/raid1/www/Hosts/bankrupt/TCREUR_Public/090602.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, June 2, 2009, Vol. 10, No. 107
Headlines
A U S T R I A
BITA GMBH: Claims Filing Deadline is June 16
GDR PERSONALLEASING: Claims Registration Period Ends June 16
MARKOVIC GEBAUDEREINIGUNG: Claims Filing Deadline is June 15
MARTINS HANDEL: Claims Registration Period Ends June 15
RAAL GMBH: Claims Registration Period Ends June 16
B E L G I U M
FORTIS BANK: S&P Lifts Issue Rating on Hybrid Securities to 'BB'
F R A N C E
PERNOD RICARD: Fitch Assigns 'BB+' Ratings on EUR800 Mil. Notes
TREES SA: Moody's Withdraws 'Caa2' Rating on Two Classes of Notes
G E R M A N Y
AKSYS: Files for Insolvency, State Bailout Rejected
LUCITE INT'L: Moody's Withdraws 'Caa1' Corporate Family Rating
G R E E C E
EMPORIKI BANK: Moody's Reviews 'D+' BFSR for Possible Downgrade
I R E L A N D
ANGLO IRISH: Posts EUR4.1 Bln Loss, Gov't to Pump EUR4 Bln Capital
AVOCA CLO: S&P Puts 'BB' Rating on E Def Notes on Watch Negative
EATON VANCE: S&P Puts 'BB-' Ratings on Two Tranches on Watch Neg.
ELVA FUNDING: S&P Cuts Rating on EUR43 Million Notes to 'CCC-'
FIRST EQUITY: KBC Appoints Receivers For British Property
K A Z A K H S T A N
BELOUSOVSKY HLEBOZAVOD: Creditors Must File Claims by June 19
LESTOP PROM: Creditors Must File Claims by June 19
PREDGORNENSKY MEL COMBINAT: Creditors Must File Claims by June 19
REM TECHNIKA: Creditors Must File Claims by June 19
VK PROM: Creditors Must File Claims by June 19
K Y R G Y Z S T A N
PROIZVODSTVENNY TSEH: Creditors Must File Claims by July 3
N E T H E R L A N D S
CLEARWAY FINANCE: S&P Revises Watch on BB Tranche Rating to Pos.
ROMPETROL GROUP: Fitch Downgrades Issuer Default Rating to 'B'
P O R T U G A L
LOT: Polish Gov't Acquires SAirLines's 25 Percent Stake
R U S S I A
BIOLAN-STROY: Creditors Must File Claims by June 15
EUROGLASS CJSC: Creditors Must File Claims by June 15
LOTOSHINSKIY CJSC: Creditors Must File Claims by June 15
RZHEV-GRAZHDAN LLC: Creditors Must File Claims by June 15
URALSKAYA TRANSPORTATION: Creditors Must File Claims by June 15
S P A I N
BBVA RMBS 3: Fitch Cuts Rating on Class C Tranche to 'B'
SANTANDER HIPOTECARIO: Fitch Junks Ratings on Four Tranches
S W I T Z E R L A N D
DOMINTER AG: Claims Filing Deadline is June 5
DSC ALL: Creditors Have Until June 8 to File Proofs of Claim
GHX MANAGEMENT: Claims Filing Deadline is June 8
J.M. SIDLER: Creditors Must File Claims by June 11
WEKO BIEL: Creditors Must File Proofs of Claim by June 15
U K R A I N E
DNEPRO-SERVICE LLC: Court Starts Bankruptcy Supervision Procedure
FORSAGE-ROAD AS: Creditors Must File Claims by June 11
NAFTOGAZ NJSC: Moody's Junks Corporate Family Rating From 'B2'
ROZHISCHENSKY POULTRY: Court Starts Bankruptcy Procedure
RSM LLC: Creditors Must File Claims by June 11
SPECIAL KIT: Court Starts Bankruptcy Supervision Procedure
START-AGRO LLC: Creditors Must File Claims by June 11
U N I T E D K I N G D O M
BLACKS LEISURE: Posts GBP14.4 Mln Loss, In Talks Over Financing
COBRA BEER: Rescued From Administration Via Pre-Pack Deal
CORSAIR NO 3: Moody's Reviews 'Ca' Rating on EUR75 Mil. Notes
DISCOVER LEISURE: Seeks to Avoid Administration Through CVA
EUROHOME UK: S&P Junks Ratings on Class C Notes From 'B'
ITN: Deloitte Casts Going Concern Doubt Over Pension Fund Deficit
JJB SPORTS: CVA Proposal Takes Effect
LCP PROUDREED: Fitch Cuts Rating on Class D Notes to 'BB'
MODUS VENTURES: Put Into Administration
TATA STEEL UK: Banks Approve Covenant Reset on GBP3.7 Bln Loan
UBS AG: Moody's Withdraws 'Caa1' Rating on Series 6481 Notes
* Fitch Says UK Prime Pass-Through RMBS Can Withstand Recession
* S&P Puts Ratings on 129 Tranches in 27 European CMBS on WatchNeg
* Large Companies with Insolvent Balance Sheet
*********
=============
A U S T R I A
=============
BITA GMBH: Claims Filing Deadline is June 16
--------------------------------------------
Creditors owed money by Bita GmbH have until June 16, 2009, to
file written proofs of claim to the court-appointed estate
administrator:
Dr. Bernhard Eder
Brucknerstrasse 4
1040 Vienna
Austria
Tel: 505 78 61
Fax: 505 78 61 9
E-mail: eder@rechtsanwaelte.co.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on June 30, 2009, for the
examination of claims.
GDR PERSONALLEASING: Claims Registration Period Ends June 16
------------------------------------------------------------
Creditors owed money by GDR Personalleasing GmbH have until
June 16, 2009, to file written proofs of claim to the court-
appointed estate administrator:
Dr. Peter Zens
Esteplatz 5/5
1030 Vienna
Austria
Tel: 534 90
Fax: 534 90-50
E-mail: office@schopf-zens.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 30, 2009, for the
examination of claims.
MARKOVIC GEBAUDEREINIGUNG: Claims Filing Deadline is June 15
------------------------------------------------------------
Creditors owed money by Markovic Gebäudereinigung GmbH have until
June 15, 2009, to file written proofs of claim to the court-
appointed estate administrator:
Dr. Thomas Deschka
Spiegelgasse 10
1010 Vienna
Austria
Tel: 513 99 39
Fax: 513 99 39 30
E-mail: deschka@lawcenter.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 29, 2009, for the
examination of claims.
MARTINS HANDEL: Claims Registration Period Ends June 15
-------------------------------------------------------
Creditors owed money by Martins Handel und Trockenbau have until
June 15, 2009, to file written proofs of claim to the court-
appointed estate administrator:
Dr. Georg Freimueller
Alser Strasse 21
1080 Vienna
Austria
Tel: 406 05 51-Serie
Fax: 406 96 01
E-mail: kanzlei@jus.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 29, 2009, for the
examination of claims.
RAAL GMBH: Claims Registration Period Ends June 16
--------------------------------------------------
Creditors owed money by Raal GmbH have until June 16, 2009, to
file written proofs of claim to the court-appointed estate
administrator:
Dr. Stefan Langer
Olzeltgasse 4
1030 Vienna
Austria
Tel: 712 63 02, 713 61 92
Fax: 713 61 92 22
E-mail: kanzlei@kosesnik-langer.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on June 30, 2009, for the
examination of claims.
=============
B E L G I U M
=============
FORTIS BANK: S&P Lifts Issue Rating on Hybrid Securities to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has upgraded to
'BB' from 'C' its issue rating on the convertible and subordinated
hybrid equity-linked securities of Fortis Bank SA/NV
(AA-/Negative/A-1+). At the same time, S&P placed the ratings on
CreditWatch with developing implications.
The upgrade reflects the recent statement by Fortis N.V. and
Fortis SA/NV (both rated BB/Watch Pos/B, together, Fortis, Fortis
Bank's previous shareholder) that, as a result of the announcement
of their intention to resume the payment of a dividend for the
2009 financial year, the coupon on CASHES due on June 19, 2009,
will be paid in cash.
As a consequence of Fortis' public announcement, made on May 27,
2009, of its intention to pay a dividend on its ordinary shares
for the 2009 financial year, S&P understand that, according to the
terms of the CASHES instrument, the mandatory usage of the
alternative coupon satisfaction method -- previously triggered by
Fortis's announcement on March 15, 2009, that it would cut the
dividend for financial year 2008 following a massive statutory
loss -- is no longer compulsory. S&P understands that Fortis Bank
will consequently pay in cash the next coupons on CASHES, until a
requirement to pay coupons through the ACSM arises again.
The CreditWatch with developing implications reflects
uncertainties surrounding, in S&P's view, the evolution of the
terms and conditions of the CASHES instruments, now that Fortis
Bank is no longer owned by Fortis. To resolve the CreditWatch
status, S&P plans to review the possible amendments to the terms
and conditions of CASHES and assess the support that Fortis Bank
may likely receive from its present 75% owner, French bank BNP
Paribas (AA/Negative/A-1+).
===========
F R A N C E
===========
PERNOD RICARD: Fitch Assigns 'BB+' Ratings on EUR800 Mil. Notes
---------------------------------------------------------------
Fitch Ratings has assigned Pernod Ricard S.A.'s EUR800 milllion 7%
notes, maturing in 2015, final senior unsecured ratings of 'BB+'.
The ratings are in line with Pernod's Long-term Issuer Default
Rating of 'BB+' which has a Stable Outlook. Pernod's senior
unsecured rating is 'BB+' and its Short-term IDR is 'B'.
The notes will constitute senior unsecured obligations of Pernod
and will rank equally with all other present and future unsecured
indebtedness of Pernod.
Fitch affirmed Pernod's Long-term IDR at 'BB+' and changed the
Outlook to Stable from Negative on May 13, 2009.
TREES SA: Moody's Withdraws 'Caa2' Rating on Two Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service has withdrawn its ratings of two classes
of notes issued by Trees S.A.
Moody's has withdrawn the ratings for business reasons.
The rating actions are:
Trees S.A.:
(1) Series 77 US$47,250,210 Secured Credit-linked Notes due 2015
BARBERA CDO
-- Current Rating: WR
-- Prior Rating: Caa2
-- Prior Rating Date: 26 May 2009, downgraded to Caa2 from B1
(2) Series 78 US$47,855,502 Secured Credit-linked Notes due 2014
BARBERA CDO
-- Current Rating: WR
-- Prior Rating: Caa2
-- Prior Rating Date: 26 May 2009, downgraded to Caa2 from B1
=============
G E R M A N Y
=============
AKSYS: Files for Insolvency, State Bailout Rejected
---------------------------------------------------
Plasteurope reports that AKsys has filed for insolvency, putting
1,900 jobs at eight of the group's ten German sites at risk.
According to the report, the company declared itself insolvent on
May 26 after the federal government declined to fund a bailout,
and the reconstruction and development bank KfW denied a EUR22
million credit application
AKsys -- http://www.aksys.de/-- is an automotive supplier based
in Worms, Germany.
LUCITE INT'L: Moody's Withdraws 'Caa1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn all outstanding ratings
for Lucite International Group Holdings Limited following the
completion of the sale of Lucite Group Holdings Limited to
Mitsubishi Rayon Co. Limited on May 28, 2009, and the repayment of
all outstanding rated debt of Lucite.
These ratings were withdrawn:
* Corporate Family Rating -- Caa1
* Probability of Default Rating -- Caa1
* Lucite International US Finco LLC Senior Secured Bank Credit
facility -- B3
* Lucite International Finco Ltd Senior Secured Bank Credit
facility -- B3
The last rating action was on October 8, 2008, when all the
ratings of Lucite International Group Holdings Limited were
downgraded by one-notch to Caa1 and B3 respectively and the
outlook was changed to negative from stable.
Lucite is a world leading producer of methyl methacrylate with a
total annual production capacity of 700,000 tons and a market
share of 25%. Lucite reported revenues of GBP849 million and an
EBITDA of GBP114 million for the fiscal year ended December 31,
2007.
===========
G R E E C E
===========
EMPORIKI BANK: Moody's Reviews 'D+' BFSR for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed the A1 long-term senior debt
and deposit ratings and D+ bank financial strength rating of
Emporiki Bank of Greece on review for possible downgrade. Moody's
views the bank's standalone financial strength as having weakened
such that the D+ BFSR now maps to a Baseline Credit Assessment of
Ba1, compared to Baa3 previously. The short-term rating of P-1 is
affirmed.
The rating action reflects the bank's ongoing weakening financial
performance, as emphasized by its first-quarter results for 2009.
Moody's said that Emporiki's core earning power continued to
decline, which, combined with elevated credit costs, has resulted
in a significant erosion of the bank's capital.
The rating agency recognizes the successful completion of the
EUR850 million capital increase in April 2009 but cautions that,
should the provisioning requirements for the year remain as high
as those indicated by the first quarter, the bank's solvency
position will be considerably challenged.
The bank's ratings continue to reflect the ongoing commitment to
Emporiki by the Credit Agricole Group, which currently holds an
87.48% stake. Moody's notes the replacement of Emporiki's
previous CEO with the previous head of risk at Credit Agricole and
the ongoing support for Emporiki's efforts to restructure its
operations and better position itself in the market.
Nevertheless, Moody's views Emporiki's standalone financial
strength -- and thus its BFSR -- as remaining under pressure as
profitability is expected to remain weak going forward, further
challenging the bank's loss absorption capacity while asset
quality is expected to deteriorate at above system-average rates.
Emporiki's A1 long-term deposit rating is currently based on its
BFSR of D+, which now translates into a BCA of Ba1, and on Moody's
assessment of a very high probability of both parental and
systemic support in the event of need. Parental support is
derived from CASA, as Emporiki's 82.48% majority and controlling
shareholder.
All of these ratings have been placed on review for possible
downgrade:
Emporiki Bank of Greece SA:
-- D+ BFSR
-- A1 foreign and local currency long-term deposit ratings
-- A1 foreign currency senior debt rating
-- A2 foreign currency subordinated debt rating
Emporiki Finance Group:
-- A1 foreign currency senior debt rating
-- A2 foreign currency subordinated debt rating
Moody's previous rating action on Emporiki Bank of Greece was on
March 20, 2009, when it downgraded its BFSR to D+ from C-, long-
term deposits and senior debt rating to A1 from Aa3 and its
subordinated debt rating to A2 from A1.
Headquartered in Athens, Greece, Emporiki Bank of Greece S.A. had
consolidated total assets of EUR30.3 billion at end-March 2009.
=============
I R E L A N D
=============
ANGLO IRISH: Posts EUR4.1 Bln Loss, Gov't to Pump EUR4 Bln Capital
------------------------------------------------------------------
BBC News reports that the Irish government has decided to inject
EUR4 billion (US$5.6 billion; GBP3.5 billion) into Anglo Irish
Bank after the lender posted massive half yearly losses.
BBC News notes the government needs to gain EU approval before it
can pump capital into the bank, which was nationalized in January.
BBC News relates the country's finance minister, Brian Lenehan,
said the bail-out was needed to protect the wider economy in the
event of the bank's failure.
BBC News discloses the bank made a pre-tax loss of EUR4.1 billion
compared to a profit of EUR667 million in the same period a year
earlier. According to BreakingNews.ie, the bank said the losses
are primarily driven by bad loan charges of EUR3.7 billion.
Investigation
According to Business & Leadership, the director of the Office of
Corporate Enforcement (OCDE) Paul Appleby on Friday said that he
expects to meet the Director of Public Prosecutions (DPP)
regarding the Anglo Irish Bank case.
Business & Leadership relates speaking at the release of the
OCDE's annual report for 2008, Mr. Appleby said that the "complex"
investigations into illegal activities at Anglo Irish Bank are
progressing "satisfactorily", and that his office continues to
work constructively with Anglo Irish Bank, the Financial Regulator
and other relevant parties in the matter.
The ODCE has been charged with investigating a series of financial
scandals that have rocked Anglo's reputation, including the matter
of loans to directors, Business & Leadership discloses. BBC News
recalls in December last year, the bank's chairman, Sean
Fitzpatrick, resigned after admitting that he had concealed
millions of euros in personal loans from the Dublin-based bank.
Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/-- is
engaged in the provision of banking services. The Bank operates
in three core areas: business lending, treasury and private
banking. The Bank's non-retail business is made up of over 11,000
commercial depositors spanning commercial entities, charities,
public sector bodies, pension funds, credit unions and other non-
bank financial institutions. The Company's retail deposits
comprise demand, notice and fixed term deposit accounts from
personal savers with maturities of up to two years. Non-retail
deposits are sourced from commercial entities, charities, public
sector bodies, pension funds, credit unions and other non-bank
financial institutions. In addition, at September 30, 2008, its
non-retail deposits included deposits from Irish Life Assurance
plc. The Private Bank offers tailored products and solutions for
high net worth clients and operates the Bank's lending business in
Ireland and the United Kingdom.
AVOCA CLO: S&P Puts 'BB' Rating on E Def Notes on Watch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on 18 tranches, including five combination
notes, issued by four collateralized loan obligation transactions
backed by corporate loan securities.
The affected transactions are:
-- Highlander Euro CDO B.V./ Highlander Euro CDO (Cayman) Ltd.;
-- Harbourmaster CLO 11 B.V.;
-- Eaton Vance CDO VII PLC; and
-- Avoca CLO IV PLC.
These rating actions are due to deterioration in the credit
quality of the underlying portfolios. S&P has also observed par
value losses following the default of portfolio holdings in some
of the CLOs.
In S&P's opinion, portfolio credit deterioration and par losses
increase the risk that cash flows may not be sufficient to fully
repay all rated classes, putting downward pressure on the ratings.
In determining whether to place a CLO tranche rating on
CreditWatch negative, S&P consider a number of factors, including,
but not limited to:
-- the percentage of assets (including the change in the
percentage of assets), based on S&P's analysis, rated below
'B-' and the percentage of defaults already experienced in
the portfolios;
-- S&P's rated overcollateralization metric, which provides
an estimate of rating stability for cash flow collateralized
debt obligation tranches based on output from Standard &
Poor's CDO Evaluator model and a simplified cash flow
analysis;
-- trends in performance results across similar transactions;
and
-- the results of the CDO Monitor Test.
The actions primarily follow S&P's preliminary review of how
recent deterioration in collateral credit quality has affected
European CLOs.
Ratings List
Ratings Placed on Creditwatch Negative
Highlander Euro CDO B.V.
EUR500 Million Secured Floating-Rate And Subordinated Notes
Rating
------
Class To From
----- -- ----
C (prim) A-/Watch Neg A-
D (prim) BBB-/Watch Neg BBB-
Highlander Euro CDO (Cayman) Ltd.
EUR38.25 Million Secured Floating-Rate Notes
Rating
------
Class To From
----- -- ----
E (sec) BB-/Watch Neg BB-
Harbourmaster CLO 11 B.V.
EUR485.2 Million Floating-Rate Notes
Rating
------
Class To From
----- -- ----
B BBB-/Watch Neg BBB-
Eaton Vance CDO VII PLC
EUR260 Million and US$174 Million Secured-Rate Deferrable Notes
Rating
------
Class To From
----- -- ----
D-1 BBB-/Watch Neg BBB-
D-2 BBB-/Watch Neg BBB-
E-1 BB-/Watch Neg BB-
E-2 BB-/Watch Neg BB-
Avoca CLO IV PLC
EUR458 Million Floating- and Fixed-Rate Notes
Rating
------
Class To From
----- -- ----
B Def AA/Watch Neg AA
C-1 Def A/Watch Neg A
C-2 Def A/Watch Neg A
D Def BBB/Watch Neg BBB
E Def BB/Watch Neg BB
N combination
notes BBB/Watch Neg BBB
O combination
notes BBB/Watch Neg BBB
P combination
notes BBB/Watch Neg BBB
Q combination
notes BBB+/Watch Neg BBB+
R combination
notes A/Watch Neg A
EATON VANCE: S&P Puts 'BB-' Ratings on Two Tranches on Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on 18 tranches, including five combination
notes, issued by four collateralized loan obligation transactions
backed by corporate loan securities.
The affected transactions are:
-- Highlander Euro CDO B.V./ Highlander Euro CDO (Cayman) Ltd.;
-- Harbourmaster CLO 11 B.V.;
-- Eaton Vance CDO VII PLC; and
-- Avoca CLO IV PLC.
These rating actions are due to deterioration in the credit
quality of the underlying portfolios. S&P has also observed par
value losses following the default of portfolio holdings in some
of the CLOs.
In S&P's opinion, portfolio credit deterioration and par losses
increase the risk that cash flows may not be sufficient to fully
repay all rated classes, putting downward pressure on the ratings.
In determining whether to place a CLO tranche rating on
CreditWatch negative, S&P consider a number of factors, including,
but not limited to:
-- the percentage of assets (including the change in the
percentage of assets), based on S&P's analysis, rated below
'B-' and the percentage of defaults already experienced in
the portfolios;
-- S&P's rated overcollateralization metric, which provides
an estimate of rating stability for cash flow collateralized
debt obligation tranches based on output from Standard &
Poor's CDO Evaluator model and a simplified cash flow
analysis;
-- trends in performance results across similar transactions;
and
-- the results of the CDO Monitor Test.
The actions primarily follow S&P's preliminary review of how
recent deterioration in collateral credit quality has affected
European CLOs.
Ratings List
Ratings Placed on Creditwatch Negative
Highlander Euro CDO B.V.
EUR500 Million Secured Floating-Rate And Subordinated Notes
Rating
------
Class To From
----- -- ----
C (prim) A-/Watch Neg A-
D (prim) BBB-/Watch Neg BBB-
Highlander Euro CDO (Cayman) Ltd.
EUR38.25 Million Secured Floating-Rate Notes
Rating
------
Class To From
----- -- ----
E (sec) BB-/Watch Neg BB-
Harbourmaster CLO 11 B.V.
EUR485.2 Million Floating-Rate Notes
Rating
------
Class To From
----- -- ----
B BBB-/Watch Neg BBB-
Eaton Vance CDO VII PLC
EUR260 Million and US$174 Million Secured-Rate Deferrable Notes
Rating
------
Class To From
----- -- ----
D-1 BBB-/Watch Neg BBB-
D-2 BBB-/Watch Neg BBB-
E-1 BB-/Watch Neg BB-
E-2 BB-/Watch Neg BB-
Avoca CLO IV PLC
EUR458 Million Floating- and Fixed-Rate Notes
Rating
------
Class To From
----- -- ----
B Def AA/Watch Neg AA
C-1 Def A/Watch Neg A
C-2 Def A/Watch Neg A
D Def BBB/Watch Neg BBB
E Def BB/Watch Neg BB
N combination
notes BBB/Watch Neg BBB
O combination
notes BBB/Watch Neg BBB
P combination
notes BBB/Watch Neg BBB
Q combination
notes BBB+/Watch Neg BBB+
R combination
notes A/Watch Neg A
ELVA FUNDING: S&P Cuts Rating on EUR43 Million Notes to 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
nine European synthetic collateralized debt obligation tranches
following recent rating changes either on the underlying
collateral, or a dependent party in those deals.
Specifically, S&P:
-- lowered the rating on one tranche;
-- lowered and placed on CreditWatch negative the rating on one
tranche;
-- lowered and removed from CreditWatch negative the rating on
four tranches;
-- placed on CreditWatch negative the rating on one tranche;
-- revised to CreditWatch positive from CreditWatch developing
the rating on one tranche; and
-- revised to CreditWatch negative from CreditWatch positive the
rating on one tranche.
Ratings List
Rating Lowered
Edam Funding One Ltd.
EUR15 Million Limited-Recourse Floating-Rate Credit-Linked Notes
Series 05-03
Rating
------
Class To From
----- -- ----
A B BBB-
Rating Lowered and Placed on Creditwatch Negative
Elva Funding PLC
EUR43 Million Secured Credit-Linked Variable-Rate Notes
Series 2006-51
Rating
------
To From
-- ----
CCC-/Watch Neg CCC
Ratings Lowered and Removed From Creditwatch Negative
Edam Funding One Ltd.
EUR25 Million Limited Recourse Floating-Rate Credit-Linked Notes
Series 2006-02
Rating
------
To From
-- ----
BBB- A+/Watch Neg
Edam Funding One Ltd.
EUR20 Million Limited Recourse Floating-Rate Credit-Linked Notes
Series 2006-1
Rating
------
To From
-- ----
BBB- A+/Watch Neg
Edam Funding One Ltd.
EUR20 Million Limited-Recourse Credit-Linked Floating-Rate Notes
Series 2006-03
Rating
------
To From
-- ----
BBB- A+/Watch Neg
Edam Funding One Ltd.
EUR20 Million Limited-Recourse Floating-Rate Credit-Linked Notes
Series 2007-1
Rating
------
To From
-- ----
B BBB-/Watch Neg
Rating Placed on Creditwatch Negative
STARTS (Cayman) Ltd.
$125 Million Leveraged Super Senior Credit-Linked Fixed-Rate Notes
Series 2008-9
Rating
------
To From
-- ----
AAA/Watch Neg AAA
Rating Revised to Creditwatch Positive From Creditwatch Developing
Clearway Finance B.V.
EUR215 Million Fixed-Rate Installment Secured Notes
Rating
------
To From
-- ----
BB/Watch Pos BB/Watch Dev
Rating Revised to Creditwatch Negative From Creditwatch Positive
Aquarius + Investments PLC
EUR100 Million Secured-Senior Floating-Rate Series 1
Rating
------
To From
-- ----
AA-/Watch Neg AA-/Watch Pos
FIRST EQUITY: KBC Appoints Receivers For British Property
---------------------------------------------------------
The Sunday Business Post Online's Ian Kehoe and Gavin Daly report
that Belgium's KBC bank has seized First Equity Group's property
at York Place in an effort to safeguard loans that it had advanced
to Gallium, the holding company behind the Dublin investment firm.
The report relates the bank has appointed Colin Fell and Mark
Stupples, of international property consultancy Kings Sturge, as
joint receivers over an apartment complex in Leicester. Mr. Fell,
as cited in the report, said the receivers intended to manage the
property, before ultimately selling it.
First Equity, the report recalls, went into liquidation in March
after attempts to restructure the company's debts through an
examinership process failed. According to the report, investors
and financial institutions have more than EUR150 million tied up
in the group, which suffered as a result of the property slump and
the international credit crunch.
===================
K A Z A K H S T A N
===================
BELOUSOVSKY HLEBOZAVOD: Creditors Must File Claims by June 19
-------------------------------------------------------------
LLP Belousovsky Hlebozavod has gone into liquidation. Creditors
have until June 19, 2009, to submit proofs of claim to:
Pirogov Str. 19
Glubokoye
Glubokovsky
East Kazakhstan
Kazakhstan
LESTOP PROM: Creditors Must File Claims by June 19
--------------------------------------------------
Creditors of LLP Lestop Prom have until June 19, 2009, to submit
proofs of claim to:
Voroshilov Str. 4-11
Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on March 20,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of East Kazakhstan
Bajov Str. 2
070000 Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
PREDGORNENSKY MEL COMBINAT: Creditors Must File Claims by June 19
-----------------------------------------------------------------
LLP Predgornensky Mel Combinat has gone into liquidation.
Creditors have until June 19, 2009, to submit proofs of claim to:
Pirogov Str. 19
Glubokoye
Glubokovsky
East Kazakhstan
Kazakhstan
REM TECHNIKA: Creditors Must File Claims by June 19
---------------------------------------------------
Creditors of LLP Rem Technika have until June 19, 2009, to submit
proofs of claim to:
Gogol Str. 177a
Kostanai
Kazakhstan
The Specialized Inter-Regional Economic Court of Kostanai
commenced bankruptcy proceedings against the company on March 26,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Kostanai
Baitursynov Str. 70
Kostanai
Kazakhstan
VK PROM: Creditors Must File Claims by June 19
----------------------------------------------
Creditors of LLP VK Prom Stroy Tech have until June 19, 2009, to
submit proofs of claim to:
Voroshilov Str. 4-11
Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on March 20,
2009, after finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of East Kazakhstan
Bajov Str. 2
070000 Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
===================
K Y R G Y Z S T A N
===================
PROIZVODSTVENNY TSEH: Creditors Must File Claims by July 3
----------------------------------------------------------
LLC Proizvodstvenny Tseh Jelezobetonnyh Izdely I Konstruktsy has
gone into liquidation. Creditors have until July 3, 2009, to
submit proofs of claim.
Inquiries can be addressed to (0-777) 03-98-87.
=====================
N E T H E R L A N D S
=====================
CLEARWAY FINANCE: S&P Revises Watch on BB Tranche Rating to Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
nine European synthetic collateralized debt obligation tranches
following recent rating changes either on the underlying
collateral, or a dependent party in those deals.
Specifically, S&P:
-- lowered the rating on one tranche;
-- lowered and placed on CreditWatch negative the rating on one
tranche;
-- lowered and removed from CreditWatch negative the rating on
four tranches;
-- placed on CreditWatch negative the rating on one tranche;
-- revised to CreditWatch positive from CreditWatch developing
the rating on one tranche; and
-- revised to CreditWatch negative from CreditWatch positive the
rating on one tranche.
Ratings List
Rating Lowered
Edam Funding One Ltd.
EUR15 Million Limited-Recourse Floating-Rate Credit-Linked Notes
Series 05-03
Rating
------
Class To From
----- -- ----
A B BBB-
Rating Lowered and Placed on Creditwatch Negative
Elva Funding PLC
EUR43 Million Secured Credit-Linked Variable-Rate Notes
Series 2006-51
Rating
------
To From
-- ----
CCC-/Watch Neg CCC
Ratings Lowered and Removed From Creditwatch Negative
Edam Funding One Ltd.
EUR25 Million Limited Recourse Floating-Rate Credit-Linked Notes
Series 2006-02
Rating
------
To From
-- ----
BBB- A+/Watch Neg
Edam Funding One Ltd.
EUR20 Million Limited Recourse Floating-Rate Credit-Linked Notes
Series 2006-1
Rating
------
To From
-- ----
BBB- A+/Watch Neg
Edam Funding One Ltd.
EUR20 Million Limited-Recourse Credit-Linked Floating-Rate Notes
Series 2006-03
Rating
------
To From
-- ----
BBB- A+/Watch Neg
Edam Funding One Ltd.
EUR20 Million Limited-Recourse Floating-Rate Credit-Linked Notes
Series 2007-1
Rating
------
To From
-- ----
B BBB-/Watch Neg
Rating Placed on Creditwatch Negative
STARTS (Cayman) Ltd.
$125 Million Leveraged Super Senior Credit-Linked Fixed-Rate Notes
Series 2008-9
Rating
------
To From
-- ----
AAA/Watch Neg AAA
Rating Revised to Creditwatch Positive From Creditwatch Developing
Clearway Finance B.V.
EUR215 Million Fixed-Rate Installment Secured Notes
Rating
------
To From
-- ----
BB/Watch Pos BB/Watch Dev
Rating Revised to Creditwatch Negative From Creditwatch Positive
Aquarius + Investments PLC
EUR100 Million Secured-Senior Floating-Rate Series 1
Rating
------
To From
-- ----
AA-/Watch Neg AA-/Watch Pos
ROMPETROL GROUP: Fitch Downgrades Issuer Default Rating to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded Netherlands-based The Rompetrol Group
N.V.'s Long-term foreign currency Issuer Default Rating to 'B'
from 'B+'. The rating Outlook is Negative.
The downgrade reflects TRG's deteriorated stand-alone credit
profile due to weaker-than-expected funds from operations (post-
interest, post-tax operating cash flow before working capital),
high financial leverage and worsened interest coverage ratios.
TRG's funds from operations and EBITDA are expected to remain
under pressure in 2009 and 2010 due to the cyclical downturn in
the oil refining sector, which has been exacerbated by a sharp
contraction in global demand for refined products. In addition,
Romania ('BB+'/Negative), in which TRG generated about 75% of its
2008 EBITDA, is undergoing an economic downturn which is likely to
negatively affect TRG's Romanian operations.
Fitch's credit rating for TRG is based on a bottom-up approach and
reflects the company's stand-alone credit profile assessed at
'CC'/Negative and three notches uplift for moderate support from
its Kazakhstan-based integrated oil and gas parent, KazMunaiGaz
National Company (NC KMG, rated 'BBB-'/'F3'/Rating Watch
Negative), in line with the agency's parent and subsidiary rating
linkage methodology. Fitch assesses strategic and operational
ties between TRG and NC KMG as strong, while legal ties are weak
as NC KMG does not guarantee TRG's debt. NC KMG and TRG's
minority shareholder, Rompetrol Holding S.A., have provided
tangible support to TRG in the form of subordinated shareholder
loans (US$684 million, of which US$446 million was lent in 2008)
and favorable payment terms for crude oil supplies from NC KMG to
TRG.
TRG reported negative funds from operations of US$158 million in
2008. Funds from operations adjusted for non-recurring inventory
holding losses, due to a fall in the oil price in H208, amounted
to a negative US$60 million. This indicates the company was not
able to cover interest expense from its operating cash flow before
working capital due to the high debt burden of US$1.5 billion,
including US$769 million of bank loans and US$646 million of
shareholder loans. Fitch expects TRG to improve its free cash
flow in 2009, as the group's capex plan for this year is US$90
million, substantially lower than US$358 million spent in 2008.
TRG's management has also implemented a cost reduction program
related to selling, and general and administration costs,
including salaries. These measures should allow the group to be
broadly free cash flow neutral. However, TRG's financial leverage
is expected to remain stretched unless its capital structure is
improved, for example by cash injections from shareholders.
The Negative Outlook reflects high refinancing risk as the
company's available liquidity in the form of cash and undrawn
committed facilities is insufficient to cover TRG's short-term
debt of US$706 million (at end-March 2009), primarily comprising
working capital bank loans. This leaves the company dependent on
the renewal of its existing bank facilities amid difficult credit
market conditions, and/or on additional shareholder loans to fund
its obligations. TRG plans to refinance a major part of its
short-term debt with a USD1bn syndicated bank facility which is
currently planned for the second half of 2009. An extension of
TRG's debt maturity profile would be viewed positively by Fitch.
The group's leverage ratio, defined as lease-adjusted net debt to
EBITDAR excluding inventory holding gains/losses, stood at 10x at
YE08, which is high compared with other refining companies rated
by Fitch.
===============
P O R T U G A L
===============
LOT: Polish Gov't Acquires SAirLines's 25 Percent Stake
-------------------------------------------------------
Agence France-Presse reports that Poland's government has acquired
SAirLines' 25% stake in national carrier LOT for an undisclosed
sum, bringing its total ownership of the national carrier to more
than 90%.
The report relates the acquisition was out via TF Silesia, a
treasury-owned fund which specializes in restructuring troubled
companies such as the loss-making LOT.
On April 29, 2009, the Troubled Company Reporter-Europe, citing
news.pl reported that in 2008, LOT incurred a loss of PLN700
million, over PLN300 million of which resulted from contracts for
fuel, made when the price was high last year.
LOT could go bankrupt if it fails to find investors, news.pl
disclosed. According to news.pl, the only chance for the airline
is to find a new investor or to be taken over by a competitor.
news.pl noted the government can not bail out the airline as this
would contravene competition rules laid down by the European
Commission.
Headquartered in Warsaw, Poland, Polskie Linie Lotnicze LOT, or
LOT Polish Airlines -- http://www.lot.com-- serves about a dozen
cities in Poland and about 120 destinations across Europe and
North America. Subsidiaries include regional carrier EuroLOT and
charter operator Centralwings. Overall, LOT and its affiliates
maintain a fleet of about 55 aircraft, consisting of Embraer
regional jets, Boeing 767s and 737s, and ATR turboprops. The
airline is a member of the Star Alliance marketing group, and LOT
serves many of its North American destinations through code-
sharing with Star partners United Airlines and Air Canada. (Code-
sharing allows airlines to sell tickets on one another's flights
and thus extend their networks.) The Polish government owns 68%
of the company.
===========
R U S S I A
===========
BIOLAN-STROY: Creditors Must File Claims by June 15
---------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on LLC Biolan-Stroy (TIN 7701297909) (Construction).
The case is docketed under Case No. ?40–34265/08–74-109B.
Creditors have until June 15, 2009, to submit proofs of claims to:
T. Ustyuzhatina
Temporary Insolvency Manager
Office 2
K. Myagotina Str. 117/21
640000 Kurgan
Russia
The Debtor can be reached at:
LLC Biolan-Stroy
Building 6
N. Basmannaya Str. 29
Moscow
Russia
EUROGLASS CJSC: Creditors Must File Claims by June 15
-----------------------------------------------------
The Arbitration Court of Smolenskaya commenced bankruptcy
supervision procedure on CJSC Euroglass (TIN 67114013630, PSRN
1026700644563). The case is docketed under Case No. ?-62–
939/2009.
Creditors have until June 15, 2009, to submit proofs of claims to:
V. Alekseev
Temporary Insolvency Manager
Office 4
Soboleva Str. 7
214000 Smolensk
Russia
The Debtor can be reached at:
CJSC Euroglass
Vitebskaya Str. 1
Golynki
Rudnyanskiy
216740 Smolenskaya
Russia
LOTOSHINSKIY CJSC: Creditors Must File Claims by June 15
--------------------------------------------------------
Creditors of CJSC Lotoshinskiy (TIN 5071000373, PSRN
1025007373049, RVC 507101001) (Fish Factory) have until June 15,
2009, to submit proofs of claims to:
A. Volkov
Temporary Insolvency Manager
Bolshaya Sestra 20
Lotoshinskiy
143818 Moskovskaya
Russia
The Arbitration Court of Moskovskaya will convene on Aug. 25,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?41–5209/09.
The Debtor can be reached at:
CJSC Lotoshinskiy
Bolshaya Sestra 20
Lotoshinskiy
143818 Moskovskaya
Russia
RZHEV-GRAZHDAN LLC: Creditors Must File Claims by June 15
---------------------------------------------------------
Creditors of LLC Rzhev-Grazhdan-Stroy (TIN 6914001110, PSRN
1026901849853) (Construction) have until June 15, 2009, to submit
proofs of claims to:
V. Mkrtychyan
Temporary Insolvency Manager
Post User Box 619
170006 Tver
Russia
The Arbitration Court of Tverskaya will convene on Sept. 3, 2009,
to hear bankruptcy supervision procedure on the company. The case
is docketed under Case No. ?66–1794/2009.
The Debtor can be reached at:
LLC Rzhev-Grazhdan-Stroy
N. Golovni Str. 43
Rzhev
172350 Tverskaya
Russia
URALSKAYA TRANSPORTATION: Creditors Must File Claims by June 15
---------------------------------------------------------------
The Arbitration Court of Udmurtia commenced bankruptcy proceedings
against CJSC Uralskaya Transportation Company (TIN 1834028171)
after finding the company insolvent. The case is docketed under
Case No. ?71–2508/2009-G9.
Creditors have until June 15, 2009, to submit proofs of claims to:
A. Kuznetsov
Insolvency Manager
Post User Box 5232
426033 Izhevsk
Russia
The Debtor can be reached at:
CJSC Uralskaya Transportation Company
Sportivnaya Str. 117
Starki
Izhevsk
426062 Udmurtia
Russia
=========
S P A I N
=========
BBVA RMBS 3: Fitch Cuts Rating on Class C Tranche to 'B'
--------------------------------------------------------
Fitch Ratings has affirmed 12 and downgraded four tranches of the
BBVA RMBS series transactions following a performance review. The
portfolios backing the transactions comprise loans originated by
Banco Bilbao Vizcaya Argentaria. The rating actions are:
BBVA RMBS 1, Fondo de Titualizacion Activos:
-- Class A2 (ISIN ES0314147010) affirmed at 'AAA'; Outlook
Stable; assigned Loss Severity Rating of 'LS-1'
-- Class A3 (ISIN ES0314147028) affirmed at 'AAA'; Outlook
Stable; assigned Loss Severity Rating of 'LS-1'
-- Class B (ISIN ES0314147036) affirmed at 'A'; Outlook revised
to Negative from Stable; assigned Loss Severity Rating of
'LS-2'
-- Class C (ISIN ES0314147044) downgraded to 'BBB-' from 'BBB';
Outlook Negative; assigned Loss Severity Rating of 'LS-2'
-- Class A1 (ISIN ES0314147002) paid in full in December 2008
BBVA RMBS 2, Fondo de Titualizacion Activos:
-- Class A1 (ISIN ES0314148000) affirmed at 'AAA'; Outlook
Stable; assigned Loss Severity Rating of 'LS-2'
-- Class A2 (ISIN ES0314148018) affirmed at 'AAA'; Outlook
Stable; assigned Loss Severity Rating of 'LS-1'
-- Class A3 (ISIN ES0314148026) affirmed at 'AAA'; Outlook
Stable; assigned Loss Severity Rating of 'LS-1'
-- Class A4 (ISIN ES0314148034) affirmed at 'AAA'; Outlook
Stable; assigned Loss Severity Rating of 'LS-1'
-- Class B (ISIN ES0314148042) affirmed at 'A+'; Outlook revised
to Negative from Stable; assigned Loss Severity Rating of
'LS-2'
-- Class C (ISIN ES0314148059) downgraded to 'BBB-' from 'BBB+';
Outlook Negative; assigned Loss Severity Rating of 'LS-2'
BBVA RMBS 3, Fondo de Titualizacion Activos:
-- Class A1 (ISIN ES0314149008) affirmed at 'AAA'; Outlook
revised to Negative from Stable; assigned Loss Severity
Rating of 'LS-1'
-- Class A2 (ISIN ES0314149016) affirmed at 'AAA'; Outlook
revised to Negative from Stable; assigned Loss Severity
Rating of 'LS-1'
-- Class A3 (ISIN ES0314149024) affirmed at 'AAA'; Outlook
revised to Negative from Stable; assigned Loss Severity
Rating of 'LS-1'
-- Class B (ISIN ES0314149032) downgraded to 'BBB+' from 'A';
Outlook Negative; assigned Loss Severity Rating of 'LS-2'
-- Class C (ISIN ES0314149040) downgraded to 'B' from 'BBB-';
Outlook Negative; assigned Loss Severity Rating of 'LS-3'
The downgrades and Negative Outlook of BBVA RMBS 3 reflect further
deterioration in the last two quarters. In March 2009, three
months plus arrears rose to 3.31% of the current collateral
balance from 2.03% in October 2008. New defaults, in the November
2008 and February 2009 investor payment dates, have been above the
available excess spread, resulting in a draw on the reserve fund
to EUR29.8 million from its target balance of EUR39 million. The
rising delinquencies are quickly rolling into defaults and this is
likely to result in increasing levels of provisioning. If
recoveries are not forthcoming, the RF will be fully depleted
before May 2010.
BBVA RMBS 1 and 2 delinquencies are rising but at a slower rate
than BBVA RMBS 3. Three months plus arrears of BBVA RMBS 1 and 2
reached 1.36% and 1.16% of the current collateral balance
respectively in March 2009, up from 0.87% and 0.79% in October
2008. Although the performance is better than BBVA RBMS 3,
defaults are also above the current ExS. This caused the RFs of
BBVA RMBS 1 and 2 to decline in March 2009 to EUR35.1 million and
EUR39.8 million, respectively from their target balance of EUR37.5
million and EUR40 million. In These quarters, because defaults
are expected to rise further, the RFs are likely to be drawn down
further. On the other hand, the smaller scale of defaults and
arrears suggest the RFs are unlikely to be depleted in the next
two years.
The high loan-to-value of loans, together with Fitch's
expectations of a 25%/30% drop in Spain's house prices and rising
unemployment, are likely to drive delinquencies higher. The
original loan-to-value at closing ranged between 85% and 100%, 65%
and 100%, 79.6% and 100% for BBVA 1, 2, and 3, respectively.
BBVA is Spain's second-largest banking group. Its Spanish and
Latin America operations are focussed on retail and corporate
banking, insurance, and investment and pension fund management.
Rating Outlooks for European structured finance tranches provide
forward-looking information to the market. An Outlook indicates
the likely direction of any rating change over a one- to two-year
period.
SANTANDER HIPOTECARIO: Fitch Junks Ratings on Four Tranches
-----------------------------------------------------------
Fitch Ratings has downgraded 14 tranches and affirmed two tranches
from the Fondo De Titulizacion De Activos Santander Hipotecario
series transactions following a performance review.
The downgrades were a consequence of the continued deterioration
in the performance of the collateral supporting the issued notes.
The weak performance of the two transactions has been mainly
driven by the high loan-to-value ratios of the residential
mortgage loans in the pools, and by the high number of immigrant
borrowers who have been affected by unfavorable economic
conditions such as unemployment. Defaults experienced within the
transactions have been above Fitch's initial expectations,
resulting in a higher expectation for total defaults. The loss
severity expectation for the loans has also increased, driven by
the deteriorating housing market in Spain. The combination of
these factors results in a higher expected loss for the portfolio.
Both transactions use a provisioning mechanism to reduce the cost
of carry of loans which have been classified as defaulted.
Defaulted loans are defined as loans more than 18 months in
arrears. In addition, the transactions have been writing off
loans where Santander ('AA'/'F1+') deems necessary, before their
arrears reach more then 18 months, in cases where a loss is
expected. The provisioning mechanism enables the transaction to
utilize the excess spread generated, which would otherwise have
flowed through the transactions' structure.
In recent quarters, investor reports for both SHIPO 3 and 4 have
reported shortfalls in the available funds to amortize the notes.
The transactions' reported collateral balance has been reduced by
the amount of write offs, although this has not been reflected in
the note balance as insufficient funds were available.
Arrears levels for both of the high LTV Prime RMBS transactions
rose sharply in 2008. As of April 2009, reported arrears -- for
loans in arrears for more than three months -- had increased to
5.63% and 9.67%, respectively, for SHIPO 3 and 4, from 4.88% and
7.62% in January 2009. Defaults have also increased
significantly. In SHIPO 3 and 4, cumulative defaults had reached
0.69% and 0.48%, respectively, as of April 2009. Although these
levels are far from breaching interest deferral triggers, the
timing and volume of the defaults is of a concern, as the
transactions have not had sufficient time to season and build
enough credit enhancement to cope with this volume of defaults and
possible future losses.
In addition to the increase in the numbers of defaults, Fitch also
has concerns about the rising amount of properties currently being
repossessed; standing at 4.38% and 5.68% of their current
outstanding collateral balance, respectively, for SHIPO 3 and 4,
along with possible losses on the sale of properties by the
servicer given the deteriorating Spanish housing market. Fitch's
house price expectations for Spain are for a 25%-30% peak-to-
trough decline, and therefore delays in the repossession and sale
of properties are likely to result in lower recovery levels than
may be achieved if properties are disposed of more quickly.
The ratings actions are:
Fondo De Titulizacion De Activos Santander Hipotecario 3:
-- Class A1 (ISIN ES0338093000): downgraded to 'A+' from 'AAA';
removed from Rating Watch Negative; assigned a Negative
Outlook; assigned a Loss Severity Rating of 'LS-1'
-- Class A2 (ISIN ES0338093018): downgraded to 'A+' from 'AAA';
removed from Rating Watch Negative; assigned a Negative
Outlook; assigned a Loss Severity Rating of 'LS-1'
-- Class A3 (ISIN ES0338093026): downgraded to 'A+' from 'AAA';
removed from Rating Watch Negative; assigned a Negative
Outlook; assigned a Loss Severity Rating of 'LS-1'
-- Class B (ISIN ES0338093034): downgraded to 'BBB+' from 'AA-';
removed from Rating Watch Negative; assigned a Negative
Outlook; assigned a Loss Severity Rating of 'LS-5'
-- Class C (ISIN ES0338093042): downgraded to 'BB-' from 'BBB+';
removed from Rating Watch Negative; assigned a Negative
Outlook; assigned a Loss Severity Rating of 'LS-5'
-- Class D (ISIN ES0338093059): downgraded to 'CCC' from 'BB';
removed from Rating Watch Negative; assigned a Recovery
Rating of 'RR3'
-- Class E (ISIN ES0338093067): downgraded to 'CC' from 'B';
removed from Rating Watch Negative; assigned a Recovery
Rating of 'RR4'
-- Class F (ISIN ES 0338093075): affirmed at 'C'; Recovery
Rating is 'RR6'
Fondo De Titulizacion De Activos Santander Hipotecario 4:
-- Class A1 (ISIN ES0337711008): downgraded to 'A' from 'AAA';
removed from Rating Watch Negative; assigned a Negative
Outlook; assigned a Loss Severity Rating of 'LS-1'
-- Class A2 (ISIN ES0337711016): downgraded to 'A' from 'AAA';
removed from Rating Watch Negative; assigned a Negative
Outlook; assigned a Loss Severity Rating of 'LS-1'
-- Class A3 (ISIN ES0337711024): downgraded to 'A' from 'AAA';
removed from Rating Watch Negative; assigned a Negative
Outlook; assigned a Loss Severity Rating of 'LS-1'
-- Class B (ISIN ES0337711032): downgraded to 'BBB' from 'AA-';
removed from Rating Watch Negative; assigned a Negative
Outlook; assigned a Loss Severity Rating of 'LS-5'
-- Class C (ISIN ES0337711040): downgraded to 'B' from 'BBB+';
removed from Rating Watch Negative; assigned a Negative
Outlook; assigned a Loss Severity Rating of 'LS-5'
-- Class D (ISIN ES0337711057): downgraded to 'CCC' from 'BB';
removed from Rating Watch Negative; assigned a Recovery
Rating of 'RR3'
-- Class E (ISIN ES0337711065): downgraded to 'CC' from 'B';
removed from Rating Watch Negative; assigned a Recovery
Rating of 'RR4'
-- Class F (ISIN ES0338341011): affirmed at 'C'; Recovery Rating
is 'RR6'
Fitch has carried out a full loan-by-loan default analysis based
on an updated pool for each transaction and an analysis of the
projected cash flows. The analysis is the same as Fitch applies
to new ratings.
=====================
S W I T Z E R L A N D
=====================
DOMINTER AG: Claims Filing Deadline is June 5
----------------------------------------------
Creditors of Dominter AG are requested to file their proofs of
claim by June 5, 2009, to:
Dr. Bruno Becchio
Liquidator
Kantstrasse 14
8044 Zurich
Switzerland
The company is currently undergoing liquidation in Zurich. The
decision about liquidation was accepted at a general meeting held
on April 1, 2009.
DSC ALL: Creditors Have Until June 8 to File Proofs of Claim
------------------------------------------------------------
Creditors of DSC All Trading GmbH are requested to file their
proofs of claim by June 8, 2009, to:
Dejan Nenadovic
Sternenstrasse 29
8002 Zurich
Switzerland
The company is currently undergoing liquidation in Dietikon. The
decision about liquidation was accepted at a shareholders' meeting
held on Oct. 6, 1999.
GHX MANAGEMENT: Claims Filing Deadline is June 8
------------------------------------------------
Creditors of GHX Management AG are requested to file their proofs
of claim by June 8, 2009, to:
Peter Elmer
Sunnenhof
8627 Grueningen
Switzerland
The company is currently undergoing liquidation in Baar ZG. The
decision about liquidation was accepted at a general meeting held
on Aug. 11, 2008.
J.M. SIDLER: Creditors Must File Claims by June 11
--------------------------------------------------
Creditors of J.M. Sidler EDV-Beratung GmbH are requested to file
their proofs of claim by June 11, 2009, to:
J. M. Sidler
Im First 15
5420 Ehrendingen
Switzerland
The company is currently undergoing liquidation in Ehrendingen.
The decision about liquidation was accepted at a shareholders'
meeting held on March 12, 2009.
WEKO BIEL: Creditors Must File Proofs of Claim by June 15
---------------------------------------------------------
Creditors of Weko Biel AG are requested to file their proofs of
claim by June 15, 2009, to:
Urs Wendling
Liquidator
c/o Wendling & Howald
Bahnhofstrasse 2
Mail Box 79
2501 Biel
Switzerland
The company is currently undergoing liquidation in Biel/Bienne.
The decision about liquidation was accepted at an extraordinary
general meeting held on March 5, 2009.
=============
U K R A I N E
=============
DNEPRO-SERVICE LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------------
The Economic Court of Zaporozhye commenced bankruptcy supervision
procedure on LLC Dnepro-Service (code EDRPOU 31230180).
The Insolvency Manager is:
N. Martinenko
Office 5
Mayakovsky avenue 12
69006 Zaporozhye
Ukraine
The Court is located at:
The Economic Court of Zaporozhye
Shaumian Str. 4
69600 Zaporozhye
Ukraine
The Debtor can be reached at:
LLC Dnepro-Service
Office 10
Chumachenko Str. 15g
69050 Zaporozhye
Ukraine
FORSAGE-ROAD AS: Creditors Must File Claims by June 11
------------------------------------------------------
Creditors of LLC Forsage-Road AS (code EDRPOU 35564245) have until
June 11, 2009, to submit proofs of claim to:
V. Cherepenko
Insolvency Manager
Moscow Str. 54-a
54017 Nikolayev
Ukraine
The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on April 14, 2009. The case is docketed under
Case No. 6/133/09.
The Court is located at:
The Economic Court of Nikolayev
Admiralskaya Str. 22-a
54009 Nikolayev
Ukraine
The Debtor can be reached at:
LLC Forsage-Road AS
Office 33
Lenin Avenue 189
54008 Nikolayev
Ukraine
NAFTOGAZ NJSC: Moody's Junks Corporate Family Rating From 'B2'
--------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B2, the
foreign currency corporate family rating, and probability of
default and debt ratings of NJSC Naftogaz of Ukraine. The outlook
on the ratings has been changed to negative. Thereby Moody's
concludes the review of Naftogaz's ratings initiated by the agency
on March 11, 2009.
The rating action reflects Moody's reassessment of the company's
fundamental credit quality expressed by its Baseline Credit
Assessment as well as the government support factor that plays an
important role in the overall rating of Naftogaz.
As part of the rating action, Moody's lowered Naftogaz's BCA to 18
from 17 (on the scale of 1-21, where 1 represents lowest credit
risk, 18 corresponds to a Caa2 rating). The lower BCA reflects
the worsening stand-alone credit profile of the company, in view
of its mandate to secure the purchase of over 19 billion cubic
metres of gas during 2009 for gas storage, as well as its debt
service commitments. The BCA of 18 also reflects a strained
liquidity profile of the group, insufficient cash reserves, and
hence increased uncertainty with regard to Naftogaz's ability to
honour its debt obligations and, in particular, the US$500 million
bond repayment that is due in September 2009. In Moody's view,
Naftogaz is highly reliant in the short-term on direct state
support and/or third-party financing to meet its operational and
financing commitments.
In conjunction with this rating action, Moody's also reassessed
and reduced -- to Medium from High -- the government support
assumption, reflecting the heightened political tensions and
worsening economic conditions in Ukraine, as well as slow progress
in negotiations with Russia, Gazprom and potentially other third
parties with respect to financing needed to fund purchases of gas
for the country's strategic reserve -- all of which might
jeopardise the state's ability to provide the required support to
Naftogaz in a timely manner.
Moody's previous rating action on Naftogaz took place on May 15,
2009, when the rating was downgraded to B2 from B1 while remaining
under review for possible further downgrade. This rating action
followed the decision of Moody's Sovereign Risk Group to downgrade
Ukraine's sovereign rating to B2 from B1 and to assign a negative
outlook to the rating, which had a direct impact on the rating
assigned to Naftogaz.
Headquartered in Kiev, Ukraine, Naftogaz is an integrated
hydrocarbon company with operations in oil and gas exploration and
production, domestic and international transportation, storage and
supply. In 2007 the company generated revenue of UAH30.4 billion
(US$6.0 billion) and operating profit of UAH4.5 billion, while
arriving at a break-even profitability at the net profit level.
ROZHISCHENSKY POULTRY: Court Starts Bankruptcy Procedure
--------------------------------------------------------
The Economic Court of Volin commenced bankruptcy supervision
procedure on CJSC Rozhischensky Poultry Factory (code EDRPOU
31183995).
The Insolvency Manager is:
I. Khomishyn
Office 17
Polischuk Str. 87-a
79015 Lvov
Ukraine
The Court is located at:
The Economic Court of Volin
Volia Avenue 54-A
43010 Lutsk
Ukraine
The Debtor can be reached at:
CJSC Rozhischensky Poultry Factory
Prilesnaya Str. 1
Nosachevichi
Rozhischensky
45108 Volin
Ukraine
RSM LLC: Creditors Must File Claims by June 11
----------------------------------------------
Creditors of LLC Trading House RSM (code EDRPOU 35206226) have
until June 11, 2009, to submit proofs of claim to:
F. Lazarev
Insolvency Manager
Matrosov Str. 27
36002 Poltava
Ukraine
The Economic Court of Poltava commenced bankruptcy proceedings
against the company on April 16, 2009. The case is docketed under
Case No. 23/119.
The Court is located at:
The Economic Court of Poltava
Zigin Str. 1
36000 Poltava
Ukraine
The Debtor can be reached at:
LC Trading House RSM
Krasnoflotskaya Str. 35
36010 Poltava
Ukraine
SPECIAL KIT: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Trading House Coal Energy Special Kit
(code EDRPOU 32552842).
The Insolvency Manager is:
A. Olefirenko
Office 58
Zodchikh Str. 62-A
Kiev
Ukraine
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskiy Str. 44-b
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC Trading House Coal Energy Special Kit
Gorky Str. 95
03150 Kiev
Ukraine
START-AGRO LLC: Creditors Must File Claims by June 11
----------------------------------------------------
Creditors of LLC Start-Agro (code EDRPOU 33468870) have until
June 11, 2009, to submit proofs of claim to:
N. Zanko
Insolvency Manager
Office 409
Heroes of Dniepr Str. 81
18021 Cherkassy
Ukraine
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against the company on Jan. 15, 2009. The case is
docketed under Case No. 14/5322.
The Court is located at:
The Economic Court of Cherkassy
Shevchenko Boulevard 307
18004 Cherkassy
Ukraine
The Debtor can be reached at:
LLC Start-Agro
Gorky Str. 1
Bolshaya Yablonevka
Smila
Cherkassy
Ukraine
===========================
U N I T E D K I N G D O M
===========================
BLACKS LEISURE: Posts GBP14.4 Mln Loss, In Talks Over Financing
---------------------------------------------------------------
Marino Donati at Drapers reports Blacks Leisure Group plc's losses
increased by more than 50% to GBP14.4 million for the year to
February 28.
According to Drapers, the group's heavy losses last year stemmed
from the poor performance of the boardwear division, including the
Freespirit chain and the O'Neill stores and wholesale business.
Drapers discloses sales at the outdoor and boardsports group fell
9% to GBP267.6 million over the period. Drapers says for the
first 12 weeks of the new financial year to May 23, like-for-like
sales at the outdoor division were up 1.2, with the boardsports
division showing a 10.1% drop.
Going Concern
Marcus Leroux at The Times reports Blacks Leisure is negotiating
with banks to get cash to transform the loss-making boardwear
shops into its core Millets and Blacks stores. The group, The
Times notes, has secured only a three-month extension to its
banking facilities, which expire at the end of August, prompting
auditors to attach a "going concern" warning to its results.
Blacks Leisure chief executive Neil Gillis, as cited by Drapers,
said "The directors recognize that there is a material
uncertainty, of the bank facility not being extended beyond
August 31, 2009, that may cast significant doubt on the Group's
ability to continue as a going concern, and therefore, that it may
be unable to realize its assets and discharge its liabilities in
the normal course of business."
The Times states Mr. Gillis ruled out placing the poorly
performing stores into administration or renegotiating leases with
a company voluntary agreement. "We wouldn't contemplate doing
that [a CVA or administration] because we're not in that
territory. We've shown we can grow the boardwear by 16 percent if
we can convert them. All we need now is the banks to provide us
additional capex," The Times quoted Mr. Gillis as saying.
Drapers says the company is in talks with Lloyds Banking Group to
secure a long-term financing structure.
Headquartered in Northampton, Blacks Leisure Group plc --
http://www.blacksleisure.co.uk-- is the parent company of its
subsidiaries, which are engaged in the retail and wholesale of
clothing and camping equipment. The Company comprises two
segments: Outdoor and Boardwear. Outdoor trades under the fascias
Blacks and Millets. The trade is from retail stores in the
British Isles, and the associated direct sale Internet sites.
Boardwear holds the United Kingdom licenses for O'Neill and Mambo
products to trade as a wholesale operation and from retail stores.
The stores retail brands are Peter Storm and Eurohike. Other
brands sold include Berghaus, North Face, Merrell, Coleman,
Karrimor, Hi-Tec, Columbia and Craghoppers. The Company's
subsidiaries include Blacks Outdoor Division Ltd, The Outdoor
Group Ltd and Sandcity Ltd.
COBRA BEER: Rescued From Administration Via Pre-Pack Deal
---------------------------------------------------------
The Sunday Times' Matthew Goodman reports that Cobra Beer has been
bought out of administration via a GBP14 million pre-pack deal.
According to the Sunday Times, Cobra was acquired by Molson Coors,
maker of Carling lager, in a joint venture with Lord Bilimoria.
Jonathan Sibun at Telegraph.co.uk discloses the new joint venture
will be owned 50.1pc by Molson Coors, which put up GBP14 million
to pay off Cobra's secured creditors, and 49.9pc by a new company
controlled by Lord Bilimoria, which tried to sell Cobra last year
for as much as GBP200 million.
The Sunday Times says the prepack will see secured creditors,
largely banks -– which are collectively owed about GBP20 million
-- paid back in full. The deal, means, however, that unsecured
creditors, who are owed up to GBP75 million, will get nothing, the
Sunday Times notes.
Telegraph.co.uk relates Lord Bilmoria was forced to put the
company into administration after failing to secure a sale or a
company voluntary arrangement (CVA). Telegraph.co.uk states
according to administrators, the company had run into financial
difficulties as a result of the economic downturn.
On May 27, 2009, the Troubled Company Reporter-Europe, citing The
Times, reported negotiations over the sale of the British business
had been complicated by mounting losses. The company, The Times
disclosed, posted underlying 2008 losses of GBP15.9 million and is
forecasting losses for the next three years.
Cobra Beer -- http://www.cobrabeer.com/-- is a British beer
company based in Fulham, south west London.
CORSAIR NO 3: Moody's Reviews 'Ca' Rating on EUR75 Mil. Notes
-------------------------------------------------------------
Moody's Investors Service has placed under review for possible
upgrade its rating of Corsair (Jersey) No. 3 Limited Series 24.
Corsair (Jersey) No.3 Limited Series 24 is a synthetic debt
obligation referencing a pool of 148 equally weighted sovereign
and corporate entities. Moody's explained that the review
announced is linked to proposed amendments to the transaction
which include changes to the underlying portfolio of reference
entities, subordination level of the tranche and to trading
guidelines. Moody's initially analyzed and continues to monitor
this transaction using primarily the methodology and its
supplements for corporate synthetic CDOs as described in the
Moody's Special Report:
-- Moody's Approach To Rating Corporate Collateralized Synthetic
Obligations (April 2009)
The rating actions are:
Corsair (Jersey) No.3 Limited Series 24
(1) EUR75,000,000 Series 24 Floating Rate Secured Portfolio
Credit-linked Notes due 2019
-- Current Rating: Ca, under review for possible upgrade
-- Prior Rating: Ca
-- Prior Rating Date: 10 March 2009, downgraded to Ca from Aaa
DISCOVER LEISURE: Seeks to Avoid Administration Through CVA
-----------------------------------------------------------
Samantha Pearson at the Financial Times reports that Discover
Leisure plc is seeking approval of a company voluntary arrangement
for its main subsidiary Signlease Ltd. in an attempt to avoid
administration.
The FT relates Neil Harwood, finance director, said if the CVA is
not accepted, it was likely the group would go into
administration. John Collingridge of Yorkshire Post reports under
the terms of the CVA, Discover proposes that unsecured creditors
of Signlease are repaid 22 percent of what they are owed -–
GBP2.29 million over the next five years. According to Yorkshire
Post, Discover needs 75 percent of unsecured creditors to approve
the CVA. Yorkshire Post discloses business advisors KPMG will
work with Discover on the CVA, which faces a vote on June 15.
The FT notes although the company said it had persuaded its banks,
RBS and Lloyds, to renegotiate the terms of about GBP50 million in
loan facilities, the deal was dependent on the success of the CVA.
Loss
Dow Jones reports Discover made a pretax loss of GBP9.5 million
for the half year ended March 1 on revenue 21% lower at GBP40.74
million, compared with a loss of GBP1.8 million. According to
the FT, despite greater interest in holidaying at home, falling
vehicle sales caused pre-tax losses to widen. The company, Dow
Jones says, isn't declaring a dividend.
Headquarterd in East Yorkshire, Discover Leisure Plc --
http://www.discover.co.uk/-- is the retailer of caravans,
motorhomes, leisure clothing, accessories and after sales service.
The Company trades from 16 sites in England and Wales. The
Company also provides insurance related products to its customers.
Some of the Company's wholly owned subsidiaries include Signlease
Limited, Forward Boost Limited, Titan Move Limited, Harringtons
Caravans Limited and Barron Group Limited.
EUROHOME UK: S&P Junks Ratings on Class C Notes From 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
notes issued by Eurohome UK Mortgages 2007-1 PLC and Eurohome UK
Mortgages 2007-2 PLC (Eurohome 2007-2). Specifically, S&P has:
-- lowered and removed from CreditWatch negative S&P's ratings
on 12 tranches;
-- affirmed and removed from CreditWatch negative S&P's rating
on one tranche; and
-- affirmed S&P's ratings on four other tranches.
The rating actions follow a credit and cash flow analysis of the
most recent loan-level information that S&P has received. The
rating actions are based on S&P's assessment that there has been a
rapid deterioration of collateral performance and S&P's
expectations of a continued decline in this performance metric,
absent other factors. For example, long-term arrears have risen
to 14.75% from 8.45% in Eurohome 2007-1, and to 18.57% from 14.41%
in Eurohome 2007-2 over the past two quarters.
According to the March 2009 investor report, the current
inventories of repossessions (as a percentage of current balance)
for Eurohome 2007-1 and Eurohome 2007-2 are 4.29% and 4.90%,
respectively. Given S&P's expectation of further declines in U.K.
house prices and higher loan-to-value ratios, increased
repossession levels are likely to result in higher average loss
severities than have already been experienced all else being
equal. In S&P's opinion, substantial numbers of borrowers in
these pools will currently be in negative equity. Average loss
severities of 36.7% (Eurohome 2007-1) and 38.5% (Eurohome 2007-2)
are already among the highest S&P is seeing in the U.K. market.
Cumulative losses have also increased rapidly in recent quarters.
In Eurohome 2007-1, losses as a percentage of initial balance have
increased to 0.71% in March 2009 from 0.14% in September 2008 and
in Eurohome 2007-2 to 0.74% from 0.01%. Given S&P's expectation
of continued losses, S&P expects reserve fund draws in each
transaction over the next few quarters. The reserve fund balances
currently stand at 59.7% (Eurohome 2007-1) and 53.0% (Eurohome
2007-2), of their required balances.
S&P will continue to monitor the performance of these transactions
in coming quarters. S&P will pay particular attention to such
factors as long-term arrears, future repossessions, losses, and
loss severities.
Ratings List
Eurohome UK Mortgages 2007-1 PLC
GBP350.000 Million Mortgage-Backed Floating-Rate Notes Plus an
Overissuance Of GBP4.725 Million Excess-Spread-Backed
Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
A AA AAA/Watch Neg
M1 A- AA/Watch Neg
M2 BBB- A/Watch Neg
B1 BB- BBB/Watch Neg
B2 B- BB-/Watch Neg
C CCC B/Watch Neg
Rating Affirmed
MERCs AAA
Eurohome UK Mortgages 2007-2 PLC
GBP453 Million, EUR70 Million Mortgage-Backed Floating-Rate
Notes, Plus an Overissuance of GBP7.5 Million Excess-Spread-Backed
Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
A3 AA- AAA/Watch Neg
M1 BBB+ AA/Watch Neg
M2 BB+ A/Watch Neg
B1 BB- BBB/Watch Neg
B2 B- BB-/Watch Neg
C CCC B/Watch Neg
Rating Affirmed and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
A2 AAA AAA/Watch Neg
Ratings Affirmed
Class Rating
----- ------
A1A AAA
A1B AAA
MERCs AAA
ITN: Deloitte Casts Going Concern Doubt Over Pension Fund Deficit
-----------------------------------------------------------------
Jonathan Stapleton at Professional Pensions reports that Deloitte
cast significant doubt about the ITN's ability to continue as a
going concern, citing the company's ballooning pension fund
deficit.
According to Professional Pensions, the directors said they had
received indications the next triennial valuation, which is
currently being prepared, will show a much higher deficit -- and
warned funding contributions could be in excess of the company's
expected cash resources.
Citing the Guardian, Luke Baker of Reuters discloses accounts
filed with Britain's Companies House show that ITN's pension fund
deficit has risen sharply since 2007, nearly doubling to GBP39.9
million. Reuters relates a spokeswoman for ITN told the Guardian
the company was in talks with the pension fund's trustees about a
"recovery plan" to ensure it could continue to meet its
obligations.
ITN -- http://corporate.itn.co.uk/-- is a news production
company. ITN is made up of five key businesses: ITN News, video
content sales business ITN Source, multimedia division ITN On, ITN
Consulting and documentary production business of ITN Factual.
ITN is based in central London, with bureaux and offices in
Washington, Tokyo, Johannesburg, Brussels, Paris, New York,
Beijing and Sydney.
JJB SPORTS: CVA Proposal Takes Effect
-------------------------------------
James Davey at Reuters reports that JJB Sports plc said on Friday
its company voluntary arrangement (CVA) proposal has become
effective.
Reuters recalls the CVA was approved by creditors and shareholders
late last month but was subject to challenge for 28 days, a period
that has now expired.
The CVA, Reuters says, will see JJB settle the claims of landlords
of 140 closed stores and move from quarterly to monthly rent
payments on 253 remaining stores. Reuters notes following its
implementation JJB expects new financing of GBP50 million from
Barclays and Lloyds to become available shortly.
About JJB Sports
Headquartered in Wigan, England, JJB Sports plc --
http://www.jjbcorporate.co.uk/-- is engaged in the retailing of
sportswear and sporting equipment. The company also operates a
chain of fitness clubs, which has a smaller number of indoor
soccer centers attached to them. It also operates a television
broadcasting and marketing business, which specializes in the
marketing of golf products and fitness equipment through Sky
Television.
LCP PROUDREED: Fitch Cuts Rating on Class D Notes to 'BB'
---------------------------------------------------------
Fitch Ratings has downgraded and affirmed LCP Proudreed PLC's
mortgage-backed floating rate notes, due 2016:
-- GBP243.8 million class A (XS0233008936) affirmed at 'AAA';
Outlook Stable
-- GBP32.2 million class B (XS0233010163) affirmed at 'AA';
Outlook revised to Negative from Stable
-- GBP36.8 million class C (XS0233010676) downgraded to 'BBB'
from 'A'; Outlook Negative
-- GBP9.2 million class D (XS0233011054) downgraded to 'BB' from
'BBB'; Outlook Negative
The negative rating action reflects an increase in leverage as a
result of declining UK commercial property values. The portfolio
currently reports a moderate weighted average loan-to-value ratio
of 69.5%. However, Fitch estimates a significantly higher WA
Fitch LTV of 99%. Given rental income remains diversified, strong
and relatively long-dated, and interest coverage high, the risk of
a term default is low. Therefore, the bonds are somewhat less
exposed to current property investment conditions than in some
other cases.
The transaction is a securitization of two commercial mortgage
loans originated in the UK by HSBC Bank plc ('AA'/'F1+'), which
closed in December 21, 2005. The loans are secured against 120
commercial properties located across England, comprising retail
(30%), industrial (36%), office (3%), and shopping centre
properties (31%).
The LCP loan, accounting for 86% of the loan pool balance, is
secured by a portfolio of 112 properties located throughout the
UK, up from 110 properties at closing. The pool is relatively
granular, with the largest property comprising 10.6% of the loan
collateral market value; and income derived from over 500 tenants.
Whilst the majority of tenants have a WA rating of 'C', the
collateral portfolio has a strong WA unexpired lease term of 8
years, and 60% of leases by passing rent will still be in place at
loan maturity. The loan has maintained a relatively stable
interest cover ratio since closing, which is currently 1.87x
compared to the default covenant level of 1.21x and the cash trap
trigger of 1.31x.
The Proudreed loan, which makes up the remaining pool balance, is
secured by a portfolio of eight properties located in London and
southeast England. The largest property, the Brighton Hill
Shopping Centre located in Basingstoke, accounts for 52% of
aggregate MV; furthermore, 82% of rental income from the shopping
centre is currently derived from ASDA (a wholly-owned subsidiary
of Wal-Mart, rated 'AA'/'F1+') on a lease expiring in 2038 with a
break option in 2029. The loan as a whole maintains a WA
unexpired lease term of 9 years and an ICR of 1.79x, compared to
the default covenant level of 1.21x and the cash trap trigger of
1.31x.
Fitch will continue to monitor the performance of the transaction.
MODUS VENTURES: Put Into Administration
---------------------------------------
David Fickling at the Financial Times reports that Modus Ventures
Limited has been put into administration by its lenders.
KPMG was appointed as administrator to the group, whose property
portfolio has an estimated value of GBP4.3 billion, the report
relates. The report says according to Mike Riddell, a director
who holds a stake of one-third of the business had fallen victim
to cash flow. "Typically of many other companies in the sector,
we had over-borrowed and the property market has dropped so we
couldn't service it," the report quoted Mr. Riddell as saying.
Lloyds subsidiary HBOS was the lead creditor to Modus Ventures,
which has more than 40 subsidiary companies, the report notes.
Modus Ventures Limited is a commercial property developer based in
Manchester. It is the company behind Wigan's Grand Arcade and
Blackpool's Houndshill shopping center.
TATA STEEL UK: Banks Approve Covenant Reset on GBP3.7 Bln Loan
--------------------------------------------------------------
Reuters reports that Tata Steel UK Ltd, a wholly owned subsidiary
of Tata Steel Ltd, got approval from banks to ease conditions on
GBP3.7 billion of loans it took to buy Anglo-Dutch Corus.
According to Reuters, the revised covenant did not include any
additional finance from the lenders or rescheduling of debt
servicing commitments.
"As part of the agreement reached with banks, testing of the
facility's earnings-related covenants will largely be suspended
until March 2010 and will then resume with significantly higher
flexibility than in the case of original covenants," Reuters
quoted Tata Steel as saying in a statement.
Reuters relates in return Tata Steel pledged to repay about GBP200
million (US$304 million) of debt ahead of schedule and inject
GBP425 million into Tata Steel UK in a phased manner.
The waiver, which was led by Citigroup, Royal Bank of Scotland and
Standard Chartered, is expected to be signed at the end of next
week, Reuters says citing two bankers close to the deal.
On May 15, 2009, the Troubled Company Reporter-Europe, citing
Times of India, reported Tata Steel UK, which bought Corus for
GBP6.7 billion in 2006, sought an easing on the terms of the loans
as the economic slowdown could hit its earnings, straining its
ability to service the loan.
About Tata Steel UK Limited
Tata Steel UK Limited is the 100% subsidiary of Tata Steel Ltd,
and is the holding company for its European steel operations,
which principally consists of the Corus group.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
April 7, 2009, Fitch Ratings downgraded Tata Steel Limited's Long-
term foreign currency Issuer Default Rating to 'BB+' from 'BBB-'
(BBB minus), and its National Long-term rating to 'AA(ind)' from
'AAA(ind)'. Simultaneously, Fitch also downgraded Tata Steel
U.K. Ltd's Long-term foreign currency IDR to 'B+' from 'BB'. Fitch
said the Outlook on all the ratings continues to be Negative.
The TCR-AP reported on March 6, 2009, that Moody's Investors
Service downgraded the corporate family rating of Tata Steel Ltd
to Ba2 from Ba1. Moody's said the rating remains on review for
possible further downgrade.
UBS AG: Moody's Withdraws 'Caa1' Rating on Series 6481 Notes
------------------------------------------------------------
Moody's Investors Service announced it has withdrawn its rating of
one class of CDO notes issued by UBS AG, Jersey Branch.
Moody's has withdrawn the rating for business reasons.
The rating action is:
UBS AG, Jersey Branch
(1) Series 6481 CHF 25,000,000 Credit Linked Notes
-- Current Rating: WR
-- Prior Rating: Caa1
-- Prior Rating Date: 12 May 2009, downgraded to Caa1 from Ba2
* Fitch Says UK Prime Pass-Through RMBS Can Withstand Recession
---------------------------------------------------------------
Following the FSA's announcement that they are stress testing
bank's capital against the impact of a 50% peak-to-trough fall in
house prices, Fitch Ratings said that 'AAA' prime UK pass-through
RMBS are well placed to withstand a recession of an even greater
magnitude.
In a special report published earlier in the year, the agency
calculated the loss coverage for all vintages of UK prime pass-
through RMBS across a variety of house price decline and mortgage
default scenarios. "The report identified that 'AAA' prime UK
pass-through RMBS of 2003-2007 vintage had a loss coverage 9.2x
when factored against the agency's central expectation of a 30%
peak-to-trough UK house price decline and increasing defaults
based on the performance of prime mortgages during the recession
of the early 1990s," said Francesca Zwolinsky, Director in Fitch's
RMBS team.
"Notwithstanding, Fitch analysis showed that 'AAA' prime pass-
through RMBS were well placed to withstand a significantly deeper
recession with the breakeven point being a scenario of 60% house
prices declines in combination with a default rate of 30% -
equivalent to approximately 4x-5x the default rates seen during
last recession," Ms. Zwolinsky added.
This analysis was specific to UK prime pass-through transactions
and was not applied to the master trust transactions due to the
complex nature of the structures. However, Fitch evaluated the
collateral of each master trust programme on a loan-by-loan basis
against its house price and default rate predictions and performed
an in-depth cash-flow analysis whereby the ratings were further
stressed assuming the occurrence of a number possible events,
including, but not limited to, various prepayment speeds, the
inability of originators to replenish the trusts and a breach of a
non-asset trigger. Fitch found that under such stress, negative
rating migration was expected to be minimal and confined to the
lower-rated tranches only. While notes assigned a rating equal
to, or greater than 'A', are not expected to show any negative
rating migration under this stress scenario, 62% of the total
outstanding 'BBB' notes by value and 75% of the total outstanding
'BB' notes by value faced the possibility of downgrade.
* S&P Puts Ratings on 129 Tranches in 27 European CMBS on WatchNeg
------------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
129 tranches in 27 European commercial mortgage-backed securities
transactions due to S&P's review of the transactions that closed
between Jan. 1, 2007, and June 30, 2007. At the same time, S&P
kept on CreditWatch negative 10 tranches in two European CMBS
transactions affected by this review and already on CreditWatch
negative for other reasons.
The affected tranches have a principal balance of about
EUR9.53 billion (for euro-denominated transactions) and
GBP4.60 billion (for British-pound-sterling-denominated
transactions). The CreditWatch placements affect approximately
73.5% (by number) of the transactions that closed between Jan. 1,
2007 and June 30, 2007.
These rating actions follow S&P's ongoing review of all European
CMBS transactions that S&P rate. Over the coming months, S&P will
review transactions with original issuance dates in each half-year
period going back to 2005. There are a small number of
transactions with original issuance dates before 2005 and will
consider them in a separate review. On May 13, S&P published the
results of S&P's review of the transactions that closed between
July 1, 2007, and July 1, 2008. The next group to be reviewed
will comprise transactions that closed in the second half of 2006.
Commercial real estate debt and capital markets have been under
pressure over the past 18 months, with market value declines in
many markets led by a sharp increase in capitalization rates. S&P
expects further downward pressure on values, with drops in net
operating income and falls in market rents likely as economic
activity contracts in Europe. S&P believes that the difficulties
of the European banking sector and its disinclination to lend on
European commercial real estate collateral are well known.
S&P conducts ongoing surveillance of CMBS transactions. However,
with a refinance peak in 2011 to 2013 in European CMBS, S&P
intends to have a special focus in this CreditWatch review on the
updated assessment of loan refinance risk.
Even though S&P continues to believe that class A notes will not
suffer an eventual loss, all else being equal, the risks to these
tranches have, in S&P's view, materially increased. S&P considers
that downgrades, including of senior notes, could be possible in
future.
S&P currently expects to resolve the majority of the CreditWatch
actions in the sector, following a review of each CMBS
transaction, not later than Sept. 30, 2009. Based on the
available information, S&P does not currently expect the average
downgrade to exceed two rating categories.
In assigning CreditWatch placements, S&P applies its existing
criteria "Framework For Credit Analysis In European CMBS
Transactions" in the context of the article "Standard & Poor's To
Explicitly Recognize Credit Stability As An Important Rating
Factor".
Ratings List
Ratings Placed on Creditwatch Negative
Alburn Real Estate Capital Ltd.
GBP188.05 Million Commercial Mortgage-Backed Secured
Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AAA/Watch Neg AAA
B AA/Watch Neg AA
C A/Watch Neg A
Bruntwood Alpha PLC
GBP440 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AAA/Watch Neg AAA
B AA/Watch Neg AA
C A/Watch Neg A
Cornerstone Titan 2007-1 PLC
EUR1.322 Billion Commercial Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
B AA+/Watch Neg AA+
C AA/Watch Neg AA
D A/Watch Neg A
E BBB/Watch Neg BBB
CPUK Mortgage Finance Ltd.
GBP750.05 Million Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A1 AAA/Watch Neg AAA
A2 AAA/Watch Neg AAA
B AA/Watch Neg AA
C A/Watch Neg A
D BBB+/Watch Neg BBB+
X AAA/Watch Neg AAA
DECO 12 - UK 4 PLC
GBP672.884 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A-1 AAA/Watch Neg AAA
A-2 AAA/Watch Neg AAA
B AA/Watch Neg AA
C A/Watch Neg A
D BBB/Watch Neg BBB
DECO 14 - Pan Europe 5 B.V.
EUR1.491 Billion Commercial Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
D BBB/Watch Neg BBB
E BB+/Watch Neg BB+
F BB/Watch Neg BB
G B/Watch Neg B
DECO 15 - Pan Europe 6 Ltd.
EUR1.445 Billion Commercial Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A1 AAA/Watch Neg AAA
A2 AAA/Watch Neg AAA
A3 AAA/Watch Neg AAA
B AA/Watch Neg AA
C A/Watch Neg A
D BBB+/Watch Neg BBB+
E BBB/Watch Neg BBB
F BBB-/Watch Neg BBB-
G BB/Watch Neg BB
X AAA/Watch Neg AAA
Epic (Culzean) PLC
GBP546.68 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AAA/Watch Neg AAA
B AAA/Watch Neg AAA
C AA/Watch Neg AA
D A-/Watch Neg A-
E BBB/Watch Neg BBB
F BBB-/Watch Neg BBB-
Epic (Drummond) Ltd.
EUR1,143.291 Million Commercial Mortgage-Backed
Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AAA/Watch Neg AAA
B AAA/Watch Neg AAA
C AA/Watch Neg AA
D A/Watch Neg A
E BBB/Watch Neg BBB
F BBB-/Watch Neg BBB-
G BBB-/Watch Neg BBB-
EuroProp (EMC VI) S.A.
EUR489.775 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AAA/Watch Neg AAA
B AA/Watch Neg AA
C A/Watch Neg A
D BBB/Watch Neg BBB
E BBB-/Watch Neg BBB-
F BB/Watch Neg BB
Fleet Street Finance Three PLC
EUR1,105.374 Million Commercial Mortgage-Backed
Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A1 AAA/Watch Neg AAA
A2 AAA/Watch Neg AAA
B AA/Watch Neg AA
C A/Watch Neg A
D BBB/Watch Neg BBB
E BBB-/Watch Neg BBB-
Immeo Residential Finance No.2 Ltd.
EUR1,414.3 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AAA/Watch Neg AAA
B AAA/Watch Neg AAA
C AA/Watch Neg AA
D A-/Watch Neg A-
Indus (ECLIPSE 2007-1) PLC
GBP894.53 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AAA/Watch Neg AAA
B AA/Watch Neg AA
C A/Watch Neg A
D BB/Watch Neg BB
E B/Watch Neg B
X AAA/Watch Neg AAA
Infinity 2007-1 ''Soprano'' FCC
EUR1.028 Billion Commercial Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
E BBB/Watch Neg BBB
F BBB-/Watch Neg BBB-
G BB/Watch Neg BB
JUNO (ECLIPSE 2007-2) Ltd.
EUR867.95 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
B AA/Watch Neg AA
C A/Watch Neg A
D BB/Watch Neg BB
E B/Watch Neg B
MESDAG (Charlie) B.V.
EUR493.65 Million Commercial Mortgage-Backed Variable- And
Floating-Rate Notes
Rating
------
Class To From
----- -- ----
C A/Watch Neg A
D BBB/Watch Neg BBB
E BBB-/Watch Neg BBB-
MESDAG (Delta) B.V.
EUR638.4 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A sr AAA/Watch Neg AAA
B mezz AAA/Watch Neg AAA
C mezz AA/Watch Neg AA
D jr A/Watch Neg A
E jr BBB/Watch Neg BBB
F sub BBB-/Watch Neg BBB-
X AAA/Watch Neg AAA
Opera Germany (No. 3) Ltd.
EUR550 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AAA/Watch Neg AAA
B AA/Watch Neg AA
Quality Parking 2007 B.V.
EUR300 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AAA/Watch Neg AAA
B AAA/Watch Neg AAA
Semper Finance 2007-1 GmbH
EUR994.2 Million Floating-Rate Credit-Linked Notes
Rating
------
Class To From
----- -- ----
D BBB/Watch Neg BBB
E BB+/Watch Neg BB+
F BB-/Watch Neg BB-
G B/Watch Neg B
Silenus (European Loan Conduit No. 25) Ltd.
EUR1,245.557 Million Commercial Mortgage-Backed Variable- And
Floating-Rate Notes
Rating
------
Class To From
----- -- ----
D BBB/Watch Neg BBB
E BB/Watch Neg BB
F BB-/Watch Neg BB-
G B/Watch Neg B
STABILITY CMBS 2007-1 GmbH
EUR182.4 Million Floating-Rate Credit-Linked Notes
Rating
------
Class To From
----- -- ----
D BBB/Watch Neg BBB
E BB/Watch Neg BB
Talisman-6 Finance PLC
EUR1,076.4 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AAA/Watch Neg AAA
B AA/Watch Neg AA
C A/Watch Neg A
X AAA/Watch Neg AAA
Talisman-7 Finance Ltd.
EUR1,826.15 Million Commercial Mortgage-Backed
Floating-Rate Notes
Rating
------
Class To From
----- -- ----
F BBB+/Watch Neg BBB+
G BBB/Watch Neg BBB
H BBB-/Watch Neg BBB-
I BB/Watch Neg BB
J B/Watch Neg B
Titan Europe 2007-1 (NHP) Ltd.
GBP638.1 Million Commercial Mortgage-Backed Variable- And
Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AAA/Watch Neg AAA
B AAA/Watch Neg AAA
C AA+/Watch Neg AA+
D AA/Watch Neg AA
X AAA/Watch Neg AAA
Triton (European Loan Conduit No. 26) PLC
GBP556.65 Million $87.309 Million Commercial Mortgage-Backed
Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A1 AAA/Watch Neg AAA
A2 AAA/Watch Neg AAA
B AAA/Watch Neg AAA
C AA/Watch Neg AA
D AA-/Watch Neg AA-
E A/Watch Neg A
F A-/Watch Neg A-
X AAA/Watch Neg AAA
White Tower Europe 2007-1 PLC
EUR349.55 Million Commercial Mortgage-Backed Variable- And
Floating-Rate Notes
Rating
------
Class To From
----- -- ----
A AAA/Watch Neg AAA
B AA/Watch Neg AA
C A/Watch Neg A
D BB/Watch Neg BB
E B/Watch Neg B
X AAA/Watch Neg AAA
Ratings Remaining on Creditwatch Negative
Hypo Real Estate Bank AG
GBP113.68 Million Floating-Rate Amortizing Credit-Linked Notes
(ESTATE UK-3)
Rating
------
Class To From
----- -- ----
A1+ AAA/Watch Neg AAA/Watch Neg
A2 AAA/Watch Neg AAA/Watch Neg
B AA/Watch Neg AA/Watch Neg
C A/Watch Neg A/Watch Neg
D BBB/Watch Neg BBB/Watch Neg
E BBB-/Watch Neg BBB-/Watch Neg
Windermere X CMBS Ltd.
EUR1.497 Billion Commercial Mortgage-Backed Floating-Rate Notes
Rating
------
Class To From
----- -- ----
C AA/Watch Neg AA/Watch Neg
D A/Watch Neg A/Watch Neg
E BBB/Watch Neg BBB/Watch Neg
F BB/Watch Neg BB/Watch Neg
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Company Ticker Equity Assets
------- ------ ------ ------
AUSTRIA
-------
LIBRO AG LBROF -110486313.84 174004185.02
SKYEUROPE HLDG SKY AV -3897543.17 213166287.14
SKYEUROPE HLDG SKYV IX -3897543.17 213166287.14
SKYEUROPE HLDG S8E GR -3897543.17 213166287.14
LIBRO AG LIB AV -110486313.84 174004185.02
LIBRO AG LIBR AV -110486313.84 174004185.02
LIBRO AG LB6 GR -110486313.84 174004185.02
SKYEUROPE HLDG SKYA PZ -3897543.17 213166287.14
SKYEUROPE HLDG SKYPLN EU -3897543.17 213166287.14
SKYEUROPE HLDG SKY EO -3897543.17 213166287.14
SKYEUROPE HLDG SKURF US -3897543.17 213166287.14
SKYEUROPE HLDG SKYPLN EO -3897543.17 213166287.14
SKYEUROPE SKY PW -3897543.17 213166287.14
SKYEUROPE HOL-RT SK1 AV -3897543.17 213166287.14
SKYEUROPE HLDG SKY EU -3897543.17 213166287.14
SKYEUROPE SKYP PW -3897543.17 213166287.14
BERLGIUM
--------
SABENA SA SABA BB -85494497.66 2215341059.54
CROATIA
-------
OT OPTIMA TELEKO 2299892Z CZ -46364581.24 128095158.43
IPK OSIJEK DD OS IPKORA CZ -12114019.44 135803427.79
BRODOGRADE INDUS 3MAJRA CZ -322247407.73 263945276.33
OT OPTIMA TELEKO OPTERA CZ -46364581.24 128095158.43
CYPRUS
------
LIBRA HOLIDAYS G LHG PZ -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EU -5044973.6 274730005.26
LIBRA HOLIDA-RTS LBR CY -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG CY -5044973.6 274730005.26
LIBRA HOLIDA-RTS LGWR CY -5044973.6 274730005.26
LIBRA HOLIDAY-RT 3167808Z CY -5044973.6 274730005.26
LIBRA HOLIDAYS LHGR CY -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EU -5044973.6 274730005.26
LIBRA HOLIDAYS G LHG EO -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG CY -5044973.6 274730005.26
LIBRA HOLIDAYS-P LBHG PZ -5044973.6 274730005.26
LIBRA HOLIDAYS LHGCYP EO -5044973.6 274730005.26
CZECH REPUBLIC
--------------
SETUZA AS 2994767Q EO -61453764.17 138582273.56
SETUZA AS SETUZA CP -61453764.17 138582273.56
SETUZA AS SZA EX -61453764.17 138582273.56
SETUZA AS 2994755Q EU -61453764.17 138582273.56
SETUZA AS 2994759Q EO -61453764.17 138582273.56
CKD PRAHA HLDG CDP EX -89435858.16 192305153.03
CKD PRAHA HLDG CKDH CP -89435858.16 192305153.03
SETUZA AS SETU IX -61453764.17 138582273.56
SETUZA AS SZA GR -61453764.17 138582273.56
SETUZA AS 2994763Q EU -61453764.17 138582273.56
CKD PRAHA HLDG CKDH US -89435858.16 192305153.03
CKD PRAHA HLDG CKDPF US -89435858.16 192305153.03
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153.03
SETUZA AS SETUZA PZ -61453764.17 138582273.56
DENMARK
-------
ROSKILDE BANK ROSK DC -532868894.9 7876687324.02
ROSKILDE BANK ROSK EO -532868894.9 7876687324.02
ELITE SHIPPING ELSP DC -27715991.74 100892900.29
ROSKILDE BANK ROSKF US -532868894.9 7876687324.02
ROSKILDE BANK ROSK PZ -532868894.9 7876687324.02
ROSKILDE BANK ROSK EU -532868894.9 7876687324.02
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324.02
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876687324.02
ROSKILDE BANK ROSBF US -532868894.9 7876687324.02
ROSKILDE BANK RKI GR -532868894.9 7876687324.02
ROSKILDE BANK RSKC IX -532868894.9 7876687324.02
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324.02
FRANCE
------
PAGESJAUNES GRP PAJ NQ -3061283156.27 1202048352.1
CARRERE GROUP CAR2 EO -23319835.34 364475420.31
RHODIA SA 3218857Q IX -670695098.16 5563991457.04
PAGESJAUNES GRP PAJUSD EU -3061283156.27 1202048352.1
RHODIA SA – NEW 3156011Q FP -670695098.16 5563991457.04
PAGESJAUNES GRP PAJ TQ -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJ EB -3061283156.27 1202048352.1
LAB DOLISOS LADL FP -27752176.19 110485462.44
CARRERE GROUP CARG FP -23319835.34 364475420.31
SDR CENTREST 117241Q FP -132420119.65 252176017.15
PAGESJAUNES GRP PAJGBX EO -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJP IX -3061283156.27 1202048352.1
CARRERE GROUP CAR FP -23319835.34 364475420.31
PAGESJAUNES GRP PAJ IX -3061283156.27 1202048352.1
RHODIA SA RHADF US -670695098.16 5563991457.04
RHODIA SA RHAGBP EO -670695098.16 5563991457.04
RHODIA SA 2324015Q EO -670695098.16 5563991457.04
RHODIA SA RHD GR -670695098.16 5563991457.04
CARRERE GROUP CRGP IX -23319835.34 364475420.31
RHODIA SA RHA NQ -670695098.16 5563991457.04
NORTENE NORT EO -35623999.56 117566786.87
PAGESJAUNES GRP QS3 GR -3061283156.27 1202048352.1
RHODIA SA RHA EU -670695098.16 5563991457.04
RHODIA SA RHA VX -670695098.16 5563991457.04
RHODIA SA RHANR PZ -670695098.16 5563991457.04
PAGESJAUNES GRP PAJ VX -3061283156.27 1202048352.1
NORTENE NORT EU -35623999.56 117566786.87
RHODIA SA RHA BQ -670695098.16 5563991457.04
NORTENE NRTN FP -35623999.56 117566786.87
NORTENE NRTP IX -35623999.56 117566786.87
IMMOB HOTELIERE IMH GR -66874823.95 301323804.92
RHODIA SA RHDI GR -670695098.16 5563991457.04
PAGESJAUNES GRP PAJ BQ -3061283156.27 1202048352.1
GRANDE PAROISSE GAPA FP -927267926.9 629287290
CARRERE GROUP XRR GR -23319835.34 364475420.31
CARRERE GROUP CAR2 EU -23319835.34 364475420.31
TROUVAY CAUVIN TVYCF US -396978 133986439.74
PAGESJAUNES GRP PAJGBP EO -3061283156.27 1202048352.1
PAGESJAUNES GRP PAJUSD EO -3061283156.27 1202048352.1
CARRERE GROUP CARF PZ -23319835.34 364475420.31
CARRERE GROUP CRRHF US -23319835.34 364475420.31
PAGESJAUNES GRP PAJGBX EU -3061283156.27 1202048352.1
NORTENE NORT PZ -35623999.56 117566786.87
RHODIA SA RHA EB -670695098.16 5563991457.04
RHODIA SA RHAY IX -670695098.16 5563991457.04
MATUSSIERE & FOR MTUSF US -77896683.67 293868350.79
RHODIA SA RHA PZ -670695098.16 5563991457.04
SELCODIS SLCO EO -21050704.97 140597126.19
RHODIA SA-RIGHTS 653447Q FP -670695098.16 5563991457.04
MATUSSIERE & FOR 1007765Q FP -77896683.67 293868350.79
RHODIA SA-ADR RHA US -670695098.16 5563991457.04
Selcodis SPVX FP -21050704.97 140597126.19
PAGESJAUNES PGJUF US -3061283156.27 1202048352.1
SELCODIS SLCO EU -21050704.97 140597126.19
RHODIA SA-RIGHTS RHADS FP -670695098.16 5563991457.04
IMMOB HOTELIERE IMHO EU -66874823.95 301323804.92
SELCODIS SLCO PZ -21050704.97 140597126.19
SELCODIS SPVX IX -21050704.97 140597126.19
PAGESJAUNES GRP PAJ FP -3061283156.27 1202048352.1
SELCODIS SLCO FP -21050704.97 140597126.19
MMOB HOTELIERE IMMH IX -66874823.95 301323804.92
GRANDE PAROISSE GDPA FP -927267926.9 629287290
PAGESJAUNES GRP PAJ EO -3061283156.27 1202048352.1
IMMOB HOTEL BALN IMHB FP -66874823.95 301323804.92
IMMOB HOTELIERE IMBHF US -66874823.95 301323804.92
LAB DOLISOS DOLI FP -27752176.19 110485462.44
PAGESJAUNES GRP PAJ EU -3061283156.27 1202048352.1
RHODIA SA RHA TQ -670695098.16 5563991457.04
RHODIA SA 2324011Q EU -670695098.16 5563991457.04
RHODIA SA RHANR FP -670695098.16 5563991457.04
IMMOB HOTELIERE IMHO FP -66874823.95 301323804.92
GRANDE PAROISSE GDPXF US -927267926.9 629287290
TROUVAY CAUVIN ETEC FP -396978 133986439.74
RHODIA SA RHDAF US -670695098.16 5563991457.04
IMMOB HOTELIERE SIH FP -66874823.95 301323804.92
RHODIA SA RHA IX -670695098.16 5563991457.04
RHODIA SA RHAGBX EU -670695098.16 5563991457.04
RHODIA SA RHA FP -670695098.16 5563991457.04
RHODIA SA RHA EO -670695098.16 5563991457.04
NORTENE NORT FP -35623999.56 117566786.87
RHODIA SA-ADR RHAYY US -670695098.16 5563991457.04
IMMOB HOTELIERE IMHO PZ -66874823.95 301323804.92
RHODIA SA RHAGBX EO -670695098.16 5563991457.04
IMMOB HOTELIERE IMHO EO -66874823.95 301323804.92
RHODIA SA – NEW RHANV FP -670695098.16 5563991457.04
RHODIA SA – NEW 2335921Q FP -670695098.16 5563991457.04
PAGESJAUNES GRP PAJ PZ -3061283156.27 1202048352.1
GERMANY
-------
VIVANCO GRUPPE VVA1 EU -16648688.57 131276010.89
CINEMAXX AG MXCUSD EU -45477041.55 177659446.07
PRIMACOM AG-ADR+ PCAG ES -14233212.49 729563484.73
CINEMAXX AG MXC EO -45477041.55 177659446.07
PRIMACOM AG-ADR PCAGY US -14233212.49 729563484.73
ALNO AG ANO EU -28265004.17 366872263.74
CINEMAXX AG MXC PZ -45477041.55 177659446.07
CINEMAXX AG MXC EU -45477041.55 177659446.07
CINEMAXX AG MXCG IX -45477041.55 177659446.07
VIVANCO GRUPPE VVA1 PZ -16648688.57 131276010.89
EM.TV & MERC-NEW ETV1 NM -22067409.41 849175624.65
HYPO REAL ESTATE HRXAUD EU -813565059.9 543794828675.92
CBB HOLDING-NEW COB1 GR -42994732.85 904723627.84
HYPO REAL ESTATE HRXGBP EO -813565059.9 543794828675.92
SINNLEFFERS AG WHG GR -4491629.96 453887060.07
HYPO REAL ESTATE HRXCHF EO -813565059.9 543794828675.92
BROKAT AG BKISF US -27139391.98 143536859.72
BROKAT AG BRKAF US -27139391.98 143536859.72
RINOL AG RILB PZ -2.71 168095049.11
EECH GROUP AG PTA PZ -114331.83 108502676.25
BROKAT TECH AG BSA LN -27139391.98 143536859.72
BROKAT TECH -ADR BROAQ US -27139391.98 143536859.72
BROKAT AG-ADR BROA US -27139391.98 143536859.72
NORDAG AG-RTS DOO8 GR -482446.63 144432986.17
EM.TV & MERCHAND ETV LN -22067409.41 849175624.65
CBB HOLDING AG COB2 EO -42994732.85 904723627.84
ALNO AG ANO GR -28265004.17 366872263.74
EM.TV & MERC-NEW ETV1 GR -22067409.41 849175624.65
EM.TV & MERC-RTS ETV8 GR -22067409.41 849175624.65
EM.TV & MERCHAND EMTVF US -22067409.41 849175624.65
EM.TV & MERCHAND ETV NM -22067409.41 849175624.65
HYPO REAL ESTATE HRX EO -813565059.9 543794828675.92
HYPO REAL ESTATE HRXG IX -813565059.9 543794828675.92
PRIMACOM AG PCAGF US -14233212.49 729563484.73
PRIMACOM AG PRC EU -14233212.49 729563484.73
CBB HOLD-NEW 97 COB2 GR -42994732.85 904723627.84
RINOL AG RILB GR -2.71 168095049.11
PRIMACOM AG PRC GR -14233212.49 729563484.73
HYPO REAL ESTATE HRX AV -813565059.9 543794828675.92
HYPO REAL ES-NEW 2916649Q EU -813565059.9 543794828675.92
HYPO REAL ES-NEW 2916645Q EO -813565059.9 543794828675.92
BROKAT TECH AG BRJ GR -27139391.98 143536859.72
HYPO REAL ES-NEW HRXA EO -813565059.9 543794828675.92
VIVANCO GRUPPE VVA1 GR -16648688.57 131276010.89
PRIMACOM AG PRCG IX -14233212.49 729563484.73
NORDSEE AG 533061Q GR -8200552.05 194616922.62
ALNO AG ANO EO -28265004.17 366872263.74
EECH GROUP AG PTA EO -114331.83 108502676.25
HYPO REAL ESTATE HRX EU -813565059.9 543794828675.92
HYPO REAL ESTATE HRXCHF EU -813565059.9 543794828675.92
EECH GROUP AG PTA GR -114331.83 108502676.25
EECH GROUP AG PTA EU -114331.83 108502676.25
EECH GROUP AG PTAG IX -114331.83 108502676.25
HYPO REAL-ACQ HRXV GR -813565059.9 543794828675.92
HYPO REAL-ACQ HRXV EO -813565059.9 543794828675.92
SPAR HANDELS-AG SPHFF US -442426199.47 1433020960.55
ROSENTHAL AG-ACC ROS4 GR -1744121.91 217776125.75
DORT ACTIEN-BRAU 944167Q GR -12689156.29 117537053.71
P & T TECHNOLOGY PTA NM -114331.83 108502676.25
CBB HOLDING-NEW COB3 GR -42994732.85 904723627.84
HYPO REAL ESTATE HRX NR -813565059.9 543794828675.92
HYPO REAL ESTATE HRXUSD EU -813565059.9 543794828675.92
HYPO REAL ESTATE HRX PZ -813565059.9 543794828675.92
HYPO REAL ESTATE HRX EB -813565059.9 543794828675.92
HYPO REAL ES-NEW HRXA GR -813565059.9 543794828675.92
HYPO REAL ES-NEW HRX1 GR -813565059.9 543794828675.92
HYPO REAL ESTATE HRX VX -813565059.9 543794828675.92
KAUFRING AG KFR GR -19296489.56 150995473.81
MANIA TECHNOLOGI MNI1 EO -35060806.5 107465713.61
HYPO REAL ESTATE HRX NQ -813565059.9 543794828675.92
MANIA TECHNOLOGI MNIG IX -35060806.5 107465713.61
HYPO REAL ESTATE HRXGBX EU -813565059.9 543794828675.92
MANIA TECHNOLOGI MNI PZ -35060806.5 107465713.61
SANDER (JIL) AG JLSDF US -6153256.92 127548039.68
SANDER (JIL)-PRF 2916157Q EU -6153256.92 127548039.68
SANDER (JIL)-PRF 2916161Q EO -6153256.92 127548039.68
CINEMAXX AG-RTS MXC8 GR -45477041.55 177659446.07
HYPO REAL ESTATE HREHF US -813565059.9 543794828675.92
RINOL AG RILB EU -2.71 168095049.11
PRIMACOM AG PRC NM -14233212.49 729563484.73
MATERNUS-KLINIKE MNUKF US -17434186.39 182076493.22
CINEMAXX AG MXC GR -45477041.55 177659446.07
HYPO REAL ESTATE HRX GR -813565059.9 543794828675.92
HYPO REAL ES-ADR HREHY US -813565059.9 543794828675.92
TA TRIUMPH-ACQ TWNA GR -96966372.18 401755623.89
PRIMACOM AG-ADR PCAG US -14233212.49 729563484.73
ROSENTHAL AG 2644179Q GR -1744121.91 217776125.75
EM.TV & MERC-RTS ETV8 NM -22067409.41 849175624.65
ROSENTHAL AG-ADR RSTHY US -1744121.91 217776125.75
RINOL AG RNLAF US -2.71 168095049.11
RINOL AG RILB EO -2.71 168095049.11
HYPO REAL ESTATE HRXAUD EO -813565059.9 543794828675.92
TA TRIUMPH-NEW TWN1 GR -96966372.18 401755623.89
ROSENTHAL AG-REG RSTHF US -1744121.91 217776125.75
SANDER (JIL)-PRF SAD3 GR -6153256.92 127548039.68
ROSENTHAL AG-REG ROSG IX -1744121.91 217776125.75
ROSENTHAL AG-REG ROSG PZ -1744121.91 217776125.75
MATERNUS-KLINIKE MAK EO -17434186.39 182076493.22
CBB HOLDING AG COB2 EU -42994732.85 904723627.84
EM.TV & MERCHAND 985403Q GR -22067409.41 849175624.65
EM.TV & MERCHAND ETVMF US -22067409.41 849175624.65
MATERNUS-KLINIKE MAK EU -17434186.39 182076493.22
MATERNUS-KLINIKE MAK PZ -17434186.39 182076493.22
HYPO REAL-ACQ HRXV PZ -813565059.9 543794828675.92
MATERNUS-KLINIKE MAK GR -17434186.39 182076493.22
ALNO AG-RTS 2259765Z GR -28265004.17 366872263.74
ALNO AG-NEW ANO1 GR -28265004.17 366872263.74
VIVANCO GRUPPE VVA GR -16648688.57 131276010.89
AGOR AG NDAGF US -482446.63 144432986.17
ROSENTHAL AG-REG ROS1 EO -1744121.91 217776125.75
AGOR AG DOO GR -482446.63 144432986.17
AGOR AG DOO EO -482446.63 144432986.17
TA TRIUMPH-ACQ TWNA EU -96966372.18 401755623.89
TA TRIUMPH-ADLER TWN EO -96966372.18 401755623.89
TA TRIUMPH-ADLER TTZAF US -96966372.18 401755623.89
TA TRIUMPH-RT TWN8 GR -96966372.18 401755623.89
HYPO REAL ESTATE HRXUSD EO -813565059.9 543794828675.92
PRIMACOM AG PRCG PZ -14233212.49 729563484.73
ROSENTHAL AG-REG ROS1 EU -1744121.91 217776125.75
TA TRIUMPH-A-RTS 1018916Z GR -96966372.18 401755623.89
TA TRIUMPH-RTS 3158577Q GR -96966372.18 401755623.89
CBB HOLDING AG CUBDF US -42994732.85 904723627.84
MATERNUS-KLINIKE MAKG IX -17434186.39 182076493.22
TA TRIUMPH-ADLER TWN GR -96966372.18 401755623.89
TA TRIUMPH-ADLER TWNG IX -96966372.18 401755623.89
TA TRIUMPH-ADLER TWN PZ -96966372.18 401755623.89
SPAR HAND-PFD NV SPA3 GR -442426199.47 1433020960.55
VIVANCO GRUPPE VIVGF US -16648688.57 131276010.89
RINOL AG RIL GR -2.71 168095049.11
BROKAT AG -NEW BRJ1 GR -27139391.98 143536859.72
MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.61
VIVANCO GRUPPE VVAG IX -16648688.57 131276010.89
VIVANCO GRUPPE VVA1 EO -16648688.57 131276010.89
CINEMAXX AG MXCUSD EO -45477041.55 177659446.07
MANIA TECHNOLOGI MNI1 EU -35060806.5 107465713.61
MANIA TECHNOLOGI MIAVF US -35060806.5 107465713.61
HYPO REAL ESTATE HRX TQ -813565059.9 543794828675.92
TA TRIUMPH-ADLER TWN EU -96966372.18 401755623.89
SPAR HANDELS-AG 773844Q GR -442426199.47 1433020960.55
SANDER (JIL) AG SAD GR -6153256.92 127548039.68
CBB HOLDING AG COBG IX -42994732.85 904723627.84
BROKAT TECH-ADR BRJA GR -27139391.98 143536859.72
MANIA TECHNOLOGI MNI GR -35060806.5 107465713.61
AGOR AG-RTS 2301918Z GR -482446.63 144432986.17
CBB HOLDING AG COBG PZ -42994732.85 904723627.84
ALNO AG ALNO IX -28265004.17 366872263.74
ALNO AG ANO PZ -28265004.17 366872263.74
HYPO REAL ES-NEW HRXA EU -813565059.9 543794828675.92
DORT ACTIEN-RTS DAB8 GR -12689156.29 117537053.71
MANIA TECHNOLOGI MNI NM -35060806.5 107465713.61
CINEMAXX AG CNEMF US -45477041.55 177659446.07
BROKAT AG -NEW BRJ1 NM -27139391.98 143536859.72
BROKAT AG BROAF US -27139391.98 143536859.72
AGOR AG DOOG IX -482446.63 144432986.17
AGOR AG DOO EU -482446.63 144432986.17
AGOR AG DOOD PZ -482446.63 144432986.17
CBB HOLDING AG COB GR -42994732.85 904723627.84
HYPO REAL ES-NEW HRXA PZ -813565059.9 543794828675.92
KAUFRING AG KFR EU -19296489.56 150995473.81
KAUFRING AG KFR PZ -19296489.56 150995473.81
PRIMACOM AG PRC2 GR -14233212.49 729563484.73
KAUFRING AG KAUG IX -19296489.56 150995473.81
SANDER (JIL)-PRF SAD3 PZ -6153256.92 127548039.68
KAUFRING AG KFR EO -19296489.56 150995473.81
HYPO REAL-ACQ HRXV EU -813565059.9 543794828675.92
HYPO REAL ESTATE HRXGBX EO -813565059.9 543794828675.92
BROKAT AG BROFQ US -27139391.98 143536859.72
NORDAG AG DOO1 GR -482446.63 144432986.17
NORDAG AG-PFD DOO3 GR -482446.63 144432986.17
EM.TV & MERCHAND ETV VX -22067409.41 849175624.65
HYPO REAL ESTATE HRX BQ -813565059.9 543794828675.92
BROKAT TECH AG BRJ NM -27139391.98 143536859.72
RINOL AG RILB IX -2.71 168095049.11
MATERNUS KLINI-N MAK1 GR -17434186.39 182076493.22
PRIMACOM AG PRC EO -14233212.49 729563484.73
ROSENTHAL AG-REG ROS GR -1744121.91 217776125.75
GREECE
------
UNITED TEXTILES NAOYK GA -44175513.67 341686153.14
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.56
ALTEC SA INFO-RT ALTECR GA -110161512.58 260065350.83
PETZETAKIS – RTS PETZKD GA -28368224.67 235628427.44
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.56
ALTEC SA INFO ALTEC EU -110161512.58 260065350.83
SAFE BULKERS INC SBL GR -35545000 482282016
RADIO KORASS-RTS KORAR GA -100972173.86 180679253.63
ALTEC SA INFO AXY GR -110161512.58 260065350.83
ALTEC SA INFO ALTEC GA -110161512.58 260065350.83
HELLAS ONLINE SA HOLR GA -18667491.57 432785331.49
HELLAS ONLINE SA BRAIN EU -18667491.57 432785331.49
ALTEC SA INFO-RT ALTED GA -110161512.58 260065350.83
PETZETAKIS-PFD PTZ3 GR -28368224.67 235628427.44
ALTEC SA INFO ATCQF US -110161512.58 260065350.83
AG PETZETAKIS SA PETZK EO -28368224.67 235628427.44
UNITED TEXTILES UTEX EO -44175513.67 341686153.14
RADIO KORASSI-RT KORAD GA -100972173.86 180679253.63
PETZETAKIS-PFD PETZP GA -28368224.67 235628427.44
PETZET – PFD-RTS PETZPD GA -28368224.67 235628427.44
SAFE BULKERS INC SB US -35545000 482282016
ALTEC SA INFO ALTEC EO -110161512.58 260065350.83
RADIO KORASSIDIS KORA GA -100972173.86 180679253.63
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.56
NAOUSSA SPIN-AUC NAOYKE GA -44175513.67 341686153.14
NAOUSSA SPINNING NML GR -44175513.67 341686153.14
NAOUSSA SPINNING NML1 GR -44175513.67 341686153.14
RADIO KORASSIDIS RAKOF US -100972173.86 180679253.63
NAOUSSA SPIN -RT NAOYD GA -44175513.67 341686153.14
HELLAS ONLINE SA BRAIN EO -18667491.57 432785331.49
THEMELIODOMI THEME GA -55751178.85 232036822.56
HELLAS ONLINE SA BRAIN GA -18667491.57 432785331.49
AG PETZETAKIS SA PTZ1 GR -28368224.67 235628427.44
EMPEDOS SA EMPED GA -33637669.62 174742646.9
ALMA-ATERM-AUCT ATERME GA -5395432.07 106400376
AG PETZETAKIS SA PTZ GR -28368224.67 235628427.44
HELLAS ONLINE SA UN5 GR -18667491.57 432785331.49
ALTEC SA INFO ALTEC PZ -110161512.58 260065350.83
NAOUSSA SPIN-RTS NAOYKR GA -44175513.67 341686153.14
UNITED TEXTILES UTEX PZ -44175513.67 341686153.14
ALTEC SA -AUCT ALTECE GA -110161512.58 260065350.83
PETZETAKIS-AUC PETZKE GA -28368224.67 235628427.44
AG PETZETAKIS SA PETZK PZ -28368224.67 235628427.44
UNITED TEXTILES NAOSF US -44175513.67 341686153.14
RADIO KORASSIDIS RKC GR -100972173.86 180679253.63
ALMA-ATERMON SA ATERM EU -5395432.07 106400376
AG PETZETAKIS SA PZETF US -28368224.67 235628427.44
AG PETZETAKIS SA PETZK GA -28368224.67 235628427.44
AG PETZETAKIS SA PETZK EU -28368224.67 235628427.44
ALMA-ATERMON SA ATERM GA -5395432.07 106400376
ALMA-ATERMON SA ATERM EO -5395432.07 106400376
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
ALMA-ATERMON SA ATERM PZ -5395432.07 106400376
HELLAS ONLINE SA BRAIN PZ -18667491.57 432785331.49
UNITED TEXTILES UTEX GA -44175513.67 341686153.14
UNITED TEXTILES UTEX EU -44175513.67 341686153.14
HELLAS ONLINE SA HOL GA -18667491.57 432785331.49
ICELAND
-------
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIM IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EU -223771648 2277793536
AVION GROUP B1Q GR -223771648 2277793536
IRELAND
-------
ELAN CORP PLC DRX1 PZ -223400000 1844599936
ELAN CORP PLC ELN IX -223400000 1844599936
WATERFORD WED-RT WTFR LN -505729895.23 820803256.03
WATERFORD – RTS 508519Q LN -505729895.23 820803256.03
WATERFORD W-ADR WATWY US -505729895.23 820803256.03
ELAN CORP PLC ELNGBX EO -223400000 1844599936
ELAN CORP PLC ELNGBP EO -223400000 1844599936
ELAN CORP-ADR ELAD LN -223400000 1844599936
WATERFORD WED-RT WWWD ID -505729895.23 820803256.03
WATERFORD WED-UT WTFU PO -505729895.23 820803256.03
WATERFORD WED-UT WTFU IX -505729895.23 820803256.03
WATERFORD WED-UT WTFU LN -505729895.23 820803256.03
WATERFORD WED-RT WWWC ID -505729895.23 820803256.03
WATERFORD WED-RT WWWD GR -505729895.23 820803256.03
WATERFORD WED-RT 586556Q LN -505729895.23 820803256.03
WATERFORD WED-RT 586552Q LN -505729895.23 820803256.03
WATERFORD WED-UT WTFU EO -505729895.23 820803256.03
WATERFORD-ADR UT WFWA GR -505729895.23 820803256.03
WATERFORD-SUB 3001875Z ID -505729895.23 820803256.03
ELAN CORP PLC ELA PO -223400000 1844599936
WATERFORD WED-UT WWWD PZ -505729895.23 820803256.03
WATERFORD WED-UT WTFUGBX E -505729895.23 820803256.03
WATERFORD WED-UT WTFUGBX EU -505729895.23 820803256.03
WATERFORD WED-UT WTFU VX -505729895.23 820803256.03
WATERFORD WED-UT WTFU ID -505729895.23 820803256.03
WATERFORD – RTS WWWB GR -505729895.23 820803256.03
WATERFORD – RTS WWWA ID -505729895.23 820803256.03
WATERFORD – RTS 508523Q LN -505729895.23 820803256.03
WATERFORD WE-RTS WTFF LN -505729895.23 820803256.03
WATERFORD-ADR UT WATFZ US -505729895.23 820803256.03
WATERFORD WE-RTS WTFN VX -505729895.23 820803256.03
ELAN CORP PLC ELNUSD EU -223400000 1844599936
WATERFORD WE-RTS WTFN ID -505729895.23 820803256.03
WATERFORD WED-RT WWWC GR -505729895.23 820803256.03
WATERFORD WED-UT WWW PO -505729895.23 820803256.03
WATERFORD – RTS WWWA GR -505729895.23 820803256.03
WATERFORD WDGEWD WATWF US -505729895.23 820803256.03
WATERFORD WE-RTS WTFN LN -505729895.23 820803256.03
ELAN CORP-ADR EANG IX -223400000 1844599936
ELAN CORP PLC ELN EU -223400000 1844599936
ELAN CORP-ADR ELN US -223400000 1844599936
ELAN CORP-ADR QUNELN AU -223400000 1844599936
ELAN CORP PLC ELN ID -223400000 1844599936
ELAN CORP PLC ELN TQ -223400000 1844599936
ELAN CORP PLC ELN LN -223400000 1844599936
ELAN CORP-CVR ELNZV US -223400000 1844599936
ELAN CORP-CVR LCVRZ US -223400000 1844599936
WATERFORD WED-UT WTFU EU -505729895.23 820803256.03
ELAN CORP-ADR EAN GR -223400000 1844599936
ELAN CORP-ADR UT ELN/E US -223400000 1844599936
WATERFORD – RTS WWWB ID -505729895.23 820803256.03
ELAN CORP PLC ELA IX -223400000 1844599936
WATERFORD WDGEWD WATFF US -505729895.23 820803256.03
ELAN CORP PLC ELA LN -223400000 1844599936
ELAN CORP PLC ELNCF US -223400000 1844599936
ELAN CORP PLC ECN VX -223400000 1844599936
ELAN CORP PLC DRXG IX -223400000 1844599936
ELAN CORP PLC ELN EO -223400000 1844599936
ELAN CORP PLC ELNUSD EO -223400000 1844599936
WATERFORD WE-RTS WTFF ID -505729895.23 820803256.03
ELAN CORP PLC DRX GR -223400000 1844599936
ELAN CORP PLC ELN NR -223400000 1844599936
ELAN CORP/OLD 1295Z ID -323100000 1737800064
WATERFORD WED-UT WWW GR -505729895.23 820803256.03
ITALY
-----
SNIA SPA-RTS SNAA IM -25149276.06 487726334.06
FULLSIX FUL IM -11045098.78 109413985.34
COIN SPA GC IX -151690764.75 791310848.67
PARMALAT FINANZI PMLFF US -18419390028.95 4120687886.18
LAZIO SPA SSLI PZ -15482934.18 260633690.01
PARMALAT FINANZI PRFI VX -18419390028.95 4120687886.18
COIN SPA-RTS GCAA IM -151690764.75 791310848.67
LAZIO SPA LZO1 GR -15482934.18 260633690.01
FULLSIX FUL1 IX -11045098.78 109413985.34
SNIA SPA-DRC SNR00 IM -25149276.06 487726334.06
LAZIO SPA 571260Q US -15482934.18 260633690.01
CART SOTTRI-BIND DEM IM -11146475.29 128859802.94
I VIAGGI DEL VEN VVE PZ -73353723.87 448043832.77
CREDITO FONDIARI CRF IM -200209050.26 4213063202.32
CREDITO FOND-RTS CRFSA IM -200209050.26 4213063202.32
SNIA SPA-NON CON SPBNF US -25149276.06 487726334.06
BINDA SPA BNDAF US -11146475.29 128859802.94
SNIA SPA-RNC SNRNC IM -25149276.06 487726334.06
I VIAGGI DEL VEN VVE EO -73353723.87 448043832.77
FULLSIX IFASF US -11045098.78 109413985.34
SNIA SPA-RTS SNSO IM -25149276.06 487726334.06
TECNODIFF ITALIA TEF GR -89894162.82 152045757.48
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.48
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.48
PARMALAT FINANZI PAF GR -18419390028.95 4120687886.18
I VIAGGI DEL VEN VVE IX -73353723.87 448043832.77
PARMALAT FINANZI PMT LI -18419390028.95 4120687886.18
I VIAGGI DEL VEN VVE EU -73353723.87 448043832.77
I VIAGGI DEL VEN VVE IM -73353723.87 448043832.77
SNIA SPA SNIA GR -25149276.06 487726334.06
SNIA SPA SN IM -25149276.06 487726334.06
OLCESE SPA-RTS OAA IM -12846689.89 179691572.79
TECNODIFF ITALIA TDI NM -89894162.82 152045757.48
FULLSIX IA6 GR -11045098.78 109413985.34
FULLSIX INF NM -11045098.78 109413985.34
FULLSIX-RNC 160135Z IM -11045098.78 109413985.34
FULLSIX FUL EU -11045098.78 109413985.34
SNIA SPA SBPDF US -25149276.06 487726334.06
FULLSIX -RIGHTS INFAA IM -11045098.78 109413985.34
LAZIO SPA SSL1 IX -15482934.18 260633690.01
FULLSIX FUL EO -11045098.78 109413985.34
FULLSIX FULI PZ -11045098.78 109413985.34
SNIA SPA SSMLF US -25149276.06 487726334.06
PARMALAT FINANZI FICN AV -18419390028.95 4120687886.18
OLCESE SPA O IM -12846689.89 179691572.79
LAZIO SPA SSL IM -15482934.18 260633690.01
LAZIO SPA SSL1 EO -15482934.18 260633690.01
LAZIO SPA SSLZF US -15482934.18 260633690.01
LAZIO SPA SSL1 EU -15482934.18 260633690.01
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.48
CIRIO FINANZIARI CRO IM -422095869.5 1583083044.16
SNIA SPA-RCV SNIVF US -25149276.06 487726334.06
LAZIO SPA LZO GR -15482934.18 260633690.01
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.79
FULLSIX INF IM -11045098.78 109413985.34
LAZIO SPA-RTS SSLAA IM -15482934.18 260633690.01
COMPAGNIA ITALIA CGLUF US -137726596.25 527372691.43
I VIAGGI DEL VEN IV7 GR -73353723.87 448043832.77
SNIA SPA-2003 SH SN03 IM -25149276.06 487726334.06
SNIA SPA SN TQ -25149276.06 487726334.06
PARMALAT FINA-RT PRFR AV -18419390028.95 4120687886.18
SNIA SPA SN EO -25149276.06 487726334.06
SNIA BPD-ADR SBPDY US -25149276.06 487726334.06
SNIA SPA-RNC SNIWF US -25149276.06 487726334.06
SNIA BPD SN GR -25149276.06 487726334.06
SNIA SPA SIAI PZ -25149276.06 487726334.06
SNIA SPA SNIXF US -25149276.06 487726334.06
SNIA SPA – RTS SNAAW IM -25149276.06 487726334.06
SNIA SPA SNIB GR -25149276.06 487726334.06
SNIA SPA SN EU -25149276.06 487726334.06
SNIA SPA SIAI IX -25149276.06 487726334.06
COIN SPA GUCIF US -151690764.75 791310848.67
COIN SPA 965089Q GR -151690764.75 791310848.67
BINDA SPA BND IM -11146475.29 128859802.94
I VIAGGI-RTS VVEAA IM -73353723.87 448043832.77
LAZIO SPA-RTS SSLAZ IM -15482934.18 260633690.01
PARMALAT FINANZI PRF IM -18419390028.95 4120687886.18
COMPAGNIA ITALIA ICT IM -137726596.25 527372691.43
CIRIO FINANZIARI FIY GR -422095869.5 1583083044.16
PARMALAT FINANZI PARAF US -18419390028.95 4120687886.18
COIN SPA/OLD GC IM -151690764.75 791310848.67
TECNODIFF ITALIA TDI IM -89894162.82 152045757.48
COMPAGNIA ITALIA CITU IX -137726596.25 527372691.43
SNIA SPA-RCV SNR IM -25149276.06 487726334.06
I VIAGGI DEL VEN VVE TQ -73353723.87 448043832.77
SNIA SPA- RTS SNAXW IM -25149276.06 487726334.06
I VIAGGI DEL VEN IVGIF US -73353723.87 448043832.77
SNIA SPA-RIGHTS SNAW IM -25149276.06 487726334.06
SNIA SPA-CONV SA SPBDF US -25149276.06 487726334.06
SNIA SPA-NEW SN00 IM -25149276.06 487726334.06
LUXEMBOURG
----------
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
NETHERLANDS
-----------
JAMES HARDIE IND 600241Q GR -37500000 1827000064
UNITED PAN-EUROP UPCEF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE GR -5505478849.55 5112616630.06
JAMES HARDIE IND 726824Z NA -37500000 1827000064
JAMES HARDIE-CDI JHIUF US -37500000 1827000064
UNITED PAN-EUR-A UPC LN -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC NA -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC LI -5505478849.55 5112616630.06
UNITED PAN-A ADR UPCOY US -5505478849.55 5112616630.06
JAMES HARDIE-CDI JHX AU -37500000 1827000064
UNITED PAN -ADR UPEA GR -5505478849.55 5112616630.06
JAMES HARDIE-ADR JHINY US -37500000 1827000064
JAMES HARDIE NV JHXCC AU -37500000 1827000064
JAMES HARDIE IND HAH NZ -37500000 1827000064
JAMES HARDIE-ADR JHX US -37500000 1827000064
UNITED PAN-EUROP UPC VX -5505478849.55 5112616630.06
BAAN COMPANY NV BAAN IX -7854741.41 609871188.88
JAMES HARDIE-CDI JHA GR -37500000 1827000064
JAMES HARDIE IND HAH AU -37500000 1827000064
BAAN COMPANY NV BAAN NA -7854741.41 609871188.88
BAAN COMPANY NV BAAN GR -7854741.41 609871188.88
BAAN COMPANY NV BNCG IX -7854741.41 609871188.88
BAAN COMPANY NV BAAN EU -7854741.41 609871188.88
BAAN COMPANY NV BAAVF US -7854741.41 609871188.88
BAAN CO NV-ASSEN BAANA NA -7854741.41 609871188.88
UNITED PAN-EUROP UPCOF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE1 GR -5505478849.55 5112616630.06
BAAN COMPANY NV BAAN PZ -7854741.41 609871188.88
BAAN COMPANY NV BAAN EO -7854741.41 609871188.88
BAAN COMPANY-NY BAANF US -7854741.41 609871188.88
NORWAY
------
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.59
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.59
PETRO GEO-SERV PGS VX -18066142.21 399710323.59
PETRO GEO-SV-ADR PGOGY US -18066142.21 99710323.59
PETRO GEO-SERV PGS GR -18066142.21 399710323.59
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.59
POLAND
------
TOORA 2916661Q EO -288818.39 147004954.18
TOORA TOR PZ -288818.39 147004954.18
TOORA TOR PW -288818.39 147004954.18
TOORA 2916665Q EU -288818.39 147004954.18
TOORA-ALLOT CERT TORA PW -288818.39 147004954.18
PORTUGAL
--------
COFINA CFN PL -17427901.34 340046487.94
COFINA COFI PL -17427901.34 340046487.94
SPORTING-SOC DES SCP PL -6889744.9 191103206.82
SPORTING-SOC DES SCDF PL -6889744.9 191103206.82
COFINA COFSI IX -17427901.34 340046487.94
COFINA COFI EO -17427901.34 340046487.94
COFINA CFNX PX -17427901.34 340046487.94
LISGRAFICA IMPRE LIAG EU -1293754.01 104525863.1
COFINA CFASF US -17427901.34 340046487.94
SPORTING-SOC DES SCDF EU -6889744.9 191103206.82
SPORTING-SOC DES SCDF EO -6889744.9 191103206.82
LISGRAFICA-RTS LIGDS PL -1293754.01 104525863.1
LISGRAFICA IMPRE LIAG EO -1293754.01 104525863.1
LISGRAFICA IMPRE LIG EO -1293754.01 104525863.1
SPORTING-SOC DES SCP1 PZ -6889744.9 191103206.82
LISGRAFICA IMPRE LIAG PL -1293754.01 104525863.1
SPORTING-SOC DES SCG GR -6889744.9 191103206.82
COFINA CFN1 PZ -17427901.34 340046487.94
SPORTING-SOC DES SCPL IX -6889744.9 191103206.82
LISGRAFICA IMPRE LIG EU -1293754.01 104525863.1
COFINA COFI EU -17427901.34 340046487.94
SPORTING-SOC DES SCPX PX -6889744.9 191103206.82
LISGRAFICA IMPRE LIG PL -1293754.01 104525863.1
LISGRAFICA IMPRE LIG PZ -1293754.01 104525863.1
COFINA COFI TQ -17427901.34 340046487.94
ROMANIA
-------
OLTCHIM RM VALCE OLT RO -16862370.58 614340383.91
OLTCHIM RM VALCE OLT EU -16862370.58 614340383.91
OLTCHIM RM VALCE OLT PZ -16862370.58 614340383.91
OLTCHIM RM VALCE OLTEUR EO -16862370.58 614340383.91
RAFO SA RAF RO -457922636.25 356796459.26
OLTCHIM RM VALCE OLTCF US -16862370.58 614340383.91
OLTCHIM RM VALCE OLTEUR EU -16862370.58 614340383.91
UZINELE SODICE G UZIM RO -35878364.71 104942905.83
OLTCHIM RM VALCE OLT EO -16862370.58 614340383.91
RUSSIA
------
DAGESTAN ENERGY DASB* RU -42846850.4 123618648.06
AMO ZIL-CLS ZILL* RU -233159478.39 443253297.59
URGALUGOL-BRD YRGL RU -14863411.56 135736934.02
ZIL AUTO PLANT-P ZILLP RM -233159478.39 443253297.59
DAGESTAN ENERGY DASB RM -42846850.4 123618648.06
ZIL AUTO PLANT-P ZILLP* RU -233159478.39 443253297.59
DAGESTAN ENERGY DASB RU -42846850.4 123618648.06
ZIL AUTO PLANT ZILL$ RU -233159478.39 443253297.59
AMO ZIL ZILL RM -233159478.39 443253297.59
KOMPANIYA GL-BRD GMST RU -7218941.93 1603534830.61
SAMARANEFTEGAS-P SMNGP* RU -331600428.45 891998590.74
TERNEYLES-BRD TERL* RU -15178937.2 182115156.77
SAMARANEFTEGAS-$ SMNG RU -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP RM -331600428.45 891998590.74
TERNEYLES-BRD TERL RU -15178937.2 182115156.77
SAMARANEFTEGAS SVYOF US -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP$ RU -331600428.45 891998590.74
KOMPANIYA GL-BRD GMST* RU -7218941.93 1603534830.61
ZIL AUTO PLANT-P ZILLP RU -233159478.39 443253297.59
GUKOVUGOL GUUG* RU -57835245.31 143665227.24
AKCIONERNOE-BRD SOVP$ RU -110204703.34 120620770.43
GUKOVUGOL GUUG RU -57835245.31 143665227.24
SAMARANEFTEGA-P$ SMNGP RU -331600428.45 891998590.74
URGALUGOL-BRD-PF YRGLP RU -14863411.56 135736934.02
EAST-SIBERIA-BRD VSNK RU -100985377.37 116491783.13
GUKOVUGOL-PFD GUUGP RU -57835245.31 143665227.24
SAMARANEFTEGAS SMNG* RU -331600428.45 891998590.74
SAMARANEFTEGAS SMNG RM -331600428.45 891998590.74
GUKOVUGOL-PFD GUUGP* RU -57835245.31 143665227.24
EAST-SIBERIA-BRD VSNK* RU -100985377.37 116491783.13
VIMPEL SHIP-BRD SOVP RU -110204703.34 120620770.43
AMO ZIL-CLS ZILL RU -233159478.39 443253297.59
SAMARANEFTEGAS SMNG$ RU -331600428.45 891998590.74
EAST-SIBERIAN-BD VSNK$ RU -100985377.37 116491783.13
VIMPEL SHIP-BRD SOVP* RU -110204703.34 120620770.43
URGALUGOL-BRD YRGL* RU -14863411.56 135736934.02
SERBIA
------
DUVANSKA DIVR SG -7729350.78 109207260.53
ZASTAVA AUTOMOBI ZAKG SG -353794358.88 222041784.93
SPAIN
-----
MARTINSA-FADESA MTF SM -936423454.31 10696164113.42
MARTINSA-FADESA 4PU GR -936423454.31 10696164113.42
MARTINSA-FADESA MFAD PZ -936423454.31 10696164113.42
MARTINSA-FADESA MTF EU -936423454.31 10696164113.42
MARTINSA-FADESA MTF EO -936423454.31 10696164113.42
MARTINSA-FADESA MTF NR -936423454.31 10696164113.42
SWITZERLAND
-----------
FORTUNE MANAGEME FMI1 EU -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 EO -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 DU -119470863.28 265021012.85
FORTUNE MANAGEME FMI3 GR -119470863.28 265021012.85
FORTUNE MANAG-NE FMI7 GR -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 GR -119470863.28 265021012.85
FORTUNE MGMT-REG CTLI US -119470863.28 265021012.85
FORTUNE MANA-NEW FMI5 GR -119470863.28 265021012.85
FORTUNE MANAGEME FMI1 PZ -119470863.28 265021012.85
FORTUNE MANAGEME FMIG IX -119470863.28 265021012.85
FORTUNE MANAGEME FMGT US -119470863.28 265021012.85
FORTUNE MANAGEME FMI GR -119470863.28 265021012.85
TURKEY
------
ZORLU ENERJI ELE ZRLUF US -237590.68 1686710346.13
ZORLU ENERJI-ADR ZRLUY US -237590.68 1686710346.13
ZORLU ENERJI ELE ZOREN TI -237590.68 1686710346.13
ZORLU ENERJI ELE ZORENM TI -237590.68 1686710346.13
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
NERGIS HOLDING NERGS TI -76515062.59 399425760.39
YASARBANK YABNK TI -4024959601.58 2643810456.86
EGS EGE GIYIM-RT EGDISR TI -7732138.55 147075066.65
EGS EGE GIYIM VE EGDIS TI -7732138.55 147075066.65
SIFAS SIFAS TI -15439198.6 130608103.96
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.63
TUTUNBANK TUT TI -4024959601.58 2643810456.86
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.63
UKRAINE
-------
LUGANSKOBLENERGO LOEN UZ -25962109.73 198804344.57
ZAPORIZHOBLENERG ZAON UZ -9405838.12 126687446.19
DNIPROOBLENERGO DNON UZ -20762857.28 271459240.45
DONETSKOBLENERGO DOON UZ -215120607.25 374165068.75
UNITED KINGDOM
--------------
PARK GROUP PLC PKG EU -61525595.88 223674903.79
ANKER PLC ANK PO -21861359.81 115463159
SCOTTISH MEDIA 1442Q GR -24923249.67 194430485.8
PARK GROUP PLC PKG PO -61525595.88 223674903.79
PARK GROUP PLC PKG EO -61525595.88 223674903.79
PATIENTLINE PLC PTL PZ -54677284.64 124948245.8
DANKA BUS SYSTEM DNK PZ -497127008 121439000
PARK FOOD GROUP PKFD LN -61525595.88 223674903.79
PATIENTLINE PLC PTL PO -54677284.64 124948245.8
PATIENTLINE PLC 2928907Q EO -54677284.64 124948245.8
PARK GROUP PLC PRKGF US -61525595.88 223674903.79
PARK GROUP PLC PKG PZ -61525595.88 223674903.79
DANKA BUS SYSTEM DNK PO -497127008 121439000
SMITHS NEWS PLC NWS PZ -124124656.94 201361815.36
PARK GROUP PLC PKG VX -61525595.88 223674903.79
AIRTOURS PLC ATORF US -379721841.57 1817512773.61
MYTRAVEL GROUP P MT/ VX -379721841.57 1817512773.61
MYTRAVEL GROUP P 1018144Q GR -379721841.57 1817512773.61
NEW STAR ASSET NSAM IX -397718038.04 292972732.12
SKYEPHARMA PLC SK8C GR -130883498.29 153620497.99
MYTRAVEL GROUP ARO2 GR -379721841.57 1817512773.61
MYTRAVEL GROUP MT IX -379721841.57 1817512773.61
MYTRAVEL GROUP MT/S PO -379721841.57 1817512773.61
NEW STAR ASSET N6S GR -397718038.04 292972732.12
ATKINS (WS) PLC ATK PO -36314039.75 1257996718.47
PARK GROUP PLC PKGGBP EO -61525595.88 223674903.79
MYTRAVEL GROUP-A MYTVF US -379721841.57 1817512773.61
NEW STAR ASSET NSAM LN -397718038.04 292972732.12
NEW STAR ASSET NWSAF US -397718038.04 292972732.12
AEA TECHNOLO-NPR AATN LN -98795549.33 133685509.1
MARCONI PLC MRCQF US -2203513803.24 7204891601.83
MARCONI PLC 203083Q VX -2203513803.24 7204891601.83
MARCONI PLC-ADR MONIY US -2203513803.24 7204891601.83
MARCONI PLC MNI LN -2203513803.24 7204891601.83
M 2003 PLC-ADR MTWOY US -2203513803.24 7204891601.83
MARCONI PLC-ADR MCONY US -2203513803.24 7204891601.83
RENTOKIL INITIAL RTO EB -90219248.82 3493481471.08
MARCONI PLC-ADR MONIE US -2203513803.24 7204891601.83
RANK GROUP PLC RNKEUR EU -6412999.92 835001785.71
ORANGE PLC-ADR ONG GR -593935051.02 2902299501.9
MARCONI PLC MY2 GR -2203513803.24 7204891601.83
MARCONI PLC MONIF US -2203513803.24 7204891601.83
MARCONI PLC-ADR MRCQY US -2203513803.24 7204891601.83
MARCONI PLC-ADR QUQMON AU -2203513803.24 7204891601.83
ORANGE PLC-ADR ORNGY US -593935051.02 2902299501.9
ORBIS PLC OBS PO -4168498.48 127701679.5
ATKINS (WS) PLC ATKGBP EO -36314039.75 1257996718.47
PARK GROUP PLC PKG LN -61525595.88 223674903.79
NORTHERN ROCK 2733269Q EU -586206492.33 152084295061.92
ORANGE PLC 1460Q GR -593935051.02 2902299501.9
ORANGE PLC ORNGF US -593935051.02 2902299501.9
SKYEPHARMA-ADR SK8 GR -130883498.29 153620497.99
MYTRAVEL GROUP-A 2281919Q GR -379721841.57 1817512773.61
SKYEPHARMA PLC SKP PO -130883498.29 153620497.99
ORBIS PLC RLP GR -4168498.48 127701679.5
ORBIS PLC ORBSF US -4168498.48 127701679.5
ORBIS PLC OBS IX -4168498.48 127701679.5
NORTHERN ROCK 2733273Q EO -586206492.33 152084295061.92
NORTHERN ROCK 2733277Q EU -586206492.33 152084295061.92
TOPPS TILES PLC TPTEUR EU -101299352.89 170960693.68
NORTHERN ROCK NRK PZ -586206492.33 152084295061.92
PREMIER FARNELL PFL NR -7994895.94 689988072.4
NEW STAR ASSET NSAM PO -397718038.04 292972732.12
NORTHERN ROCK NRK VX -586206492.33 152084295061.92
ORANGE PLC-ADR ORA$ LN -593935051.02 2902299501.9
NORTHERN ROCK 2733265Q EO -586206492.33 152084295061.92
DAWSON HOLDINGS DWN PO -18157019.88 210051798.58
NORTHERN ROCK NR3 GR -586206492.33 152084295061.92
NORTHERN ROCK NHRKF US -586206492.33 152084295061.92
NORTHERN ROCK NRK PO -586206492.33 152084295061.92
NORTHERN ROCK 2733285Q EU -586206492.33 152084295061.92
NORTHERN ROCK 2733281Q EO -586206492.33 152084295061.92
REGUS PLC-ADS REGS US -46111835.37 367181111
AEA TECHNOLOGY AATGBP EO -98795549.33 133685509.1
DANKA BUS-ADR AP39 LI -497127008 121439000
STV GROUP PLC STVGEUR EO -24923249.67 194430485.8
BNB RECRUITMENT BNB PO -10242627.53 103637704.96
LADBROKES PLC LAD BQ -478059993.74 1887316678.66
ATKINS (WS) PLC ATK NQ -36314039.75 1257996718.47
EUROPEAN HOME FPAKF US -14328735.16 110864081.39
NEW STAR ASSET 3226443Q EO -397718038.04 292972732.12
BRITISH ENER-$US BGYNYD AR -5822867500.78 4921095749.61
M 2003 PLC-ADR MTWOE US -2203513803.24 7204891601.83
MYTRAVEL GROUP P MYTGF US -379721841.57 1817512773.61
SKYEPHARMA PLC SKPGBP EO -130883498.29 153620497.99
STV GROUP PLC SMGPF US -24923249.67 194430485.8
STV GROUP PLC SMG PZ -24923249.67 194430485.8
TELEWEST COM-ADR TWT$ LN -3702234580.99 7581020925.22
TELEWEST COM-ADR 940767Q GR -3702234580.99 7581020925.22
SMG PLC-FUL PAID SMGF LN -24923249.67 194430485.8
STV GROUP PLC STVG EO -24923249.67 194430485.8
STV GROUP PLC SMG IX -24923249.67 194430485.8
BRITISH SKY BROA BSY NQ -30607499.6 8332527670.8
STV GROUP PLC STVG LN -24923249.67 194430485.8
STV GROUP PLC STVG VX -24923249.67 194430485.8
STV GROUP PLC STVGGBP EO -24923249.67 194430485.8
EMI GROUP PLC EMI PO -2265916256.89 2950021937.14
SKYEPHARMA-ADR SKYE US -130883498.29 153620497.99
SKYEPHARMA-ADR AP80 LI -130883498.29 153620497.99
CARLISLE GROUP 506819Q LN -11904426.45 203548565.03
JESSOPS PLC JSPGBP EO -27246210.42 167576832.77
SKYEPHARMA-ADR SK8N GR -130883498.29 153620497.99
RENTOKIL INITIAL RTO EU -90219248.82 3493481471.08
SKYEPHARMA PLC SKP IX -130883498.29 153620497.99
BRIT SKY BRO-ADR BSY US -30607499.6 8332527670.8
SKYEPHARMA PLC SKP1 VX -130883498.29 153620497.99
BRITISH SKY BROA BSYEUR EU -30607499.6 8332527670.8
SKYEPHARMA PLC SKYEF US -130883498.29 153620497.99
SMITHS NEWS PLC NWS2 EO -124124656.94 201361815.36
SMITHS NEWS PLC NWS2 TQ -124124656.94 201361815.36
SMITHS NEWS PLC SMWPY US -124124656.94 201361815.36
SMITHS NEWS PLC NWS2 EU -124124656.94 201361815.36
SMITHS NEWS PLC NWS2EUR EU -124124656.94 201361815.36
SMITHS NEWS PLC NWS1 EO -124124656.94 201361815.36
SMG PLC-NIL PAID SMGN LN -24923249.67 194430485.8
SMG PLC SMG LN -24923249.67 194430485.8
SMG PLC SMG PO -24923249.67 194430485.8
SKYEPHARMA PLC SKP PZ -130883498.29 153620497.99
SMITHS NEWS PLC NWS LN -124124656.94 201361815.36
SMITHS NEWS PLC NWS2EUR EO -124124656.94 201361815.36
VIRGIN MOB-ASSD VMOC LN -392165437.58 166070003.71
RENTOKIL-SP ADR RTOKY US -90219248.82 3493481471.08
UTC GROUP UGR LN -11904426.45 203548565.03
PREMIER FARNELL PFL VX -7994895.94 689988072.4
VIRGIN MOBILE VMOB PO -392165437.58 166070003.71
VIRGIN MOB-ASSD VMOA LN -392165437.58 166070003.71
ORANGE PLC 951641Q LN -593935051.02 2902299501.9
LADBROKES PLC LADEUR EO -478059993.74 1887316678.66
MYTRAVEL GROUP MT/S VX -379721841.57 1817512773.61
RANK GROUP PLC RANKF US -6412999.92 835001785.71
LEEDS SPORTING LES LN -73166148.8 143762193.66
MARCONI PLC-ADR MONI US -2203513803.24 7204891601.83
NEW STAR ASSET 3226447Q EO -397718038.04 292972732.12
EMI GROUP PLC 3020138Q GR -2265916256.89 2950021937.14
THORN EMI-ADR TORNY US -2265916256.89 2950021937.14
BRIT ENERGY-A BENA GR -5822867500.78 4921095749.61
RANK GROUP-ADR RNK$ LN -6412999.92 835001785.71
WATSON & PHILIP WTSN LN -120493900.04 252232072.87
VIRGIN MOBILE VGMHF US -392165437.58 166070003.71
VIRGIN MOBILE UEM GR -392165437.58 166070003.71
VIRGIN MOBILE VMOB LN -392165437.58 166070003.71
LADBROKES PLC LAD TQ -478059993.74 1887316678.66
BRITISH ENERGY-A BHEAF US -5822867500.78 4921095749.61
SKYEPHARMA PLC SKP EO -130883498.29 153620497.99
THORN EMI-REGD 1772Q GR -2265916256.89 2950021937.14
THORN EMI-CDR THN NA -2265916256.89 2950021937.14
EMI GROUP PLC EMIPF US -2265916256.89 2950021937.14
TOPPS TILES PLC TPT PZ -101299352.89 170960693.68
DAWSON HOLDINGS DWN1 EU -18157019.88 210051798.58
AMER BUS SYS ARB LN -497127008 121439000
TELEWEST COMM TWT VX -3702234580.99 7581020925.22
TELEWEST COMM 604296Q GR -3702234580.99 7581020925.22
TELEWEST COM-ADR TWSTY US -3702234580.99 7581020925.22
THORN EMI PLC THNE FP -2265916256.89 2950021937.14
PREMIER FARNELL PFL EO -7994895.94 689988072.4
TELEWEST COMM 715382Q LN -3702234580.99 7581020925.22
TOPPS TILES PLC TPTGBP EO -101299352.89 170960693.68
NORTHERN ROCK NRK LN -586206492.33 152084295061.92
TOPPS TILES PLC TPT VX -101299352.89 170960693.68
JESSOPS PLC JSP PO -27246210.42 167576832.77
BRITISH SKY BROA BSY PO -30607499.6 8332527670.8
TOPPS TILES-NEW TPTN LN -101299352.89 170960693.68
TOPPS TILES PLC TPTEUR EO -101299352.89 170960693.68
TOPPS TILES PLC TPT PO -101299352.89 170960693.68
SKYEPHARMA -SUB 2976665Z LN -130883498.29 153620497.99
TOPPS TILES PLC TPTJY US -101299352.89 170960693.68
TOPPS TILES PLC TPT EU -101299352.89 170960693.68
TOPPS TILES PLC TPT EO -101299352.89 170960693.68
SKYEPHARMA PLC SKPEUR EO -130883498.29 153620497.99
RANK GROUP PLC RNK PO -6412999.92 835001785.71
RANK GROUP PLC RNK LN -6412999.92 835001785.71
RANK GROUP PLC RNKDKK EO -6412999.92 835001785.71
RANK GROUP-ADR RANKY US -6412999.92 835001785.71
CLIPPER WINDPOWE CWPA LN -99360000 989187968
RANK GROUP PLC RNKUSD EO -6412999.92 835001785.71
GALIFORM PLC GFRM PZ -84844622.18 585251745.06
RANK GROUP PLC RNKEUR EO -6412999.92 835001785.71
SMITHS NEWS PLC NWS PO -124124656.94 201361815.36
RANK GROUP PLC RNKDKK EU -6412999.92 835001785.71
RANK GROUP PLC RNK BQ -6412999.92 835001785.71
MYTRAVEL GROUP MT/S LN -379721841.57 1817512773.61
REGUS PLC-ADS REGSV US -46111835.37 367181111
REGUS PLC-ADS REGSY US -46111835.37 367181111
RENTOKIL INITIAL RTO NR -90219248.82 3493481471.08
RENTOKIL INITIAL RTO IX -90219248.82 3493481471.08
RENTOKIL INITIAL RTOGBP EO -90219248.82 3493481471.08
PATIENTLINE PLC PTL LN -54677284.64 124948245.8
REGUS LTD 273187Q LN -46111835.37 367181111
RANK ORG PLC RANKY SP -6412999.92 835001785.71
BRITISH SKY BROA BSY EO -30607499.6 8332527670.8
REGUS PLC REGSF US -46111835.37 367181111
REGUS PLC 2296Z LN -46111835.37 367181111
REGUS PLC 273195Q VX -46111835.37 367181111
DANKA BUS SYSTEM DNK LN -497127008 121439000
PREMIER FARNELL PFL PZ -7994895.94 689988072.4
RANK GROUP PLC RNKUSD EU -6412999.92 835001785.71
RENTOKIL INITIAL RTOKF US -90219248.82 3493481471.08
PREMIER FARNELL PFL TQ -7994895.94 689988072.4
PREMIER FARNELL PFL PO 7994895.94 689988072.4
NEW STAR ASSET 3226431Q EU -397718038.04 292972732.12
PATIENTLINE PLC PTL VX -54677284.64 124948245.8
PATIENTLINE PLC 2928899Q EO -54677284.64 124948245.8
PREMIER FARNELL PFLUSD EO -7994895.94 689988072.4
PREMIER FARNELL PFLSEK EU -7994895.94 689988072.4
PREMIER FARNELL PFL EB -7994895.94 689988072.4
TELEWEST COMM TWSTF US -3702234580.99 7581020925.22
RANK GROUP PLC RNK GR -6412999.92 835001785.71
STV GROUP PLC STVG EU -24923249.67 194430485.8
RANK GROUP PLC RNKGBP EO -6412999.92 835001785.71
RANK GROUP PLC RNK NR -6412999.92 835001785.71
RANK GROUP PLC RNK NQ -6412999.92 835001785.71
LADBROKES PLC LAD EB -478059993.74 1887316678.66
PATIENTLINE PLC PTL IX -54677284.64 124948245.8
PREMIER FARNELL PFLEUR EO -7994895.94 689988072.4
PREMIER FARNELL PFL LN -7994895.94 689988072.4
ABBOTT MEAD VICK 648824Q LN -1685852.9 168258996.33
PREMIER FARNELL PFLEUR EU -7994895.94 689988072.4
SCOTTISH MEDIA SSMR LN -24923249.67 194430485.8
RANK ORG PLC-ADR 14873Z US -6412999.92 835001785.71
RANK GROUP PLC RNK PZ -6412999.92 835001785.71
MARCONI PLC MONI BB -2203513803.24 7204891601.83
SCOTTISH TELEV SCTVF US -24923249.67 194430485.8
SCOTTISH MEDIA SSM LN -24923249.67 194430485.8
GALIFORM PLC GFRMEUR EO -84844622.18 585251745.06
ORBIS PLC OBS LN -4168498.48 127701679.5
AEA TECHNOLOGY AAT VX -98795549.33 133685509.1
SAATCHI & SAATCH 188190Q GR -119260804.15 705060824.55
SAATCHI & SA-ADR SSI$ LN -119260804.15 705060824.55
JESSOPS PLC JSP IX -27246210.42 167576832.77
SKYEPHARMA PLC SKP TQ -130883498.29 153620497.99
TOPPS TILES PLC TPT TQ -101299352.89 170960693.68
SKYEPHAR-RTS N/P SKPN VX -130883498.29 153620497.99
SKYEPHARMA PLC SKP EU -130883498.29 153620497.99
SKYEPHARMA PLC SK8A GR -130883498.29 153620497.99
SKYEPHARMA PLC SKP VX -130883498.29 153620497.99
EUROPEAN HOME EHR EO -14328735.16 110864081.39
SETON HEALTHCARE 2290Z LN -10585179.82 156822902.77
RANK GROUP PLC RNK EB -6412999.92 835001785.71
SKYEPHAR-RTS N/P SKPN LN -130883498.29 153620497.99
SFI GROUP PLC SUF LN -108067115.81 177647536.08
COMPASS GRP-ADR CMSGY US -668101173.88 2972459078.38
RENTOKIL INITIAL RTOEUR EU -90219248.82 3493481471.08
RENTOKIL INITIAL RTOEUR EO -90219248.82 3493481471.08
RENTOKIL INITIAL RTO TQ -90219248.82 3493481471.08
GALIFORM PLC GFRM LN -84844622.18 585251745.06
RENTOKIL INITIAL RTO1 GR -90219248.82 3493481471.08
RENTOKIL INITIAL RTO LN -90219248.82 3493481471.08
RENTOKIL INITIAL RTO GR -90219248.82 3493481471.08
BRITISH ENERGY-A BGYA PO -5822867500.78 4921095749.61
RENTOKIL INITIAL RTO EO -90219248.82 3493481471.08
ORBIS PLC OBG PO -4168498.48 127701679.5
RENTOKIL INITIAL RTOG IX -90219248.82 3493481471.08
RENTOKIL INITIAL RTO PZ -90219248.82 3493481471.08
EUROPEAN HOME EHR PZ -14328735.16 110864081.39
RENTOKIL INITIAL RTO PO -90219248.82 3493481471.08
JESSOPS PLC JSP PZ -27246210.42 167576832.77
ORBIS PLC OBS PZ -4168498.48 127701679.5
SAATCHI & SA-ADR SSA US -119260804.15 705060824.55
LADBROKES PLC HG/ VX -478059993.74 1887316678.66
NEW STAR ASSET NSAM PZ -397718038.04 292972732.12
RENTOKIL INITIAL RTOUSD EO -90219248.82 3493481471.08
RENTOKIL INITIAL RTO BQ -90219248.82 3493481471.08
EMI GROUP -ASSD EMIA LN -2265916256.89 2950021937.14
ATKINS (WS) PLC ATK PZ -36314039.75 1257996718.47
DANKA BUS-$US CE DANKD AR -497127008 121439000
DANKA BUS SYSTEM DNK VX -497127008 121439000
DANKA BUS SYSTEM 3205287Q EU -497127008 121439000
DANKA BUS-BLK CE DANKB AR -497127008 121439000
DANKA BUS-ADR DB6 GR -497127008 121439000
DANKA BUS-ADR DANKY US -497127008 121439000
PARK GROUP PLC PRKG IX -61525595.88 223674903.79
DANKA BUS SYSTEM 3205283Q EO -497127008 121439000
BRITISH SKY BROA BSYBF US -30607499.6 8332527670.8
PREMIER FARNELL PFL EU -7994895.94 689988072.4
DANKA BUS SYSTEM 3205291Q EO -497127008 121439000
DANKA BUS SYSTEM DNK IX -497127008 121439000
DAWSON HOLDINGS DWN1GBP EO -18157019.88 210051798.58
DAWSON HOLDINGS DWN1 EO -18157019.88 210051798.58
DAWSON HOLDINGS DWN VX -18157019.88 210051798.58
EUROPEAN HOME EHR VX -14328735.16 110864081.39
JESSOPS PLC JSP LN -27246210.42 167576832.77
DAWSON HOLDINGS DWN IX -18157019.88 210051798.58
DAWSON HOLDINGS DWN1EUR EO -18157019.88 210051798.58
DAWSON HOLDINGS DWN1EUR EU -18157019.88 210051798.58
DANKA BUS-CEDEAR DANK AR -497127008 121439000
DAWSON HOLDINGS DWN PZ -18157019.88 210051798.58
DAWSON HOLDINGS DWN LN -18157019.88 210051798.58
NORTHERN ROCK 2733289Q EO -586206492.33 152084295061.92
BRITISH ENER-ADR BGYNY US -5822867500.78 4921095749.61
PREMIER FARN-ADR PFLZ LN -7994895.94 689988072.4
CLIPPER WINDPOWE CWP IX -99360000 989187968
BRITISH SKY BROA BSYGBP EO -30607499.6 8332527670.8
MARCONI PLC-ADR MY2A GR -2203513803.24 7204891601.83
SKYEPHARMA-ADR SKYEY US -130883498.29 153620497.99
BRIT SKY BRO-ADR BSY$ LN -30607499.6 8332527670.8
BRITISH SKY BROA BSY BQ -30607499.6 8332527670.8
RANK GROUP PLC RNKA GR -6412999.92 835001785.71
MARCONI PLC-ADR MCBA GR -2203513803.24 7204891601.83
BOOKER PLC-ADR BOK$ LN -59832880.4 1298182548.71
COMPASS GROU-OLD 1259Q LN -668101173.88 2972459078.38
MYTRAVEL GROUP MYTPF US -379721841.57 1817512773.61
RANK GROUP PLC RNK VX -6412999.92 835001785.71
DANKA BUS SYSTEM DANKF US -497127008 121439000
COMPASS GRP-ADR CMSJY US -668101173.88 2972459078.38
COMPASS GROUP QOP GR -668101173.88 2972459078.38
RANK GROUP PLC RNK IX -6412999.92 835001785.71
CLIPPER WINDPOWE CWP EO -99360000 989187968
CLIPPER WINDPOWE CRPWF US -99360000 989187968
CLIPPER WINDPOWE C2W GR -99360000 989187968
CLIPPER WINDPOWE CWP PG -99360000 989187968
CLIPPER WINDPOWE CWP EU -99360000 989187968
EUROPEAN HOME EHREUR EO -14328735.16 110864081.39
EUROPEAN HOME EHR PO -14328735.16 110864081.39
FAREPAK PLC FPK LN -14328735.16 110864081.39
EUROPEAN HOME EHREUR EU -14328735.16 110864081.39
EUROPEAN HOME KLZ PO -14328735.16 110864081.39
BRITISH ENERGY-A BGYGF US -5822867500.78 4921095749.61
EMI GROUP-ADR EMI$ LN -2265916256.89 2950021937.14
JESSOPS PLC JSP VX -27246210.42 167576832.77
EUROPEAN HOME EHR LN -14328735.16 110864081.39
EUROPEAN HOME KLZ VX -14328735.16 110864081.39
EUROPEAN HOME EHRGBP EO -14328735.16 110864081.39
SAATCHI & SAATCH SSI LN -119260804.15 705060824.55
SKYEPHAR-RTS F/P SKPF LN -130883498.29 153620497.99
SMITHS NEWS PLC NWS IX -124124656.94 201361815.36
GGT GROUP PLC 500970Q LN -156372271.99 408211200.87
BRITISH ENER-C/E BGYNYC AR -5822867500.78 4921095749.61
MFI FURNITURE GR MFI LN -84844622.18 585251745.06
TOPPS TILES PLC TPT IX -101299352.89 170960693.68
FARNELL ELEC-ADR FRN$ LN -7994895.94 689988072.4
FARNELL ELEC-ADR FRNZ LN -7994895.94 689988072.4
VIRGIN MOBILE VMOB VX -392165437.58 166070003.71
NEW STAR ASSET 3226439Q EU -397718038.04 292972732.12
FARNELL ELECTRON FRNL LN -7994895.94 689988072.4
RANK GROUP-ADR 935543Q GR -6412999.92 835001785.71
EASYNET GROUP-CV 91009Z LN -45232889.17 322770283.93
GALIFORM PLC GFRM NR -84844622.18 585251745.06
GALIFORM PLC MFI IX -84844622.18 585251745.06
BRIT ENERGY PLC 555140Q VX -5822867500.78 4921095749.61
EASYNET GROUP ESY VX -45232889.17 322770283.93
EASYNET GROUP ESY LN -45232889.17 322770283.93
SKYEPHARMA-ADR SKYPY US -130883498.29 153620497.99
EASYNET GROUP ESY PO -45232889.17 322770283.93
SFI GROUP PLC SUYFF US -108067115.81 177647536.08
EASYNET GROUP EAY GR -45232889.17 322770283.93
THORN EMI-ADR THN$ LN -2265916256.89 2950021937.14
EMI GROUP PLC EMI IX -2265916256.89 2950021937.14
EMI GROUP LTD EMI LN -2265916256.89 2950021937.14
EMI GROUP-ADR 38IS LN -2265916256.89 2950021937.14
EMI GROUP PLC-B 1019425Q LN -2265916256.89 2950021937.14
EMI GROUP PLC EMI VX -2265916256.89 2950021937.14
JESSOPS PLC JSP EO -27246210.42 167576832.77
REGUS PLC-ADS RGUA GR -46111835.37 367181111
EASYNET GROUP EZNGF US -45232889.17 322770283.93
TOPPS TILES PLC TPT LN -101299352.89 170960693.68
PREMIER FARNELL PIFLF US -7994895.94 689988072.4
RENTOKIL INITIAL RTO VX -90219248.82 3493481471.08
BRITISH SKY BROA BSY VX -30607499.6 8332527670.8
ANKER PLC DW14 GR -21861359.81 115463159
HILTON G-CRT OLD HIGT BB -478059993.74 1887316678.66
ANKER PLC – ASSD ANKC LN -21861359.81 115463159
ANKER PLC – ASSD ANKB LN -21861359.81 115463159
LADBROKES PLC LAD PZ -478059993.74 1887316678.66
AMEY PLC AMEYF US -48862569.33 931527720.46
REGUS PLC RGU GR -46111835.37 367181111
AEA TECHNOLOGY EAETF US -98795549.33 133685509.1
AMEY PLC-NEW AMYN LN -48862569.33 931527720.46
AMEY PLC-ASSENT AMYA LN -48862569.33 931527720.46
AMEY PLC AMY LN -48862569.33 931527720.46
ATKINS (WS) PLC ATK EO -36314039.75 1257996718.47
ATKINS (WS) PLC ATK LN -36314039.75 1257996718.47
ATKINS (WS) PLC ATK IX -36314039.75 1257996718.47
BRITISH ENERGY-A BGYA VX -5822867500.78 4921095749.61
ATKINS (WS) PLC ATK VX -36314039.75 1257996718.47
ATKINS (WS) PLC WATKF US -36314039.75 1257996718.47
ATKINS (WS) PLC ATK EB -36314039.75 1257996718.47
LADBROKES PLC LADUSD EO -478059993.74 1887316678.66
ANKER PLC-ASSD ANKA LN -21861359.81 115463159
ATKINS (WS) PLC ATK NR -36314039.75 1257996718.47
LADBROKES PLC LAD NQ -478059993.74 1887316678.66
ATKINS (WS) PLC ATK BQ -36314039.75 1257996718.47
AEA TECHNOLOGY AAT LN -98795549.33 133685509.1
AEA TECHNOLOGY AAT PZ -98795549.33 133685509.1
AEA TECHNOLOGY AAT EU -98795549.33 133685509.1
AEA TECHNOLOGY AAT IX -98795549.33 133685509.1
AEA TECHNOLOGY AAT EO -98795549.33 133685509.1
AEA TECHNOLO-FPR AATF LN -98795549.33 133685509.1
AEA TECHNOLO-FPR AATF PZ -98795549.33 133685509.1
PREMIER FARNELL PFL NQ -7994895.94 689988072.4
AEA TECHNOLOGY AAT PO -98795549.33 133685509.1
AEA TECHNOLOGY AEY GR -98795549.33 133685509.1
AEA TECHNOLO-NPR AATN PZ -98795549.33 133685509.1
PREMIER FARN-ADR 2246804Q US -7994895.94 689988072.4
BRITISH SKY BROA BSYUSD EO -30607499.6 8332527670.8
ALLDAYS PLC ALDYF US -120493900.04 252232072.87
ADVANCE DISPLAY ADTP PZ -3015578834.69 2590007903.69
BOOKER PLC-ADR BKRUY US -59832880.4 1298182548.71
NORTHERN ROCK NRKI IX -586206492.33 152084295061.92
AMEY PLC AMY VX -48862569.33 931527720.46
PATIENTLINE PLC 2928903Q EU -54677284.64 124948245.8
NEW STAR ASSET NSAA LN -397718038.04 292972732.12
ALLDAYS PLC 317056Q LN -120493900.04 252232072.87
AIRTOURS PLC AIR LN -379721841.57 1817512773.61
AIRTOURS PLC AIR VX -379721841.57 1817512773.61
TOPPS TILES PLC TPTJF US -101299352.89 170960693.68
BRITISH ENER-CED BGYNY AR -5822867500.78 4921095749.61
BRITISH SKY BROA BSY NR -30607499.6 8332527670.8
PREMIER FARNELL PFLUSD EU -7994895.94 689988072.4
HILTON GROUP-ADR HLTGY US -478059993.74 1887316678.66
BRITISH ENER-$US BGYD AR -5822867500.78 4921095749.61
BRIT SKY BROADCA BSYB GR -30607499.6 8332527670.8
BNB RECRUITMENT BNB IX -10242627.53 103637704.96
BRITISH ENER-C/E BGYC AR -5822867500.78 4921095749.61
BRITISH ENER-BLK BGYNYB AR -5822867500.78 4921095749.61
BRITISH ENER-BLK BGYB AR -5822867500.78 4921095749.61
BRITISH SKY BROA BSB GR -30607499.6 8332527670.8
BRITISH SKY BROA BSY EB -30607499.6 8332527670.8
BRITISH SKY BROA BSY LN -30607499.6 8332527670.8
BRITISH SKY BROA BSY EU -30607499.6 8332527670.8
SMITHS NEWS PLC SMWPF US -124124656.94 201361815.36
BRITISH SKY BROA BSY TQ -30607499.6 8332527670.8
GALIFORM PLC GFRM TQ -84844622.18 585251745.06
BRITISH SKY BROA BSY IX -30607499.6 8332527670.8
CLIPPER WINDPOWE CWP LN -99360000 989187968
BRITISH SKY BROA BSYEUR EO -30607499.6 8332527670.8
STV GROUP PLC SMG VX -24923249.67 194430485.8
BRITISH SKY BROA BSY PZ -30607499.6 8332527670.8
BNB RECRUITMENT BNB LN -10242627.53 103637704.96
BLACK & EDGINGTO BLE LN -130883498.29 153620497.99
BOOKER PLC BKERF US -59832880.4 1298182548.71
BNB RECRUITMENT BQX GR -10242627.53 103637704.96
BNB RECRUITMENT BNBRF US -10242627.53 103637704.96
ATKINS (WS) PLC ATKEUR EU -36314039.75 1257996718.47
ATKINS (WS) PLC ATK EU -36314039.75 1257996718.47
ATKINS (WS) PLC ATK TQ -36314039.75 1257996718.47
RANK GROUP PLC RNK EO -6412999.92 835001785.71
BCH GROUP PLC BCH LN -5728274.38 187993198.22
LAMBERT FENCHURC LMF LN -1453050.04 1826806853.46
BRIT ENERGY PLC BEN1 GR -5822867500.78 4921095749.61
BRIT ENERGY PLC BGYEF US -5822867500.78 4921095749.61
BRIT ENERGY PLC BHEGF US -5822867500.78 4921095749.61
SKYEPHARMA PLC SKP LN -130883498.29 153620497.99
BRIT NUCLEAR 1046Z LN -4247644149.6 40325778907.11
BRIT ENERGY-ADR BHEFF US -5822867500.78 4921095749.61
BRADSTOCK GROUP BSKGF US -1855444.44 268563822.49
STV GROUP PLC STVGEUR EU -24923249.67 194430485.8
BOOKER PLC 1330Q GR -59832880.4 1298182548.71
NEW STAR ASSET NSAM TQ -397718038.04 292972732.12
BRIT ENERGY LTD 523362Q LN -5822867500.78 4921095749.61
BRADSTOCK GROUP BDK LN -1855444.44 268563822.49
GALIFORM PLC GFRMNOK EU -84844622.18 585251745.06
FARNELL ELEC-RFD FRNR LN -7994895.94 689988072.4
BRITISH ENER-CED BGY AR -5822867500.78 4921095749.61
SKYEPHAR-RTS F/P SKPF VX -130883498.29 153620497.99
GARTLAND WHALLEY GWB LN -10986769.42 45352034.49
RENTOKIL INITIAL RTO NQ -90219248.82 3493481471.08
PREMIER FARN-ADR PIFLY US -7994895.94 689988072.4
GALIFORM PLC GFRM EU -84844622.18 585251745.06
SMITHS NEWS PLC NWS2GBP EO -124124656.94 201361815.36
SAATCHI & SAATCH SSATF US -119260804.15 705060824.55
PREMIER FARNELL PFLGBP EO -7994895.94 689988072.4
JESSOPS PLC JSPEUR EU -27246210.42 167576832.77
JESSOPS PLC JSPEUR EO -27246210.42 167576832.77
NEW STAR ASSET 3226435Q EO -397718038.04 292972732.12
JESSOPS PLC JS4 GR -27246210.42 167576832.77
DAWSON HOLDINGS DWHGF US -18157019.88 210051798.58
JESSOPS PLC JSP EU -27246210.42 167576832.77
DANKA BUS-C/E CE DANKC AR -497127008 121439000
PREMIER FARNELL PML GR -7994895.94 689988072.4
HILTON GROUP PLC HLTGF US -478059993.74 1887316678.66
MARCONI PLC MNI BB -2203513803.24 7204891601.83
HILTON GROUP PLC HG/ LN -478059993.74 1887316678.66
HILTON GROUP PLC HG PO -478059993.74 1887316678.66
GALIFORM PLC GFRM EO -84844622.18 585251745.06
GALIFORM PLC GFRMNOK EO -84844622.18 585251745.06
NORTHERN ROCK NRK IX -586206492.33 152084295061.92
GGT GROUP-ADR GGTRY US -156372271.99 408211200.87
SMITHS NEWS PLC NWS1 EU -124124656.94 201361815.36
RENTOKIL INITIAL RKLIF US -90219248.82 3493481471.08
PREMIER FARNELL PFL BQ -7994895.94 689988072.4
EUROPEAN HOME EHR EU -14328735.16 110864081.39
LADBROKES PLC LAD IX -478059993.74 1887316678.66
HILTON GROUP-CRT HIG BB -478059993.74 1887316678.66
HILTON GROUP-CER HG BB -478059993.74 1887316678.66
RENTOKIL-SP ADR AP76 LI -90219248.82 3493481471.08
SKYEPHARMA PLC SKPEUR EU -130883498.29 153620497.99
KLEENEZE PLC KLZ LN -14328735.16 110864081.39
LEEDS SPORTING LEDPF US -73166148.8 143762193.66
LEEDS UNITED PLC LDSUF US -73166148.8 143762193.66
LEEDS UNITED PLC LUFC LN -73166148.8 143762193.66
LEEDS UNITED PLC 889687Q GR -73166148.8 143762193.66
LADBROKES PLC-AD LDBKY LN -478059993.74 1887316678.66
LADBROKES PLC LAD EU -478059993.74 1887316678.66
LADBROKES PLC-CE LAD BB -478059993.74 1887316678.66
GALIFORM PLC GFRM VX -84844622.18 585251745.06
GALIFORM PLC GLFMF US -84844622.18 585251745.06
LADBROKES PLC LADEUR EU -478059993.74 1887316678.66
EMI GROUP-ADR EMIPY US -2265916256.89 2950021937.14
M 2003 PLC 203055Q LN -2203513803.24 7204891601.83
M 2003 PLC MTWOF US -2203513803.24 7204891601.83
SMITHS NEWS PLC NWS VX -124124656.94 201361815.36
BOOKER PLC 987188Q LN -59832880.4 1298182548.71
LADBROKES PLC LAD GR -478059993.74 1887316678.66
PREMIER FARNELL PFLSEK EO -7994895.94 689988072.4
LADBROKES PLC LADNZD EO -478059993.74 1887316678.66
LADBROKES PLC LAD VX -478059993.74 1887316678.66
LADBROKES PLC LADNZD EU -478059993.74 1887316678.66
RANK GROUP PLC RNK TQ -6412999.92 835001785.71
LADBROKE GRP-IDR 695767Q BB -478059993.74 1887316678.66
LADBROKE GROUP LADB LN -478059993.74 1887316678.66
LADBROKES PLC LAD LN -478059993.74 1887316678.66
LADBROKE GRP-OLD LADB BB -478059993.74 1887316678.66
PREMIER FARNELL PFL IX 7994895.94 689988072.4
LADBROKES PLC LAD PO -478059993.74 1887316678.66
LADBROKES PLC LAD EO -478059993.74 1887316678.66
ATKINS (WS) PLC ATKEUR EO -36314039.75 1257996718.47
ANKER PLC ANK LN -21861359.81 115463159
LADBROKES PLC LAD NR -478059993.74 1887316678.66
TELEWEST COM-ADR TWSTD US -3702234580.99 7581020925.22
LADBROKES PLC LDBKF US -478059993.74 1887316678.66
LADBROKES PLC LADGBP EO -478059993.74 1887316678.66
RENTOKIL INITIAL RTOUSD EU -90219248.82 3493481471.08
GALIFORM PLC MFIFF US -84844622.18 585251745.06
RANK GROUP PLC RNK EU -6412999.92 835001785.71
GALIFORM PLC MFI PO -84844622.18 585251745.06
GALIFORM PLC GFRMGBP EO -84844622.18 585251745.06
GALIFORM PLC GFRM NQ -84844622.18 585251745.06
BRITISH SKY BROA BSYUSD EU -30607499.6 8332527670.8
LADBROKES PLC-AD LDBKY US -478059993.74 1887316678.66
GALIFORM PLC MFI VX -84844622.18 585251745.06
GALIFORM PLC GFRMEUR EU -84844622.18 585251745.06
GALIFORM PLC GFRM BQ -84844622.18 585251745.06
GALIFORM PLC GFRM IX -84844622.18 585251745.06
GALIFORM PLC GFRM PO -84844622.18 585251745.06
GALIFORM PLC GFRM EB -84844622.18 585251745.06
BRITISH ENERGY-A 3012442Q LN -5822867500.78 4921095749.61
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Pius Xerxes V. Tovilla, Joy A. Agravante, Marie
Therese V. Profetana and Peter A. Chapman, Editors.
Copyright 2009. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *