in line with S&P's
expectations, Loews and German Retail Portfolio III are in default
as are three of the smaller loans (discussed below).

        The Loews Loan (8.5% of the pool by loan balance)

The property portfolio securing this loan consists predominantly
of multifamily housing properties located throughout Germany:
Eastern Germany (51.8% of the rental area), Berlin (34.1%), and
western Germany (14%).  The properties are mid/high rise
buildings.  Since closing, the borrowers have sold four
properties, repaying the senior loan by ?31 million (24%).  It
should be noted, though, that the disposed assets were mainly
offices.

The loan defaulted in September 2008 following the insolvency of
the loan sponsor (Level One Holdings) and the borrowers and it was
transferred to special servicing.  Although the properties
generate sufficient income to service the senior debt, servicer
advances have been required to make note interest payments in the
past and as of the July 2010 interest payment date ?126,000 was
outstanding.  The amount of servicer advances that can be called
upon have been reduced by the appraisal reduction because the
senior loan loan-to-value ratio is now above 90%.

Recently, the servicer has not reported net operating income from
the properties.  S&P has been informed, however, that the
occupancy rate of the buildings remains at the same level as on
the closing date, which indicates a stable performance of the
property pool.

Notwithstanding the currently stable cash flow, the likelihood of
a principal loss from this loan has increased, in S&P's opinion,
given the decline in demand and accordingly in values that S&P has
observed for larger portfolios of multifamily housing in Germany,
particularly assets located in eastern Germany.

           The German Retail Portfolio Iii Loan (7.5%)

Thirty-seven properties, predominantly small retail centers across
Germany, secure this loan.  The portfolio is fully let to a
variety of tenants with no significant tenant concentration.  Of
the rental income, 60% is scheduled to expire between 2012 and
2016.

The loan is scheduled to mature in October 2011 and currently has
a reported LTV ratio of 69.7% for the securitized portion of the
loan.  This, however, is based on a December 2006 value and S&P
has observed a material decline in real estate values for this
type of asset since then.  Therefore, the current actual LTV ratio
is likely to be materially greater than 70%.

The loan also features additional junior ranking debt.  Failure to
meet the whole loan debt service obligations on the July 2010 loan
interest payment date resulted in a loan default.

S&P's analysis indicates that income is sufficient to pay the
amounts due under the securitized portion of the loan and S&P
anticipate it will be sufficient to meet the interest obligations
on the rated notes.  As for principal recoveries, S&P believes a
refinancing at maturity in 2011 could prove challenging in the
context of declining values and an actual default.  Accordingly,
in S&P's opinion the likelihood of a loss on this loan has
increased.

                           Other Loans

The other loans that are currently in breach of a covenant or
otherwise underperforming are the Muenster loan, the Essen Loan,
the Solstice Loan, the DT Berlin loan, and the Dusseldorf loan.
The Muenster loan (3.2% of the pool by loan balance) has breached
the LTV covenant; S&P understand that the servicer expects the
breach will be cured on the October 2010 interest payment date.
The Essen loan (3.4%) is in special servicing following a breach
of the LTV covenant: Reported LTV is 95% compared with a covenant
of 85%.  The Solstice loan (1.7%) has breached the debt service
coverage ratio covenant (the DSCR is at 1.10x) due to increased
property expenses and S&P understand that the borrower is working
with the tenant to resolve the breach.

While S&P anticipate that the transaction parties may resolve
these loans, S&P's expectation of losses under the DT Berlin loan
(1.2%) has increased in view of the new reported LTV ratio (146%),
the imminent loan maturity (October 2010), and the scheduled
expiry of the lease (before end-2010).  Absent information
regarding a potential lease extension with the single tenant, S&P
believes there is an increased risk that the loan will default at
its maturity date and could therefore suffer principal losses.

Similarly, S&P's expectation of losses on the smallest loan in the
pool--the D?sseldorf loan (0.4%)--has increased in view of the
reported LTV ratio of 135%, the expiry of some of the leases and
sub-leases within the next six months, the near-term maturity
(April 2011), and S&P's expectation of a loan default at
refinance.  S&P believes that the proceeds from a potential sale
of the asset will likely be insufficient to repay the loan balance
and any potential accrued interest because of these factors.

S&P note that the largest loan in the pool--Xanadu (23.1%)--is
performing.  Nonetheless, S&P believes this loan is exposed to
single tenant risk because all properties are let to Deutsche
Telekom AG (BBB+/Stable/A-2).  For the classes of notes rated
higher than the tenant, S&P considers that the vacant possession
value of the real estate assets could adversely affect the
estimated recoveries at each of these rating levels.

S&P note too that eight loans in the pool are scheduled to mature
in the next 12 months.  However, these loans represent less than
10% of the pool and S&P considers that the comparably long tail
period of six years is likely to partially mitigate the maturity
concentration risk.

In summary, S&P's analysis leads us to conclude that the
creditworthiness of the underlying loan pool is now insufficient
to maintain some of the current ratings and S&P has therefore
lowered its ratings on classes A2, B, and C notes.  S&P has also
affirmed its ratings on the class D notes because the 9.2%
internal credit enhancement that is available for this class is
sufficient in an investment-grade scenario, in its view.

                          Ratings List

                  Cornerstone Titan 2007-1 PLC
  ?1.322 Billion Commercial Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                           Rating
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         Class       To               From
         -----       --               ----
         A2          A+ (sf)          AA (sf)/Watch Neg
         B           A- (sf)          A+ (sf)/Watch Neg
         C           BBB+ (sf)        A- (sf)/Watch Neg

     Ratings Affirmed and Removed From CreditWatch Negative

                          Rating
                          ------
        Class       To               From
        -----       --               ----
        D           BBB- (sf)        BBB- (sf)/Watch Neg
        E           BB- (sf)         BB- (sf)/Watch Neg

                        Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A1          AAA (sf)
                        X           AAA (sf)


HYPO REAL: Completes Transfer of Loans & Securities to Bad Bank
---------------------------------------------------------------
Ragnhild Kjetland at Bloomberg News reports that Hypo Real Estate
Group completed the transfer of loans and securities worth around
EUR173 billion (US$239 billion) to the lender's so-called bad
bank, FMS Wertmanagement.

According to Bloomberg, Hypo Real Estate said the purpose of the
transfer was to reduce its need for external funds, which it has
relied on since 2008, and to benefit from future capital adequacy
relief due to the lower level of total assets.

                       About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.

                           *     *     *

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Chancellor Angela Merkel's government took over Hypo
Real Estate in 2009 after the lender's Dublin-based Depfa Bank Plc
unit couldn't raise financing when the bankruptcy of Lehman
Brothers Holdings Inc. froze credit markets.  Hypo Real was one of
seven banks to fail stress tests on 91 of Europe's biggest lenders
in July, according to Bloomberg.


WESTFAELISCHE HYPOTHEKENBANK: S&P Withdraws Ratings on Notes
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
GECO 2002 Ltd.'s class A3, A4, B, C, D, and E credit-linked notes
due to the redemption of these notes following termination of the
loss guarantee provided by Westfaelische Hypothekenbank AG
(Deutsche Pfandbriefbank AG).

At closing, the collateral in the transaction comprised public-
sector Pfandbriefe, cash, and medium-term notes issued by
Westfaelische Hypothekenbank.

In addition to the credit-linked notes, GECO 2002 also issued ?4
million floating-rate amortizing funding notes to cover the costs
in connection with the offer and sale of the notes.

Since closing, the class A-1+, A2, and Funding notes have
previously fully redeemed.

                          Ratings List

   ?590.25 Million Floating-Rate Amortizing Credit-Linked Notes
          and ?4 Million Floating-Rate Amortizing Notes

                        Ratings Withdrawn

                                   Rating
                                   ------
             Class           To              From
             -----           --              ----
             A-3             NR              AA+ (sf)
             A-4             NR              AA+ (sf)
             B               NR              AA (sf)
             C               NR              A (sf)
             D               NR              BBB (sf)
             E               NR              BB (sf)

                         NR -- Not rated.


* GERMANY: Banks to Bear Greater Responsibility Under New Bill
--------------------------------------------------------------
Brian Parkin at Bloomberg News reports that German banks will have
to assume greater responsibility for their actions under
legislation aimed at easing the government's exit from a EUR480
billion (US$659 billion) bailout fund established in 2008.

Bloomberg says a bill put to parliament on Friday includes updated
insolvency rules and provides for a pot funded by lenders to
replace the government's Soffin bank-rescue fund set up in 2008 to
combat the financial crisis.  According to Bloomberg, the aim is
to manage any future bank crises, including keeping "systemically
relevant" banks operating, by making them pay for their own
rescue.

The legislation, dubbed the bank restructuring bill and set to
become law by December, enables Chancellor Angela Merkel's
government to sell its stakes in lenders including Commerzbank AG
and Hypo Real Estate Holding AG, without specifying timelines,
Bloomberg states.  Also included are rules on the creation of
so-called bad banks, a step taken by Hypo Real Estate last week,
Bloomberg notes.

Soffin will close for new applicants at the end of December,
Bloomberg discloses.  In its place, banks will contribute about
EUR1.3 billion each year, Bloomberg states.  A private fund
managed by the government's Financial Stability Management Agency
will operate alongside Soffin, according to Bloomberg.

The bill specifies that banks will calculate fees for the German
Banks to Assume 'Responsibility' Under Rescue-Exit Bill new fund
according to their assets and risks, Bloomberg says.


* GERMANY: Considers Capping Variable Pay at Bailed-Out Banks
-------------------------------------------------------------
Ragnhild Kjetland at Bloomberg News reports that Michael Offer, a
spokesman for Germany's Finance Ministry, said the government is
examining whether it can legally cap the variable pay of employees
at banks that received state aid.

Mr. Offer denied that the government wants to impose a salary cap
of EUR500,000 (US$689,550) at such banks, Bloomberg says, citing
Sueddeutsche Zeitung's Oct. 2 report.


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


CELL THERAPEUTICS: Reports US$3.58 Million Net Loss for August
--------------------------------------------------------------
Cell Therapeutics Inc. filed with the U.S. Securities and Exchange
Commission a document containing financial information pursuant to
a request from the Italian securities regulatory authority,
CONSOB, pursuant to Article 114, Section 5 of the Unified
Financial Act.

The Company disclosed, among other things, that for the month
ended August 31, 2010, it incurred a US$3,008,000 operating loss
and a US$3,302,000 negative EBITDA.  Net loss attributable to
common shareholders was US$3,578,000.

A full-text copy of the Monthly Information Report is available
for free at http://ResearchArchives.com/t/s?6c06

                         Going Concern Doubt

San Francisco-based Stonefield Josephson, Inc., has included an
explanatory paragraph in their report on Cell Therapeutics, Inc.'s
December 31, 2009, 2008 and 2007 consolidated financial statements
regarding their substantial doubt as to the Company's ability to
continue as a going concern.  The independent auditors noted that
the Company has sustained loss from operations over the audit
periods, incurred an accumulated deficit, and has substantial
monetary liabilities in excess of monetary assets as of
December 31, 2009.

                        Bankruptcy Warning

In its Form 10-Q report for the period ended June 30, 2010, the
Company said it does not expect that existing cash and cash
equivalents, including the cash received from the issuance of its
Series 6 preferred stock and warrants, will be sufficient to fund
presently anticipated operations beyond the fourth quarter of
2010.

The Company has commenced cost saving initiatives to reduce
operating expenses, including the reduction of employees related
to planned commercial pixantrone operations and continues to seek
additional areas for cost reductions.  However, the Company said
it will need to raise additional funds and is currently exploring
alternative sources of equity or debt financing.  The Company said
it may seek to raise such capital through public or private equity
financings, partnerships, joint ventures, disposition of assets,
debt financings or restructurings, bank borrowings or other
sources of financing.

The Company called an annual meeting of shareholders to ask
shareholders to approve proposals, including a proposal to
increase authorized shares of common and preferred stock from
810,000,000 to 1,210,000,000 shares, in order to raise capital.

"If we fail to obtain additional capital when needed, we may be
required to delay, scale back, or eliminate some or all of our
research and development programs and may be forced to cease
operations, liquidate our assets and possibly seek bankruptcy
protection," the Company said.


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


GENMED HOLDING: Posts US$426,200 Net Loss in June 30 Quarter
------------------------------------------------------------
Genmed Holding Corp. filed its quarterly report on Form 10-Q,
reporting a net loss of US$426,180 on US$503 of revenue for the
three months ended June 30, 2010, compared with a net loss of
US$225,683 on US$49,775 of revenue for the same period of 2009.
The increase in net loss was due primarily to the fact that during
the three months ended June 30, 2009, as part of the cancellation
of the consulting agreement with London Finance Group, Ltd., the
Company recognized a gain of US$285,000, compared to no such gain
for the comparable period in 2010.

The Company had a minimum of net sales during the three months
ended June 30, 2010, compared to US$49,775 in net sales for the
three months ended June 30, 2009.  Such net sales primarily
consisted of consulting services and did not include any sales of
generic products.

As at June 30, 2010, the Company has incurred an accumulated
deficit of US$63.5 million and has negative working capital of
US$1.7 million.

The Company's balance sheet as of June 30, 2010, showed
US$5.8 million in total assets, US$1.7 million in total
liabilities, and stockholders' equity of US$4.1 million.

As reported in the Troubled Company Reporter on April 21, 2010,
Meyler & Company, LLC, in Middletown, N.J., expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
the Company has an accumulated deficit of US$62.3 million since
inception and had net losses and negative working capital in 2009
and 2008.

A full-text copy of the Form 10-Q is available for free at:

               http://researcharchives.com/t/s?6c11

Based in Zoetermeer, The Netherlands, Genmed Holding Corp. (OTC
BB: GENM) -- http://www.genmed.nl/-- was incorporated in the
State of Nevada.  The Company engages, through its wholly
owned subsidiary, Genmed B.V., in the distribution of generic
drugs.


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


NAVIOS MARITIME: Moody's Assigns 'B2' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating and a B2 probability-of-default rating to Navios Maritime
Acquisition Corporation.  Concurrently, Moody's has also assigned
a provisional (P)B2 senior secured rating to NMA's proposed
issuance of US$375 million worth of senior secured notes.  The
outlook on the ratings is stable.

                         Rating Rationale

"The B2 CFR assigned to NMA primarily reflects: (i) its limited
operating track record; (ii) its highly leveraged capital
structure due to advance payments made for part of its fleet (11
vessels that will only be delivered in the next two years,
debt/EBITDA on a pro-forma basis will be around 12x in 2010); and
(iii) the operating risk related to the implementation of its
sizeable capital investment plan," says Marco Vetulli, a Moody's
Vice President -- Senior Credit Officer and lead analyst for NMA.

However, more positively, the CFR also reflects: (i) NMA's charter
policy, which is based predominantly on long-term contracts
providing, therefore, good revenue visibility; (ii) its strong
customer base; (iii) low operating costs as a result of the low
average age of its fleet; (iv) the fleet management contract
signed with the technical management arm of NMA's main shareholder
and sponsor, Navios Maritime Holding, which fixes the cost for the
next two years; and (v) NMA's strong assets base.

NMA's intention is to raise US$375 million from a seven-year
senior secured bond transaction.  The notes would be issued by a
special purpose vehicle supported by the direct guarantee from
NMA.  The notes will be senior obligations of Navios Maritime
Acquisition Corporation and secured by first priority ship
mortgages on six VLCC vessels owned by certain subsidiary
guarantors and certain other associated property and contract
rights.

The net proceeds from the proposed offering will be applied
towards the re-financing of existing indebtedness.

Moody's expects to remove the provisional status and affirm the
rating upon satisfactory review of final documentation and
completion of the issuance.

The (P)B2 rating and loss-given-default (LGD)(LGD4/50%) assessment
on the proposed US$375 million worth of senior secured notes is in
line with NMA's CFR and PDR of B2.  This is because of all the
company's debt is secured.

The stable outlook reflects Moody's expectation that NMA's
underlying business profile will remain steady and that the
financial profile improves with the additional ships that will be
put into operation and generate additional cash flows in the near
future.

The outlook could be changed to positive or the ratings directly
upgraded if NMA is able to demonstrate the ability to de-leverage,
to the extent that its: (i) debt/EBITDA ratio is sustained below
5x; (ii) FFO Interest Coverage (FFO + interest/interest)approaches
4x; and (iii) retained cash flow (RCF)/Net Debt ratio approaches
the mid-teens.

The outlook could be changed to negative or the ratings directly
downgraded if the company's: (i) RCF/Net Debt ratio is sustained
below the low teens; (ii) FFO Interest Coverage (FFO +
interest/interest) is sustained below 3x; and (iii) debt/EBITDA
remains above 7x in the intermediate term.

These ratings were assigned:

  -- CFR of B2

  -- PDR of B2

  -- Provisional senior secured rating on the proposed US$375
     million notes issuance of (P)B2, LGD4/50%

Headquartered in Athens, Navios Maritime Acquisition Corporation,
listed on NYSE, was created in 2008 as the acquisition vehicle of
the group Navios.  Following two years of silent activity, the
company became fully operational in May 2010 with the acquisition
of 13 tankers (11 product tankers and two chemical tankers).
Furthermore, in September 2010, NMA concluded the acquisition of
Vanship, a tanker company owning seven very large crude carrier
tankers.  In 2009, NMA generated no revenues.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings, public information, confidential and proprietary Moody's
Investors Service's information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.

However, the credit rating action was based on limited historical
data.

The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


NAVIOS MARITIME: S&P Assigns 'B' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B' long-
term corporate credit rating to tanker shipping company Navios
Maritime Acquisition Corp. and its finance subsidiary Navios
Acquisition Finance (US) Inc. The outlook is stable.

S&P also assigned a 'B' senior secured debt rating to US$375
million in proposed first priority ship mortgage notes due 2017 to
be co-issued by Navios Acquisition and Navios Acquisition Finance
(US) Inc.  S&P has equalized the issue rating with the corporate
credit rating on Navios Acquisition, reflecting S&P's expectations
of low level of structural subordination of the notes.

"The ratings reflect S&P's view that Navios Acquisition's business
risk profile is weak, constrained by the higher than average
industry risk characteristics of the tanker shipping sector and
the company's aggressive growth strategy," said Standard & Poor's
credit analyst Izabela Listowska.  "The ratings are also
constrained by S&P's view of Navios Acquisition's highly leveraged
financial risk profile and currently weak credit measures."

S&P considers these risks somewhat counterbalanced by Navios
Acquisition's conservative charter policy and adequate liquidity.
S&P's rating reflects Navios Acquisition's stand-alone credit
quality.  Notwithstanding its partial ownership by, and links
with, Navios Maritime Holdings Inc. (BB-/Stable/--), the companies
have different shareholder groups, are separately listed entities,
and management has advised us that financially each company is to
operate on a stand-alone basis.

Navios Acquisition owns and operates product, crude oil, and
chemical tankers.  As of Sept. 11, 2010, the New York Stock
Exchange-listed company owned two long-range product tankers
(LR1s) and six very-large crude carriers.  It also has an
extensive order book, including seven medium-range product tankers
(MR2), two LR1 product tankers, two 25,000 dead-weight ton
chemical tankers, and one VLCC vessel.

S&P expects that Navios Acquisition's profitability will be low in
the short term, mainly reflecting its large investments in
newbuilds that do not generate cash flow until delivered.

S&P view Navios Acquisition's financial profile as highly
leveraged.  S&P's base-case forecasts anticipate that financial
leverage is likely to peak in 2012, after the company has
completed its newbuilding program.  As a result, S&P expects the
ratio of funds from operations to debt to remain weak for the
ratings.

"The stable outlook primarily reflects S&P's belief that Navios
Acquisition will successfully realize its large newbuilding
program, secure medium-term contract coverage for the new vessels,
and curb its very aggressive expansionary capital expenditures, in
line with S&P's base-case forecasts," said Ms. Listowska.  This in
S&P's view would support an improvement in profitability and cash
flow generation, which together should result in improvements in
its credit metrics over the medium term.  S&P view a ratio of FFO
to adjusted debt of close to 10% to be in line with a 'B' rating
for Navios Acquisition.  Furthermore, S&P considers a sustained
adequate liquidity position, in particular throughout the current
expansion period, as a critical rating factor.


PIRAEUS BANK: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------
Fitch Ratings has affirmed Athens-based Piraeus Bank's Individual
rating at 'D' and removed it from Rating Watch Negative following
yesterday's announcement that it has withdrawn its bids for stakes
in Agricultural Bank of Greece and TT Hellenic Postbank currently
owned by the Greek government.  Fitch has affirmed Piraeus' other
ratings at Long-term Issuer Default Rating 'BBB-' with Negative
Outlook, Short-term IDR 'F3', Support rating '2' and Support
Rating Floor 'BBB-'.  The bank's senior debt and government-
guaranteed debt was affirmed at 'BBB-'.

At the same time, the agency has changed the Rating Watch on
ATEbank's Individual rating of 'D/E' to Negative from Evolving.
Fitch has affirmed ATEbank's other ratings at Long-term IDR 'BBB-'
with Negative Outlook, Short-term IDR 'F3', Support rating '2' and
Support Rating Floor 'BBB-'.  The bank's government-guaranteed
debt was affirmed at 'BBB-'.

The affirmation of Piraeus' Individual rating reflects its sound
domestic lending and deposit franchises, some business
diversification and better-than-average asset quality.  However,
the Individual rating also factors in deteriorating asset quality
and profitability amid a recessionary environment in Greece, the
bank's heavy reliance on funding from the European Central Bank
(28% of non-equity funding at end-H110) and exposure to the Greek
government (rated 'BBB-'/Negative) via its considerable portfolio
of Greek government debt (EUR8.6 billion at end-H110) and below
peer average capital ratios, although these remain adequate.

The withdrawal of Piraeus' bids eliminates potential integration
and execution risks that would have been exacerbated by the
difficult operating environment in Greece.  Although Fitch
believes that the bids - if successful - would have created
potential longer-term gains regarding performance and market
share, in the short-to-medium term Piraeus' performance and risk
profile would have suffered from integrating a bank with weaker
asset quality and profitability, concentration risk and
restructuring costs.

The RWN on ATEbank's Individual rating reflects Fitch's view that
the bank is likely to require additional capital in the short- to
medium-term, largely as a result of its poor asset quality
(impaired loans ratio of 9.6% at end-H110) and subsequent weak
financial performance (operating loss of EUR133.4 million in
H110).  ATEbank failed the CEBS stress test published in July 2010
and announced that it intends to improve its capitalization
through a capital increase, disposal of certain financial assets
and a cost containment program.  Fitch will resolve the RWN once
it has obtained more specific information on ATEbank's capital
strengthening plans.  The resolution of the RWN is likely to be
driven by the nature and extent of capital support ATEbank will
require.

Both Piraeus' and ATEbank's Long-term IDRs are support-driven and
at their SRFs, reflecting Fitch's assessment of available support
to the Greek banking system following the implementation of EU/IMF
support framework, as well as liquidity support from the ECB.  The
Negative Outlooks on the Long-term IDRs of both entities mirrors
the Negative Outlook on Greece's sovereign rating.  Consequently,
any downgrade of Greece's sovereign rating is likely to lead to a
downgrade of the banks' Long-term IDRs, Support ratings and SRFs.


PIRAEUS BANK: S&P Affirms 'BB/B' Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services said it has affirmed the 'BB/B'
long- and short-term counterparty credit ratings on Greece-based
Piraeus Bank S.A.  At the same time, S&P has removed the ratings
from CreditWatch, where they had been placed with negative
implications on July 16, 2010.  The outlook is negative.

The affirmation follows the bank's announcement, on Sept. 29,
2010, that it has withdrawn its bid to buy the Greek government's
77.31% stake in Agricultural Bank of Greece S.A. and 33.04% stake
in the Hellenic PostBank S.A.  Piraeus initially made its offer on
July 15, 2010.

The current ratings on Piraeus primarily reflect the sovereign
risk posed by its country of domicile, the Hellenic Republic
(BB+/Negative/B).  They also mirror S&P's view of Piraeus' good
domestic market position, successful strategy and focused
management, and satisfactory core solvency.  Offsetting factors
include the bank's riskier credit profile than that of its western
EU peers; the risks arising from its exposure to Southeastern
European countries; funding imbalances; and Piraeus' vulnerability
to a weaker economic environment than in the past few years, which
S&P believes will likely weaken its performance and asset quality.

"The negative outlook reflects the possibility of a downgrade if
Piraeus' operating returns weaken very significantly," said
Standard & Poor's credit analyst Luigi Motti.

S&P will closely monitor the bank's revenues, because S&P believes
that Piraeus, like other Greek banks, faces a medium-term
transition to structurally and permanently higher funding costs.
S&P also believe that Piraeus' eventual unwinding of funding
imbalances, and particularly reliance on cheaper European Central
Bank funding, may coincide with a period of continued low business
growth and high credit costs.  S&P could lower the ratings if the
pace of asset quality deterioration accelerates further, and
related credit charges end up impairing Piraeus' profitability.
Any negative rating action on the sovereign could also lead to a
negative rating action on Piraeus.

A revision of the outlook to stable is unlikely as long as the
economy remains weak and the outlook on the Sovereign ratings
remains negative.  Nevertheless, S&P could consider such a
revision if Piraeus' financial fundamentals prove relatively
resilient in the downturn, despite some deterioration, and if the
bank's operating environment becomes more supportive than is
currently the case.


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


ALLIED IRISH: Has Until March Next Year to Sell UK Assets
---------------------------------------------------------
InsolvencyJournal.ie, citing The Sunday Times' Brian Carey,
reports that Allied Irish Banks plc has been given until March
2011 to sell its U.K. assets, which include the First Trust
business in Northern Ireland.

According to InsolvencyJournal.ie, analysts in Mr. Carey's report
said selling the UK assets would lessen the need for
recapitalization by approximately EUR1 billion.

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 23,
2010, Moody's Investors Service affirmed AIB's long-term bank
deposit and debt ratings.  These are A1 for long-term bank
deposits and senior debt, A2 for dated subordinated debt, Ba3 for
undated subordinated debt, B1 for cumulative tier 1 securities and
Caa1 for non-cumulative tier 1 securities.  Moody's said the
outlook on these ratings is stable.  AIB's bank financial strength
rating of D, which maps to Ba2 on the long term rating scale, with
a positive outlook was unaffected by the rating action.


ANGLO IRISH: Fitch Downgrades Rating on Subordinated Debt to 'C'
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Rating
of Anglo Irish Bank Corporation Ltd to 'BBB-' from 'BBB+' and
maintained its Rating Watch Negative.  The agency has also
downgraded Anglo's dated subordinated debt to 'C' from 'CCC'.  At
the same time, Fitch affirmed all of Allied Irish Banks plc's
ratings, except for AIB's dated subordinated debt, which Fitch
downgraded to 'BB' from 'BBB+'.  At Irish Nationwide Building
Society, the agency placed the Long- and Short-term IDRs on RWN
and downgraded the dated subordinated debt to 'C' from 'B+'.

Following the statements by the Irish Minister for Finance and the
Governor of the Central Bank of Ireland, Fitch acknowledges the
support being provided to AIB, Anglo and INBS, as well as the
additional capital being injected to preserve the capital
positions of the banks against probable losses.  Fitch considers
that specifically in the cases of Anglo and INBS the statements
represent an attempt to quantify the maximum potential loss to the
state.  This support is sufficiently strong in terms of the amount
of capital ready to be injected for Fitch to maintain the IDRs and
senior unsecured ratings of the three institutions at investment
grade.

Fitch has, however, downgraded Anglo's Long- and Short-term IDRs
to 'BBB-' from 'BBB+' and to 'F3' from 'F2', respectively.  The
Long- and Short-term IDRs remain on RWN.  This action reflects the
agency's view of the government's appetite for absorbing losses
beyond the government's own stress case.  Should losses exceed
this stress case, Fitch understands that the bank's legal
structure would give it considerable flexibility in its approach
to creditors.  Fitch considers that while the increase in the
bank's equity by the Irish government should prove sufficient to
meet losses in most circumstances, which justifies keeping the
IDRs at investment grade, there is, however, a greater degree of
uncertainty created by the proposed restructuring and winding down
of the bank.

The above factors are also reflected in Fitch's downgrade of
Anglo's Support Rating Floor to 'BBB-' from 'BBB+'.  The Support
rating of '2' is maintained on RWN.  Fitch will review the RWN
when greater detail is available about the new structure of the
bank and upon approval from the European Commission.  At the same
time, the agency downgraded to 'C' the ratings of Anglo's dated
and undated subordinated tier 2 debt from 'CCC' and 'CC',
respectively, to reflect the likely impact of legislation proposed
by the Minister of Finance where the subordinated bondholders
would make a significant contribution to burden sharing.

Fitch has maintained the Long- and Short-term IDRs of INBS at
'BBB-' and 'F3', respectively, and placed both ratings on RWN to
reflect increased uncertainty about the future of the bank after
it has transferred commercial real estate loans to NAMA.
Similarly, INBS's Support rating and Support Rating Floor have
been placed on RWN to reflect the agency's belief that state
support for the bank could be smaller in the future than it has
been to date.  The agency expects to resolve the Rating Watches
when there is greater clarity about the bank's restructuring
proposals.  The agency has downgraded the rating of INBS's dated
subordinated debt to reflect the likely impact of legislation
proposed by the Minister where the bondholders would make a
significant contribution to burden sharing.

AIB's Long- and Short-term IDRs already reflect an extremely high
probability of external support from the Irish government.  As a
result of the projected increase in equity, the government is
likely to raise its existing stake in the bank to majority
control, thus increasing the bank's dependency on the government.
In light of this increased dependency and the stance adopted by
government to the dated subordinated debt of Anglo and INBS, Fitch
believes that should AIB require further capital, this class of
debt is at greater risk than previously of being involved in a
restructuring.  Fitch considers the risk to be remote, but still
sufficiently tangible for the rating to be placed at sub-
investment grade.  At end-June 2010, AIB reported EUR4.1bn of
dated subordinated debt.

The ratings of the three institutions and their rated subsidiaries
are:

Allied Irish Banks:

  -- Long-term IDR: affirmed at 'A-' (A minus); Outlook Stable

  -- Short-term IDR: affirmed at 'F1'

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

  -- Support rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'A-'

  -- Senior unsecured notes: affirmed at 'A-'

  -- Sovereign guaranteed notes: affirmed at 'AA-'

  -- Sovereign guaranteed commercial paper: affirmed at 'F1+'

  -- Lower Tier 2 subordinated debt: downgraded to 'BB' from
     'BBB+'

  -- Upper Tier 2 subordinated notes: 'B'; Rating Watch Negative
     maintained

  -- Tier 1 notes (ISINs: XS0208105055 and XS0257571066): affirmed
     at 'CCC'

  -- Tier 1 notes (ISIN: XS0120950158): 'CCC'; Rating Watch
     Negative maintained

  -- Tier 1 notes (ISIN: XS0257734037): 'B-'; Rating Watch
     Negative maintained

AIB Bank (CI) Limited:

  -- Long-term IDR: affirmed at 'A-' (A minus); Outlook Stable
  -- Short-term IDR: affirmed at 'F1'
  -- Individual rating: affirmed at 'D/E'
  -- Support rating: affirmed at '1'

AIB Group (UK) PLC:

  -- Long-term IDR: 'A-'; Rating Watch Evolving maintained
  -- Short-term IDR: 'F1'; Rating Watch Evolving maintained
  -- Individual rating: affirmed at 'D/E'
  -- Support rating: '1'; Rating Watch Negative maintained

Anglo Irish Bank Corporation:

  -- Long-term IDR: downgraded to 'BBB-' from 'BBB+'; Rating Watch
     Negative maintained

  -- Short-term IDR: downgraded to 'F3' from 'F2'; Rating Watch
     Negative maintained

  -- Individual rating: affirmed at 'E'

  -- Support rating: '2'; Rating Watch Negative maintained

  -- Support Rating Floor: downgraded to 'BBB-' from 'BBB+';
     Rating Watch Negative maintained

  -- Senior unsecured notes: downgraded to 'BBB-' from 'BBB+';
     Rating Watch Negative revised from Rating Watch Evolving

  -- Commercial paper downgraded to 'F3' from 'F2'; Rating Watch
     Negative revised from Rating Watch Evolving

  -- Sovereign guaranteed notes affirmed at 'AA-'

  -- Sovereign guaranteed commercial paper: affirmed at 'F1+'

  -- Lower Tier 2 subordinated debt: downgraded to 'C' from 'CCC'

  -- Upper Tier 2 subordinated notes: downgraded to 'C' from 'CC'

  -- Tier 1 notes: affirmed at 'C'

Anglo Irish Mortgage Bank:

  -- Long-term IDR: downgraded to 'BBB-'; Rating Watch Negative
     maintained

  -- Short-term IDR: downgraded to 'F3' from 'F2'; Rating Watch
     Negative maintained

  -- Support rating '2': Rating Watch Negative maintained

Irish Nationwide Building Society:

  -- Long-term IDR 'BBB-': placed on Rating Watch Negative

  -- Short-term IDR 'F3': placed on Rating Watch Negative

  -- Individual rating: affirmed at 'E'

  -- Support rating '2': placed on Rating Watch Negative

  -- Support Rating Floor 'BBB-': placed on Rating Watch Negative

  -- Senior unsecured notes 'BBB-': placed on Rating Watch
     Negative

  -- Lower Tier 2 subordinated debt: downgraded to 'C' from 'B+';
     Rating Watch Negative removed


MEDITERRANEAN FOOD: High Court Appoints Interim Examiner
--------------------------------------------------------
Aodhan O'Faolain at The Irish Times reports that the High Court
has appointed an interim examiner to Mediterranean Food and Wine
Ltd.

The Irish Times relates that at the High Court on Thursday Mr.
Justice John MacMenamin said he was satisfied to appoint chartered
accountant Neil Hughes of Hughes Blake as interim examiner to the
company.

According to The Irish Times, in a petition to the court, the
company said it was seeking the protection of the court from its
creditors because it had become insolvent and was unable to pay
its debts.  The court also heard there was a petition pending,
which had not been advertised, to have the company wound up, The
Irish Times discloses.

The Irish Times notes Declan Murphy, who represents the company,
said the firm blamed its difficulties on factors including the
general economic downturn, difficulties over rental agreements it
had entered into, and the costs of a EUR4.5 million buyout of one
of the firm's shareholders in 2005.  Its main creditors include
Anglo Irish Bank, The Irish Times states.

According to The Irish Times, counsel said that a report by
independent accountant Alan McLean revealed the company had a
reasonable prospect of survival as a going concern if a number of
steps were taken.  These include the agreement of a scheme of
arrangement between the company and its creditors, as well as
taking measures to deal with loss-making stores and with lease and
rental agreements the company had entered into, The Irish Times
says.

Mr. Justice MacMenamin returned the case to be heard on Oct. 8
next, The Irish Times discloses.

Headquartered in Dublin, Mediterranean Food and Wine Ltd. owns and
operates Zumo Juice and Smoothie bars.  It specializes in making
fruit and yoghurt drinks from fresh ingredients, employs 60
people.


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


FIAT SPA: S&P Keeps CreditWatch Negative on 'BB+' Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it is keeping its
'BB+' long-term corporate credit rating on Italian industrial
group Fiat SpA on CreditWatch with negative implications, where it
was placed on April 23, 2010.  At the same time, S&P is affirming
S&P's 'B' short-term corporate credit rating on Fiat.

"The continued CreditWatch status reflects S&P's view that Fiat's
credit quality could weaken due to increased business risk
following the proposed demerger of certain group subsidiaries,"
said Standard & Poor's credit analyst Barbara Castellano.

This could occur as a consequence of the proposed demerger of
Netherlands-based equipment manufacturer CNH and Italian truck
company Iveco SpA (not rated), and the industrial and marine
divisions of Fiat Powertrain Technologies into the newly created
entity Fiat Industrial SpA.  At this stage, and on the basis of
the information available, S&P deem that the long-term rating
could be lowered by one notch.


S&P understand that the new business plan for Fiat's auto business
is based around achieving economies of scale, which would stem
from the growth in fast-growing markets.  However, S&P believes
that this plan is overly ambitious, and that it relies on a number
of assumptions that cannot be taken for granted, such as:

An almost doubling in auto unit sales in next five years.  An
agreement with trade unions on key issues.  The successful
integration of Chrysler--in which Fiat acquired a 20% stake in
2009--whose business needs to be turned around.

If these assumptions do not become reality, S&P believes that
Fiat's auto financial profile could deteriorate significantly in
the next couple of years due to the very high investments required
during this period.  At this stage, S&P understand that there
would not be any immediate negative financial impact on Fiat's
auto business if Chrysler does not achieve its turnaround; this is
because Fiat did not pay any cash for the 20% stake and does not
guarantee any Chrysler debt.  However, according to Fiat's
business plan, the two companies must make fast progress on the
operational integration, upon which a large part of the business
plan's success relies.  S&P will increasingly factor into its
analysis the integration between these two companies.

In light of these considerations, S&P expects Fiat's auto
business' financial business risk to be "significant."

"S&P will resolve the CreditWatch placement when the demerger is
complete at the latest," said Ms. Castellano.

However, on the basis of current publicly-available information,
S&P expects to lower the rating on Fiat's auto business by one
notch at this time.  S&P's review will focus on the outcome of
certain assumptions already mentioned in this analysis, including
for example the debt structure and the liquidity assessment.  S&P
will also look at any new relevant information that could arise in
the meanwhile.  S&P will seek further clarifications on the
potential links that will remain in place between Fiat's auto
business and FI and on the joint liabilities that could exist on
the debt existing at the demerger.


SEAT PAGINE: Mulls Sale of EUR150 Million High-Yield Bonds
----------------------------------------------------------
Sonja Cheung at Bloomberg News reports that Seat Pagine Gialle SpA
plans to sell EUR150 million of high-yield bonds due January 2017,
according to a banker involved in the deal.

According to Bloomberg, the banker said the notes may pay a coupon
of 10.5%.

BNP Paribas SA, Deutsche Bank AG, JPMorgan Chase & Co. and Royal
Bank of Scotland Group Plc are managing the deal, Bloomberg says.

Seat Pagine Gialle SpA (PG IM) -- http://www.seat.it/-- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers.  It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing.  Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others.  Its activity is divided
into four divisions: Directories Italia, operating through, Seat
Pagine Gialle; Directories UK, through TDL Infomedia Ltd. and its
subsidiary Thomson Directories Ltd.; Directory Assistance, through
Telegate AG, Telegate Italia Srl, 11881 Nueva Informacion
Telefonica SAU, Telegate 118 000 Sarl, Telegate Media AG and
Prontoseat Srl, and Other Activitites division, through Consodata
SpA, Cipi SpA, Europages SA, Wer liefert was GmbH and Katalog
Yayin ve Tanitim Hizmetleri AS.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 7,
2009, Moody's Investors Service downgraded the Corporate Family
Rating and the Probability of Default Rating of SEAT Pagine Gialle
SpA to B2 from B1.  At the same time, Moody's downgraded the
rating on the company's EUR1.3 billion 8% senior notes due 2014
issued by Lighthouse International Company SA to Caa1 from B3.
The outlook for the ratings is negative.  The negative outlook
reflects Moody's increased concerns, in light of the limited
visibility, regarding the company's ability to comfortably remain
in compliance with its senior credit facility covenants,
particularly to December 2010.


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


STAR1 AIRLINES: Files for Bankruptcy Following Detention
--------------------------------------------------------
The Lithuania Tribune reports that Star1 Airlines has applied to
the court for bankruptcy.

The Lithuania Tribune relates airline staff and Vilnius
International Airport registered claims against the airline.

"JSC Star Team Group being unable to continue providing funding to
its wholly-owned JSC Star1 Airlines and taking into account that
Star1 Airlines is unable to operate the only aircraft due to its
detention in Dublin airport decided to initiate bankruptcy to JSC
Star1 Airlines," the company said in a press release, according to
The Lithuania Tribune.

"JSC Star Team Group, as the only shareholder of Star1 Airlines,
assigned the director of the company to prepare and submit the
application for initiation of bankruptcy and other relevant
documents to Vilnius District Court no later than 5th October,
2010."

"All creditors of Star1 Airlines will be informed about their
claims' submission procedures and deadlines after the application
for bankruptcy is submitted to the Court," the airline, as cited
by The Lithuania Tribune, said.

The Lithuania Tribune says passengers who bought tickets should
continue to lodge claims with the airline, though recovering funds
is unlikely because of the list of creditors who come before them
in bankruptcy proceedings.

The airline was given until last Thursday to submit documents to
the government proving that it could continue to operate, but
since it failed to do so, it has had its license to fly stripped,
The Lithuania Tribune discloses.

The airline remains at Dublin airport for the time being, The
Lithuania Tribune notes.

JSC "Star1 Airlines" was a Lithuanian low cost airline founded in
2009.


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


GATE GOURMET: S&P Puts 'B' Rating on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services said that it placed on
CreditWatch with positive implications its 'B' long-term corporate
credit ratings on Luxembourg-based airline caterer Gate Gourmet
Holdings S.C.A. and its 100%-owned subsidiary Gate Gourmet
Borrower LLC.

At the same time, the 'BB-' issue rating on Gate Gourmet
Borrower's Swiss franc CHF125 million revolving credit facility,
and the 'B' issue ratings on its CHF725 million senior secured
term loans, were also placed on CreditWatch with positive
implications.  The recovery ratings of '1' on the CHF125 million
RCF and '4' on the CHF725 million senior secured term loans remain
unchanged.

"The CreditWatch placement follows the announced decision by
Gategroup Holding AG (not rated), the ultimate parent of Gate
Gourmet, to raise CHF200 million in additional capital," said
Standard & Poor's credit analyst Mohammed Fayek.  "It also
reflects S&P's view of Gate Gourmet's increased resilience to
tough market conditions, as demonstrated by the company's
relatively stable operating performance during the first half of
2010."

S&P believes that the cash proceeds from the prospective capital
increase at the parent level could potentially improve Gate
Gourmet's financial profile beyond what S&P considers to be
commensurate with the current ratings.  Should the proceeds be
used to benefit Gate Gourmet's earnings or its capital base, they
will, in S&P's view, potentially enhance the company's financial
flexibility and help facilitate the refinancing of future debt
maturities.

Despite tough conditions across the airline industry and the
disruptions caused by the Icelandic volcanic ash cloud, Gate
Gourmet's operating performance was broadly stable in the first
half of 2010.  Gate Gourmet's reported revenues increased by 3.0%
at constant currencies.  This was largely due to the company's
growth initiatives--a combination of winning new contracts,
renewing existing contracts, and expanding railway operations.

S&P aim to review the CreditWatch in the next two to three months,
after S&P has met with Gate Gourmet's management.  At this stage,
S&P believes that S&P could raise the long-term corporate credit
rating on Gate Gourmet if, following the completion of its
parent's proposed capital increase, Gate Gourmet were able to
maintain a more conservative financial risk profile relative to
the current ratings.  An upgrade may also reflect S&P's increased
confidence about the sustainability of the current recovery of
trading conditions for Gate Gourmet.

S&P could leave the ratings unchanged if Gate Gourmet's financial
position were not affected by its parent's proposed capital
increase, or if the recovery of Gate Gourmet's operating
performance were to prove more difficult than S&P currently
anticipate.


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


EDGAR VOS: Chain of Stores Declared Bankrupt
--------------------------------------------
DutchNews.nl, citing news agency ANP, reports that the late
fashion designer Edgar Vos' chain of stores has been declared
bankrupt.  There are 16 stores throughout the Netherlands
employing 100 people, DutchNews.nl discloses.

According to DutchNews.nl, the stores will remain open while the
official receiver investigates the possibility of relaunching the
company.  The receiver told ANP Mr. Vos' death in January has
nothing to do with the bankruptcy, DutchNews.nl notes.


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


BCC-MOSCOW LLC: Fitch Assigns 'B' Long-Term Issuer Default Ratings
------------------------------------------------------------------
Fitch Ratings has assigned Limited liability Company BCC-Moscow
Long-term foreign and local currency Issuer Default Ratings of
'B', a Short-term IDR of 'B', a Support rating of '4' and a
National Long-term rating of 'BBB-(rus) '.  The Outlooks for the
Long-term IDRs and National rating are Stable.

BCCM's Long-term IDRs and Support rating are driven by potential
support, in case of need, from its sole shareholder, the fourth-
largest Kazakh bank JSC Bank CenterCredit (BCC, 'B'/Stable/'D/E').
Long-term IDRs of BCCM reflect Fitch's view that BCC would likely
have a strong propensity to support BCCM, if required, based on
its 100% ownership of BCCM, and the considerable potential
reputational risk for BCC of allowing a subsidiary to default.
Support would also likely be forthcoming due to the very small
relative size of BCCM.  At the same time, Fitch notes that there
is some uncertainty regarding possible support given that BCC
launched its Russian business relatively recently and there is so
far only a limited track record of support.  The Stable Outlook on
BCCM reflects that on the parent.

BCCM was incorporated in 2008 and effectively began banking
operations in 2009.  The bank is small (even by Russian
standards), with RUB3.1 billion in assets at end-8M10.  The bank
plans to position itself as a bank providing services primarily to
SME clients and extending consumer loans to retail clients.  The
bank is highly integrated with its parent; BCCM's management has
very little authority to take risks without the parent's approval.
The bank is primarily funded by the parent bank (66.7% of total
liabilities at end-5M10); reliance on funds due to BCC is likely
to remain significant in the mid-term.

The bank plans to develop its franchise quite gradually.
Management expects that the gross loan book will increase to
around RUB5 billion by end-2012 from RUB1 billion at end-8M10.  In
light of BCCM's currently limited track record and autonomy, no
Individual rating has been assigned.


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


MADRID RMBS: S&P Affirms 'B- (sf)' Rating on Class E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch positive
its credit ratings on MADRID RMBS IV, Fondo de Titulizacion de
Activos' class A1, A2, and B notes.  At the same time, S&P
affirmed the ratings on Madrid RMBS IV's class C, D, and E notes
and MADRID RMBS III, Fondo de Titulizacion de Activos' class A2,
A3, and B notes.  The ratings on Madrid RMBS III's class C, D, and
E notes remain unaffected.

The rating actions follow S&P's credit analysis of both
transactions based on information as of Aug. 31, 2010.

In S&P's opinion, the performance and credit enhancement for
MADRID RMBS III is commensurate with the current ratings on the
notes.  Following interest payment defaults on Feb. 24, 2010 and
May 22, 2009, S&P previously lowered the ratings on the class C,
D, and E notes to 'D (sf)'.  This was because the amount of
cumulative defaulted loans over the original note balance reached
a certain level, which changed the priority of payments to
postpone interest payments to the related class of notes and
divert these funds to amortize the most senior class of notes.
S&P has therefore affirmed its ratings on the class A2 and A3
notes.  Given that the actual level of cumulative defaults is
15.28% and the trigger for the class B notes is set at 20.30%, S&P
has also affirmed the rating on this class of notes.

Despite the fact that there have previously been a number of
reserve draws in Madrid RMBS IV, the reserve fund was partially
replenished in August 2010 and now stands at 52% of its current
required level.  The transaction was restructured in July 2010,
which included an increase of the required reserve fund to
?145,941,412.31 from ?82,560,000.00.  Based on this, S&P has
concluded that the credit enhancement is sufficient to maintain
the current ratings on the class C, D, and E notes.  Given the
relatively high level of credit enhancement available for the
class A1, A2, and B notes, S&P has placed them on CreditWatch
positive pending a cash flow analysis.

The securitized portfolios of both transactions comprise mortgages
granted to individuals for the acquisition of residential
properties with a loan-to-value ratio higher than 80%.  Caja de
Ahorros y Monte de Piedad de Madrid (Caja Madrid) originated the
loans.

                          Ratings List

        MADRID RMBS IV, Fondo de Titulizacion de Activos
        ?2.4 Billion Mortgage-Backed Floating-Rate Notes

             Ratings Placed on Creditwatch Positive

                               Rating
                               ------
           Class      To                      From
           -----      --                      ----
           A1         AA- (sf)/Watch Pos      AA- (sf)
           A2         AA- (sf)/Watch Pos      AA- (sf)
           B          A- (sf)/Watch Pos       A- (sf)

                        Ratings Affirmed

                       Class      Rating
                       -----      ------
                       C          BB (sf)
                       D          B (sf)
                       E          B- (sf)

        MADRID RMBS III, Fondo de Titulizacion de Activos
         ?3 Billion Mortgage-Backed Floating-Rate Notes

                        Ratings Affirmed

                       Class      Rating
                       -----      ------
                       A2         AA (sf)
                       A3         AA (sf)
                       B          B (sf)

                       Ratings Unaffected

                       Class      Rating
                       -----      ------
                       C          D (sf)
                       D          D (sf)
                       E          D (sf)


TDA 27: S&P Downgrades Rating on Class E Notes to 'D'
-----------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' its credit
rating on TDA 27, Fondo de Titulizacion de Activos' class E notes
due to the default on their interest payment on the Sept. 28
payment date.  Additionally, S&P has withdrawn its rating on the
class A1 notes as this class of notes fully amortized on this
payment date.

The ratings on the remaining classes of notes remain unaffected,
four of which remain on CreditWatch negative where S&P placed them
on Sept. 10, 2010.

TDA 27 is a residential mortgage-backed securities transaction
that closed in December 2006.  It securitizes a portfolio of
residential mortgage loans secured over properties in Spain.
Caixa Terrassa, Caja Granada, Caja Vital, and Credifimo originated
and service the loans.

                          Ratings List

             TDA 27, Fondo de Titulizaci?n de Activos
        ?930.0 Million Mortgage-Backed Floating-Rate Notes
                and ?0.6 Million Floating-Rate Notes

                         Ratings Lowered

                              Rating
                              ------
            Class      To                   From
            -----      --                   ----
            E          D (sf)               CCC- (sf)

             Ratings Remain on CreditWatch Negative

                  Class      Rating
                  -----      ------
                  A2         AAA (sf)/Watch Neg
                  A3         AAA (sf) /Watch Neg
                  B          A (sf)/Watch Neg
                  C          BBB- (sf)/Watch Neg

                        Rating Withdrawn

                              Rating
                              ------
             Class      To                   From
             -----      --                   ----
             A1         NR                   AAA (sf)

                        Rating Unaffected

                        Class      Rating
                        -----      ------
                        D          CCC (sf)
                        F          D (sf)


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


1ST DENTAL: Insists it Can Still Lead Consolidation of Industry
---------------------------------------------------------------
John Collingridge at Yorkshire Post reports that 1st Dental
Laboratories insists it can still lead consolidation of the dental
laboratory industry, despite its recent fall into administration
and subsequent buyout.  The report relates the group was bought
out of administration by Richard Hughes, co-founder of investment
firm Zeus Group.

As reported in the Troubled Company Reporter-Latin America on
September 27, 2010, StockMarketWire.com said that 1st Dental
appointed administrators and suspended its shares on AIM.  The
report related that the company said it had come under severe
pressure from HMRC and other creditors in recent weeks to meet
financial obligations.

According to Yorkshire Post, 1st Dental said a working capital
injection from Mr. Hughes means the group can now look forward
with confidence.  "We still believe there will be consolidation in
the industry, and the group remains best placed to take advantage
of this," the report quoted Nigel Spring, the group's former chief
executive and now managing director, as saying.  "Zeus provided
the capital for the business with the confidence in the strategy
and direction of the business going forward," he added.

The report notes that since calling in the administrators 1st
Dental has closed its Blackpool laboratory with the loss of a
handful of jobs, moving work to Stourport.  The report relates
that Mr. Spring said this will leave the group with 13
laboratories and 214 staff, a position he broadly expects to
maintain.

Leonard Curtis Recovery recently said it will need to contact
shareholders and creditors to spell out 1st Dental's finances and
how much they are likely to receive from its collapse, the report
adds.

1st Dental Laboratories is a dental services firm.


CK BUGGIES: In Liquidation; Some Creditors May Not Recoup Claims
----------------------------------------------------------------
Mike Laycock at The Press reports that a number of mums-to-be have
no realistic prospect of getting back hundreds of pounds spent on
baby equipment from York baby equipment retailer CK Buggies.

CK Buggies went into liquidation last month leaving mums-to-be and
their relatives anxious over losing hundreds of pounds.  John
Twizell of Leeds-based insolvency practitioners Geoffrey Martin
and Co. was appointed liquidator.

According to the Press, Mr. Twizell said the total deficit of the
business was about GBP200,000, with very little in assets to help
pay back creditors.

Mr. Twizell said the creditors included about 50 customers who had
paid deposits or the full price for equipment -- typically about
GBP500 per person -- and had been awaiting delivery.

However, a majority of these customers had paid by credit card or
VISA debit card, which had schemes in place to recompense clients
in such situations.

The remainder, who had paid by check, cash or another type of
debit card, would not be able to make such a claim and there was
no realistic prospect of them getting their money back from CK
Buggies.

Based at Clifton Moor, CK Buggies sells a large range of nursery
products, buying in bulk and offering low prices.


CROMWELL PRESS: Goes Into Administration
----------------------------------------
Cromwell Press and Chivers Bookbinders have gone into
administration on September 30, 2010, after months of uncertainty
and staff redundancies, Wiltshire Times reports.

According to the report, Chivers Bookbinders moved into the
Cromwell Press building from across the road in White Horse
Business Park in Trowbridge after owner John Boden attempted to
streamline both companies after Cromwell Press got into tens of
thousands of pounds of debt.  The report relates the news comes
after Mr. Boden took the company out of administration in January
2009.

The report notes Mr. Boden said that administrators had been
called in by Bibby Financial Services.  "The people who are the
factoring company put us into administration because they were
concerned about getting their money on the date," the report
quoted Mr. Boden as saying.

Despite Mr. Boden's anger at the administrators coming in, he said
he is relieved on behalf of his colleagues as he said they can all
be paid now, the report discloses.  However, the report relates,
Mr. Boden added that it was never his intention for the company to
end like this and he stands to lose GBP150,000 of his own
retirement fund.

"We were appointed on the 23rd of this month.  We are taking care
of all of the possible steps.  Staff were supplied with redundancy
letters and redundancy forms on Friday so they will be able to
claim redundancy and any outstanding pay with the redundancy
payment office," the report quoted an unnamed spokesperson for the
Bristol-based administrators BDO as saying.

Cromwell Press is a printing firm in Trowbridge.


CURZON FUNDING: S&P Lowers Rating on Class C Notes to 'BB- (sf)'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the classes A, B, and C notes in Curzon Funding Ltd.'s series
2006-2 (Horizon CDO VII).  At the same time, S&P affirmed its
ratings on the class D and E notes.

These rating actions follow an update to the methodology S&P use
to derive recovery rate assumptions for commercial mortgage-backed
securities assets held within or referenced by collateralized debt
obligation transactions in either cash or synthetic form.

Curzon Funding series 2006-2 is a synthetic CDO referencing a
portfolio of 100% U.S. CMBS.  As of the trustee report dated Aug.
17, 2010, the transaction references an almost equally weighted
portfolio of 35 U.S. CMBS assets, which has not changed since the
issue date.  The transaction closed on July 14, 2006, and has a
scheduled maturity date of Aug. 1, 2056.

Since closing, S&P has taken rating actions to reflect its
assessment of the credit deterioration in the underlying
portfolio.  Using the ratings that S&P considered to be
appropriate in its analysis, 68% of the assets at closing were
rated 'AAA' and 32% rated 'AA'.  Currently, 14% of the assets are
still rated 'AAA', 6% are in the 'AA' category, and the majority
of 46% are in the 'BBB' category.  The updated recovery
methodology has led to a decrease in the weighted-average recovery
rate for all classes of the notes.

As S&P's recovery rate assumptions for each underlying asset
differ according to the applicable rating on the notes, the impact
has been different for the different classes.  The impact of
applying S&P's updated recovery methodology on the notes is
greatest for the class A notes, where its recovery assumptions
fell by 22.24% at the current 'A+ (sf)'rating.  The impact is
least for the class D and E notes, where the recovery assumptions
fell by 16.97% at the current 'B (sf)' rating.

S&P has taken into account its assessment of the current credit
quality of the portfolio as well as the revised recovery
assumptions in accordance with its current criteria.  This
indicates that the credit enhancement available to the class A, B,
and C notes is now at a level consistent with a lower rating than
S&P had previously assigned.  S&P has therefore lowered its
ratings accordingly.  However, in S&P's opinion, the credit
enhancement available to the class D and E notes is still at a
level consistent with their current ratings.  S&P has therefore
affirmed its ratings on these classes.

                          Ratings List

                       Curzon Funding Ltd.
  US$80 Million Step-Up Notes Series 2006-2 (Horizon CDO VII)

                         Ratings Lowered

                               Rating
                               ------
          Class        To                    From
          -----        --                    ----
          A            BBB- (sf)             A+ (sf)
          B            BB+ (sf)              BBB+ (sf)
          C            BB- (sf)              BBB (sf)

                        Ratings Affirmed

                        Class        Rating
                        -----        ------
                        D            B (sf)
                        E            B (sf)


FREIGHT SHEPHERD: In Liquidation; Verran Buys Part of Business
--------------------------------------------------------------
Joanna Bourke at Roadtransport.com reports that Oxfordshire-based
Verran Freight has stepped in to salvage some of liquidated
haulier Freight Shepherd Ltd's business.

Roadtransport.com says Verran Freight, a United Pallet Network
(UPN) member, has taken over the telephone number, customer list
and a number of employees from Freight Shepherd, which appointed
Philip Gorman of Hazlewoods LLP as its liquidator on September 23.

"With regret we had to be fair and say we were not in a position
where we could continue working for people without running up more
debts. I set the business up 14 years ago, and it was upsetting,
but we could no longer trade profitably," Freight Shepherd
director Peter Bennett told Roadtransport.com.

Roadtransport.com relates Mr. Bennett said the company was
crippled by bad debts over the last 18 months, including a
GBP125,000 debt by one retail customer which went bust.

According to Roadtransport.com, approximately 13 redundancies were
made, but a handful of employees have moved to Verran, including
Mr. Bennett.

Freight Shepherd Ltd -- http://www.freightshepherd.com/index.htm
-- is a professional UK road haulage distribution and storage
company based near Abingdon, Oxfordshire.


JOHN LAING: Goes Into Administration
------------------------------------
John Laing Partnership Limited has confirmed it and three other
subsidiaries within the John Laing Group have gone into
administration, 24dash.com reports.  Zelf Hussain, Mark Shires and
Robert Hunt of PricewaterhouseCoopers have been appointed joint
administrators.

According to the report, the company said: "Zelf Hussain, Mark
Shires and Robert Hunt of PricewaterhouseCoopers were appointed
Joint Administrators of Impala Partnership Limited, John Laing
Partnership Limited, JLP Homes Limited and Intro Homes (Stevenage)
Limited on 1 October 2010.  Further updates will be provided in
due course. Intro Homes (Lettings) Limited has not entered
administration, and will continue to trade as normal."

The report notes a spokesperson for Paragon Housing said: "We have
worked with John Laing Partnership on a number of projects over
the last few years and have enjoyed a good working relationship
with them as an organization.  We are sorry to hear that they have
gone into administration."

                       About John Laing

John Laing Partnership Limited is the social housing arm of John
Laing Group and is involved in a significant number of building
and refurbishment contracts throughout the United Kingdom.  It
currently has existing contracts with Paragon Community Housing
Group, Network Housing Group and L&Q.


LIVERPOOL FOOTBALL: Owners Will Default on Loans, Lord Sugar Says
-----------------------------------------------------------------
Express.co.uk reports that Lord Sugar, former government business
adviser, predicts that Liverpool Football Club's American owners
Tom Hicks and George Gillett will default on the GBP237 million-
plus of loans they used to buy the club.

Express.co.uk says the deadline for Messrs. Hicks and Gillett to
refinance the GBP237.4 million Royal Bank of Scotland loan they
used to acquire Liverpool expires on Oct. 15.  The duo also owe
GBP60 million to the US bank Wachovia, Express.co.uk notes.

Messrs. Hicks and Gillett are understood to be struggling to
refinance their loans, according to Express.co.uk.  If they fail
to do so RBS will take control of the club and is prepared to
force through a fire-sale of the club, Express.co.uk states.

Lord Sugar believes Messrs. Hicks and Gillett will not be able to
refinance their loans, which are secured against the club which is
struggling both on and off the pitch, Express.co.uk relates.  He
also warned that unless Liverpool's finances are sorted out
quickly it could suffer the same fate as Leeds, which wound up in
football's third tier due to its unsustainable debts,
Express.co.uk notes.

                      About Liverpool Football

Liverpool Football Club and Athletic Grounds owns and operates one
of the more popular and most successful franchises in the UK
Premier League.  Known as The Reds, Liverpool has won 18 first
division titles and seven FA Cups since it was founded by John
Houlding in 1892.  In addition to the football club, the company
owns and operates Anfield Stadium, Liverpool's home ground.  The
company generates revenue primarily through sponsorships,
broadcasting fees, and ticket sales.  The company was acquired by
US businessmen George Gillett and Tom Hicks in 2007.


MILLER METCALFE: Inks Company Voluntary Arrangement With Creditors
------------------------------------------------------------------
This Is Lancashire reports that Miller Metcalfe has been
refinanced and reorganized after securing a Company Voluntary
Arrangement.  The agreement means there will be no redundancies
and 50 jobs are safe, This Is Lancashire says.

This Is Lancashire reports John Fletcher, the owner of the
company, would become chief executive with immediate effect.  The
company said it can now concentrate on its core activities and
continue its planned growth and expansion.

A CVA can only be proposed by a company if it is insolvent or
contingently insolvent and requires the approval of 75% of the
voting creditors.  Creditors do support CVAs if the alternative is
liquidation with little or no return to them.

Miller Metcalfe -- http://www.millermetcalfe.co.uk/-- was
established in 1972.  It is an independent firm of estate agents
and chartered surveyors that serves the Bolton, Horwich areas.


PARK MANUFACTURING: Goes Into Administration
--------------------------------------------
Park Manufacturing Ltd has gone into administration.  Dorset Echo
reports that Park Manufacturing was put up for sale as
administrators were called in to the company's premises on the
Granby Industrial Estate.

According to the report, the company's 87 workers face an
uncertain future after being called into meetings at the Surrey
Close factory but no redundancies have been made and the business
is still operating.  The report relates that after the meetings
one of the workers said: "There are a lot of local families who
are going to be affected, especially with Christmas only around
the corner."

The report notes that a spokesman for administrators MCR confirmed
they were called in on October 1, 2010.

"We are looking to trade the company in administration as a going
concern.  Currently there have been no redundancies and we are
looking to sell it as a going concern," the report quoted the
spokesman as saying.

Operations manager Ben Edwards said despite the arrival of the
administrators work continues, the report adds.

Park Manufacturing Ltd is one of Weymouth's leading companies.
The company was established as Park Engineering, a precision
engineering manufacturer, in 1986.


PASSIONATE PUB: Goes Into Liquidation
-------------------------------------
The Passionate Pub Company has ceased trading and gone into
liquidation, Neil Gerrard at caterersearch.com reports.  According
to the report, the company said it had been "severely affected" by
a number of factors, notably the smoking ban, changes in the
market with the move towards food sales, and price competition
from supermarkets.

The pubs, which are owned by Enterprise Inns and Mitchells &
Butlers, remain open and are now trading under different
management, caterersearch.com says.

Based in Billingham, England, The Passionate Pub Company had been
operating seven pubs spread across the country, from York to
Bishops Stortford.


PLUG AND SOCKET: In Liquidation; Creditors Unlikely to Get Payment
------------------------------------------------------------------
DIY Week reports that The Plug and Socket has entered into
liquidation proceedings after struggling to compete with online
retailers and national chains.  Jamie Playford of Norwich
insolvency firm Parker Andrews was appointed liquidator of the
business on September 23, 2010.

"The competition from national chains was an obvious issue,"
Mr. Playford told DIY Week.  "They also couldn't compete with
internet prices.  A lot of their business was also repairs, which
not as many people need now -- often it's cheaper just to buy a
new one, so their business model was flawed."

According to DIY Week, the business, which has been trading for
more than 20 years, was forced to make all of its six employees
redundant just prior to liquidation.

Mr. Playford confirmed to DIY Week that the retailer's two
premises at Thorpe St Andrew and Costessey will be handed back to
landlords, while it's "unlikely" that creditors will receive any
money at all.

DIY Week says the amount of money owed to creditors which will
remain unpaid is GBP125,000, including around GBP10,000 owed to at
least 30 members of the public who had paid either a deposit or
the full price for appliances the retailer is now unable to
provide.

The Plug and Socket is a Norwich-based independent electrical
retailer.


PREMIER FOODS: In Talks to Sell Meat-Free Businesses to Cut Debt
----------------------------------------------------------------
Louise Lucas at The Financial Times reports that Premier Foods is
in talks to sell its meat-free businesses including Quorn in a bid
to drive down debt.

The food company, which piled on debt when it acquired RHM and
Campbell Soups' UK and Irish business in 2006, has seen its share
price tumble, the FT says.

According to the FT, a disposal of the meat-free businesses, of
which Quorn is a leading part, would only go a small way to paring
back the group's GBP1.6 billion net debt.  The overall chilled
division, of which meat-free is a part, made just GBP3 million
last year, dragged back by losses at the private-label arm, the FT
notes.

Buyers for the businesses, which have a best case price tag of not
much more than GBP200 million, could include private equity and
food companies, although the small size may put it off many
potential buyers' radar, the FT states.

Premier, the FT says, is targeting a net debt/ebitda multiple of
under 3.25 times, from 4.5 times now.  That implies a debt
reduction of GBP500 million, or nearer GBP600 million after
eliminating the meat-free business's earnings, according to the
FT.

Premier is also aiming to cut GBP100 million of debt a year
organically. The group is grappling with other balance sheet
issues, the FT notes.  It entered into an interest swap
arrangement in 2006 that has backfired as rates fell, the FT
relates.  These swaps account for about GBP22 million in
additional interest payments a year, or about one-fifth of total
interest payments, the FT states.  Additionally, there is a GBP430
million pension deficit, according to the FT.  The FT says the
group has committed itself to meet annual liabilities of GBP40
million out of cash flow.

Premier Foods plc is United Kingdom-based company engaged in food
manufacturing, processing and distribution.  As of December 31,
2009, the Company operated in three divisions: Grocery, Hovis and
Chilled. Grocery division comprised the shelf stable or ambient
grocery products.  Hovis segment comprised wrapped bread, morning
goods and bulk and bagged flour. The chilled segment comprised
chilled and frozen meat-free products and its retailer branded
chilled ready meal and cake businesses.  On March 2, 2009, the
Company disposed of its speciality bakery businesses, Martine
Specialites S.A.S. and Le Pain Croustillant.  On April 30, 2009,
the Company completed the sale of Sofrapain S.A.S.


REALTIME WORLDS: Backers Lost Almost GBP50MM Following Collapse
---------------------------------------------------------------
Scotland On Sunday reports that backers of Realtime Worlds lost
almost GBP50 million when the group collapsed.

According to Scotland On Sunday, the company owed the money to its
US-based parent company, Realtime Worlds Inc., thought mainly to
have been cash invested by American venture capital and hedge
funds and then loaned to the Dundee operation to fund the
development of games.

Scotland On Sunday says the Statement of Affairs compiled by
administrators at Begbies Traynor reveals that the firm owed
GBP48.8 million to Realtime Worlds Inc. which is in the process of
being liquidated.

Major backers of the firm in recent years have included investment
firms Maverick Capital and New Enterprise Associates and UK-based
global advertising group WPP, Scotland On Sunday discloses.

The statement of affairs shows that Realtime Worlds had GBP1.4
million in the bank at the time of its collapse, Scotland On
Sunday notes.

As reported by the Troubled Company Reporter-Europe on Aug. 19,
2010, The Financial Times said Realtime Worlds went into
administration after disappointing sales of its latest title.  The
FT disclosed Begbies Traynor said "lackluster demand" for APB: All
Points Bulletin, which was several years in the making,
contributed to the company's demise.

Dundee-based Realtime Worlds is a software technology company
specializing in the entertainment sector.  The company was founded
in 2002 by Dave Jones, who had previously created Lemmings and
Grand Theft Auto.


RENEWABLE ZUKUNFT: Delay of Green Subsidy Prompts Collapse
----------------------------------------------------------
Renewable Zukunft's key investors blamed the company's collapse in
the summer on confusion over green incentives, Gerard Wynn at
Reuters reports, citing administrators Leonard Curtis.

Reuters relates Climate Change Capital, an investor in renewable
energy and carbon offset projects, said that more than six months
of uncertainty over the precise level of support for biogas had
stalled talks to raise project finance.

"The government has recently sought to clarify (support) but only
after more than six months of uncertainty, which effectively
resulted in no projects being commenced during that period and it
being very difficult to secure senior debt financing," Climate
Change Capital said in a statement, according to Reuters.

"For these reasons we ceased investing.  It's unlikely that we
will invest in the UK AD (anaerobic digestion) market in the near
future.  The issues . . . would need to be addressed
satisfactorily before we invested."

Reuters notes a Leonard Curtis spokeswoman confirmed they had been
appointed as administrators.

Climate Change Capital invested GBP6 million (US$9.52 million) in
the company in 2008, Reuters discloses.

Renewable Zukunft was a UK-based biogas company.  It was a
manufacturer of anaerobic digesters which generate electricity
from burning methane, or biogas, trapped in vats of farm waste
including manure, grass and maize.


RESTAURANTS AT WORK: Into Administration; BaxterStorey Buys Assets
------------------------------------------------------------------
Restaurants at Work has gone into administration and BaxterStorey
has acquired the trading assets of the former business,
Caterersearch.com reports, citing BaxterStorey Managing Director
Noel Mahony.

"We are currently in the process of engaging in communications
with the former Restaurants at Work clients," the report quoted
Mr. Mahony as saying.  "At this stage we are looking to provide a
continuation of client catering services.  Our priority is to open
channels of communication with the former Restaurants at Work
clients in order to best protect their investment in catering
services, whilst simultaneously reassuring those former employees
of Restaurants at Work who have now transferred to BaxterStorey,"
he added.

The report notes that the bulk of the 24 contracts that have been
take over by BaxterStorey were business and industry.

BaxterStorey has assumed employment of 180 Restaurants at Work
personnel, the report adds.

Restaurants at Work is an independent contract caterer.


ROYAL BANK: Three Potential Bidders Eye GBP3 Bln Loan Portfolio
---------------------------------------------------------------
The Scotsman reports that at least three potential bidders are
eyeing a GBP3 billion portfolio of property loans that could be
sold by Royal Bank of Scotland.

The Scotsman says investment bank Goldman Sachs, US-based
distressed debt specialist Lone Star and private equity firm
Blackstone are all believed to be considering offers.  First-round
bids are expected to be submitted within the next two weeks, The
Scotsman notes.

                             About RBS

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 29,
2010, Standard & Poor's Ratings Services said that it lowered its
ratings on "may pay" Tier 1 securities issued or guaranteed by The
Royal Bank of Scotland Group PLC (A/Stable/A-1) to 'C' from 'CC'.
At the same time, the rating on the RBSG-related security issued
by Argon Capital PLC was similarly lowered to 'C' from 'CC'.  The
counterparty credit ratings and stand-alone credit profiles of
RBSG and subsidiaries, and the ratings on other debt securities
issued by these entities, were unaffected.


TONGE LEISURE: Forced to Go Into Administration
-----------------------------------------------
Tonge Leisure and Sports Club has shut its doors, The Bolton News
reports.  The report relates that the club, in Ainsworth Lane,
Tonge Moor, has folded up and been put into voluntary liquidation.

According to the report, Tonge Leisure and Sports Club was formed
a year ago following the demise of Tonge Ward Labour Club to keep
the facility in use.

The report notes local councilor Frank White said: "It was brave
for the committee to establish this alternative to rescue the
facility for the benefit of the community.  But because of the
effects of the economy and change in people's social habits,
together with the general state of the licensing trade, which is
being affected by cheap alcohol from supermarkets and the smoking
ban, it was not possible to sustain the level of business
necessary.  Some weeks it would be good, but other times it would
be quiet."

Members, the report says, have received a letter informing them
that administrators Bennett and Verby had been brought in to wind
up the club.  The report relates that an unnamed spokesman for the
administrators said all 13 staff has been made redundant and the
club has estimated debts of between GBP50,000 and GBP60,000.  It
is not yet known what the future of the building will be and a
members' and creditors' meeting will take place on October 14,
when a liquidator will be appointed, the report adds.

Bolton News says that mounting debts, including falling behind on
bank repayments, led to Labour Club members handing it over to
receivers last year, ending more than 60 years of history for the
club.

               About Tonge Leisure and Sports Club

Tonge Leisure and Sports Club, a leisure and sports club, was
formed a year ago following the demise of Tonge Ward Labour Club
to keep the facility in use.


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


* S&P's List of Global Corporate Defaults Now at 57 This Year
-------------------------------------------------------------
Japan-based Takefuji Corp. and U.S.-based Workflow Management Inc.
filed for bankruptcy last week.  These two defaults bring the
year-to-date 2010 global corporate default tally to 57, said an
article published by Standard & Poor's, titled "Global Corporate
Default Update (Sept. 24 - 30, 2010) (Premium)."

By region, the current year-to-date default tallies are 41 in the
U.S., two in Europe, five in the emerging markets, and nine in the
other developed region (Australia, Canada, Japan, and New
Zealand).  So far this year, missed interest or principal payments
are responsible for 18 defaults; distressed exchanges account for
16; Chapter 11 and foreign bankruptcy filings account for 14;
receiverships account for two; regulatory directives, debt
reorganization, and the exercising of payment-in-kind toggle
options are responsible for one each; and the remaining four
defaulted issuers are confidential.

Of the global corporate defaulters in 2010, 41% of issues with
available recovery ratings had recovery ratings of '6' (indicating
our expectation for negligible recovery of 0% to 10%), 11% of the
issues had recovery ratings of '5' (modest recovery prospects of
10% to 30%), 13% had recovery ratings of '4' (average recovery
prospects of 30% to 50%), and 16% had recovery ratings of
'3' (meaningful recovery prospects of 50% to 70%). And for the
remaining two rating categories, 11% of the issues had recovery
ratings of '2' (substantial recovery prospects of 70% to 90%) and
9% had recovery ratings of '1' (very high recovery prospects of
90% to 100%).


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

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

AUSTRIA
-------
CHRIST WATER TEC        CWT AV        -5754287.761   165995618.1
CHRIST WATER TEC        C7W GR        -5754287.761   165995618.1
CHRIST WATER TEC        CWT PZ        -5754287.761   165995618.1
CHRIST WATER TEC        CWT EU        -5754287.761   165995618.1
CHRIST WATER TEC        CRSWF US      -5754287.761   165995618.1
CHRIST WATER TEC        CWT EO        -5754287.761   165995618.1
CHRIST WATER TEC        CWTE IX       -5754287.761   165995618.1
CHRIST WATER-ADR        CRSWY US      -5754287.761   165995618.1
KA FINANZ AG            3730Z AV        -359597327   30679270533
LIBRO AG                LBROF US        -109013328   171684389.1
LIBRO AG                LB6 GR          -109013328   171684389.1
LIBRO AG                LIB AV          -109013328   171684389.1
LIBRO AG                LIBR AV         -109013328   171684389.1
SKYEUROPE               SKYP PW       -89480486.93   159076577.5
SKYEUROPE               SKY PW        -89480486.93   159076577.5
SKYEUROPE HLDG          SKY LI        -89480486.93   159076577.5
SKYEUROPE HLDG          SKY EO        -89480486.93   159076577.5
SKYEUROPE HLDG          SKYA PZ       -89480486.93   159076577.5
SKYEUROPE HLDG          SKY EU        -89480486.93   159076577.5
SKYEUROPE HLDG          SKY AV        -89480486.93   159076577.5
SKYEUROPE HLDG          S8E GR        -89480486.93   159076577.5
SKYEUROPE HLDG          SKURF US      -89480486.93   159076577.5
SKYEUROPE HLDG          SKYPLN EO     -89480486.93   159076577.5
SKYEUROPE HLDG          SKYV IX       -89480486.93   159076577.5
SKYEUROPE HLDG          SKYPLN EU     -89480486.93   159076577.5
SKYEUROPE HOL-RT        SK1 AV        -89480486.93   159076577.5
STYROL HOLDING 1        3321155Z AV   -69327699.53    1925984640

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

CROATIA
-------
BRODOGRADE INDUS        3MAJRA CZ     -464934142.4   272013070.7
IPK OSIJEK DD OS        IPKORA CZ     -32978857.72   151587609.9
MAGMA DD                MGMARA CZ     -764475.9867   141322122.7
OT OPTIMA TELEKO        2299892Z CZ   -69895909.13   116266542.5
OT-OPTIMA TELEKO        OPTERA CZ     -69895909.13   116266542.5
VUPIK DD                VPIKRA CZ     -8861479.441   112509976.8

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          LHGCYP EU      -27821889.5     240947718
LIBRA HOLIDAYS          LHGR CY        -27821889.5     240947718
LIBRA HOLIDAYS          LHGCYP EO      -27821889.5     240947718
LIBRA HOLIDAYS G        LHG EO         -27821889.5     240947718
LIBRA HOLIDAYS G        LHG PZ         -27821889.5     240947718
LIBRA HOLIDAYS G        LHG EU         -27821889.5     240947718
LIBRA HOLIDAYS G        LHG CY         -27821889.5     240947718
LIBRA HOLIDAYS-P        LBHG CY        -27821889.5     240947718
LIBRA HOLIDAYS-P        LBHG PZ        -27821889.5     240947718
URALS ENERGY PUB        UREYF US        -107167000     889168000
URALS ENERGY PUB        UEN EO          -107167000     889168000
URALS ENERGY PUB        UEN IX          -107167000     889168000
URALS ENERGY PUB        U5S TH          -107167000     889168000
URALS ENERGY PUB        UENEUR EO       -107167000     889168000
URALS ENERGY PUB        UEN PZ          -107167000     889168000
URALS ENERGY PUB        UEN EU          -107167000     889168000
URALS ENERGY PUB        UEN PG          -107167000     889168000
URALS ENERGY PUB        U5S GR          -107167000     889168000
URALS ENERGY PUB        UEN LN          -107167000     889168000
URALS ENERGY PUB        UENGBP EO       -107167000     889168000

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

DENMARK
-------
ELITE SHIPPING          ELSP DC       -27715991.74   100892900.3
ISS GLOBAL A/S          241863Z DC    -2811647.728    7972333363
OBTEC                   OBT DC        -18360748.78   147485890.1
OBTEC                   OBTEC DC      -18360748.78   147485890.1
OBTEC-NEW SHARES        OBTECN DC     -18360748.78   147485890.1
OBTEC-OLD               OBTN DC       -18360748.78   147485890.1
ROSKILDE BANK           ROSKF US      -532868894.9    7876687324
ROSKILDE BANK           ROSK EU       -532868894.9    7876687324
ROSKILDE BANK           ROSK PZ       -532868894.9    7876687324
ROSKILDE BANK           RKI GR        -532868894.9    7876687324
ROSKILDE BANK           ROSBF US      -532868894.9    7876687324
ROSKILDE BANK           RSKC IX       -532868894.9    7876687324
ROSKILDE BANK           ROSK EO       -532868894.9    7876687324
ROSKILDE BANK           ROSK DC       -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
SANISTAL AS-B           SNISF US      -1029838.038   546820905.2
SANISTAL AS-B           SANIB EU      -1029838.038   546820905.2
SANISTAL AS-B           SANL DC       -1029838.038   546820905.2
SANISTAL AS-B           SANIBEUR EU   -1029838.038   546820905.2
SANISTAL AS-B           SANI/B PZ     -1029838.038   546820905.2
SANISTAL AS-B           SANIB EO      -1029838.038   546820905.2
SANISTAL AS-B           SNSC IX       -1029838.038   546820905.2
SANISTAL AS-B           SANIB BY      -1029838.038   546820905.2
SANISTAL AS-B           SANIBEUR EO   -1029838.038   546820905.2
SANISTAL AS-B           SANIB DC      -1029838.038   546820905.2
SANISTAL-B NEW          SANLN DC      -1029838.038   546820905.2
SCANDINAVIAN BRA        SBS1EUR EO    -18360748.78   147485890.1
SCANDINAVIAN BRA        SBSD PZ       -18360748.78   147485890.1
SCANDINAVIAN BRA        SBS1 BY       -18360748.78   147485890.1
SCANDINAVIAN BRA        SBS1 EU       -18360748.78   147485890.1
SCANDINAVIAN BRA        SBSC IX       -18360748.78   147485890.1
SCANDINAVIAN BRA        SBS DC        -18360748.78   147485890.1
SCANDINAVIAN BRA        SBS1EUR EU    -18360748.78   147485890.1
SCANDINAVIAN BRA        SBS1 EO       -18360748.78   147485890.1

FRANCE
------
BELVEDERE - RTS         702036Q FP    -240506200.5    1000204586
BELVEDERE - RTS         554451Q FP    -240506200.5    1000204586
BELVEDERE SA            BELV NM       -240506200.5    1000204586
BELVEDERE SA            BED GR        -240506200.5    1000204586
BELVEDERE SA            BELV FP       -240506200.5    1000204586
BELVEDERE SA            BVD EU        -240506200.5    1000204586
BELVEDERE SA            BEVD IX       -240506200.5    1000204586
BELVEDERE SA            BVD EO        -240506200.5    1000204586
BELVEDERE SA            BVD PZ        -240506200.5    1000204586
BELVEDERE SA            BED TH        -240506200.5    1000204586
BELVEDERE SA            BVDRF US      -240506200.5    1000204586
BELVEDERE SA            BVD FP        -240506200.5    1000204586
BELVEDERE SA-NEW        BVDNV FP      -240506200.5    1000204586
BELVEDERE SA-NEW        946529Q FP    -240506200.5    1000204586
BELVEDERE SA-RTS        BVDDS FP      -240506200.5    1000204586
CADES                   211430Z FP       -1.32E+11    9983888303
CARRERE GROUP           CAR FP        -9829592.638     279906700
CARRERE GROUP           CRGP IX       -9829592.638     279906700
CARRERE GROUP           CARF PZ       -9829592.638     279906700
CARRERE GROUP           XRR GR        -9829592.638     279906700
CARRERE GROUP           CAR2 EO       -9829592.638     279906700
CARRERE GROUP           CAR2 EU       -9829592.638     279906700
CARRERE GROUP           CARG FP       -9829592.638     279906700
CARRERE GROUP           CRRHF US      -9829592.638     279906700
CHAINE ET TRAME         CTRM FP       -58947458.16   116889783.9
CHAINE ET TRAME         CHTR FP       -58947458.16   116889783.9
GRANDE PAROISSE         GDPXF US      -927267926.9     629287290
GRANDE PAROISSE         GAPA FP       -927267926.9     629287290
GRANDE PAROISSE         GDPA FP       -927267926.9     629287290
LAB DOLISOS             DOLI FP       -27752176.19   110485462.4
LAB DOLISOS             LADL FP       -27752176.19   110485462.4
MATUSSIERE & FOR        MTUSF US      -77896683.67   293868350.8
MATUSSIERE & FOR        1007765Q FP   -77896683.67   293868350.8
MB RETAIL EUROPE        MBRE FP       -58947458.16   116889783.9
MB RETAIL EUROPE        CTRF IX       -58947458.16   116889783.9
MB RETAIL EUROPE        MBRE EO       -58947458.16   116889783.9
MB RETAIL EUROPE        MBRE EU       -58947458.16   116889783.9
MB RETAIL EUROPE        MBRE PZ       -58947458.16   116889783.9
OROSDI                  OROS FP       -35006822.54   151870593.9
OROSDI-BACK             ORBA FP       -35006822.54   151870593.9
OROSDI-BACK             OROS PZ       -35006822.54   151870593.9
OROSDI-BACK             OROS EU       -35006822.54   151870593.9
OROSDI-BACK             OROS EO       -35006822.54   151870593.9
OROSDI-BACK             BACK IX       -35006822.54   151870593.9
PAGESJAUNES GRP         PAJ PZ         -3171655188    1168738032
PAGESJAUNES GRP         PAJ EB         -3171655188    1168738032
PAGESJAUNES GRP         PAJ BQ         -3171655188    1168738032
PAGESJAUNES GRP         PAJ TQ         -3171655188    1168738032
PAGESJAUNES GRP         PAJUSD EU      -3171655188    1168738032
PAGESJAUNES GRP         PAJ NQ         -3171655188    1168738032
PAGESJAUNES GRP         PAJ QM         -3171655188    1168738032
PAGESJAUNES GRP         PGJUF US       -3171655188    1168738032
PAGESJAUNES GRP         QS3 GR         -3171655188    1168738032
PAGESJAUNES GRP         PAJ FP         -3171655188    1168738032
PAGESJAUNES GRP         PAJ VX         -3171655188    1168738032
PAGESJAUNES GRP         PAJUSD EO      -3171655188    1168738032
PAGESJAUNES GRP         PAJ IX         -3171655188    1168738032
PAGESJAUNES GRP         PAJ EU         -3171655188    1168738032
PAGESJAUNES GRP         PAJ LI         -3171655188    1168738032
PAGESJAUNES GRP         PAJ GK         -3171655188    1168738032
PAGESJAUNES GRP         PAJ EO         -3171655188    1168738032
PAGESJAUNES GRP         PAJGBX EU      -3171655188    1168738032
PAGESJAUNES GRP         PAJGBP EO      -3171655188    1168738032
PAGESJAUNES GRP         PAJGBX EO      -3171655188    1168738032
PAGESJAUNES GRP         QS3 TH         -3171655188    1168738032
PAGESJAUNES GRP         PAJP IX        -3171655188    1168738032
RESEAU FERRE FRA        224063Z FP     -2138499667   66039422175
RHODIA SA               RHA QM        -883734308.8    6075165782
RHODIA SA               RHDAF US      -883734308.8    6075165782
RHODIA SA               2324011Q EU   -883734308.8    6075165782
RHODIA SA               RHA NQ        -883734308.8    6075165782
RHODIA SA               RHAGBX EO     -883734308.8    6075165782
RHODIA SA               RHANR PZ      -883734308.8    6075165782
RHODIA SA               RHAUSD EU     -883734308.8    6075165782
RHODIA SA               RHA EB        -883734308.8    6075165782
RHODIA SA               RHA TQ        -883734308.8    6075165782
RHODIA SA               RHD GR        -883734308.8    6075165782
RHODIA SA               RHADF US      -883734308.8    6075165782
RHODIA SA               RHAGBP EO     -883734308.8    6075165782
RHODIA SA               3218857Q IX   -883734308.8    6075165782
RHODIA SA               2324015Q EO   -883734308.8    6075165782
RHODIA SA               RHA VX        -883734308.8    6075165782
RHODIA SA               RHAGBX EU     -883734308.8    6075165782
RHODIA SA               RHA EU        -883734308.8    6075165782
RHODIA SA               RHA GK        -883734308.8    6075165782
RHODIA SA               RHDI TH       -883734308.8    6075165782
RHODIA SA               RHAY IX       -883734308.8    6075165782
RHODIA SA               RHA BQ        -883734308.8    6075165782
RHODIA SA               RHAUSD EO     -883734308.8    6075165782
RHODIA SA               RHA FP        -883734308.8    6075165782
RHODIA SA               RHA EO        -883734308.8    6075165782
RHODIA SA               RHDI GR       -883734308.8    6075165782
RHODIA SA               RHA IX        -883734308.8    6075165782
RHODIA SA               RHA PZ        -883734308.8    6075165782
RHODIA SA - NEW         RHANV FP      -883734308.8    6075165782
RHODIA SA - NEW         2335921Q FP   -883734308.8    6075165782
RHODIA SA - NEW         3156011Q FP   -883734308.8    6075165782
RHODIA SA - NEW         3506266Q FP   -883734308.8    6075165782
RHODIA SA-ADR           RHAYY US      -883734308.8    6075165782
RHODIA SA-NON RE        RHANR FP      -883734308.8    6075165782
RHODIA SA-RIGHTS        653447Q FP    -883734308.8    6075165782
RHODIA SA-RIGHTS        RHADS FP      -883734308.8    6075165782
RODIGUEZ GROUP          RGX GR        -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD EU        -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD BQ        -71997955.94   457127473.1
RODRIGUEZ GROUP         RRGZF US      -71997955.94   457127473.1
RODRIGUEZ GROUP         RDGP IX       -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD TQ        -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD EO        -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD FP        -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD PZ        -71997955.94   457127473.1
SDR CENTREST            117241Q FP    -132420119.6   252176017.2
SOBIESKI                BVD PW        -240506200.5    1000204586
TROUVAY CAUVIN          ETEC FP       -396977.9956   133986439.7
TROUVAY CAUVIN          TVYCF US      -396977.9956   133986439.7

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

GERMANY
-------
AGOR AG                 DOO GR        -482446.6262   144432986.2
AGOR AG                 NDAGF US      -482446.6262   144432986.2
AGOR AG                 DOOG IX       -482446.6262   144432986.2
AGOR AG                 DOOD PZ       -482446.6262   144432986.2
AGOR AG                 DOO EU        -482446.6262   144432986.2
AGOR AG                 DOO EO        -482446.6262   144432986.2
AGOR AG-RTS             2301918Z GR   -482446.6262   144432986.2
ALNO AG                 ANO GR        -101940692.7   236502063.1
ALNO AG                 ALNO IX       -101940692.7   236502063.1
ALNO AG                 ANO PZ        -101940692.7   236502063.1
ALNO AG                 ANO EU        -101940692.7   236502063.1
ALNO AG                 ANO EO        -101940692.7   236502063.1
ALNO AG-NEW             ANO1 GR       -101940692.7   236502063.1
ALNO AG-RTS             2259765Z GR   -101940692.7   236502063.1
BROKAT AG               BROFQ US      -27139391.98   143536859.7
BROKAT AG               BRKAF 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          COBG PZ       -42994732.85   904723627.8
CBB HOLDING AG          COB GR        -42994732.85   904723627.8
CBB HOLDING AG          COBG IX       -42994732.85   904723627.8
CBB HOLDING AG          CUBDF US      -42994732.85   904723627.8
CBB HOLDING AG          COB2 EU       -42994732.85   904723627.8
CBB HOLDING AG          COB2 EO       -42994732.85   904723627.8
CBB HOLDING-NEW         COB1 GR       -42994732.85   904723627.8
CBB HOLDING-NEW         COB3 GR       -42994732.85   904723627.8
CBB HOLD-NEW 97         COB2 GR       -42994732.85   904723627.8
CINEMAXX AG             MXCUSD EU     -14445849.72   194465786.9
CINEMAXX AG             MXC PZ        -14445849.72   194465786.9
CINEMAXX AG             MXC GR        -14445849.72   194465786.9
CINEMAXX AG             CNEMF US      -14445849.72   194465786.9
CINEMAXX AG             MXC EO        -14445849.72   194465786.9
CINEMAXX AG             MXC TH        -14445849.72   194465786.9
CINEMAXX AG             MXCG IX       -14445849.72   194465786.9
CINEMAXX AG             MXCUSD EO     -14445849.72   194465786.9
CINEMAXX AG             MXC EU        -14445849.72   194465786.9
CINEMAXX AG-RTS         MXC8 GR       -14445849.72   194465786.9
COGNIS GMBH             575202Z GR     -1092037449    3081208210
COGNIS HOLDING G        635952Z GR     -1587896974    2850475613
DORT ACTIEN-BRAU        944167Q GR    -12689156.29   117537053.7
DORT ACTIEN-RTS         DAB8 GR       -12689156.29   117537053.7
EDOB ABWICKLUNGS        ESC GR        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC TH        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC EU        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC PZ        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC TQ        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESCDF US      -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC EO        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC BQ        -22323463.23   425598807.8
EM.TV & MERCHAND        ETVMF US      -22067409.41   849175624.7
EM.TV & MERCHAND        ETV LN        -22067409.41   849175624.7
EM.TV & MERCHAND        985403Q GR    -22067409.41   849175624.7
EM.TV & MERCHAND        ETV VX        -22067409.41   849175624.7
EM.TV & MERCHAND        EMTVF US      -22067409.41   849175624.7
EM.TV & MERCHAND        ETV NM        -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 NM       -22067409.41   849175624.7
EM.TV & MERC-RTS        ETV8 GR       -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           835345Q GR    -22323463.23   425598807.8
ESCADA AG-NEW           ESCD 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-NEW           ESCC GR       -22323463.23   425598807.8
ESCADA AG-NEW           3069367Q GR   -22323463.23   425598807.8
ESCADA AG-RTS           ESCE GR       -22323463.23   425598807.8
ESCADA AG-SP ADR        ESCDY US      -22323463.23   425598807.8
KABEL DEUTSCHLAN        KD8 TH         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8GBP EO      -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 EB         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 EU         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 GR         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 NR         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 BQ         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8USD EU      -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 EO         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 IX         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8USD EO      -2169306511    3201326467
KAUFRING AG             KFR PZ        -19296489.56   150995473.8
KAUFRING AG             KFR EU        -19296489.56   150995473.8
KAUFRING AG             KFR EO        -19296489.56   150995473.8
KAUFRING AG             KFR GR        -19296489.56   150995473.8
KAUFRING AG             KAUG IX       -19296489.56   150995473.8
LLOYD FONDS AG          L1O TH         -1314098.03   141766952.6
LLOYD FONDS AG          L1O GR         -1314098.03   141766952.6
LLOYD FONDS AG          L1O PZ         -1314098.03   141766952.6
LLOYD FONDS AG          LLOG IX        -1314098.03   141766952.6
LLOYD FONDS AG          L1O EO         -1314098.03   141766952.6
LLOYD FONDS AG          L1O EU         -1314098.03   141766952.6
LLOYD FONDS AG          L10 BQ         -1314098.03   141766952.6
LLOYD FONDS AG          L1O TQ         -1314098.03   141766952.6
MANIA TECHNOLOGI        MNI GR         -35060806.5   107465713.6
MANIA TECHNOLOGI        MNI PZ         -35060806.5   107465713.6
MANIA TECHNOLOGI        MNI1 EU        -35060806.5   107465713.6
MANIA TECHNOLOGI        MIAVF US       -35060806.5   107465713.6
MANIA TECHNOLOGI        MNI NM         -35060806.5   107465713.6
MANIA TECHNOLOGI        MNIG IX        -35060806.5   107465713.6
MANIA TECHNOLOGI        MNI1 EO        -35060806.5   107465713.6
MANIA TECHNOLOGI        2260970Z GR    -35060806.5   107465713.6
MATERNUS KLINI-N        MAK1 GR       -16232020.37     171958727
MATERNUS-KLINIKE        MNUKF US      -16232020.37     171958727
MATERNUS-KLINIKE        MAK EO        -16232020.37     171958727
MATERNUS-KLINIKE        MAK GR        -16232020.37     171958727
MATERNUS-KLINIKE        MAK PZ        -16232020.37     171958727
MATERNUS-KLINIKE        MAKG IX       -16232020.37     171958727
MATERNUS-KLINIKE        MAK EU        -16232020.37     171958727
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 EU        -18656728.68   610380925.7
PRIMACOM AG             PRCG PZ       -18656728.68   610380925.7
PRIMACOM AG             PRC TH        -18656728.68   610380925.7
PRIMACOM AG             PRC2 GR       -18656728.68   610380925.7
PRIMACOM AG             PRC GR        -18656728.68   610380925.7
PRIMACOM AG             PCAGF US      -18656728.68   610380925.7
PRIMACOM AG             PRCG IX       -18656728.68   610380925.7
PRIMACOM AG             PRC EO        -18656728.68   610380925.7
PRIMACOM AG             PRC NM        -18656728.68   610380925.7
PRIMACOM AG-ADR         PCAG US       -18656728.68   610380925.7
PRIMACOM AG-ADR         PCAGY US      -18656728.68   610380925.7
PRIMACOM AG-ADR+        PCAG ES       -18656728.68   610380925.7
RAG ABWICKL-REG         ROS1 EO       -1744121.914   217776125.8
RAG ABWICKL-REG         ROS GR        -1744121.914   217776125.8
RAG ABWICKL-REG         ROSG PZ       -1744121.914   217776125.8
RAG ABWICKL-REG         RSTHF US      -1744121.914   217776125.8
RAG ABWICKL-REG         ROS1 EU       -1744121.914   217776125.8
RINOL AG                RILB PZ            -2.7111   168095049.1
RINOL AG                RILB IX            -2.7111   168095049.1
RINOL AG                RIL GR             -2.7111   168095049.1
RINOL AG                RNLAF US           -2.7111   168095049.1
RINOL AG                RILB EU            -2.7111   168095049.1
RINOL AG                RILB GR            -2.7111   168095049.1
RINOL AG                RILB EO            -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   127546738.8
SANDER (JIL) AG         JLSDF US      -6153256.917   127546738.8
SANDER (JIL)-PRF        2916157Q EU   -6153256.917   127546738.8
SANDER (JIL)-PRF        2916161Q EO   -6153256.917   127546738.8
SANDER (JIL)-PRF        SAD3 GR       -6153256.917   127546738.8
SANDER (JIL)-PRF        SAD3 PZ       -6153256.917   127546738.8
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
SPRINGER SCIENCE        648808Z GR    -610692611.7    3462165070
STROER OUT-OF-HO        SAX EO        -62153916.21    1072778885
STROER OUT-OF-HO        SAX GR        -62153916.21    1072778885
TA TRIUMPH-ACQ          TWNA GR       -124667889.5   375247226.8
TA TRIUMPH-ACQ          TWNA EU       -124667889.5   375247226.8
TA TRIUMPH-ADLER        TWN EO        -124667889.5   375247226.8
TA TRIUMPH-ADLER        TTZAF US      -124667889.5   375247226.8
TA TRIUMPH-ADLER        TWN PZ        -124667889.5   375247226.8
TA TRIUMPH-ADLER        TWNG IX       -124667889.5   375247226.8
TA TRIUMPH-ADLER        TWN EU        -124667889.5   375247226.8
TA TRIUMPH-ADLER        TWN GR        -124667889.5   375247226.8
TA TRIUMPH-A-RTS        1018916Z GR   -124667889.5   375247226.8
TA TRIUMPH-NEW          TWN1 GR       -124667889.5   375247226.8
TA TRIUMPH-RT           TWN8 GR       -124667889.5   375247226.8
TA TRIUMPH-RTS          3158577Q GR   -124667889.5   375247226.8
TOM TAILOR HOLD         TTI GR        -97711555.56     358434780
TOM TAILOR HOLD         TTI TH        -97711555.56     358434780
TOM TAILOR HOLD         TTI EU        -97711555.56     358434780
TOM TAILOR HOLD         TTI EO        -97711555.56     358434780
VIVANCO GRUPPE          VVA1 GR       -22198683.12   111990951.4
VIVANCO GRUPPE          VVA1 EO       -22198683.12   111990951.4
VIVANCO GRUPPE          VVA GR        -22198683.12   111990951.4
VIVANCO GRUPPE          VVAG IX       -22198683.12   111990951.4
VIVANCO GRUPPE          VIVGF US      -22198683.12   111990951.4
VIVANCO GRUPPE          VVA1 PZ       -22198683.12   111990951.4
VIVANCO GRUPPE          VVA1 EU       -22198683.12   111990951.4

GREECE
------
AG PETZETAKIS SA        PETZK PZ      -53415175.25     227965558
AG PETZETAKIS SA        PETZK GA      -53415175.25     227965558
AG PETZETAKIS SA        PZETF US      -53415175.25     227965558
AG PETZETAKIS SA        PETZK EU      -53415175.25     227965558
AG PETZETAKIS SA        PTZ1 GR       -53415175.25     227965558
AG PETZETAKIS SA        PTZ GR        -53415175.25     227965558
AG PETZETAKIS SA        PETZK EO      -53415175.25     227965558
ALTEC SA -AUCT          ALTECE GA     -48733007.42   131910486.6
ALTEC SA INFO           ALTEC PZ      -48733007.42   131910486.6
ALTEC SA INFO           ATCQF US      -48733007.42   131910486.6
ALTEC SA INFO           AXY GR        -48733007.42   131910486.6
ALTEC SA INFO           ALTEC GA      -48733007.42   131910486.6
ALTEC SA INFO           ALTEC EO      -48733007.42   131910486.6
ALTEC SA INFO           ALTEC EU      -48733007.42   131910486.6
ALTEC SA INFO-RT        ALTECR GA     -48733007.42   131910486.6
ALTEC SA INFO-RT        ALTED GA      -48733007.42   131910486.6
ASPIS PRONIA GE         ASASK PZ      -189908329.1   896537349.7
ASPIS PRONIA GE         ASASK EO      -189908329.1   896537349.7
ASPIS PRONIA GE         ASASK GA      -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        APG GR        -189908329.1   896537349.7
ASPIS PRONOIA GE        APGG IX       -189908329.1   896537349.7
ASPIS PRON-PF RT        ASASPR GA     -189908329.1   896537349.7
EMPEDOS SA              EMPED GA      -33637669.62   174742646.9
EMPEDOS SA-RTS          EMPEDR GA     -33637669.62   174742646.9
KOUMBAS INSUR-RT        KOUMD GA       -62534014.1   194685439.4
KOUMBAS RTS             KOUMR GA       -62534014.1   194685439.4
KOUMBAS SYNERGY         KOUM EO        -62534014.1   194685439.4
KOUMBAS SYNERGY         KOUM PZ        -62534014.1   194685439.4
KOUMBAS SYNERGY         KOUM GA        -62534014.1   194685439.4
KOUMBAS SYNERGY         KOUMF US       -62534014.1   194685439.4
KOUMBAS SYNERGY         KOUM EU        -62534014.1   194685439.4
NAOUSSA SPIN -RT        NAOYD GA      -163114853.6   286539436.9
NAOUSSA SPIN-AUC        NAOYKE GA     -163114853.6   286539436.9
NAOUSSA SPINNING        NML1 GR       -163114853.6   286539436.9
NAOUSSA SPINNING        NML GR        -163114853.6   286539436.9
NAOUSSA SPIN-RTS        NAOYKR GA     -163114853.6   286539436.9
OASA ATHENS URBA        3485398Z GA    -1170161374    2292452052
PETZET - PFD-RTS        PETZPD GA     -53415175.25     227965558
PETZETAKIS - RTS        PETZKD GA     -53415175.25     227965558
PETZETAKIS-AUC          PETZKE GA     -53415175.25     227965558
PETZETAKIS-PFD          PETZP GA      -53415175.25     227965558
PETZETAKIS-PFD          PTZ3 GR       -53415175.25     227965558
RADIO KORASSIDIS        RAKOF US      -100972173.9   244951680.3
RADIO KORASSIDIS        KORA GA       -100972173.9   244951680.3
RADIO KORASSIDIS        RKC GR        -100972173.9   244951680.3
RADIO KORASSI-RT        KORAD GA      -100972173.9   244951680.3
RADIO KORASS-RTS        KORAR GA      -100972173.9   244951680.3
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       -163114853.6   286539436.9
UNITED TEXTILES         UTEX GA       -163114853.6   286539436.9
UNITED TEXTILES         NAOSF US      -163114853.6   286539436.9
UNITED TEXTILES         NAOYK GA      -163114853.6   286539436.9
UNITED TEXTILES         UTEX EO       -163114853.6   286539436.9
UNITED TEXTILES         UTEX PZ       -163114853.6   286539436.9

HUNGARY
-------
HUNGARIAN TELEPH        HUGC IX          -73724000     827192000
HUNGARIAN TELEPH        HUC GR           -73724000     827192000
HUNGARIAN TELEPH        HUC EX           -73724000     827192000
INVITEL HOLD-ADR        IHO US           -73724000     827192000
INVITEL HOLD-ADR        INVHY US         -73724000     827192000
INVITEL HOLD-ADR        0IN GR           -73724000     827192000
INVITEL HOLDINGS        3212873Z HB      -73724000     827192000
MALEV LTD               MALEV HB       -75737819.4   251668964.4

IRELAND
-------
BOUNDARY CAPITAL        BCP1 EO       -10192301.85   119787800.5
BOUNDARY CAPITAL        BCP1 PZ       -10192301.85   119787800.5
BOUNDARY CAPITAL        BCP1 PG       -10192301.85   119787800.5
BOUNDARY CAPITAL        BCP IX        -10192301.85   119787800.5
BOUNDARY CAPITAL        BCP ID        -10192301.85   119787800.5
BOUNDARY CAPITAL        BCP1 EU       -10192301.85   119787800.5
BOUNDARY CAPITAL        BCM GR        -10192301.85   119787800.5
BOUNDARY CAPITAL        BCPI IX       -10192301.85   119787800.5
BOUNDARY CAPITAL        BCP LN        -10192301.85   119787800.5
IBERBOND 2004 PL        3485334Z ID   -774220.0848   539890478.9
JAMES HARDIE IND        HAH AU          -117900000    2178800128
JAMES HARDIE IND        HAH NZ          -117900000    2178800128
JAMES HARDIE IND        600241Q GR      -117900000    2178800128
JAMES HARDIE IND        726824Z NA      -117900000    2178800128
JAMES HARDIE NV         JHXCC AU        -117900000    2178800128
JAMES HARDIE-ADR        JHINY US        -117900000    2178800128
JAMES HARDIE-ADR        JHX US          -117900000    2178800128
JAMES HARDIE-CDI        JHIUF US        -117900000    2178800128
JAMES HARDIE-CDI        JHA TH          -117900000    2178800128
JAMES HARDIE-CDI        JHX AU          -117900000    2178800128
JAMES HARDIE-CDI        JHA GR          -117900000    2178800128
MCINERNEY HLDGS         MCI EU        -132691148.8   374303706.5
MCINERNEY HLDGS         MK9C PZ       -132691148.8   374303706.5
MCINERNEY HLDGS         MCIGBX EO     -132691148.8   374303706.5
MCINERNEY HLDGS         MCI IX        -132691148.8   374303706.5
MCINERNEY HLDGS         MK9 GR        -132691148.8   374303706.5
MCINERNEY HLDGS         MCIGBX EU     -132691148.8   374303706.5
MCINERNEY HLDGS         MCII IX       -132691148.8   374303706.5
MCINERNEY HLDGS         MCI PO        -132691148.8   374303706.5
MCINERNEY HLDGS         MNEYF US      -132691148.8   374303706.5
MCINERNEY HLDGS         MCI ID        -132691148.8   374303706.5
MCINERNEY HLDGS         MCI LN        -132691148.8   374303706.5
MCINERNEY HLDGS         MCI VX        -132691148.8   374303706.5
MCINERNEY HLDGS         MK9 PO        -132691148.8   374303706.5
MCINERNEY HLDGS         MCI EO        -132691148.8   374303706.5
MCINERNEY HLDGS         MCIGBP EO     -132691148.8   374303706.5
MCINERNEY PROP-A        MYP LN        -132691148.8   374303706.5
MCINERNEY PROP-A        MCIYF US      -132691148.8   374303706.5
MCINERNEY PROP-A        MYP ID        -132691148.8   374303706.5
MCINERNEY -RT FP        MCIF ID       -132691148.8   374303706.5
MCINERNEY -RT FP        MCIF LN       -132691148.8   374303706.5
MCINERNEY -RT NP        MCIN LN       -132691148.8   374303706.5
MCINERNEY -RT NP        MCIN ID       -132691148.8   374303706.5
MCINERNEY-ADR           MNEYY US      -132691148.8   374303706.5
PAYZONE PLC             PAYZ EU       -138030903.2   510010035.3
PAYZONE PLC             PAYZ PG       -138030903.2   510010035.3
PAYZONE PLC             PAYZ LN       -138030903.2   510010035.3
PAYZONE PLC             PAYZ EO       -138030903.2   510010035.3
PAYZONE PLC             4P6 GR        -138030903.2   510010035.3
PAYZONE PLC             PAYZ IX       -138030903.2   510010035.3
PAYZONE PLC             PAYZ PZ       -138030903.2   510010035.3
WATERFORD - RTS         508519Q LN    -505729895.2     820803256
WATERFORD - RTS         WWWA ID       -505729895.2     820803256
WATERFORD - RTS         508523Q LN    -505729895.2     820803256
WATERFORD - RTS         WWWB ID       -505729895.2     820803256
WATERFORD - RTS         WWWB GR       -505729895.2     820803256
WATERFORD - RTS         WWWA GR       -505729895.2     820803256
WATERFORD W-ADR         WATWY US      -505729895.2     820803256
WATERFORD WDGEWD        WATWF US      -505729895.2     820803256
WATERFORD WDGEWD        WATFF US      -505729895.2     820803256
WATERFORD WED-RT        WWWC GR       -505729895.2     820803256
WATERFORD WED-RT        WWWD ID       -505729895.2     820803256
WATERFORD WED-RT        586552Q LN    -505729895.2     820803256
WATERFORD WED-RT        WTFR LN       -505729895.2     820803256
WATERFORD WED-RT        586556Q LN    -505729895.2     820803256
WATERFORD WED-RT        WWWC ID       -505729895.2     820803256
WATERFORD WED-RT        WWWD GR       -505729895.2     820803256
WATERFORD WED-UT        WTFU PO       -505729895.2     820803256
WATERFORD WED-UT        WWW PO        -505729895.2     820803256
WATERFORD WED-UT        WTFUGBX EO    -505729895.2     820803256
WATERFORD WED-UT        WTFU LN       -505729895.2     820803256
WATERFORD WED-UT        WTFU EU       -505729895.2     820803256
WATERFORD WED-UT        WTFU IX       -505729895.2     820803256
WATERFORD WED-UT        WTFU VX       -505729895.2     820803256
WATERFORD WED-UT        WWWD PZ       -505729895.2     820803256
WATERFORD WED-UT        WWW GR        -505729895.2     820803256
WATERFORD WED-UT        WTFUGBX EU    -505729895.2     820803256
WATERFORD WED-UT        WTFU EO       -505729895.2     820803256
WATERFORD WED-UT        WTFU ID       -505729895.2     820803256
WATERFORD WE-RTS        WTFN LN       -505729895.2     820803256
WATERFORD WE-RTS        WTFF ID       -505729895.2     820803256
WATERFORD WE-RTS        WTFN ID       -505729895.2     820803256
WATERFORD WE-RTS        WTFN VX       -505729895.2     820803256
WATERFORD WE-RTS        WTFF LN       -505729895.2     820803256
WATERFORD-ADR UT        WATFZ US      -505729895.2     820803256
WATERFORD-ADR UT        WFWA GR       -505729895.2     820803256
WATERFORD-SUB           3001875Z ID   -505729895.2     820803256

ICELAND
-------
AVION GROUP             B1Q GR          -223780352    2277882368
EIMSKIPAFELAG HF        HFEIM EO        -223780352    2277882368
EIMSKIPAFELAG HF        HFEIM IR        -223780352    2277882368
EIMSKIPAFELAG HF        HFEIMEUR EU     -223780352    2277882368
EIMSKIPAFELAG HF        HFEIM EU        -223780352    2277882368
EIMSKIPAFELAG HF        HFEIMEUR EO     -223780352    2277882368
EIMSKIPAFELAG HF        HFEIM PZ        -223780352    2277882368
EIMSKIPAFELAG HF        AVION IR        -223780352    2277882368

ITALY
-----
AEDES AXA+W             AEAXAW IM     -24405906.61    1350851664
AEDES SPA               LLB GR        -24405906.61    1350851664
AEDES SPA               AE PZ         -24405906.61    1350851664
AEDES SPA               AE IM         -24405906.61    1350851664
AEDES SPA               AEDSF US      -24405906.61    1350851664
AEDES SPA               AEDI IX       -24405906.61    1350851664
AEDES SPA               AE EO         -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           AESA IM       -24405906.61    1350851664
AEDES SPA-RTS           AEAA 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
BIOERA                  BIE1 PZ       -6731364.698   131141946.1
BIOERA                  BIE EU        -6731364.698   131141946.1
BIOERA                  BIE1 IX       -6731364.698   131141946.1
BIOERA                  B2A GR        -6731364.698   131141946.1
BIOERA                  BIE IM        -6731364.698   131141946.1
BIOERA                  BIE EO        -6731364.698   131141946.1
CART SOTTRI-BIND        DEM IM        -11146475.29   128859802.9
CIRIO FINANZIARI        CRO IM        -422095869.5    1583083044
CIRIO FINANZIARI        FIY GR        -422095869.5    1583083044
COIN SPA                GC IX         -154057608.3   800526929.5
COIN SPA                GUCIF US      -154057608.3   800526929.5
COIN SPA                965089Q GR    -154057608.3   800526929.5
COIN SPA/OLD            GC IM         -154057608.3   800526929.5
COIN SPA-RTS            GCAA IM       -154057608.3   800526929.5
COMPAGNIA ITALIA        CITU IX       -137726596.3   527372691.4
COMPAGNIA ITALIA        CGLUF US      -137726596.3   527372691.4
COMPAGNIA ITALIA        ICT IM        -137726596.3   527372691.4
CREDITO FONDIARI        CRF IM        -200209050.3    4213063202
CREDITO FOND-RTS        CRFSA IM      -200209050.3    4213063202
EUROFLY SPA             EEZ IX        -4509742.055     181807336
EUROFLY SPA -RTS        EEZAXA IM     -4509742.055     181807336
EUROFLY SPA-RTS         EURAXA IM     -4509742.055     181807336
I VIAGGI DEL VEN        VVE PZ        -194331003.9     255327730
I VIAGGI DEL VEN        VVE IX        -194331003.9     255327730
I VIAGGI DEL VEN        VVE IM        -194331003.9     255327730
I VIAGGI DEL VEN        VVE EO        -194331003.9     255327730
I VIAGGI DEL VEN        IVGIF US      -194331003.9     255327730
I VIAGGI DEL VEN        IV7 GR        -194331003.9     255327730
I VIAGGI DEL VEN        VVE EU        -194331003.9     255327730
I VIAGGI DEL VEN        VVE TQ        -194331003.9     255327730
I VIAGGI-RTS            VVEAA IM      -194331003.9     255327730
MERIDIANA FLY           E7N GR        -4509742.055     181807336
MERIDIANA FLY           EEZ TQ        -4509742.055     181807336
MERIDIANA FLY           EEZ PZ        -4509742.055     181807336
MERIDIANA FLY           EFLYF US      -4509742.055     181807336
MERIDIANA FLY           EEZ IM        -4509742.055     181807336
MERIDIANA FLY           MEF IM        -4509742.055     181807336
MERIDIANA FLY           EEZ EO        -4509742.055     181807336
MERIDIANA FLY           EEZ EU        -4509742.055     181807336
MERIDIANA FLY SP        MEFAXA IM     -4509742.055     181807336
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        ONTI IX       -3191558.267   123347206.3
OMNIA NETWORK SP        ONT EU        -3191558.267   123347206.3
OMNIA NETWORK SP        ONT IM        -3191558.267   123347206.3
OMNIA NETWORK SP        ONT PZ        -3191558.267   123347206.3
OMNIA NETWORK SP        ONT EO        -3191558.267   123347206.3
OMNIA NETWORK SP        ONT TQ        -3191558.267   123347206.3
PARMALAT FINANZI        PMT LI        -18419390029    4120687886
PARMALAT FINANZI        PRF IM        -18419390029    4120687886
PARMALAT FINANZI        PARAF US      -18419390029    4120687886
PARMALAT FINANZI        PMLFF US      -18419390029    4120687886
PARMALAT FINANZI        PAF GR        -18419390029    4120687886
PARMALAT FINANZI        FICN AV       -18419390029    4120687886
PARMALAT FINANZI        PRFI VX       -18419390029    4120687886
PARMALAT FINA-RT        PRFR AV       -18419390029    4120687886
RISANAMEN-RNC OP        RNROPA IM      -51818228.1    3959683341
RISANAMENTO NAPO        RN5 GR         -51818228.1    3959683341
RISANAMENTO -OPA        RNOPA IM       -51818228.1    3959683341
RISANAMENTO -RNC        RNR IM         -51818228.1    3959683341
RISANAMENTO SPA         RN IX          -51818228.1    3959683341
RISANAMENTO SPA         RNGBP EO       -51818228.1    3959683341
RISANAMENTO SPA         RN IM          -51818228.1    3959683341
RISANAMENTO SPA         RN TQ          -51818228.1    3959683341
RISANAMENTO SPA         RN EU          -51818228.1    3959683341
RISANAMENTO SPA         RSMNF US       -51818228.1    3959683341
RISANAMENTO SPA         RN PZ          -51818228.1    3959683341
RISANAMENTO SPA         RN EO          -51818228.1    3959683341
RISANAMENTO SPA         RNGBX EO       -51818228.1    3959683341
RISANAMENTO SPA         RNGBX EU       -51818228.1    3959683341
RISANAMENTO-RTS         RNAA IM        -51818228.1    3959683341
SNIA BPD                SN GR         -141933883.9   150445252.4
SNIA BPD-ADR            SBPDY US      -141933883.9   150445252.4
SNIA SPA                SNIA GR       -141933883.9   150445252.4
SNIA SPA                SN EU         -141933883.9   150445252.4
SNIA SPA                SNIB GR       -141933883.9   150445252.4
SNIA SPA                SIAI PZ       -141933883.9   150445252.4
SNIA SPA                SBPDF US      -141933883.9   150445252.4
SNIA SPA                SIAI IX       -141933883.9   150445252.4
SNIA SPA                SN TQ         -141933883.9   150445252.4
SNIA SPA                SSMLF US      -141933883.9   150445252.4
SNIA SPA                SN IM         -141933883.9   150445252.4
SNIA SPA                SNIXF US      -141933883.9   150445252.4
SNIA SPA                SN EO         -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            SNSO IM       -141933883.9   150445252.4
SNIA SPA-RTS            SNAA IM       -141933883.9   150445252.4
SOCOTHERM SPA           SCTI PZ       -161739278.5   398222827.1
SOCOTHERM SPA           SOCEF US      -161739278.5   398222827.1
SOCOTHERM SPA           SCT EU        -161739278.5   398222827.1
SOCOTHERM SPA           SCTM IX       -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
TAS TECNOLOGIA          TAS IM        -4091557.635     172374242
TAS TECNOLOGIA          TAS PZ        -4091557.635     172374242
TAS TECNOLOGIA          TAQ GR        -4091557.635     172374242
TAS TECNOLOGIA          TAS EU        -4091557.635     172374242
TAS TECNOLOGIA          TAS TQ        -4091557.635     172374242
TAS TECNOLOGIA          TAS EO        -4091557.635     172374242
TAS TECNOLOGIA          TAS NM        -4091557.635     172374242
TECNODIFF ITALIA        TDI NM        -89894162.82   152045757.5
TECNODIFF ITALIA        TDIFF US      -89894162.82   152045757.5
TECNODIFF ITALIA        TEF GR        -89894162.82   152045757.5
TECNODIFF ITALIA        TDI IM        -89894162.82   152045757.5
TECNODIFF-RTS           TDIAOW NM     -89894162.82   152045757.5
TECNODIFFUSIONE         TDIAAW IM     -89894162.82   152045757.5
TISCALI - RTS           TIQA GR       -91679652.81   569172229.5
TISCALI - RTS           TISAAW IM     -91679652.81   569172229.5
TISCALI SPA             TISGBX EO     -91679652.81   569172229.5
TISCALI SPA             TIS IM        -91679652.81   569172229.5
TISCALI SPA             TIS NQ        -91679652.81   569172229.5
TISCALI SPA             TISN VX       -91679652.81   569172229.5
TISCALI SPA             TISN IM       -91679652.81   569172229.5
TISCALI SPA             TIS TQ        -91679652.81   569172229.5
TISCALI SPA             TSCXF US      -91679652.81   569172229.5
TISCALI SPA             TISN NA       -91679652.81   569172229.5
TISCALI SPA             TIQ1 GR       -91679652.81   569172229.5
TISCALI SPA             TISGBX EU     -91679652.81   569172229.5
TISCALI SPA             TIS NR        -91679652.81   569172229.5
TISCALI SPA             TIS EO        -91679652.81   569172229.5
TISCALI SPA             TIS EB        -91679652.81   569172229.5
TISCALI SPA             TIS NA        -91679652.81   569172229.5
TISCALI SPA             TIS FP        -91679652.81   569172229.5
TISCALI SPA             TISN IX       -91679652.81   569172229.5
TISCALI SPA             TIS EU        -91679652.81   569172229.5
TISCALI SPA             TISGBP EO     -91679652.81   569172229.5
TISCALI SPA             TIS PZ        -91679652.81   569172229.5
TISCALI SPA             TIS VX        -91679652.81   569172229.5
TISCALI SPA             TIQG IX       -91679652.81   569172229.5
TISCALI SPA             TISN FP       -91679652.81   569172229.5
TISCALI SPA             TIS IX        -91679652.81   569172229.5
TISCALI SPA             TIQ GR        -91679652.81   569172229.5
TISCALI SPA- RTS        TISAXA IM     -91679652.81   569172229.5
TISCALI SPA- RTS        3391621Q GR   -91679652.81   569172229.5

LUXEMBOURG
----------
CARRIER1 INT-AD+        CONE ES          -94729000     472360992
CARRIER1 INT-ADR        CONEQ US         -94729000     472360992
CARRIER1 INT-ADR        CONE US          -94729000     472360992
CARRIER1 INT-ADR        CONEE US         -94729000     472360992
CARRIER1 INTL           CJN GR           -94729000     472360992
CARRIER1 INTL           CJN NM           -94729000     472360992
CARRIER1 INTL           CJNA GR          -94729000     472360992
CARRIER1 INTL SA        CONEF US         -94729000     472360992
CARRIER1 INTL SA        1253Z SW         -94729000     472360992
INTELSAT                ILMA GR         -325921984   17266143232
INTELSAT SA             2237Z US        -325921984   17266143232

NETHERLANDS
-----------
BAAN CO NV-ASSEN        BAANA NA      -7854741.409   609871188.9
BAAN COMPANY NV         BAAN IX       -7854741.409   609871188.9
BAAN COMPANY NV         BAAN EO       -7854741.409   609871188.9
BAAN COMPANY NV         BAAN PZ       -7854741.409   609871188.9
BAAN COMPANY NV         BAAVF US      -7854741.409   609871188.9
BAAN COMPANY NV         BNCG IX       -7854741.409   609871188.9
BAAN COMPANY NV         BAAN NA       -7854741.409   609871188.9
BAAN COMPANY NV         BAAN EU       -7854741.409   609871188.9
BAAN COMPANY NV         BAAN GR       -7854741.409   609871188.9
BAAN COMPANY-NY         BAANF US      -7854741.409   609871188.9
CEVA GROUP PLC          976811Z NA    -310987042.7    5613530996
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 LI         -5505478850    5112616630
UNITED PAN-EUR-A        UPC LN         -5505478850    5112616630
UNITED PAN-EUROP        UPE GR         -5505478850    5112616630
UNITED PAN-EUROP        UPCEF US       -5505478850    5112616630
UNITED PAN-EUROP        UPC VX         -5505478850    5112616630
UNITED PAN-EUROP        UPCOF US       -5505478850    5112616630
UNITED PAN-EUROP        UPE1 GR        -5505478850    5112616630

NORWAY
------
INTEROIL EXPLORA        IOXEUR EO        -48022000     186064000
INTEROIL EXPLORA        INOX NO          -48022000     186064000
INTEROIL EXPLORA        IOXUSD EO        -48022000     186064000
INTEROIL EXPLORA        IROIF US         -48022000     186064000
INTEROIL EXPLORA        IOX NO           -48022000     186064000
INTEROIL EXPLORA        IOX PZ           -48022000     186064000
INTEROIL EXPLORA        IOXUSD EU        -48022000     186064000
INTEROIL EXPLORA        IOX BY           -48022000     186064000
INTEROIL EXPLORA        IOX IX           -48022000     186064000
INTEROIL EXPLORA        IOX EU           -48022000     186064000
INTEROIL EXPLORA        IOX EO           -48022000     186064000
INTEROIL EXPLORA        IOXEUR EU        -48022000     186064000
PETRO GEO-SERV          PGS VX        -18066142.21   399710323.6
PETRO GEO-SERV          PGS GR        -18066142.21   399710323.6
PETRO GEO-SERV          265143Q NO    -18066142.21   399710323.6
PETRO GEO-SERV-N        PGSN NO       -18066142.21   399710323.6
PETRO GEO-SV-ADR        PGSA GR       -18066142.21   399710323.6
PETRO GEO-SV-ADR        PGOGY US      -18066142.21   399710323.6
PETROJACK AS            JACKEUR EU       -54932000     191586000
PETROJACK AS            JACKEUR EO       -54932000     191586000
PETROJACK AS            POJKF US         -54932000     191586000
PETROJACK AS            JACK EU          -54932000     191586000
PETROJACK AS            JACK EO          -54932000     191586000
PETROJACK AS            P3J GR           -54932000     191586000
PETROJACK AS            JACO IX          -54932000     191586000
PETROJACK AS            JACK NO          -54932000     191586000
PETROJACK AS            JACK PZ          -54932000     191586000
PETROJACK AS            JACK BY          -54932000     191586000
RESERVOIR EXPL          RXTEUR EU        -34076000     185510000
RESERVOIR EXPL          RXT EU           -34076000     185510000
RESERVOIR EXPL          RXTB NO          -34076000     185510000
RESERVOIR EXPL          RXAEF US         -34076000     185510000
RESERVOIR EXPL          RXTEUR EO        -34076000     185510000
RESERVOIR EXPL          5RS GR           -34076000     185510000
RESERVOIR EXPL          RXT BY           -34076000     185510000
RESERVOIR EXPL          RXT NO           -34076000     185510000
RESERVOIR EXPL          RXT PZ           -34076000     185510000
RESERVOIR EXPL          RXT IX           -34076000     185510000
RESERVOIR EXPL          RXT EO           -34076000     185510000
RESERVOIR EXPL-A        RXTA NO          -34076000     185510000
RESERVOIR-RTS           RXTUR NO         -34076000     185510000
RESERVOIR-RTS           RXTS NO          -34076000     185510000

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

PORTUGAL
--------
CARRIS FERRO DE         3482366Z PL   -854280773.4   252500907.6
COFINA                  COFI PL       -4067307.986   329785890.1
COFINA                  CFASF US      -4067307.986   329785890.1
COFINA                  COFSI IX      -4067307.986   329785890.1
COFINA SGPS SA          CFN1 PZ       -4067307.986   329785890.1
COFINA SGPS SA          CFNX PX       -4067307.986   329785890.1
COFINA SGPS SA          COFI EO       -4067307.986   329785890.1
COFINA SGPS SA          COFI TQ       -4067307.986   329785890.1
COFINA SGPS SA          CFN PL        -4067307.986   329785890.1
COFINA SGPS SA          COFI EU       -4067307.986   329785890.1
CP - COMBOIOS DE        1005Z PL       -2809601115    1890209624
PARQUE EXPO 98 S        3482350Z PL   -135582031.5   432824747.2
PORCELANA VISTA         PVAL PL       -64841467.39   140647736.3
REFER-REDE FERRO        1250Z PL       -1611845937    2225160725
SOCIEDADE DE TRA        1253Z PL      -382109074.2   119848180.8
SPORTING-SOC DES        SCDF EO       -22452984.49   177676573.7
SPORTING-SOC DES        SCPL IX       -22452984.49   177676573.7
SPORTING-SOC DES        SCG GR        -22452984.49   177676573.7
SPORTING-SOC DES        SCDF EU       -22452984.49   177676573.7
SPORTING-SOC DES        SCDF PL       -22452984.49   177676573.7
SPORTING-SOC DES        SCP PL        -22452984.49   177676573.7
SPORTING-SOC DES        SCP1 PZ       -22452984.49   177676573.7
SPORTING-SOC DES        SCPX PX       -22452984.49   177676573.7
TAP SGPS                TAP PL        -239565845.5    3126533533
VAA VISTA ALEGRE        VAF PL        -64841467.39   140647736.3
VAA VISTA ALEGRE        VAF EO        -64841467.39   140647736.3
VAA VISTA ALEGRE        VAF EU        -64841467.39   140647736.3
VAA VISTA ALEGRE        VAFX PX       -64841467.39   140647736.3
VAA VISTA ALEGRE        VAF PZ        -64841467.39   140647736.3
VAA VISTA AL-RTS        VAAS PL       -64841467.39   140647736.3
VAA VISTA AL-RTS        VAA9S PL      -64841467.39   140647736.3
VAA VISTA ALTAN         VAFKX PX      -64841467.39   140647736.3
VAA VISTA ALTAN         VAFK EU       -64841467.39   140647736.3
VAA VISTA ALTAN         VAFK PL       -64841467.39   140647736.3
VAA VISTA ALTAN         VAFK PZ       -64841467.39   140647736.3
VAA VISTA ALTAN         VAFK EO       -64841467.39   140647736.3

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

RUSSIA
------
ALLIANCE RUSSIAN        ALRT RU       -13189413.03   138268688.3
AMO ZIL                 ZILL RM       -94581153.47   400666384.3
AMO ZIL-CLS             ZILL RU       -94581153.47   400666384.3
AMO ZIL-CLS             ZILL* RU      -94581153.47   400666384.3
AMUR SHIP-BRD           AMZS* RU      -137530791.8   945775662.6
AMUR SHIP-BRD           AMZS RU       -137530791.8   945775662.6
DAGESTAN ENERGY         DASB* RU      -23504511.21     181781762
DAGESTAN ENERGY         DASB RU       -23504511.21     181781762
DAGESTAN ENERGY         DASB RM       -23504511.21     181781762
EAST-SIBERIA-BRD        VSNK RU       -12441674.89   197590852.8
EAST-SIBERIA-BRD        VSNK* RU      -12441674.89   197590852.8
EAST-SIBERIAN-BD        VSNK$ RU      -12441674.89   197590852.8
FINANCIAL LEASIN        FLKO RM       -45555537.68   466377160.5
FINANCIAL LEASIN        137282Z RU    -45555537.68   466377160.5
FINANCIAL LE-BRD        FLKO RU       -45555537.68   466377160.5
FINANCIAL LE-BRD        FLKO* RU      -45555537.68   466377160.5
GAZ-FINANS              GAZF RU       -56134.51262   232319905.4
GLOBEX-FINANS           OSOLC RU       -2727106.54   130285030.8
KOMPANIYA GL-BRD        GMST* RU       -24995189.6    1208685689
KOMPANIYA GL-BRD        GMST RU        -24995189.6    1208685689
KORPORACIJA -BRD        FZTR RU       -43512907.03     252572142
KORPORACIJA FAZO        FZTR$ RU      -43512907.03     252572142
KORPORACIJA-BRD         FZTR* RU      -43512907.03     252572142
MIAN-DEVELOPMENT        MAEQY RU      -695445.1747     424399991
MZ ARSENAL-$BRD         ARSE RU       -10888450.88   200936505.4
MZ ARSENAL-BRD          ARSE$ RU      -10888450.88   200936505.4
MZ ARSENAL-BRD          ARSE* RU      -10888450.88   200936505.4
PARNAS-M                PRSM RU       -138592.4742   127637318.8
RK-GAZSETSERVIS         RKGS RU       -54665229.61   153223493.4
RUSSIAN TEXT-CLS        ALRTG RU      -13189413.03   138268688.3
RUSSIAN TEXT-CLS        ALRT* RU      -13189413.03   138268688.3
SEVKABEL-FINANS         SVKF RU       -83036.46173   102680373.6
SISTEMA HALS            HALS RM         -343701984    1217284096
SISTEMA HALS-BRD        HALS RU         -343701984    1217284096
SISTEMA HALS-BRD        HALS* RU        -343701984    1217284096
SISTEMA HALS-GDR        HALS TQ         -343701984    1217284096
SISTEMA HALS-GDR        HALS IX         -343701984    1217284096
SISTEMA HALS-GDR        SYR GR          -343701984    1217284096
SISTEMA HALS-GDR        HALS LI         -343701984    1217284096
SISTEMA HALS-MSE        HALSM RU        -343701984    1217284096
SISTEMA HALS-T+0        HALSG RU        -343701984    1217284096
SISTEMA-GDR 144A        SEMAL US        -343701984    1217284096
SISTEMA-GDR 144A        86PN LI         -343701984    1217284096
TERNEYLES-BRD           TERL RU       -11828435.57   197558375.8
TERNEYLES-BRD           TERL* RU      -11828435.57   197558375.8
TRANSAERO AIRLIN        TRNS* RU      -21542426.88    1094294837
TRANSAERO AIRLIN        TRNS RU       -21542426.88    1094294837
URGALUGOL-BRD           YRGL* RU      -20412374.13   110116321.9
URGALUGOL-BRD           YRGL RU       -20412374.13   110116321.9
URGALUGOL-BRD-PF        YRGLP RU      -20412374.13   110116321.9
VOLGOGRAD KHIM          VHIM* RU      -22920234.24   142367839.8
VOLGOGRAD KHIM          VHIM RU       -22920234.24   142367839.8
WILD ORCHID ZAO         DOAAN RU      -12242338.85   164182102.7
ZAPSIBGASP-Q PFD        ZSGPP$ RU      -1248066.61   125676622.6
ZAPSIBGASPRO-BRD        ZSGP RU        -1248066.61   125676622.6
ZAPSIBGASPRO-BRD        ZSGP* RU       -1248066.61   125676622.6
ZAPSIBGASPROM-B         ZSGP$ RU       -1248066.61   125676622.6
ZAPSIBGASPRO-PFD        ZSGPP* RU      -1248066.61   125676622.6
ZAPSIBGASPRO-PFD        ZSGPP RU       -1248066.61   125676622.6
ZIL AUTO PLANT          ZILL$ RU      -94581153.47   400666384.3
ZIL AUTO PLANT-P        ZILLP RM      -94581153.47   400666384.3
ZIL AUTO PLANT-P        ZILLP RU      -94581153.47   400666384.3
ZIL AUTO PLANT-P        ZILLP* RU     -94581153.47   400666384.3

SERBIA
------
DUVANSKA                DIVR SG       -32792314.86   122255596.4
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        -231062375.2   529525187.2
AGRUPACIO - RT          AGR/D SM      -231062375.2   529525187.2
AMADEUS IT HOLDI        AI3A GR       -397888596.9    7970850431
AMADEUS IT HOLDI        AMS SM        -397888596.9    7970850431
AMADEUS IT HOLDI        AI3A TH       -397888596.9    7970850431
AMADEUS IT HOLDI        AMS3 EO       -397888596.9    7970850431
AMADEUS IT HOLDI        AMS IX        -397888596.9    7970850431
AMADEUS IT HOLDI        AMS3 EB       -397888596.9    7970850431
AMCI HABITAT SA         AMC1 EU       -24580874.45   194758143.4
AMCI HABITAT SA         AMC SM        -24580874.45   194758143.4
AMCI HABITAT SA         AMC3 EO       -24580874.45   194758143.4
CAJA DE AHORROS         929362Z SM    -361326816.2   37311046644
FERGO AISA -RTS         AISA/D SM     -231062375.2   529525187.2
FERGO AISA SA           AISA EO       -231062375.2   529525187.2
FERGO AISA SA           AISA EU       -231062375.2   529525187.2
FERGO AISA SA           AISA PZ       -231062375.2   529525187.2
FERGO AISA SA           AISA SM       -231062375.2   529525187.2
MARTINSA FADESA         MTF1 LI        -1929870022    7764140388
MARTINSA FADESA         MTF EU         -1929870022    7764140388
MARTINSA FADESA         4PU GR         -1929870022    7764140388
MARTINSA FADESA         MFAD PZ        -1929870022    7764140388
MARTINSA FADESA         MTF EO         -1929870022    7764140388
MARTINSA FADESA         MTF SM         -1929870022    7764140388
MARTINSA-FADESA         MTF NR         -1929870022    7764140388

SWEDEN
------
ALLOKTON AB             ALOKB SS      -81949466.05   495641682.4
NOBINA                  1099Z SS      -13023225.28   483974246.5
PHADIA AB               842347Z SS    -140406774.4    2127579095

TURKEY
------
BESIKTAS FUTBOL         BKTFF US      -12825040.91   182756610.7
BESIKTAS FUTBOL         BWX GR        -12825040.91   182756610.7
BESIKTAS FUTBOL         BJKAS TI      -12825040.91   182756610.7
BESIKTAS FUTBOL         BJKASY TI     -12825040.91   182756610.7
BESIKTAS FUTBOL         BJKASM TI     -12825040.91   182756610.7
EGS EGE GIYIM VE        EGDIS TI      -7732138.551   147075066.7
EGS EGE GIYIM-RT        EGDISR TI     -7732138.551   147075066.7
IKTISAT FINAN-RT        IKTFNR TI     -46900661.12   108228233.6
IKTISAT FINANSAL        IKTFN TI      -46900661.12   108228233.6
MUDURNU TAVUKC-N        MDRNUN TI     -64930189.62   160408172.1
MUDURNU TAVUKCUL        MDRNU TI      -64930189.62   160408172.1
SIFAS                   SIFAS TI       -15439198.6     130608104
TUTUNBANK               TUT TI         -4024959602    2643810457
YASARBANK               YABNK TI       -4024959602    2643810457

UKRAINE
-------
AZOVZAGALMASH MA        AZGM UZ       -16212049.02   277693905.5
BANK FORUM -GDR         BFJG IX       -5331676.798    2243068982
BANK FORUM -GDR         FRMB038 RU    -5331676.798    2243068982
BANK FORUM -GDR         B5F GR        -5331676.798    2243068982
BANK FORUM -GDR         639540Z LX    -5331676.798    2243068982
BANK FORUM JSC          FORM UZ       -5331676.798    2243068982
DNEPROPETROVSK          DMZP UZ       -15926384.43   424303604.8
DONETSKOBLENERGO        DOON UZ       -215090745.2   394460346.2
LUGANSKGAS              LYGZ UZ       -16910611.07   109918477.6
LUGANSKOBLENERGO        LOEN UZ       -28172021.03   200011380.2
NAFTOKHIMIK PRIC        NAFP UZ       -23616113.15   520766522.6
NAFTOKHIMIK-GDR         N3ZA GR       -23616113.15   520766522.6
ODESSA OIL REFIN        ONPZ UZ       -111365037.3   482408362.5
ZALK - PFTS             ZALK UZ       -43917601.26   146530718.8

UNITED KINGDOM
--------------
4LESS GROUP             FL/ LN        -3088436.068   106650689.4
4LESS GROUP             LI4 GR        -3088436.068   106650689.4
4LESS GROUP             BHL PO        -3088436.068   106650689.4
4LESS GROUP             BYH PO        -3088436.068   106650689.4
4LESS GROUP             FL/ PO        -3088436.068   106650689.4
4LESS GROUP             LI4 TH        -3088436.068   106650689.4
ADVANCE DISPLAY         ADTP PZ        -3015578835    2590007904
AEA TECHNOLO-FPR        AATF LN       -197788769.2   123048312.7
AEA TECHNOLO-FPR        AATF PZ       -197788769.2   123048312.7
AEA TECHNOLOGY          AEY GR        -197788769.2   123048312.7
AEA TECHNOLOGY          AAT PO        -197788769.2   123048312.7
AEA TECHNOLOGY          EAETF US      -197788769.2   123048312.7
AEA TECHNOLOGY          AAT EO        -197788769.2   123048312.7
AEA TECHNOLOGY          AAT EU        -197788769.2   123048312.7
AEA TECHNOLOGY          AAT IX        -197788769.2   123048312.7
AEA TECHNOLOGY          AATGBP EO     -197788769.2   123048312.7
AEA TECHNOLOGY          AAT PZ        -197788769.2   123048312.7
AEA TECHNOLOGY          AAT LN        -197788769.2   123048312.7
AEA TECHNOLOGY          AAT VX        -197788769.2   123048312.7
AEA TECHNOLO-NPR        AATN LN       -197788769.2   123048312.7
AEA TECHNOLO-NPR        AATN PZ       -197788769.2   123048312.7
AIRTOURS PLC            AIR VX        -379721841.6    1817512774
AIRTOURS PLC            ATORF US      -379721841.6    1817512774
AIRTOURS PLC            AIR LN        -379721841.6    1817512774
ALLDAYS PLC             317056Q LN      -120493900   252232072.9
ALLDAYS PLC             ALDYF US        -120493900   252232072.9
AMER BUS SYS            ARB LN          -497127008     121439000
AMEY PLC                AMY VX        -48862569.33   931527720.5
AMEY PLC                AMEYF US      -48862569.33   931527720.5
AMEY PLC                AMY LN        -48862569.33   931527720.5
AMEY PLC-ASSENT         AMYA LN       -48862569.33   931527720.5
AMEY PLC-NEW            AMYN LN       -48862569.33   931527720.5
ANKER PLC               DW14 GR       -21861359.81     115463159
ANKER PLC               ANK PO        -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 BQ        -128972861.1    1328162171
ATKINS (WS) PLC         ATKEUR EO     -128972861.1    1328162171
ATKINS (WS) PLC         ATK VX        -128972861.1    1328162171
ATKINS (WS) PLC         ATK NQ        -128972861.1    1328162171
ATKINS (WS) PLC         ATK QM        -128972861.1    1328162171
ATKINS (WS) PLC         ATK IX        -128972861.1    1328162171
ATKINS (WS) PLC         ATK LN        -128972861.1    1328162171
ATKINS (WS) PLC         ATK PO        -128972861.1    1328162171
ATKINS (WS) PLC         ATK EO        -128972861.1    1328162171
ATKINS (WS) PLC         ATKEUR EU     -128972861.1    1328162171
ATKINS (WS) PLC         ATKGBP EO     -128972861.1    1328162171
ATKINS (WS) PLC         ATK NR        -128972861.1    1328162171
ATKINS (WS) PLC         WATKF US      -128972861.1    1328162171
ATKINS (WS) PLC         ATK EB        -128972861.1    1328162171
ATKINS (WS) PLC         ATK PZ        -128972861.1    1328162171
ATKINS (WS) PLC         6W2 GR        -128972861.1    1328162171
ATKINS (WS) PLC         ATK EU        -128972861.1    1328162171
ATKINS (WS) PLC         WATKY US      -128972861.1    1328162171
ATKINS (WS) PLC         ATK TQ        -128972861.1    1328162171
BAYDONHILL PLC          BHL PZ        -3088436.068   106650689.4
BAYDONHILL PLC          FLG OF        -3088436.068   106650689.4
BAYDONHILL PLC          BHL LN        -3088436.068   106650689.4
BAYDONHILL PLC          BYH LN        -3088436.068   106650689.4
BAYDONHILL PLC          BHL PG        -3088436.068   106650689.4
BAYDONHILL PLC          BHL EU        -3088436.068   106650689.4
BAYDONHILL PLC          BHL IX        -3088436.068   106650689.4
BAYDONHILL PLC          BHL EO        -3088436.068   106650689.4
BLACK & EDGINGTO        BLE LN        -128538078.1     135158758
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              BKERF US       -59832880.4    1298182549
BOOKER PLC              987188Q LN     -59832880.4    1298182549
BOOKER PLC              1330Q GR       -59832880.4    1298182549
BOOKER PLC-ADR          BKRUY US       -59832880.4    1298182549
BOOKER PLC-ADR          BOK$ LN        -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         BGYEF US       -5822867501    4921095750
BRIT ENERGY PLC         BHEGF 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         -3989195720   43568216595
BRIT TELECOM            9484 JP        -3989195720   43568216595
BRIT TELECOM PLC        BT/A VX        -3989195720   43568216595
BRIT TELECOM PLC        BTPWF US       -3989195720   43568216595
BRIT TELECOM PLC        BTPLF US       -3989195720   43568216595
BRIT TELECOM-ADR        BTEA GR        -3989195720   43568216595
BRIT TELECOM-ADR        1481Q CN       -3989195720   43568216595
BRIT TELECOM-RTS        BTY-R US       -3989195720   43568216595
BRITISH ENER-$US        BGYD AR        -5822867501    4921095750
BRITISH ENER-$US        BGYNYD AR      -5822867501    4921095750
BRITISH ENER-ADR        BGYNY US       -5822867501    4921095750
BRITISH ENER-BLK        BGYB AR        -5822867501    4921095750
BRITISH ENER-BLK        BGYNYB AR      -5822867501    4921095750
BRITISH ENER-C/E        BGYNYC AR      -5822867501    4921095750
BRITISH ENER-C/E        BGYC AR        -5822867501    4921095750
BRITISH ENER-CED        BGYNY AR       -5822867501    4921095750
BRITISH ENER-CED        BGY AR         -5822867501    4921095750
BRITISH ENERGY-A        BGYA PO        -5822867501    4921095750
BRITISH ENERGY-A        BGYGF US       -5822867501    4921095750
BRITISH ENERGY-A        BGYA VX        -5822867501    4921095750
BRITISH ENERGY-A        3012442Q LN    -5822867501    4921095750
BRITISH ENERGY-A        BHEAF US       -5822867501    4921095750
BRITISH TELE-FP         BT/F LN        -3989195720   43568216595
BRITISH TELE-NP         BT/N LN        -3989195720   43568216595
BRITISH TELE-NP         BTPXF US       -3989195720   43568216595
BRITVIC                 B6S GR        -34575750.23    1311266070
BRITVIC PLC             BVIC VX       -34575750.23    1311266070
BRITVIC PLC             BVIC TQ       -34575750.23    1311266070
BRITVIC PLC             BVICGBP EO    -34575750.23    1311266070
BRITVIC PLC             BVIC EB       -34575750.23    1311266070
BRITVIC PLC             BVICUSD EO    -34575750.23    1311266070
BRITVIC PLC             BVIC IX       -34575750.23    1311266070
BRITVIC PLC             BVIC LN       -34575750.23    1311266070
BRITVIC PLC             BVIC BQ       -34575750.23    1311266070
BRITVIC PLC             BVIC EU       -34575750.23    1311266070
BRITVIC PLC             BVICEUR EU    -34575750.23    1311266070
BRITVIC PLC             BVIC EO       -34575750.23    1311266070
BRITVIC PLC             BVICUSD EU    -34575750.23    1311266070
BRITVIC PLC             BTVCF US      -34575750.23    1311266070
BRITVIC PLC             BVIC NR       -34575750.23    1311266070
BRITVIC PLC             BVIC QM       -34575750.23    1311266070
BRITVIC PLC             BVIC PZ       -34575750.23    1311266070
BRITVIC PLC             BVICEUR EO    -34575750.23    1311266070
BRITVIC PLC             BVIC NQ       -34575750.23    1311266070
BRITVIC PLC-ADR         BTVCY US      -34575750.23    1311266070
BT GROUP PLC            BT/A BQ        -3989195720   43568216595
BT GROUP PLC            BT/A EO        -3989195720   43568216595
BT GROUP PLC            BT/AGBP EO     -3989195720   43568216595
BT GROUP PLC            BT/A EU        -3989195720   43568216595
BT GROUP PLC            BT/A LN        -3989195720   43568216595
BT GROUP PLC            BTGOF US       -3989195720   43568216595
BT GROUP PLC            BT/A EB        -3989195720   43568216595
BT GROUP PLC            BT/A NQ        -3989195720   43568216595
BT GROUP PLC            BT/APEN EU     -3989195720   43568216595
BT GROUP PLC            BTQ TH         -3989195720   43568216595
BT GROUP PLC            BT/APEN EO     -3989195720   43568216595
BT GROUP PLC            BT/A TQ        -3989195720   43568216595
BT GROUP PLC            BT/ VX         -3989195720   43568216595
BT GROUP PLC            BT/AUSD EU     -3989195720   43568216595
BT GROUP PLC            BT/A PO        -3989195720   43568216595
BT GROUP PLC            BT/A QM        -3989195720   43568216595
BT GROUP PLC            BT/AUSD EO     -3989195720   43568216595
BT GROUP PLC            BT/AEUR EU     -3989195720   43568216595
BT GROUP PLC            BT PZ          -3989195720   43568216595
BT GROUP PLC            BT/AEUR EO     -3989195720   43568216595
BT GROUP PLC            BT/A NR        -3989195720   43568216595
BT GROUP PLC            BTEG IX        -3989195720   43568216595
BT GROUP PLC            BT IX          -3989195720   43568216595
BT GROUP PLC            BTQ GR         -3989195720   43568216595
BT GROUP PLC-ADR        BT/$ LN        -3989195720   43568216595
BT GROUP PLC-W/I        BTWI LN        -3989195720   43568216595
BT GROUP-ADR            BTQA GR        -3989195720   43568216595
BT GROUP-ADR WI         BTY-W US       -3989195720   43568216595
BT GROUP-CED $US        BTD AR         -3989195720   43568216595
BT GROUP-CED $US        BTYD AR        -3989195720   43568216595
BT GROUP-CED BLK        BTYB AR        -3989195720   43568216595
BT GROUP-CED BLK        BTB AR         -3989195720   43568216595
BT GROUP-CED C/E        BTYC AR        -3989195720   43568216595
BT GROUP-CED C/E        BTC AR         -3989195720   43568216595
BT GROUP-CEDEAR         BTY AR         -3989195720   43568216595
BT GROUP-CEDEAR         BT AR          -3989195720   43568216595
BT GROUP-SPON AD        BTYN MM        -3989195720   43568216595
BT GROUP-SPON AD        BTY US         -3989195720   43568216595
BT GROUP-SPON AD        BT MM          -3989195720   43568216595
BT GROUP-SPON AD        BT US          -3989195720   43568216595
CARLISLE GROUP          506819Q LN    -11904426.45     203548565
CATTLES PLC             CTT EB        -599615492.2    3880885246
CATTLES PLC             CTT NQ        -599615492.2    3880885246
CATTLES PLC             CHOXF US      -599615492.2    3880885246
CATTLES PLC             CZS GR        -599615492.2    3880885246
CATTLES PLC             CTT IX        -599615492.2    3880885246
CATTLES PLC             CTTEUR EO     -599615492.2    3880885246
CATTLES PLC             CTT EO        -599615492.2    3880885246
CATTLES PLC             CTTSEK EU     -599615492.2    3880885246
CATTLES PLC             CTTGBP EO     -599615492.2    3880885246
CATTLES PLC             CTT PZ        -599615492.2    3880885246
CATTLES PLC             CTTUSD EO     -599615492.2    3880885246
CATTLES PLC             CTT LN        -599615492.2    3880885246
CATTLES PLC             CTT EU        -599615492.2    3880885246
CATTLES PLC             CTTEUR EU     -599615492.2    3880885246
CATTLES PLC             CTT BQ        -599615492.2    3880885246
CATTLES PLC             CTTSEK EO     -599615492.2    3880885246
CATTLES PLC             CTT NR        -599615492.2    3880885246
CATTLES PLC             CTT QM        -599615492.2    3880885246
CATTLES PLC             CTT TQ        -599615492.2    3880885246
CATTLES PLC             CTT VX        -599615492.2    3880885246
CATTLES PLC             CTT PO        -599615492.2    3880885246
CATTLES PLC             CTTUSD EU     -599615492.2    3880885246
CATTLES PLC-ADR         CHOXY US      -599615492.2    3880885246
CATTLES PLC-FPR         CTTF PZ       -599615492.2    3880885246
CATTLES PLC-FPR         CTTF LN       -599615492.2    3880885246
CATTLES PLC-NPR         2843730Q EU   -599615492.2    3880885246
CATTLES PLC-NPR         CTTN PZ       -599615492.2    3880885246
CATTLES PLC-NPR         CTTN LN       -599615492.2    3880885246
CATTLES PLC-NPR         CTTN IX       -599615492.2    3880885246
CATTLES PLC-NPR         2843734Q EO   -599615492.2    3880885246
CATTLES PLC-NPR         CCTN PZ       -599615492.2    3880885246
CATTLES PLC-NPR         2843726Q EO   -599615492.2    3880885246
CATTLES PLC-RFD         CTTR PZ       -599615492.2    3880885246
CATTLES PLC-RFD         CTTR IX       -599615492.2    3880885246
CATTLES PLC-RFD         CTTR LN       -599615492.2    3880885246
CHRYSALIS GROUP         CHS PZ        -7404166.369   111800785.4
CHRYSALIS GROUP         CHS EO        -7404166.369   111800785.4
CHRYSALIS GROUP         CLYSF US      -7404166.369   111800785.4
CHRYSALIS GROUP         CHS VX        -7404166.369   111800785.4
CHRYSALIS GROUP         CHSGBP EO     -7404166.369   111800785.4
CHRYSALIS GROUP         5CY GR        -7404166.369   111800785.4
CHRYSALIS GROUP         CHS IX        -7404166.369   111800785.4
CHRYSALIS GROUP         CHSUSD EU     -7404166.369   111800785.4
CHRYSALIS GROUP         CHSUSD EO     -7404166.369   111800785.4
CHRYSALIS GROUP         CHSEUR EU     -7404166.369   111800785.4
CHRYSALIS GROUP         HR4 GR        -7404166.369   111800785.4
CHRYSALIS GROUP         CHS PO        -7404166.369   111800785.4
CHRYSALIS GROUP         CYGUF US      -7404166.369   111800785.4
CHRYSALIS GROUP         CHS LN        -7404166.369   111800785.4
CHRYSALIS GROUP         CHSEUR EO     -7404166.369   111800785.4
CHRYSALIS GROUP         CHS EU        -7404166.369   111800785.4
CLIPPER WINDPOWE        C2W GR          -337139008     354437024
CLIPPER WINDPOWE        CWP EO          -337139008     354437024
CLIPPER WINDPOWE        CWP PG          -337139008     354437024
CLIPPER WINDPOWE        CWP EU          -337139008     354437024
CLIPPER WINDPOWE        CWP IX          -337139008     354437024
CLIPPER WINDPOWE        CWP LN          -337139008     354437024
CLIPPER WINDPOWE        CWPA LN         -337139008     354437024
CLIPPER WINDPOWE        CRPWF US        -337139008     354437024
CLIPPER WINDPOWE        3470635Q LN     -337139008     354437024
CLIPPER WINDPOWE        CWP PZ          -337139008     354437024
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           COST LN        -6136239.91   692749189.9
COSTAIN GROUP           COSTUSD EU     -6136239.91   692749189.9
COSTAIN GROUP           COST EO        -6136239.91   692749189.9
COSTAIN GROUP           COST EU        -6136239.91   692749189.9
COSTAIN GROUP           COSTEUR EU     -6136239.91   692749189.9
COSTAIN GROUP           CSGFF US       -6136239.91   692749189.9
COSTAIN GROUP           COSTUSD EO     -6136239.91   692749189.9
COSTAIN GROUP           COST PZ        -6136239.91   692749189.9
COSTAIN GROUP           COSTEUR EO     -6136239.91   692749189.9
COSTAIN GROUP           COST IX        -6136239.91   692749189.9
COSTAIN GROUP           COST VX        -6136239.91   692749189.9
COSTAIN GROUP           COSTGBP EO     -6136239.91   692749189.9
COSTAIN GROUP           COST PO        -6136239.91   692749189.9
COSTAIN GROU-RTS        COSF LN        -6136239.91   692749189.9
COSTAIN GROU-RTS        COSN LN        -6136239.91   692749189.9
CPP GROUP PLC           4CV GR        -69442858.18   225437367.4
CPP GROUP PLC           CPP BQ        -69442858.18   225437367.4
CPP GROUP PLC           CPP IX        -69442858.18   225437367.4
CPP GROUP PLC           CPP PZ        -69442858.18   225437367.4
CPP GROUP PLC           CPP EU        -69442858.18   225437367.4
CPP GROUP PLC           CPP EB        -69442858.18   225437367.4
CPP GROUP PLC           CPP LN        -69442858.18   225437367.4
CPP GROUP PLC           CPP TQ        -69442858.18   225437367.4
DANKA BUS SYSTEM        DNK IX          -497127008     121439000
DANKA BUS SYSTEM        DNK PZ          -497127008     121439000
DANKA BUS SYSTEM        DNK PO          -497127008     121439000
DANKA BUS SYSTEM        DANKF US        -497127008     121439000
DANKA BUS SYSTEM        3205283Q EO     -497127008     121439000
DANKA BUS SYSTEM        DNK LN          -497127008     121439000
DANKA BUS SYSTEM        3205287Q EU     -497127008     121439000
DANKA BUS SYSTEM        DNK VX          -497127008     121439000
DANKA BUS SYSTEM        3205291Q EO     -497127008     121439000
DANKA BUS-$US CE        DANKD AR        -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-ADR           DANKE 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
DONCASTERS PLC          2248Z LN      -317308195.4    1941958348
DONCASTERS-ADR          295664Q US    -317308195.4    1941958348
EASYNET GROUP           ESY LN        -60380609.34   334049332.2
EASYNET GROUP           EAY GR        -60380609.34   334049332.2
EASYNET GROUP           ESY PO        -60380609.34   334049332.2
EASYNET GROUP           EZNGF US      -60380609.34   334049332.2
EASYNET GROUP           ESY VX        -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           EMIPF US       -2265916257    2950021937
EMI GROUP PLC           EMI VX         -2265916257    2950021937
EMI GROUP PLC           EMI PO         -2265916257    2950021937
EMI GROUP PLC           3020138Q GR    -2265916257    2950021937
EMI GROUP PLC           EMI IX         -2265916257    2950021937
EMI GROUP PLC-B         1019425Q LN    -2265916257    2950021937
EMI GROUP-ADR           38IS LN        -2265916257    2950021937
EMI GROUP-ADR           EMIPY US       -2265916257    2950021937
EMI GROUP-ADR           EMI$ LN        -2265916257    2950021937
EUROPEAN HOME           EHR PO        -14328735.16   110864081.4
EUROPEAN HOME           EHR VX        -14328735.16   110864081.4
EUROPEAN HOME           EHR EO        -14328735.16   110864081.4
EUROPEAN HOME           EHR LN        -14328735.16   110864081.4
EUROPEAN HOME           EHREUR EU     -14328735.16   110864081.4
EUROPEAN HOME           EHRGBP EO     -14328735.16   110864081.4
EUROPEAN HOME           KLZ PO        -14328735.16   110864081.4
EUROPEAN HOME           KLZ VX        -14328735.16   110864081.4
EUROPEAN HOME           EHREUR EO     -14328735.16   110864081.4
EUROPEAN HOME           EHR PZ        -14328735.16   110864081.4
EUROPEAN HOME           FPAKF US      -14328735.16   110864081.4
EUROPEAN HOME           EHR EU        -14328735.16   110864081.4
FAREPAK PLC             FPK LN        -14328735.16   110864081.4
GALA CORAL GROUP        19374Z LN      -1328160550    7259667191
GALIFORM PLC            GLFMF US      -75193921.28   522873560.7
GALIFORM PLC            GFRM TQ       -75193921.28   522873560.7
GALIFORM PLC            MFI PO        -75193921.28   522873560.7
GALIFORM PLC            MFI IX        -75193921.28   522873560.7
GALIFORM PLC            GFRM EO       -75193921.28   522873560.7
GALIFORM PLC            GFRMEUR EO    -75193921.28   522873560.7
GALIFORM PLC            GFRMGBP EO    -75193921.28   522873560.7
GALIFORM PLC            GFRM EU       -75193921.28   522873560.7
GALIFORM PLC            GFRM PZ       -75193921.28   522873560.7
GALIFORM PLC            GFRM EB       -75193921.28   522873560.7
GALIFORM PLC            GFRMEUR EU    -75193921.28   522873560.7
GALIFORM PLC            GFRMNOK EO    -75193921.28   522873560.7
GALIFORM PLC            GFRM BQ       -75193921.28   522873560.7
GALIFORM PLC            GFRM NR       -75193921.28   522873560.7
GALIFORM PLC            GFRM NQ       -75193921.28   522873560.7
GALIFORM PLC            GFRMNOK EU    -75193921.28   522873560.7
GALIFORM PLC            GFRM QM       -75193921.28   522873560.7
GALIFORM PLC            GFRM LN       -75193921.28   522873560.7
GALIFORM PLC            GFRM PO       -75193921.28   522873560.7
GALIFORM PLC            GFRM VX       -75193921.28   522873560.7
GALIFORM PLC            MFIFF US      -75193921.28   522873560.7
GALIFORM PLC            GFRM IX       -75193921.28   522873560.7
GALIFORM PLC            MFI VX        -75193921.28   522873560.7
GARTLAND WHALLEY        GWB LN        -10986769.42   145352034.5
GO-AHEAD GRO-ADR        GHGUY US      -44415250.72    1780324810
GO-AHEAD GROUP          GOG PO        -44415250.72    1780324810
GO-AHEAD GROUP          GOG BQ        -44415250.72    1780324810
GO-AHEAD GROUP          GOG IX        -44415250.72    1780324810
GO-AHEAD GROUP          GOG PZ        -44415250.72    1780324810
GO-AHEAD GROUP          GOG NQ        -44415250.72    1780324810
GO-AHEAD GROUP          G9X GR        -44415250.72    1780324810
GO-AHEAD GROUP          GOG QM        -44415250.72    1780324810
GO-AHEAD GROUP          GOG TQ        -44415250.72    1780324810
GO-AHEAD GROUP          GOG LN        -44415250.72    1780324810
GO-AHEAD GROUP          GOGEUR EU     -44415250.72    1780324810
GO-AHEAD GROUP          GOG EU        -44415250.72    1780324810
GO-AHEAD GROUP          GHGUF US      -44415250.72    1780324810
GO-AHEAD GROUP          GOGEUR EO     -44415250.72    1780324810
GO-AHEAD GROUP          GOGGBP EO     -44415250.72    1780324810
GO-AHEAD GROUP          GOG EB        -44415250.72    1780324810
GO-AHEAD GROUP          GOG NR        -44415250.72    1780324810
GO-AHEAD GROUP          GOG VX        -44415250.72    1780324810
GO-AHEAD GROUP          GOG EO        -44415250.72    1780324810
GREEN (E) & PART        GEP LN        -35008863.49   305242409.9
HILTON G-CRT OLD        HIGT BB       -97533918.57    1748505414
HILTON GROUP PLC        HLTGF US      -97533918.57    1748505414
HILTON GROUP PLC        HG/ LN        -97533918.57    1748505414
HILTON GROUP PLC        HG PO         -97533918.57    1748505414
HILTON GROUP-ADR        HLTGY US      -97533918.57    1748505414
HILTON GROUP-CER        HG BB         -97533918.57    1748505414
HILTON GROUP-CRT        HIG BB        -97533918.57    1748505414
IGLO BIRDS EYE          2332487Z LN   -340594497.5    3096975127
INEOS GROUP HLDG        6623Z LN      -798534470.8   15936006904
JARVIS PLC              JRVSEUR EU    -64739862.73     130951086
JARVIS PLC              JVSPF US      -64739862.73     130951086
JARVIS PLC              JVR GR        -64739862.73     130951086
JARVIS PLC              JRVSGBP EO    -64739862.73     130951086
JARVIS PLC              JRVS PZ       -64739862.73     130951086
JARVIS PLC              JRVS IX       -64739862.73     130951086
JARVIS PLC              JRVS VX       -64739862.73     130951086
JARVIS PLC              JRVS EU       -64739862.73     130951086
JARVIS PLC              JRVS LN       -64739862.73     130951086
JARVIS PLC              JRVSEUR EO    -64739862.73     130951086
JARVIS PLC              JRVS EO       -64739862.73     130951086
JARVIS PLC              JRVS PO       -64739862.73     130951086
JESSOPS PLC             JSPGBP EO      -42702021.2   112964060.4
JESSOPS PLC             JSPEUR EU      -42702021.2   112964060.4
JESSOPS PLC             JS4 GR         -42702021.2   112964060.4
JESSOPS PLC             JSP IX         -42702021.2   112964060.4
JESSOPS PLC             JSP EO         -42702021.2   112964060.4
JESSOPS PLC             JSP PO         -42702021.2   112964060.4
JESSOPS PLC             JSP EU         -42702021.2   112964060.4
JESSOPS PLC             JSPEUR EO      -42702021.2   112964060.4
JESSOPS PLC             JSP PZ         -42702021.2   112964060.4
JESSOPS PLC             JSP LN         -42702021.2   112964060.4
JESSOPS PLC             JSP VX         -42702021.2   112964060.4
KLEENEZE PLC            KLZ LN        -14328735.16   110864081.4
KOP FOOTBALL HOL        3315203Z LN   -214487094.9   590218957.6
KOP FOOTBALL LTD        901297Z LN    -105207451.9   474568063.7
LADBROKE GROUP          LADB LN       -97533918.57    1748505414
LADBROKE GRP-IDR        695767Q BB    -97533918.57    1748505414
LADBROKE GRP-OLD        LADB BB       -97533918.57    1748505414
LADBROKES - FPR         LADF LN       -97533918.57    1748505414
LADBROKES - FPR         LADF PZ       -97533918.57    1748505414
LADBROKES PLC           LADNZD EO     -97533918.57    1748505414
LADBROKES PLC           LAD NR        -97533918.57    1748505414
LADBROKES PLC           LAD PO        -97533918.57    1748505414
LADBROKES PLC           LADEUR EO     -97533918.57    1748505414
LADBROKES PLC           LAD EU        -97533918.57    1748505414
LADBROKES PLC           LADGBP EO     -97533918.57    1748505414
LADBROKES PLC           LAD IX        -97533918.57    1748505414
LADBROKES PLC           LAD LN        -97533918.57    1748505414
LADBROKES PLC           LDBKF US      -97533918.57    1748505414
LADBROKES PLC           LAD EB        -97533918.57    1748505414
LADBROKES PLC           LAD NQ        -97533918.57    1748505414
LADBROKES PLC           LAD QM        -97533918.57    1748505414
LADBROKES PLC           LAD EO        -97533918.57    1748505414
LADBROKES PLC           LAD GR        -97533918.57    1748505414
LADBROKES PLC           LADUSD EO     -97533918.57    1748505414
LADBROKES PLC           LAD BQ        -97533918.57    1748505414
LADBROKES PLC           LADNZD EU     -97533918.57    1748505414
LADBROKES PLC           LAD TQ        -97533918.57    1748505414
LADBROKES PLC           LAD VX        -97533918.57    1748505414
LADBROKES PLC           LADEUR EU     -97533918.57    1748505414
LADBROKES PLC           HG/ VX        -97533918.57    1748505414
LADBROKES PLC           LAD PZ        -97533918.57    1748505414
LADBROKES PLC-AD        LDBKY US      -97533918.57    1748505414
LADBROKES PLC-AD        LDBKY LN      -97533918.57    1748505414
LADBROKES PLC-CE        LAD BB        -97533918.57    1748505414
LADBROKES PLC-NP        LADN LN       -97533918.57    1748505414
LADBROKES PLC-NP        LADN PZ       -97533918.57    1748505414
LAMBERT FENCHURC        LMF LN        -1453050.041    1826806853
LEEDS SPORTING          LEDPF US       -73166148.8   143762193.7
LEEDS SPORTING          LES LN         -73166148.8   143762193.7
LEEDS UNITED PLC        889687Q GR     -73166148.8   143762193.7
LEEDS UNITED PLC        LUFC LN        -73166148.8   143762193.7
LEEDS UNITED PLC        LDSUF US       -73166148.8   143762193.7
LONDON TOWN PLC         LTW PZ        -21897636.36   175672299.2
LONDON TOWN PLC         LTWR LN       -21897636.36   175672299.2
LONDON TOWN PLC         LTW PG        -21897636.36   175672299.2
LONDON TOWN PLC         LTW EU        -21897636.36   175672299.2
LONDON TOWN PLC         LTW LN        -21897636.36   175672299.2
LONDON TOWN PLC         LTWX LN       -21897636.36   175672299.2
LONDON TOWN PLC         LTW PO        -21897636.36   175672299.2
LONDON TOWN PLC         LTW IX        -21897636.36   175672299.2
LONDON TOWN PLC         LOU GR        -21897636.36   175672299.2
LONDON TOWN PLC         LTW EO        -21897636.36   175672299.2
M 2003 PLC              MTWOF US       -2203513803    7204891602
M 2003 PLC              203055Q LN     -2203513803    7204891602
M 2003 PLC-ADR          MTWOE US       -2203513803    7204891602
M 2003 PLC-ADR          MTWOY US       -2203513803    7204891602
MARCONI PLC             MRCQF US       -2203513803    7204891602
MARCONI PLC             MNI BB         -2203513803    7204891602
MARCONI PLC             MONI BB        -2203513803    7204891602
MARCONI PLC             MY2 GR         -2203513803    7204891602
MARCONI PLC             MNI LN         -2203513803    7204891602
MARCONI PLC             203083Q VX     -2203513803    7204891602
MARCONI PLC-ADR         MONIY US       -2203513803    7204891602
MARCONI PLC-ADR         MY2A GR        -2203513803    7204891602
MARCONI PLC-ADR         MRCQY US       -2203513803    7204891602
MARCONI PLC-ADR         MONIE US       -2203513803    7204891602
MARCONI PLC-ADR         MCBA GR        -2203513803    7204891602
MARCONI PLC-ADR         MONI US        -2203513803    7204891602
MARCONI PLC-ADR         QUQMON AU      -2203513803    7204891602
MARCONI PLC-ADR         MCONY US       -2203513803    7204891602
MFI FURNITURE GR        MFI LN        -75193921.28   522873560.7
MYTRAVEL GROUP          MT/S VX       -379721841.6    1817512774
MYTRAVEL GROUP          ARO2 GR       -379721841.6    1817512774
MYTRAVEL GROUP          MYTPF US      -379721841.6    1817512774
MYTRAVEL GROUP          MT/S PO       -379721841.6    1817512774
MYTRAVEL GROUP          MT/S LN       -379721841.6    1817512774
MYTRAVEL GROUP          3544280Q IX   -379721841.6    1817512774
MYTRAVEL GROUP P        MYTGF US      -379721841.6    1817512774
MYTRAVEL GROUP P        MT/ VX        -379721841.6    1817512774
MYTRAVEL GROUP P        1018144Q GR   -379721841.6    1817512774
MYTRAVEL GROUP-A        2281919Q GR   -379721841.6    1817512774
MYTRAVEL GROUP-A        MYTVF US      -379721841.6    1817512774
NEW STAR ASSET          3226435Q EO     -397718038   292972732.1
NEW STAR ASSET          NWSAF US        -397718038   292972732.1
NEW STAR ASSET          3226447Q EO     -397718038   292972732.1
NEW STAR ASSET          NSAM TQ         -397718038   292972732.1
NEW STAR ASSET          3226443Q EO     -397718038   292972732.1
NEW STAR ASSET          N6S GR          -397718038   292972732.1
NEW STAR ASSET          NSAM PZ         -397718038   292972732.1
NEW STAR ASSET          NSAM PO         -397718038   292972732.1
NEW STAR ASSET          NSAA LN         -397718038   292972732.1
NEW STAR ASSET          3226439Q EU     -397718038   292972732.1
NEW STAR ASSET          NSAM LN         -397718038   292972732.1
NEW STAR ASSET          3226431Q EU     -397718038   292972732.1
NEW STAR ASSET          NSAM IX         -397718038   292972732.1
NORTHERN FOODS          NFDSUSD EO    -30711069.58   891077074.3
NORTHERN FOODS          NFDSGBP EO    -30711069.58   891077074.3
NORTHERN FOODS          NFDS TQ       -30711069.58   891077074.3
NORTHERN FOODS          NFDS PO       -30711069.58   891077074.3
NORTHERN FOODS          NFDS EB       -30711069.58   891077074.3
NORTHERN FOODS          NFO GR        -30711069.58   891077074.3
NORTHERN FOODS          NFDSEUR EO    -30711069.58   891077074.3
NORTHERN FOODS          NFDSUSD EU    -30711069.58   891077074.3
NORTHERN FOODS          NFDS PZ       -30711069.58   891077074.3
NORTHERN FOODS          NFDS LN       -30711069.58   891077074.3
NORTHERN FOODS          NFDS BQ       -30711069.58   891077074.3
NORTHERN FOODS          NFDS NQ       -30711069.58   891077074.3
NORTHERN FOODS          NFDS NR       -30711069.58   891077074.3
NORTHERN FOODS          NFDS QM       -30711069.58   891077074.3
NORTHERN FOODS          NFDS VX       -30711069.58   891077074.3
NORTHERN FOODS          NFDSEUR EU    -30711069.58   891077074.3
NORTHERN FOODS          NFDS EO       -30711069.58   891077074.3
NORTHERN FOODS          NFDS EU       -30711069.58   891077074.3
NORTHERN FOODS          NFDS IX       -30711069.58   891077074.3
NORTHERN FOODS          NTFOF US      -30711069.58   891077074.3
NORTHERN FOODS P        NFDR LN       -30711069.58   891077074.3
NORTHERN FOO-NEW        NFDN LN       -30711069.58   891077074.3
NORTHERN FOO-RFD        650060Q LN    -30711069.58   891077074.3
OCADO GROUP PLC         OCDO EB       -53016960.71   225261865.5
OCADO GROUP PLC         OCDO EO       -53016960.71   225261865.5
OCADO GROUP PLC         0OC GR        -53016960.71   225261865.5
OCADO GROUP PLC         OCDO IX       -53016960.71   225261865.5
OCADO GROUP PLC         OCDO PZ       -53016960.71   225261865.5
OCADO GROUP PLC         OCDO LN       -53016960.71   225261865.5
ORANGE PLC              1460Q GR        -593935051    2902299502
ORANGE PLC              ORNGF US        -593935051    2902299502
ORANGE PLC              951641Q LN      -593935051    2902299502
ORANGE PLC-ADR          ONG GR          -593935051    2902299502
ORANGE PLC-ADR          ORNGY US        -593935051    2902299502
ORANGE PLC-ADR          ORA$ LN         -593935051    2902299502
ORBIS PLC               OBS IX        -4168498.479   127701679.5
ORBIS PLC               OBS LN        -4168498.479   127701679.5
ORBIS PLC               OBG PO        -4168498.479   127701679.5
ORBIS PLC               OBS PO        -4168498.479   127701679.5
ORBIS PLC               ORBSF US      -4168498.479   127701679.5
ORBIS PLC               RLP GR        -4168498.479   127701679.5
ORBIS PLC               OBS PZ        -4168498.479   127701679.5
PATIENTLINE PLC         PTL PZ        -54677284.64   124948245.8
PATIENTLINE PLC         2928907Q EO   -54677284.64   124948245.8
PATIENTLINE PLC         PTL IX        -54677284.64   124948245.8
PATIENTLINE PLC         PTL PO        -54677284.64   124948245.8
PATIENTLINE PLC         2928899Q EO   -54677284.64   124948245.8
PATIENTLINE PLC         PTL VX        -54677284.64   124948245.8
PATIENTLINE PLC         PTL LN        -54677284.64   124948245.8
PATIENTLINE PLC         2928903Q EU   -54677284.64   124948245.8
PROSTRAKAN GROUP        PSKEUR EO      -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK IX         -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK LN         -8881399.87   126115878.2
PROSTRAKAN GROUP        PSKEUR EU      -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK EU         -8881399.87   126115878.2
PROSTRAKAN GROUP        PKNGF US       -8881399.87   126115878.2
PROSTRAKAN GROUP        PSKGBP EO      -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK PZ         -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK EO         -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK PO         -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK VX         -8881399.87   126115878.2
REAL ESTATE OP-O        REA GR        -145048365.8    2933767507
REAL ESTATE OP-O        REO VX        -145048365.8    2933767507
REAL ESTATE OP-O        REOGBP EO     -145048365.8    2933767507
REAL ESTATE OP-O        REO EU        -145048365.8    2933767507
REAL ESTATE OP-O        REO LN        -145048365.8    2933767507
REAL ESTATE OP-O        REO PZ        -145048365.8    2933767507
REAL ESTATE OP-O        REO ID        -145048365.8    2933767507
REAL ESTATE OP-O        REO IX        -145048365.8    2933767507
REAL ESTATE OP-O        REO EO        -145048365.8    2933767507
REGUS LTD               273187Q 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               2296Z LN      -46111835.37     367181111
REGUS PLC-ADS           REGSY US      -46111835.37     367181111
REGUS PLC-ADS           REGS US       -46111835.37     367181111
REGUS PLC-ADS           RGUA GR       -46111835.37     367181111
REGUS PLC-ADS           REGSV US      -46111835.37     367181111
RENTOKIL INITIAL        RTO PO        -242381476.4    3231214649
RENTOKIL INITIAL        RTOEUR EO     -242381476.4    3231214649
RENTOKIL INITIAL        RTO NR        -242381476.4    3231214649
RENTOKIL INITIAL        RTO EB        -242381476.4    3231214649
RENTOKIL INITIAL        RTO1 GR       -242381476.4    3231214649
RENTOKIL INITIAL        RTO QM        -242381476.4    3231214649
RENTOKIL INITIAL        RTO VX        -242381476.4    3231214649
RENTOKIL INITIAL        RTO TQ        -242381476.4    3231214649
RENTOKIL INITIAL        RTO PZ        -242381476.4    3231214649
RENTOKIL INITIAL        RTO GR        -242381476.4    3231214649
RENTOKIL INITIAL        RTO IX        -242381476.4    3231214649
RENTOKIL INITIAL        RTO LN        -242381476.4    3231214649
RENTOKIL INITIAL        RTO NQ        -242381476.4    3231214649
RENTOKIL INITIAL        RTOKF US      -242381476.4    3231214649
RENTOKIL INITIAL        RTOGBP EO     -242381476.4    3231214649
RENTOKIL INITIAL        RTOEUR EU     -242381476.4    3231214649
RENTOKIL INITIAL        RTOG IX       -242381476.4    3231214649
RENTOKIL INITIAL        RKLIF US      -242381476.4    3231214649
RENTOKIL INITIAL        RTO EO        -242381476.4    3231214649
RENTOKIL INITIAL        RTOUSD EO     -242381476.4    3231214649
RENTOKIL INITIAL        RTO EU        -242381476.4    3231214649
RENTOKIL INITIAL        RTO BQ        -242381476.4    3231214649
RENTOKIL INITIAL        RTOUSD EU     -242381476.4    3231214649
RENTOKIL-SP ADR         AP76 LI       -242381476.4    3231214649
RENTOKIL-SP ADR         RTOKY US      -242381476.4    3231214649
SAATCHI & SA-ADR        SSI$ LN       -119260804.2   705060824.5
SAATCHI & SA-ADR        SSA US        -119260804.2   705060824.5
SAATCHI & SAATCH        SSATF US      -119260804.2   705060824.5
SAATCHI & SAATCH        SSI LN        -119260804.2   705060824.5
SAATCHI & SAATCH        188190Q GR    -119260804.2   705060824.5
SCOTTISH MEDIA          SSMR LN       -51512119.25     207340304
SCOTTISH MEDIA          1442Q GR      -51512119.25     207340304
SCOTTISH MEDIA          SSM LN        -51512119.25     207340304
SCOTTISH TELEV          SCTVF US      -51512119.25     207340304
SFI GROUP PLC           SUF LN        -108067115.8   177647536.1
SFI GROUP PLC           SUYFF US      -108067115.8   177647536.1
SKYEPHARMA PLC          SKPEUR EO     -128538078.1     135158758
SKYEPHARMA PLC          SK8A GR       -128538078.1     135158758
SKYEPHARMA PLC          SKP EU        -128538078.1     135158758
SKYEPHARMA PLC          SKP VX        -128538078.1     135158758
SKYEPHARMA PLC          SKP LN        -128538078.1     135158758
SKYEPHARMA PLC          SKP TQ        -128538078.1     135158758
SKYEPHARMA PLC          SKP EO        -128538078.1     135158758
SKYEPHARMA PLC          SKP PO        -128538078.1     135158758
SKYEPHARMA PLC          SKPGBP EO     -128538078.1     135158758
SKYEPHARMA PLC          SKP BQ        -128538078.1     135158758
SKYEPHARMA PLC          SKP IX        -128538078.1     135158758
SKYEPHARMA PLC          SK8C GR       -128538078.1     135158758
SKYEPHARMA PLC          SKP1 VX       -128538078.1     135158758
SKYEPHARMA PLC          SKPEUR EU     -128538078.1     135158758
SKYEPHARMA PLC          SKYEF US      -128538078.1     135158758
SKYEPHARMA PLC          SKP PZ        -128538078.1     135158758
SKYEPHARMA -SUB         2976665Z LN   -128538078.1     135158758
SKYEPHARMA-ADR          SKYEY US      -128538078.1     135158758
SKYEPHARMA-ADR          SKYPY US      -128538078.1     135158758
SKYEPHARMA-ADR          SK8 GR        -128538078.1     135158758
SKYEPHARMA-ADR          SK8N GR       -128538078.1     135158758
SKYEPHARMA-ADR          AP80 LI       -128538078.1     135158758
SKYEPHARMA-ADR          SKYE US       -128538078.1     135158758
SKYEPHAR-RTS F/P        SKPF LN       -128538078.1     135158758
SKYEPHAR-RTS F/P        SKPF VX       -128538078.1     135158758
SKYEPHAR-RTS N/P        SKPN LN       -128538078.1     135158758
SKYEPHAR-RTS N/P        SKPN VX       -128538078.1     135158758
SMG PLC                 SMG PO        -51512119.25     207340304
SMG PLC                 SMG LN        -51512119.25     207340304
SMG PLC-FUL PAID        SMGF LN       -51512119.25     207340304
SMG PLC-NIL PAID        SMGN LN       -51512119.25     207340304
SMITHS NEWS PLC         NWS2GBP EO     -99944882.2   279114366.1
SMITHS NEWS PLC         NWS VX         -99944882.2   279114366.1
SMITHS NEWS PLC         NWS PZ         -99944882.2   279114366.1
SMITHS NEWS PLC         SMWPF US       -99944882.2   279114366.1
SMITHS NEWS PLC         NWS2 TQ        -99944882.2   279114366.1
SMITHS NEWS PLC         SMWPY US       -99944882.2   279114366.1
SMITHS NEWS PLC         NWS1 BQ        -99944882.2   279114366.1
SMITHS NEWS PLC         NWS2 EO        -99944882.2   279114366.1
SMITHS NEWS PLC         NWS LN         -99944882.2   279114366.1
SMITHS NEWS PLC         NWS PO         -99944882.2   279114366.1
SMITHS NEWS PLC         NWS2EUR EO     -99944882.2   279114366.1
SMITHS NEWS PLC         NWS1GBP EO     -99944882.2   279114366.1
SMITHS NEWS PLC         NWS2EUR EU     -99944882.2   279114366.1
SMITHS NEWS PLC         NWS1 EO        -99944882.2   279114366.1
SMITHS NEWS PLC         NWS1 EU        -99944882.2   279114366.1
SMITHS NEWS PLC         NWS2 EU        -99944882.2   279114366.1
SMITHS NEWS PLC         NWS IX         -99944882.2   279114366.1
STV GROUP PLC           STVG VX       -51512119.25     207340304
STV GROUP PLC           SMG PZ        -51512119.25     207340304
STV GROUP PLC           STVG EU       -51512119.25     207340304
STV GROUP PLC           SMG VX        -51512119.25     207340304
STV GROUP PLC           STVG LN       -51512119.25     207340304
STV GROUP PLC           SMG IX        -51512119.25     207340304
STV GROUP PLC           SMGPF US      -51512119.25     207340304
STV GROUP PLC           STVG EO       -51512119.25     207340304
STV GROUP PLC           STVGEUR EU    -51512119.25     207340304
STV GROUP PLC           STVGGBP EO    -51512119.25     207340304
STV GROUP PLC           STVGEUR EO    -51512119.25     207340304
TELEWEST COM-ADR        TWSTD US       -3702234581    7581020925
TELEWEST COM-ADR        940767Q GR     -3702234581    7581020925
TELEWEST COM-ADR        TWT$ LN        -3702234581    7581020925
TELEWEST COM-ADR        TWSTY US       -3702234581    7581020925
TELEWEST COMM           TWSTF US       -3702234581    7581020925
TELEWEST COMM           604296Q GR     -3702234581    7581020925
TELEWEST COMM           TWT VX         -3702234581    7581020925
TELEWEST COMM           715382Q LN     -3702234581    7581020925
THORN EMI PLC           THNE FP        -2265916257    2950021937
THORN EMI-ADR           THN$ LN        -2265916257    2950021937
THORN EMI-ADR           TORNY US       -2265916257    2950021937
THORN EMI-CDR           THN NA         -2265916257    2950021937
THORN EMI-REGD          1772Q GR       -2265916257    2950021937
TI AUTOMOTIVE-A         6525Z LN      -298787496.1    1730489867
TOPPS TILES PLC         TPT TQ        -49423537.13   155303750.4
TOPPS TILES PLC         TPT IX        -49423537.13   155303750.4
TOPPS TILES PLC         TPT PZ        -49423537.13   155303750.4
TOPPS TILES PLC         TPTJF US      -49423537.13   155303750.4
TOPPS TILES PLC         TPTEUR EO     -49423537.13   155303750.4
TOPPS TILES PLC         TPTJY US      -49423537.13   155303750.4
TOPPS TILES PLC         TPT VX        -49423537.13   155303750.4
TOPPS TILES PLC         TPT PO        -49423537.13   155303750.4
TOPPS TILES PLC         TPT EO        -49423537.13   155303750.4
TOPPS TILES PLC         TPTGBP EO     -49423537.13   155303750.4
TOPPS TILES PLC         TPT BQ        -49423537.13   155303750.4
TOPPS TILES PLC         TPT EU        -49423537.13   155303750.4
TOPPS TILES PLC         TPT LN        -49423537.13   155303750.4
TOPPS TILES PLC         TPTEUR EU     -49423537.13   155303750.4
TOPPS TILES-NEW         TPTN LN       -49423537.13   155303750.4
UNIGATE PLC             UNGAF US      -24544959.64   626057950.8
UNIGATE PLC             UNGPF US      -24544959.64   626057950.8
UNIGATE PLC             1577Q GR      -24544959.64   626057950.8
UNIGATE PLC             UNIG LN       -24544959.64   626057950.8
UNIGATE PLC-ADR         UNGAY US      -24544959.64   626057950.8
UNIQ PLC                UNIQ EU       -24544959.64   626057950.8
UNIQ PLC                UNIQGBP EO    -24544959.64   626057950.8
UNIQ PLC                UNQPF US      -24544959.64   626057950.8
UNIQ PLC                UNIQ EO       -24544959.64   626057950.8
UNIQ PLC                UNIQ IX       -24544959.64   626057950.8
UNIQ PLC                UNIQ VX       -24544959.64   626057950.8
UNIQ PLC                UNIQEUR EO    -24544959.64   626057950.8
UNIQ PLC                UNIQ PO       -24544959.64   626057950.8
UNIQ PLC                UNIQ LN       -24544959.64   626057950.8
UNIQ PLC                UNIQF US      -24544959.64   626057950.8
UNIQ PLC                UNIQEUR EU    -24544959.64   626057950.8
UNIQ PLC                UGE GR        -24544959.64   626057950.8
UNIQ PLC                UNIQ PZ       -24544959.64   626057950.8
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           VMOB VX       -392165437.6   166070003.7
VIRGIN MOBILE           UEM GR        -392165437.6   166070003.7
VIRGIN MOBILE           VMOB PO       -392165437.6   166070003.7
WARNER ESTATE           WNER PZ       -6076459.885   426871306.9
WARNER ESTATE           WNEHF US      -6076459.885   426871306.9
WARNER ESTATE           WNER EU       -6076459.885   426871306.9
WARNER ESTATE           WNER LN       -6076459.885   426871306.9
WARNER ESTATE           WNER PO       -6076459.885   426871306.9
WARNER ESTATE           WNER EO       -6076459.885   426871306.9
WARNER ESTATE           WNER IX       -6076459.885   426871306.9
WARNER ESTATE           WRL GR        -6076459.885   426871306.9
WARNER ESTATE           WNER VX       -6076459.885   426871306.9
WARNER ESTATE           WNERGBP EO    -6076459.885   426871306.9
WATSON & PHILIP         WTSN LN         -120493900   252232072.9
WHITE YOUNG GREE        WHYEUR EU     -35008863.49   305242409.9
WHITE YOUNG GREE        WHY EU        -35008863.49   305242409.9
WHITE YOUNG GREE        WHYGBP EO     -35008863.49   305242409.9
WHITE YOUNG GREE        WHY PZ        -35008863.49   305242409.9
WHITE YOUNG GREE        WHY PO        -35008863.49   305242409.9
WHITE YOUNG GREE        WHY VX        -35008863.49   305242409.9
WHITE YOUNG GREE        WHY EO        -35008863.49   305242409.9
WHITE YOUNG GREE        WHYEUR EO     -35008863.49   305242409.9
WHITE YOUNG GREE        WHY LN        -35008863.49   305242409.9
WHITE YOUNG-NEW         WHYN LN       -35008863.49   305242409.9
WINCANTON PL-ADR        WNCNY US      -151911497.1    1420828184
WINCANTON PLC           WIN1 NQ       -151911497.1    1420828184
WINCANTON PLC           WIN1 QM       -151911497.1    1420828184
WINCANTON PLC           WIN PZ        -151911497.1    1420828184
WINCANTON PLC           WIN1EUR EO    -151911497.1    1420828184
WINCANTON PLC           WIN1 EB       -151911497.1    1420828184
WINCANTON PLC           WIN IX        -151911497.1    1420828184
WINCANTON PLC           WIN1 BQ       -151911497.1    1420828184
WINCANTON PLC           WIN LN        -151911497.1    1420828184
WINCANTON PLC           WIN PO        -151911497.1    1420828184
WINCANTON PLC           WIN1USD EU    -151911497.1    1420828184
WINCANTON PLC           WIN1 TQ       -151911497.1    1420828184
WINCANTON PLC           WIN1 EU       -151911497.1    1420828184
WINCANTON PLC           WIN1EUR EU    -151911497.1    1420828184
WINCANTON PLC           WIN1USD EO    -151911497.1    1420828184
WINCANTON PLC           WNCNF US      -151911497.1    1420828184
WINCANTON PLC           WIN1GBP EO    -151911497.1    1420828184
WINCANTON PLC           WIN1 EO       -151911497.1    1420828184
WINCANTON PLC           WIN VX        -151911497.1    1420828184
WYG PLC                 WYGGBP EO     -35008863.49   305242409.9
WYG PLC                 WYG EO        -35008863.49   305242409.9
WYG PLC                 WYG LN        -35008863.49   305242409.9
WYG PLC                 WHY IX        -35008863.49   305242409.9
WYG PLC                 WYG PZ        -35008863.49   305242409.9
WYG PLC                 WYGEUR EU     -35008863.49   305242409.9
WYG PLC                 WYGEUR EO     -35008863.49   305242409.9
WYG PLC                 WYG EU        -35008863.49   305242409.9


                            *********

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.  Joy A. Agravante, Valerie U. Pascual, Marites O.
Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan 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.


                 * * * End of Transmission * * *