/raid1/www/Hosts/bankrupt/TCREUR_Public/090721.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, July 21, 2009, Vol. 10, No. 142

                            Headlines

A U S T R I A

AUSTRIAN AIRLINES: Lufthansa Takeover Deal Remains Uncertain


B E L G I U M

FORTIS BANK: Moody's Cuts Ratings on CASHES to 'Ba3' From 'Ba2'


B U L G A R I A

* BLAGOEVGRAD: Fitch Keeps 'BB+' Long-Term Currency Ratings


D E N M A R K

TDC /AS: Mulls Stock-Market Flotation


F I N L A N D

M-REAL OYI: Moody's Says Caa1 Rating Remains Unchanged
UPM-KYMMENE CORP: Botnia Restructuring No Effect on Moody's Rating


F R A N C E

FCC SPARC: S&P Withdraws 'BB' Rating on EUR39.2 Million Notes
NORTEL NETWORKS: Reaches Deal With French Workers on Severance
PERNOD RICARD: Says Profit Growth at Lower End of Guidance Range
REMY COINTREAU: Turnover Down 7.5% to EUR138.6 Mil. in 2Q2009
RENAULT SA: Sales Down 17% in First Half 2009


G E R M A N Y

ARCANDOR AG: Sal. Oppenheim Still Supports Planned Restructuring
HAPAG-LLOYD: Future Remains Uncertain as Financing Talks Stall
HYPO REAL: May Need EUR10 Bln in Fresh Capital, Chairman Says


I R E L A N D

ANTHRACITE EURO: Moody's Junks Ratings on Two Classes of Notes
EYE LASER: To Exit Examinership After Ultralase Deal
INDEPENDENT NEWS: Standstill Agreement May Be Extended
ZOE DEVELOPMENTS: Carroll to Place Six Companies in Examinership


I T A L Y

BANCA ITALEASE: Fitch Upgrades Long-Term Issuer Default Rating
ITTIERRE SPA: Initial Assessment of Total Liabilities Filed

* ITALY: Confindustria Seeks Moratorium on Business Loans


K A Z A K H S T A N

EKIBASTUZ BUSINESS: Creditors Must File Claims by July 24
KAZ STROY: Creditors Must File Claims by July 24
KAZMUNAIGAZ FINANCE: S&P Assigns 'BB+' Senior Unsec. Debt Rating
KOKSHE SERVICE: Creditors Must File Claims by July 24
SOV DESIGN: Creditors Must File Claims by July 24

TRUST NAVIGATOR: Creditors Must File Claims by July 24


K Y R G Y Z S T A N

ART PLAST: Creditors Must File Claims by July 31
HILOL STROY: Creditors Must File Claims by July 31


L U X E M B O U R G

ARCELORMITTAL: Lenders Agree to Amend Debt Covenant Terms


N E T H E R L A N D S

CASSIOPEIA QEX: Moody's Reviews 'Ba3' Rating on Class D Notes
ELM BV: Moody's Cuts Ratings on Series 41 and 48 Notes to 'Ba1'
FORTIS BANK: Moody's Downgrades Rating on Securities to 'Ba2'
HIGHLANDER EURO: Moody's Junks Rating on Class E Notes From 'Ba3'


R U S S I A

EVRAZ GROUP: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
SEVERSTAL OAO: S&P Downgrades Corporate Credit Rating to 'BB-'
UC RUSAL: First-Half Output Down 10%; Nears Debt Deal


S P A I N

PYME VALENCIA: Moody's Junks Ratings on Two Classes of Notes
TDA IBERCAJA: Moody's Assigns 'C' Rating on EUR37.7 Mil. Notes
TDA IBERCAJA: S&P Assigns 'CCC-' Rating on Class B Notes


U N I T E D   K I N G D O M

ALLIED CARPETS: In Administration; 166 Stores Up for Sale
BRITISH AIRWAYS: To Launch GBP300MM Convertible Bond Issue
COFFEE REPUBLIC: Arab Investments Eyes 80 Outlets
DOUGLAS HAYWARD: Assets Put Up for Sale
HEXOLD LIMITED: Creditors' Meeting Scheduled for July 28

PICSEL TECHNOLOGIES: Goes Into Administration

* Large Companies with Insolvent Balance Sheet


                         *********



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


AUSTRIAN AIRLINES: Lufthansa Takeover Deal Remains Uncertain
------------------------------------------------------------
Nikki Tait and Gerrit Wiesmann at The Financial Times report that
Deutsche Lufthansa AG's proposed takeover of Austrian Airlines AG
remains uncertain, despite the German carrier offering improved
antitrust concessions.

The FT relates The European Commission officials said they were
still seeking further clarifications over the German proposals,
which are designed to address the regulator's worries about the
amount of competition which would exist on routes between Vienna
and a number of European cities.  "It is too early to say whether
the offer is sufficient," the FT quoted one off the officials as
saying.

According to the FT, it also remained unclear -- even if the new
concessions are thought satisfactory by Brussels -- whether a
regulatory green light for the deal could be given before the end
of July.   The FT notes even if commission feels the concessions
look promising, it would still be obliged to "market test" them
amongst member states, a procedure which could take some time.

On July 16, 2009, the Troubled Company Reporter-Europe, citing the
FT, reported Austrian Airlines warned it would need EUR1 billion
(US$1.4 billion) in new funds if a takeover proposed by Lufthansa
fails as the result of the row between the German airline and the
commission over the terms of the deal.  According to the FT, Peter
Malanik, Austrian Airline's co-chief executive, warned that the
failure of the deal would result in the need for a huge capital
injection and be followed by a radical downsizing of the airline
-- which would then still need a strong partner.  The FT disclosed
Peter Michaelis, chairman, told the carrier's shareholder meeting
that if the transaction failed the company would need "more than
twice" the EUR500 million pledged by the government in Vienna as
part of the purchase by Lufthansa.

As reported in the Troubled Company Reporter-Europe on February 9,
2009, Reuters said that Austrian state holding company and key
Austrian Airlines shareholder OeIAG warned the Austrian flag
carrier could go insolvent if a planned takeover by Lufthansa
falls through.

Austrian Airlines AG -- http://www.austrianairlines.co.at/deu/--
is an Austria-based holding company of Austrian Airlines Group,
operating in the air transportation sector.  The Group is
comprised of Austrian Airlines, an operator of scheduled passenger
flights; Lauda Air, which is engaged in the charter flight sector,
and Tyrolean Airways, which operates as a short-haul carrier under
the consumer brand Austrian arrows.  The Company divides its
activities into three segments: scheduled services, charter and
complementary services.  The scheduled flights of the Group
operate under the brands of Austrian and Austrian arrows, while
charter flights are handled under the Lauda Air brand.  The
Company has six affiliated companies and six wholly owned
subsidiaries, including Lauda Air Luftfahrt GmbH, Austrian
Airlines Lease & Finance Company Ltd., AUA Beteiligungen GmbH,
Austrian Airlines Technik Marketing GmbH, Austrian Airlines
Technik Bratislava sro and Tyrolean Airways TirolerLuftfahrt GmbH.


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


FORTIS BANK: Moody's Cuts Ratings on CASHES to 'Ba3' From 'Ba2'
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating of Fortis Bank
SA/NV's Convertible and Subordinated Hybrid Equity-linked
Securities (CASHES) to Ba3 with a developing outlook from Ba2.
The rating action concludes the review for possible downgrade
initiated on February 13, 2009 and maintained on March 19, 2009.

The rating action was triggered by the downgrade of the ratings of
Fortis SA/NV and Fortis NV (Fortis Holdings) to Baa3 with a
developing outlook from Baa2, on review for possible downgrade.

The securities were issued by Fortis Bank SA/NV.  However, Moody's
rating of Fortis Bank SA/NV's CASHES derives from Fortis Holdings'
rating as the terms and conditions of the CASHES include a
mandatory deferral trigger tied to dividend payments on Fortis
Holdings' ordinary shares.

Although Fortis Holdings has stated its intention to resume
payment of dividends for the 2009 financial year, implying that
the coupons will continue to be paid in cash this year, Moody's
rating of the CASHES continues to reflect a higher risk of coupon
deferral than for other securities.  This is because the payment
of dividends might be challenged if Fortis Holdings reports
losses, as a result notably of the potential adverse outcome of
legal disputes.

The last rating action taken on the CASHES was on March 19, 2009,
when Moody's maintained the review for possible downgrade of the
Ba2 rating.

Headquartered in Brussels, Fortis Bank SA/NV had total assets of
EUR586.777 billion and reported shareholders' equity (including
minority interest) of EUR15.143 billion as of December 31, 2008.


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


* BLAGOEVGRAD: Fitch Keeps 'BB+' Long-Term Currency Ratings
---------------------------------------------------------
Fitch Ratings has affirmed the Municipality of Blagoevgrad's Long-
term foreign and local currency ratings at 'BB+' and Short-term
foreign currency rating at 'B'.  The Outlooks are Stable.

The ratings reflect the municipality's good budgetary performance,
its debt-free and strong liquidity position, low contingent
liabilities and sufficient funding for capex.  The ratings also
take into account Blagoevgrad's low wealth levels and dependency
on central government grants.  Improvements in the local economy
resulting in higher wealth levels, sustained state transfers and
further improvements of financial transparency may trigger a
positive rating action.  Conversely, deterioration in the
operating performance and insufficient funding for capex,
resulting in a significant increase of debt, could prompt a
negative rating action.

State transfers account for the bulk of the city's budget and are
subject to annual appropriations.  Therefore, revenue flexibility
remains low and unpredictable, although the city has some leeway
to increase local taxes and fees.  However, this also makes the
city less vulnerable of the overall performance of the local
economy.  Nevertheless, adequate state transfers, increased local
taxes and fees plus asset sales have allowed Blagoevgrad to report
a sound operating margin of 16.2% (2007: 4.4%).  Although the
current economic downturn has generated some uncertainty over the
levels of state transfers this year, the municipality expects them
to increase according to the 2009 budget.

The city is debt-free since 2001 and does not intend to take on
any debt in 2009.  It intends to fund investments with internal
resources, state transfers, EU funding and asset sale proceeds.
However, given continuing substantial infrastructure investment
needs and likely limited asset sales, state transfers and
successful application for EU funding will be key for the city's
long-term budgetary performance.  Contingent liabilities are at
negligible levels.

Blagoevgrad's wealth level is low by international standards, with
a GDP per capita that is 36% of the EU27 average based on
purchasing power standards and 30% lower than the national
average.  Unemployment has increased to currently 6.3% (4.9% in
2008), slightly below the national average of 7%.  Though lower as
a result of the global financial crisis, foreign direct
investments are still supporting construction activities through
demand for a highly skilled workforce.

The city's prudent management will be improved by plans to
introduce accrual accounting.  The municipality keeps a tight
control on expenditure such that it matches collected revenue.  It
also provides transparent information on its accounts and monitors
its shareholdings.

The Municipality of Blagoevgrad is located about 100 kilometers
south of Bulgaria's capital, Sofia, and near the borders of
Greece, Serbia and Macedonia.  It had a population of about 88,100
at end-2008 and is the economic and cultural centre of the region.


=============
D E N M A R K
=============


TDC /AS: Mulls Stock-Market Flotation
-------------------------------------
Ladka Bauerova at The Sunday Times reports that a consortium of
the world's biggest private-equity funds is in talks with bankers
about a possible stock-market flotation of TDC A/S.

The report says Apax, Blackstone, KKR, Permira and Providence
Equity Partners are in early discussions about a listing on the
Danish stock exchange next year.  The report recalls the partners
acquired TDC in a EUR13.4 billion (GBP11.6 billion) deal in 2005.

According to the report, TDC is considering selling off its
non-core businesses -– Sunrise, its Swiss division, and a majority
stake in HTCC, its Hungarian arm that is the country's second-
largest fixed-line telecom operator.  The report notes City
sources, however, cautioned that no formal decision had been taken
on the sales or float.

Headquartered in Copenhagen, Denmark, TDC A/S -- http://tdc.com/
-- is a provider of telecommunications solutions in Scandinavia,
Switzerland and Hungary.  The Company's activities comprise six
principal business segments.  The Business Nordic segment provides
telecommunications solutions, such as data communications and
Internet services, to business customers in Denmark and other
Scandinavian countries.  The Fixnet Nordic segment offers landline
services to residential, including small office/home office (SoHo)
customers, and wholesale customers in Denmark.  The Mobile Nordic
segment provides mobile services to residential, SoHo and
wholesale customers in Denmark.  The YouSee segment is a Danish
provider of cable television, broadband and telephony. The Sunrise
segment is a telecommunications provider in Switzerland and its
activities include mobile and landline telephony, as well as
Internet services.  The Other activities segment includes
Hungarian Telephone and Cable Corp (HTCC), TDC IT and
Headquarters.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 5,
2009, Standard & Poor's affirmed the 'BB-' issue rating on TDC's
unsecured notes maturing up to 2012.  In addition, the issue
rating on the EUR7.2 billion (EUR3.6 billion outstanding as of
March 31, 2009) senior secured facilities issued by TDC was
affirmed at 'BB+', two notches higher than the corporate credit
rating.

On January 22, 2009, the Troubled Company Reporter-Europe reported
that, Fitch Ratings revised TDC A/S's (TDC) Outlook to Positive
from Stable due to the company's improving operational metrics and
continued deleveraging.  At the same time, the agency affirmed
TDC's Long-term Issuer Default Rating (IDR) at 'BB-' (BB minus)
and Short-term IDR at 'B'.  All of TDC's instrument ratings were
affirmed at their current levels.


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


M-REAL OYI: Moody's Says Caa1 Rating Remains Unchanged
------------------------------------------------------
Moody's Investors Service noted the announcement made by M-real
Oyi (rated Caa1 with a negative outlook), that a letter of intent
was signed with UPM-Kymmene Oyi (rated Ba1 with a stable outlook)
and Metsaliitto regarding changes in the ownership structure in M-
real's associated company Metsa-Botnia which includes the disposal
of pulp and forest assets in Uruguay to UPM.

According to the announcement, the three shareholders of the pulp
manufacturer Botnia --  M-real (holding a 30% stake), UPM (47%)
and Metsaliitto (23%) --  have signed a letter of intent
encompassing Botnia's Fray Bentos pulp mill and the eucalyptus
plantation forestry company Forestal Oriental in Uruguay to be
taken over by UPM.  Post transaction, Botnia's operations consist
of its operations in Finland, with Metsaliitto acquiring
incremental shares from UPM to become majority shareholder.  In
addition, UPM will also take over a 1.2% stake in Finnish energy
company PVO from Botnia.  After closing of the transaction, M-real
continues to own 30% of Botnia, Metsaliitto Cooperative 53% and
UPM 17%.  The transaction is expected to close in Q4 2009 after
receiving clearance from several authorities as well as the
respective parties' Board of Directors and financing parties.

Moody's notes that the transaction does not negatively impact M-
real's vertical integration into pulp, as it solely reduces the
previous level of excess pulp integration following the disposal
of M-real's graphic paper assets to Sappi.

Following the closure of the transaction, M-real's net debt is
estimated to decrease by about EUR550 million, thereof EUR300
million to be received as cash proceeds.  The remainder of debt
reduction is the result of a change in the consolidation method of
Botnia from the line-by-line approach to the at-equity-method in
M-real's accounts.

Moody's comments that this transaction, once closed, could improve
M-real's financial flexibility to sufficiently address medium term
debt maturities, provided that the company's operating performance
and current negative free cash flow generation will be restored
over the next quarters, supporting a turn around of credit metrics
more in line with the current rating category.  Consequently, the
current Caa1 corporate family rating with a negative outlook
remains unchanged, as it continues to reflect Moody's concerns
with regard to the current structural and cyclical industry
weakness with a negative impact on volumes and pricing and its
impact on M-real's cash flow generation.

Moody's outlines that upon closing of the transaction with the
financial benefits for M-real in line with the announcement, if
coupled with a stabilization in operating performance, a return to
break even free cash flow generation and a liquidity profile
sufficient to cover short-term to medium-term debt maturities,
could support a stabilization of the rating outlook.

M-real, headquartered in Espoo, Finland, generated sales of
EUR3.2 billion and an operating loss of EUR61 million for full
year 2008.  Core activities of the group include consumer
packaging and office papers as well as specialty papers and a pulp
and energy division.  As of December 2008, M-real employed staff
of about 6,500.


UPM-KYMMENE CORP: Botnia Restructuring No Effect on Moody's Rating
------------------------------------------------------------------
Moody's Investors Service noted UPM-Kymmene's (rated Ba1 with a
stable outlook) announcement that UPM and Metsaliitto signed a
letter of intent to revise the ownership structure of the pulp
manufacturer Oy Metsa-Botnia Ab, that UPM acquires Botnia's
Uruguayan operations and plantations, as well as additional 1.2%
shares of the energy company Pohjolan Voima Oy from Botnia.  The
proposed transaction is expected to be closed during the last
quarter of 2009.

Currently UPM has a shareholding of 47% in Botnia, besides M-real
with 30% and Metsaliitto with 23%.  In the proposed transaction
Metsaliitto's and Botnia's share of the Fray Bentos pulp mill and
the eucalyptus plantation forestry company Forestal Oriental in
Uruguay would be transferred to UPM.  Post transaction, Botnia's
operations would consist of its current operations in Finland,
with Metsaliitto acquiring incremental shares from UPM to become
majority shareholder in Botnia.  Following the transaction,
Metsaliitto's holding would be around 53%, M-real's holding
approximately 30% and UPM's ownership in Botnia would decline to
around 17%, which corresponds to UPM's use of Botnia's pulp
produced at the Finnish mills.  Botnia would continue to act as
the sales channel of UPM's market pulp.

UPM's interest bearing net debt is anticipated to increase by
approximately EUR400 million including assumed debt of the Uruguay
operations.  The net cash effect of the transaction on UPM would
be an outflow of approximately EUR90 million.  According to UPM,
the transaction is expected to have a positive impact on UPM's
results in 2010.

Moody's comments that the proposed transaction will not change
UPM's Ba1 corporate family rating once closed, based on the
expectation that UPM's capital structure as a result of the
transaction will not be diluted below the requirements for the Ba1
rating category on a sustained basis.  Moody's also considers that
the transaction is consistent with UPM's strategy to grow in cost
competitive pulp and emission free energy which supports the
company's quality of vertical integration and increases the
exposure to growing emerging markets.

Moody's outlines that UPM's rating remains highly exposed to the
challenging structural and cyclical market environment in the
paper and forest products industry, as characterized by lower
volumes for all paper grades and increasing pressure on prices
while lower input costs provide some support on profitability
levels.  The Ba1 corporate family rating with a stable outlook
reflects UPM's solid financial flexibility with an extended debt
maturity profile.  In addition, the rating incorporates Moody's
expectation that, over the coming quarters, UPM will continue to
generate positive free cash flows, RCF to Debt is restored towards
10% and EBITDA-margins remain above 10%.

Headquartered in Helsinki, Finland, and with around EUR9.5 billion
in annual revenues in 2008, UPM is one of the world's largest
paper and forest products companies.  The company has a leading
position in communication paper grades (newsprint, magazine, fine
and specialty paper) and is also active in label materials and
wood products.


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


FCC SPARC: S&P Withdraws 'BB' Rating on EUR39.2 Million Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB' credit rating
on the EUR39.2 million asset-backed floating-rate series 2007
notes issued by FCC SPARC Europe (Junior).

In a new issue report S&P published on July 8, 2008, S&P correctly
identified the class as having been redeemed.  However, due to an
administrative error S&P did not withdraw the rating at that time.

In a separate unrelated rating action, S&P withdrew its rating on
FCC SPARC Europe (Junior)'s class D notes series 2008.


NORTEL NETWORKS: Reaches Deal With French Workers on Severance
--------------------------------------------------------------
Steve Rhinds at Bloomberg News reports that Nortel Networks
Corp.'s French employees and the company's administrators on
Thursday reached an agreement in principle to resolve a dispute
over severance pay.

Bloomberg relates Industry Minister Christian Estrosi, who
met with Nortel workers on Thursday, said in an e-mailed
statement work at the company's Chateaufort, France wireless
telecommunications plant will continue at least until the
Aug. 16 closing date for bids to buy the operation.  According
to Bloomberg, Mr. Estrosi only accepted to meet with the Nortel
workers on condition that they lift their threat to blow up the
plant.

Blooomberg recalls French workers for Toronto-based Nortel went on
strike July 6.  They are asking for EUR100,000 (US$141,100) each
in addition to their standard severance pay, Bloomberg discloses
citing the workers' lawyer Reinhard Dammann.

                    About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about US$4.2
billion of unsecured public debt.

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


PERNOD RICARD: Says Profit Growth at Lower End of Guidance Range
----------------------------------------------------------------
Pernod Ricard SA provided a trading update for the 2008/09
financial year ended June 30, 2009.

Pernod said the Group's performance over the whole 2008/09
financial year, characterized by a difficult economic environment,
proved highly satisfactory.

Annual sales should grow by about 9%, with organic growth close to
flat, a negative foreign exchange effect of around 2% and a strong
positive Group structure effect due to the integration of Vin &
Sprit.

Following a strong increase over the first half-year, Pernod
Ricard's sales growth slowed down over the second half: this was
due to the overall decline in consumption, as well as to
destocking by wholesalers and distributors, which primarily
occurred over the third quarter.

The fourth quarter sales trend improved, in line with the Group's
expectations, with negative organic growth* of about 3%.  The
major emerging markets (China, India) continued to grow strongly.
The performance of other markets remained contrasting, with
countries such as France, Australia, Sweden and Canada reporting
growth and others such as Ireland, Italy, South Korea, and Japan
continuing to experience difficult situations.

The announced results guidance for the 2008/09 financial year is
confirmed:

   -- organic growth* in profit from recurring operations at the
      lower end of its guidance range of 3% to 5%, resulting from
      steady sales, combined with strictly controlled advertising
      and promotional expenditure and structure costs,

   -- growth in net profit from recurring operations -- Group
      share slightly in excess of 10%, due to the significant
      contribution of Absolut and to an average cost of debt
      maintained below 5%.

Final and detailed 2008/09 financial year sales and results on
Thursday, September 3, 2009.

* on a like-for-like basis

                         About Pernod Ricard

Headquartered in Paris, France, Pernod Ricard --
http://www.pernod-ricard.com/-- produces and distributes
spirits and wines.  The company operates in Europe, North
America, Central and South America, and the Asia-Pacific region.

                          *     *     *

As reported in the Troubled Company Reporter-
Europe on June 2, 2009, Fitch Ratings 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'.


REMY COINTREAU: Turnover Down 7.5% to EUR138.6 Mil. in 2Q2009
-------------------------------------------------------------
Remy Cointreau SA's turnover was EUR138.6 million for the first
three months of the 2009/2010 financial year, a decline of 7.5%
compared with the same period the previous year (down 14.1%
organically).

The destocking noted in certain major markets continued at the
beginning of the quarter.  Against a high comparable basis,
Champagne sales slowed.  This period represents less than 20% of
the Group's annual sales and its contribution to profits remains
very limited. The level of the dollar against the euro improved
during the quarter compared with the same period last year
(US$/EUR1.36 vs US$/EUR1.56).

                             Cognac

Turnover declined by 4.5%.  However, the growth in Remy Martin's
turnover was sustained in China and the impact of destocking in
the US slowed down.  Global Travel Retail (GTR) shipments were
affected by the poor trading conditions in the sector.  The
seasonality of this year in respect of GTR and South East Asia is
more weighted towards the second quarter.

                       Liqueurs & Spirits

There was a slight recovery by Cointreau and St Remy in the US.
In Europe, the division saw a decline in sales during the quarter,
notably by Cointreau in Spain and Metaxa in Greece.  Passoa and St
Remy continued to grow.

                             Champagne

This quarter traditionally represents the smallest period for
Champagne shipments in the year.  The decline in turnover reflects
the difficult worldwide trading conditions.  France and GTR
account for the majority of this, accentuated by the planned
reduction in non-branded champagne shipments to the UK.

                           Partner brands

The growth in partner brands is driven by Belgium and the Czech
Republic and for Scotch whiskies by the US.  At the General
Meeting to be held on July 28, 2009, a dividend of EUR1.30 will be
proposed with the option of a payment in shares of 50%. Payment
will be made with effect from October 1, 2009.

Remy Cointreau maintains its premium strategy for the long-term.
This year, the Group will focus investment on developing its major
brands.  It is very confident in the effectiveness of its new
distribution which, from this year, will enable it to withstand
the difficult economic environment affecting some of its markets.

Headquartered in Cognac, France, Remy Cointreau --
http://www.remycointreau.com/-- offers a range of premium wine
and spirit brands, known and recognized throughout the world.
These brands include, among others, Remy Martin, Cointreau,
Passoa, Metaxa, Mount Gay Rum, Charles Heidsieck and Piper-
Heidsieck.

                          *     *     *

Remy Cointreau SA continues to carry a Ba2 corporate family rating
and senior unsecured rating from Moody's Investors Service with
negative outlook.

The company still carries 'BB-' long-term corporate credit and
debt ratings from Standard & Poor's Ratings Services with negative
outlook.


RENAULT SA: Sales Down 17% in First Half 2009
---------------------------------------------
Laurence Frost at Bloomberg News reports that Renault SA said its
first half vehicle sales fell 17 percent as a result of the auto
market slump.

Bloomberg relates Renault said in an e-mailed statement Friday it
sold 1.11 million cars and light commercial vehicles in the first
six months compared with 1.33 million a year earlier.  According
to Bloomberg, European sales dropped 15 percent to 737,217 units.

Bloomberg discloses the Renault brand recorded a 22 percent plunge
in deliveries to 898,666 vehicles.

Renault SA -- http://www.renault.com/-- is a France-based company
primarily engaged in the manufacture of automobiles and related
services.  The Company has two main areas of business activity:
the Automobile division, which handles the design, manufacture and
marketing of passenger cars and commercial vehicles, under
Renault, Renault Samsung Motors and Dacia brands, and the Sales
Financing division, which provides financial and commercial
services related to the Company's sales activities, and is
comprised of RCI Banque and its subsidiaries.  The Company
operates worldwide via a group of subsidiaries and dependant
companies, including wholly owned Renault SAS, 99.43%-owned Dacia,
44.3%-owned Nissan Motor and 20.7%-owned AB Volvo, among others.

                             *     *     *

As reported in the Troubled Company Reporter-Europe on June 23,
2009, Standard & Poor's Ratings Services said that it has lowered
its long- and short-term corporate credit and debt ratings on
Renault S.A. to the speculative-grade level of 'BB/B', from 'BBB-/
A-3'.  S&P said the outlook is stable.


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


ARCANDOR AG: Sal. Oppenheim Still Supports Planned Restructuring
----------------------------------------------------------------
Gerrit Wiesmann at The Financial Times reports that German private
bank Sal. Oppenheim, Arcandor AG's largest shareholder, on Friday
dismissed as "groundless" the accusation that it no longer
supported the planned restructuring of the insolvent retailer.

The FT relates the bank said it remained "interested in a
sustainable solution" to Arcandor's problems, but that the bank's
partners had made new funds dependent upon a "workable
restructuring plan," which the company had not yet tabled.
According to the FT, doubts about Sal. Oppenheim's willingness to
support this course emerged last month when the bank sold a 3.7
per cent stake in Arcandor and said its partners would decide what
to do with the remaining shares this summer.

Karl-Gerhard Eick, chief executive of Arcandor, has until
September to table a restructuring plan, the FT notes.

As reported in the Troubled Company Reporter-Europe on July 20,
2009, the FT said Horst Piepenburg, Arcandor's restructuring
adviser, quit, blaming the company's main shareholder for lack of
support.  The FT disclosed Mr. Piepenburg said the management's
plans to revive the company were "without foundation" as there was
"no support from Arcandor's main shareholder Sal. Oppenheim," the
German private bank.  Citing a person familiar with the situation,
the FT discloses the bank's partners had declined a request for
more capital.  According to the FT, Mr. Piepenburg's departure
increases the chances that Arcandor's Karstadt department store
unit and its Primondo mail-order business will be restructured and
sold off in parts, or liquidated altogether in the coming months.

                     About Arcandor AG

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

As previously reported in the Troubled Company Reporter-Europe, on
June 9, 2009, Arcandor filed for bankruptcy protection after the
German government turned down its request for loan guarantees.  On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people.  The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program as debt came due this week.  It also sought a
further EUR437 million from a state-owned bank.


HAPAG-LLOYD: Future Remains Uncertain as Financing Talks Stall
--------------------------------------------------------------
Robert Wright at The Financial Times reports that talks over the
future of Hapag-Lloyd AG have yet to make progress.

As reported in the Troubled Company Reporter-Europe on July 10,
2009, the FT said Hapag-Lloyd asked its shareholders for EUR1.75
billion (US$2.4 billion) in fresh capital in a bid to secure its
future.  On July 14, 2009, the Troubled Company Reporter-Europe,
citing the FT, disclosed the supervisory board of Tui AG, the
largest single shareholder, agreed in principle to meet at least
some of the demands for cash from the company.  According to the
FT, it remains unclear what proportion of the support for Hapag-
Lloyd Tui will provide, and what proportion will come from Albert
Ballin consortium of Hamburg businesses that now own 57 per cent
of the company.  Tui, as cited by the FT, said a final decision on
precise amounts to be paid would be made at the next supervisory
board meeting at the beginning of August.

The FT states it is possible that only certain members of the
Hamburg consortium will participate in any fundraising.  Citing
people involved, the FT discloses Tui is seeking to contribute its
share of the EUR750 million fresh equity being raised -- about
EUR322 million -- through a conversion into equity of some of its
existing EUR1.4 billion of loans to Hapag-Lloyd.

The German federal government has yet to say whether it would
approve an application for loan guarantees to facilitate the debt
part of the capital increase, the FT notes.  The FT says
Hapag-Lloyd looks set to be dependent on securing state guarantees
to raise the EUR1 billion portion of the financing that it intends
to seek through new lending from banks.

According to the FT, any failure to agree new funding would raise
questions over the future of Hapag-Lloyd, which is one of many
container lines worldwide struggling to cope with a slump in the
sector brought on by an oversupply of ships and rapid falls in
movements of the manufactured goods on which the trade depends.

Hapag-Lloyd AG -- http://www.hapag-lloyd.com/-- is the
transportation arm of German tourism giant TUI.  Subsidiary Hapag-
Lloyd Container Line, which accounts for most of Hapag-Lloyd's
sales, operates a fleet of about 135 containerships.  Overall,
Hapag-Lloyd Container Line's vessels have a capacity of more than
490,000 twenty-foot equivalent units (TEU).  The unit's routes
link Europe, Asia, the Americas, and Africa.  In addition to
freight transportation, Hapag-Lloyd offers luxury ocean and river
cruises under its Hapag-Lloyd Cruises brand.  TUI sold Hapag-
Lloyd's container operations to a German investment group in March
2009.


HYPO REAL: May Need EUR10 Bln in Fresh Capital, Chairman Says
-------------------------------------------------------------
Ambrose Evans-Pritchard at Telegraph.co.uk reports that Hypo Real
Estate Holding AG Chairman Michael Endres said the bank may need
at least EUR10 billion (GBP8.6 billion) in fresh capital from the
German state to stay afloat.

"The bank clearly has a solvency problem," Telegraph.co.uk quoted
Mr. Endres as saying in an interview with Welt am Sonntag. "It
wouldn't surprise me if a capital injection of EUR10 billion
proved insufficient."

According to Telegraph.co.uk, a leaked memo by the German
regulator BaFin said Hypo Real, which was saved last October in a
EUR50 billion joint rescue by the Bundesbank and private lenders,
had "problematic assets" of EUR268 billion.  The government's
stabilisation SoFFin has since taken over 90pc of the Munich bank,
though fresh capital has so far been limited to EUR3 billion,
Telegraph notes.

As previously reported in the Troubled Company Reporter-Europe,
Hypo Real was forced to seek a bailout after Depfa Bank Plc, its
Dublin-based unit, failed to get short-term funding in September
when credit markets seized up.  On January 23, 2009, the Troubled
Company Reporter-Europe reported that, the German Financial
Markets Stabilisation Fund -- SoFFin -- extended its framework
guarantee granted to Hypo Real by an additional EUR12 billion,
bringing the aggregate guarantee amount to EUR42 billion.

                    About Hypo Real Estate

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

                          *     *     *


As reported in the Troubled Company Reporter-Europe on July 6,
2009, Fitch Ratings affirmed Hypo Real Estate Holding AG's
individual rating at 'F'.


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


ANTHRACITE EURO: Moody's Junks Ratings on Two Classes of Notes
--------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of five classes of notes issued by Anthracite Euro CDO 2006-1
p.l.c.  Two classes of the notes remain on review for further
possible downgrade.

This transaction is a managed Commercial Real Estate CDO relating
to a EURO 284,149,621 portfolio of B, C and Mezzanine real estate
loans, CMBS tranches, REOC and REIT debt.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  This
is observed in, among other measures as per Trustee Report dated
31 May 2009, an increase in the amount of defaulted securities
(currently 17% of the portfolio corresponding to seven assets, six
of which counted as defaulted due to rating criteria although no
missed-payments have been recorded), an increase in the proportion
of securities from issuers rated Caa1 and below (currently 12.8%
of the portfolio), and a failure of all Par Value tests.

Moody's also notes that over two thirds of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's Credit Estimates.  For older credit
estimates that are currently being reassessed, Moody's formulated
default probability assumptions based on discussions with the
relevant Moody's rating groups.  Class A and Class B notes remain
on review for possible downgrade as it is expected that revised
credit estimates will indicate a higher default probability than
the one currently assumed.

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

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for cash flow CLOs as described in the Moody's Special Reports
below:

  -- Moody's Approach to Rating EMEA Commercial Real Estate CDOs.

The rating actions are:

Anthracite Euro CDO 2006-1 p.l.c.

  -- Class A Senior Secured Floating Rate Notes, Downgraded to
     Ba1, Placed under Review for Possible Downgrade, previously
     on December 19, 2008 Aa3 Placed under Review for Possible
     Downgrade

  -- Class B Senior Secured Floating Rate Notes, Downgraded to
     Caa2, Placed under Review for Possible Downgrade previously
     on December 19, 2008 A1 Placed under Review for Possible
     Downgrade

  -- Class C Deferrable Interest Floating Rate Notes, Downgraded
     to Ca, previously on December 19, 2008 Baa1 Placed under
     Review for Possible Downgrade

  -- Class D Deferrable Interest Floating Rate Notes, Downgraded
     to C, previously on December 19, 2008 Ba2 Placed under Review
     for Possible Downgrade

  -- Class E Deferrable Interest Floating Rate Notes, Downgraded
     to C, previously on December 19, 2008 B2 Placed under Review
     for Possible Downgrade


EYE LASER: To Exit Examinership After Ultralase Deal
----------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that British
laser eye surgery group Ultralase has agreed a multimillion-euro
deal to acquire Eye Laser Ireland as part of a EUR3 million
investment in Ireland.

The report relates the company agreed the deal with KPMG
accountant David Swinburne, who was installed as examiner to two
companies in the Eye Laser Ireland group following a High Court
petition.  Eye Laser Ireland, the report discloses, went into
examinership in April with debts of EUR8 million.  The deal, the
report says, will take the Irish company out of examinership.

According to the report, under the deal, Ultralase will take
control of Eye Laser Ireland's clinics in Dublin and Cork, and its
referral clinic in Limerick.


INDEPENDENT NEWS: Standstill Agreement May Be Extended
------------------------------------------------------
Tim Bradshaw and Anousha Sakoui at The Financial Times report
Independent News & Media plc's creditors may extend this week a
standstill agreement, preventing the company from going into
examinership, or bankruptcy protection.

According to the FT, the standstill, which allows the company a
period of stability in which to negotiate a debt restructuring, is
due to expire on Friday, July 24.  The company, the FT discloses,
which originally due to repay a EUR200 million (GBP172 million)
bond in May, is in talks with banks and bondholders about its debt
restructuring.  The company, the FT notes, is at risk of breaching
covenants on a further EUR653 million debt, held by a syndicate of
eight banks.

Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South Africa
and the United Kingdom.  It also has radio operations in Australia
and New Zealand, and outdoor advertising operations in Australia,
New Zealand, South-East Asia and across Africa.  The Company also
has online operations across each of its principal markets.  The
Company has three business segments: printing, publishing, online
and distribution of newspapers and magazines and commercial
printing; radio, and outdoor advertising.  INM publishes over 200
newspaper and magazine titles, delivering a combined weekly
circulation of over 32 million copies with a weekly audience of
over 100 million consumers.  In March 2008, it acquired The Sligo
Champion.  During the year ended December 31, 2007, the Company
acquired the remaining 50% interest in Toowoomba Newspapers Pty
Ltd.


ZOE DEVELOPMENTS: Carroll to Place Six Companies in Examinership
----------------------------------------------------------------
Maeve Sheehan at The Sunday Business Post reports that property
developer Liam Carroll is to commence negotiations with lenders in
the coming days in an effort to keep six of his companies out of
liquidation.

According to the Sunday Business Post, having received High Court
protection for six of his companies late last Friday afternoon,
Mr. Carroll and his team of advisers will this week start
implementing a rescue plan aimed at restructuring more than
EUR1.1 billion in bank borrowings.

The Sunday Business Post relates an independent accountant's
report, drafted to support Mr. Carroll's formal petition for
examinership, stated the six companies, part of what were the Zoe
Developments company, needed to restructure and reschedule their
bank debts, and convince the financial institutions which are owed
money by Mr. Carroll to roll up interest on the loans.

Maeve Sheehan at Independent.ie reports that Mr. Carroll's Zoe
Developments group is insolvent and the court heard that, were the
group to be liquidated, there would be losses of EUR900 million.
According to Independent.ie:

     * AIB is owed EUR489 million;
     * Bank of Scotland (Ireland) is owed EUR321 million;
     * Bank of Ireland is owed EUR113 million;
     * Ulster Bank is owed EUR82 million;
     * Anglo Irish Bank is owed EUR38 million;
     * KBC Bank Ireland is owed EUR23 million; and
     * EBS building society is owed EUR8.5 million.

The Sunday Business Post discloses the main company to seek
protection is Vantive Holdings, represented in court by Bill
Shipsey SC and Bernard Dunleavy BL.  Four of Vantive's
subsidiaries are also seeking examinership -- Villeer
Developments, Peytor Developments, Caragh Enterprises Ltd and
Parlez International, the Sunday Business Post notes.  Morston
Investment, an offshore vehicle registered in the Channel Island
of Jersey, is also seeking protection, the Sunday Business Post
adds.

Mr. Carroll, the Sunday Business Post says, will formally apply to
the High Court on July 27 for the appointment of an examiner, who
will then have 100 days to save the company by drafting a scheme
of arrangement.  Kieran Wallace, the KPMG insolvency partner, has
been lined up as potential examiner for the six companies, the
Sunday Business Post states.


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


BANCA ITALEASE: Fitch Upgrades Long-Term Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has upgraded Banca Italease's Long-term Issuer
Default rating to 'BBB+' from 'BBB-' and its Short-term rating to
'F2' from 'F3'.  The upgrade follows the completion of Banco
Popolare's (rated 'A-'/Rating Watch Negative/'F2') acquisition of
Italease with a 88.127% stake.

The Rating Watch on Italease's Long-term IDR has been revised to
Negative from Positive, reflecting Fitch's decision to maintain
the Watch Negative on Banco Popolare's Long-term IDR.

Italease's upgrade reflects the increased support from its
majority owner, Banco Popolare, which has announced plans to
restructure the bank even though it has not received full
ownership of Italease.

Italease's Individual 'F' Rating reflects its currently inadequate
capitalisation, following large loan impairment charges resulting
in a EUR1.1 billion net loss for 2008.  This loss reduced its
total regulatory capital ratio to 4.08% at end-2008, below the
regulatory minimum of 8%.  Banco Popolare has announced that it
intends to inject about EUR1 billion of fresh capital into
Italease and to restore its tier 1 ratio to about 10% by end-2009.

Banco Popolare's Long-term IDR was placed on Rating Watch Negative
in March 2009 to reflect Fitch's concerns over the bank's
increased exposure to riskier assets arising from the acquisition
of Italease at a time when asset quality at the bank is expected
to suffer from the recession.  In resolving the Rating Watch,
Fitch will focus on the bank's ability to manage the impaired
assets arising from the Italease acquisition, on its capacity to
generate adequate operating profit and the management of its asset
quality.  Banco Popolare reported EUR426 million pre-tax profit in
Q109 following a EUR1.45 billion pre-tax loss in Q408.  The pre-
tax loss was primarily caused by high loan impairment charges, as
well as by impairments on financial assets and goodwill.

Under the restructuring plan for Italease, about EUR5 billion of
gross impaired loans covered by about EUR1 billion impairment
allowances will be transferred into a new company, which will be
80%-owned by Banco Popolare, with the remaining 20% owned by Banca
Popolare dell'Emilia Romagna (BPER, rated 'A-'/Stable), Banca
Popolare di Sondrio (BPS, rated 'A'/Stable) and Banca Popolare di
Milano (BPM, rated 'A'/Stable).  A second newly created company
will contain Italease's leasing activities that are distributed
through the branch networks of the shareholder banks.  This
company will be owned by Banco Popolare (32.79%), BPER (36.44%),
BPS (20.95%) and BPM (9.83%).  The remaining Italease will be
fully consolidated into Banco Popolare and initially involve about
EUR10bn assets, including some EUR2 billion of factoring assets,
which the bank plans to dispose off in the medium-term.

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

The rating actions are:

Banco Popolare:

  -- Long-term IDR: 'A-'; remains on Rating Watch Negative

  -- Short-term IDR: affirmed at 'F2'

  -- Individual Rating: affirmed at 'C'

  -- Support Rating: affirmed at'2'

  -- Support Rating Floor: affirmed at 'BBB'

  -- Senior debt: 'A-'; remains on Rating Watch Negative

  -- Lower tier 2 subordinated debt: 'BBB+'; remains on Rating
     Watch Negative

  -- Upper tier 2 subordinated debt: 'BBB'; remains on Rating
     Watch Negative

  -- Tier 3 debt: 'BBB'; remains on Rating Watch Negative

  -- Hybrid tier 1 instruments: 'BBB'; remains on RWN

Banca Italease:

  -- Long-term IDR: upgraded to 'BBB+' from 'BBB-'; Rating Watch
     revised to Negative from Positive

  -- Short-term IDR: upgraded to 'F2' from 'F3'; Rating Watch
     revised to Negative from Positive

  -- Individual Rating: affirmed at 'F'

  -- Support Rating: affirmed at '2'

  -- Senior debt: upgraded to 'BBB+' from 'BBB-'; Rating Watch
     revised to Negative from Positive

  -- Lower tier 2 subordinated debt: upgraded to 'BBB' from 'BB+';
     Rating Watch revised to Negative from Positive

  -- Upper tier 2 subordinated debt: upgraded to 'BBB-' from 'BB';
     Rating Watch revised to Negative from Positive

  -- Tier 3 subordinated debt: upgraded to 'BBB-' from 'BB';
     Rating Watch revised to Negative from Positive

  -- Trust preferred securities: affirmed at 'CCC'

Banca Aletti:

  -- Long-term IDR: 'A-'; remains on Rating Watch Negative
  -- Short-term IDR: affirmed at 'F2'
  -- Support Rating: '1'; remains on Rating Watch Negative

Banca Popolare di Novara:

  -- Long-term IDR: 'A-'; remains on Rating Watch Negative
  -- Short-term IDR: affirmed at 'F2'
  -- Support Rating: '1'; remains on Rating Watch Negative

Credito Bergamasco:

  -- Long-term IDR: 'A-'; remains on Rating Watch Negative
  -- Short-term IDR: affirmed at 'F2'
  -- Support Rating: '1'; remains on Rating Watch Negative


ITTIERRE SPA: Initial Assessment of Total Liabilities Filed
-----------------------------------------------------------
Stanislao Chimenti, Andrea Ciccoli and Roberto Spada,
Extraordinary Commissioners of Ittierre S.p.A. in A.S., ITR
Commercial Services S.r.l. in A.S. and ITR USA Retail S.r.l. in
A.S., filed at the Court of Isernia, Bankruptcy Section, the
preliminary assessment of the total liabilities of the companies
on June 23, 2009.

As previously reported in the Troubled Company Reporter-Europe,
Ittierre, on Feb. 9, 2009, IT Holding's main production and
licensing unit, filed for protection from its creditors after
banks refused to inject the necessary capital to keep its business
keep going.  Ittierre missed loan payments and was late in paying
royalties to designers.

On Feb. 12, 2009, Minister Scajola accepted the application filed
by Ittierre for "Amministrazione Straordinaria" and appointed
Andrea Ciccoli, partner in Bain & Co., Stanislao Chimenti,
lawyer, and Roberto Spada, Certified Public Accountant, as
commissioners.

Ittierre S.p.A. is one of the operating subsidiaries of Italy
Holding S.p.A. -- http://www.itholding.com/-- an Italy-based
company operating in the luxury goods market.  The Company and its
subsidiaries design, produce and distribute apparel, accessories,
eyewear and perfumes.  Its brand portfolio embraces: owned brands,
Gianfranco Ferre, Malo, Exte, as well as licensed brands, Versace
Jeans Couture, Versace Sport, Just Cavalli, C'N'C Costume National
and Galliano.  The Company's production facilities are located in
Italy.  IT Holding SpA has a worldwide distribution network,
including 39 directly operated stores, 274 monobrand stores and
over 6,000 department and specialty stores.


* ITALY: Confindustria Seeks Moratorium on Business Loans
---------------------------------------------------------
Flavia Krause-Jackson at Bloomberg News reports that Italy's
biggest employers' body, Confindustria, wants to reach an
agreement with banks in the next three weeks on a moratorium on
business loans.

Bloomberg relates Radiocor said Emma Marcegaglia, the head of the
Confindustria, wants to sign a deal with Abi, the nation's banking
association, "by July or the beginning of August".


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


EKIBASTUZ BUSINESS: Creditors Must File Claims by July 24
----------------------------------------------------------
Creditors of LLP Ekibastuz Business Consulting have until
July 24, 2009, to submit proofs of claim to:

         Pobeda Ave. 5
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on April 29,
2009, after finding it insolvent.

The Court is located at:

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


KAZ STROY: Creditors Must File Claims by July 24
------------------------------------------------
LLP Kaz Stroy Resource is currently undergoing liquidation.
Creditors have until July 24, 2009, to submit proofs of claim to:

         Sauranbaev Str. 14a-5
         Almaty
         Kazakhstan


KAZMUNAIGAZ FINANCE: S&P Assigns 'BB+' Senior Unsec. Debt Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB+' senior unsecured debt rating and a recovery rating of '4' to
proposed notes to be issued by KazMunaiGaz Finance Sub B.V., a
special financial vehicle of Kazakh national oil company JSC
NC KazMunayGas (BB+/Stable/--, kzAA-/--/--).  The recovery rating
indicates S&P's expectation of average 30%-50% recovery in an
event of a default.

At the same time S&P assigned a recovery rating of '4' to the
existing US$1.4 billion 8.375% notes due 2013 and US$1.6 billion
9.125% notes due 2018 issued by KMGF and guaranteed by KMG.

The recovery prospects are at the low end of the range and further
issuance of debt could result in a revision of the recovery rating
to '5'.  This would also mean the issue ratings on the group's
debt would be notched below the corporate credit rating.

The proposed notes will be issued under a global medium term note
program, also rated 'BB+', which was increased to US$5 billion in
July 2009.  The notes under the program are unconditionally and
irrevocably guaranteed by KMG.  KMGF has already issued
US$1.4 billion notes due in 2013 and US$1.6 billion notes due 2018
under the program.

In a default scenario, S&P believes recovery prospects for the
notes are likely to be heavily determined by the ability and
willingness of the Kazakh government to negotiate with
bondholders.  The '4' recovery rating reflects S&P's expectation
that senior unsecured bondholders would likely receive at least
partial repayment, but reflects this key uncertainty.  Actual
recoveries could be higher or lower than the range indicated.

S&P understands from management that a recent Kazakhstani tenge
190 million bond issued by KMG is intended to be subordinate to
the senior unsecured bonds.  However the terms of the
subordination are not defined in a recently issued "Base
Prospectus" for the company's global medium term note program.
For this reason, S&P has assumed that all bonds issued by KMG and
KMGF rank equally for the purposes of S&P's recovery analysis.

The tenor of the proposed notes is expected to be six years, with
the final amount and coupon to be determined at placement.  The
company plans to use the proceeds to refinance short-term debt.

The rating on KMG reflects S&P's assessment of its stand-alone
credit profile as 'B+', as well as S&P's opinion of an "extremely
high" likelihood of extraordinary government support for the
company.


KOKSHE SERVICE: Creditors Must File Claims by July 24
-----------------------------------------------------
Creditors of LLP Kokshe Service Gas have until July 24, 2009, to
submit proofs of claim to:

         Room 39
         Akana Sere Str. 119
         Kokshetau
         Akmola
         Kazakhstan

The Specialized Inter-Regional Economic Court of Akmola commenced
bankruptcy proceedings against the company on March 12, 2009,
after finding it insolvent.

The Court is located at:

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


SOV DESIGN: Creditors Must File Claims by July 24
-------------------------------------------------
Creditors of LLP Sov Design have until July 24, 2009, to submit
proofs of claim to:

         Dostyk Ave. 44-99
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on April 16, 2009,
after finding it insolvent.

The Court is located at:

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


TRUST NAVIGATOR: Creditors Must File Claims by July 24
------------------------------------------------------
Creditors of LLP Trust Navigator have until July 24, 2009, to
submit proofs of claim to:

         Room 39
         Akana Sere Str. 119
         Kokshetau
         Akmola
         Kazakhstan

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


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


ART PLAST: Creditors Must File Claims by July 31
------------------------------------------------
LLC Art Plast is currently undergoing liquidation.  Creditors
have until July 31, 2009, to submit proofs of claim to:

         Mederov Str. 51
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 44-30-78


HILOL STROY: Creditors Must File Claims by July 31
--------------------------------------------------
LLC Hilol Stroy is currently undergoing liquidation.  Creditors
have until July 31, 2009, to submit proofs of claim to:

         Repin Str. 50
         Osh
         Kyrgyzstan


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


ARCELORMITTAL: Lenders Agree to Amend Debt Covenant Terms
---------------------------------------------------------
ArcelorMittal said its request to amend covenants on
EUR17,000,000,000 Credit Facilities, the US$4,000,000,000
Revolving Credit Facility and the US$3,250,000,000 Forward Start
Facility was approved by lenders.  The covenant consent process
does not increase the borrowing costs under these facilities
unless the leverage ratio of net debt to ebitda rises above 3.5x.

The Company has received consents from lenders aggregating above
90% of commitments in each Facility with no declines to date.
While a number of lenders continue to work on the request, the
consent threshold for each Facility has been comfortably achieved.
Further details will be made available by the Company alongwith
Earnings Announcement for second Quarter on July 29.

Calyon and HSBC Bank plc acted on behalf of ArcelorMittal as the
Coordinators for the amendment process.

On July 13, 2009, the Troubled Company Reporter-Europe, citing The
Wall Street Journal, reported ArcelorMittal said it was in talks
with banks to renegotiate its debt covenants to give the company
greater flexibility should market conditions deteriorate further.
According to the WSJ, the company said it wants to change the
covenant governing loans over a period of one year.  In a July 8
press release Arcelor Mittal said "While the company does not
anticipate breaching the existing covenant, it is prudent given
the current operating environment to strengthen the
financial position of the company in the event of any further
unexpected downturn.  This exercise does not increase the
borrowing costs under these facilities under normal conditions of
financial performance".

Headquartered in Luxembourg, ArcelorMittal --
http://www.arcelormittal.com/-- is a global steel producer.  The
Company has steel-making operations in 20 countries on four
continents, including 66 integrated, mini-mill and integrated
mini-mill steel-making facilities.  ArcelorMittal operates its
business in six operating segments: Flat Carbon Americas; Flat
Carbon Europe; Long Carbon Americas and Europe; Asia, Africa and
Commonwealth of Independent States (CIS) (AACIS); Stainless Steel;
and Arcelor Mittal Steel Solutions and Services.  ArcelorMittal's
steel-making operations have a high degree of geographic
diversification.  Approximately 36% of its steel is produced in
the Americas, approximately 49% is produced in Europe and
approximately 15% is produced in other countries, such as
Kazakhstan, South Africa and Ukraine.  ArcelorMittal produces a
range of finished, semi-finished carbon steel products and
stainless steel products.


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


CASSIOPEIA QEX: Moody's Reviews 'Ba3' Rating on Class D Notes
-------------------------------------------------------------
Moody's Investors Service said it is reviewing for possible
downgrade these notes issued by Cassiopeia QEX B.V.:

  - Class B EUR69.2 million, Aa2 placed under review for possible
    downgrade, previously on 15 August 2008 assigned Aa2

  - Class C EUR21.4 million, Baa2 placed under review for possible
    downgrade, previously on 15 August 2008 assigned Baa2

  - Class D EUR14.6 million, Ba3 placed under review for possible
    downgrade, previously on 15 August 2008 assigned Ba3

Moody's says that the rating action was prompted by the rapid
deterioration of the asset performance which is worse than
initially expected.  This transaction closed in July 2008, and the
current pool factor is 96%.  Data on recoveries are also extremely
weak.  The last investors report reported no recoveries as of
April 2009, while the cumulative amount of defaulted loans reached
EUR24.73 million (5.4% of the initial portfolio amount).  Loans
more than 90 days in arrears totalled EUR88.45 million as of April
2009 (20.30% of the outstanding portfolio balance).

Moody's has also been informed that Banesto (the originator and
servicer) is accelerating the process of classifying loans as
defaulted for borrowers that are more than 90 days in arrears and
for which no collections are expected in the future.  According to
the transaction documents, a loan is classified as defaulted if it
is more than 510 days in arrears or which has otherwise reasonably
been classified as such by the servicer and referred to the
servicer's non-performing loans division.  The acceleration of
classifying loans as defaulted could be positive for the
transaction as the full principal balance of the written off loans
will be provisioned through available excess spread earlier on.
However, given the potential large increase of defaulted loans as
of the next interest payment date, it is likely that certain
triggers will also be hit to protect the Series A notes, but
weakening the position of the Series B, C and D notes.  These
triggers will affect the interest payment on the Series B, C and D
notes, and will limit the use of the reserve fund to cover
interest and principal deficiency ledger on Series A.

As of closing, the main source of credit enhancement on the junior
notes was over-collateralization equal to 6.6% of the initial
portfolio. The weak performance has led to a decrease of this
over-collateralization to half of its initial size as of April
2009 (last payment date).  On the next interest payment date it is
likely that the remaining over-collateralization will be fully
used to provision for the additional defaults.  In addition, an
unpaid PDL may also be recorded for Series B, C and D.

Finally, the high volatility of interest rates in the past 12
months has created a significant mismatch between the interest
amounts on delinquent loans which is due to the swap counterparty
and the interest received from the swap counterparty.  According
to the swap agreement, the SPV has to pay all scheduled interest
due on the non defaulted loans, while the swap pays the note
EURIBOR plus 0.50% on a notional equal to the total portfolio
excluding defaults.

During its review Moody's will assess the quality of the current
servicing of the portfolio, as well as the business plan
expectations on recoveries for the non-performing loans.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.


ELM BV: Moody's Cuts Ratings on Series 41 and 48 Notes to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of two notes
issued by ELM B.V. under Series 41 and Series 48.

These two transactions are managed synthetic CDOs with zero
subordination on portfolios of European RMBS, CMBS and ABS.  Both
deals failed the CDOROM Test and the portfolios cannot be
replenished.

The rating action on Series 41 is principally caused by the recent
rating downgrade of a UK CMBS, The Mall Funding plc Notes
currently rated Baa3, and of a German RMBS, E-MAC DE 2005-1 B.V.
Class A Notes currently rated Baa1.

The rating action on Series 48 is principally caused by the recent
rating downgrade of a German RMBS, E-MAC DE 2005-1 B.V.  Class A
Notes, currently rated Baa1.

Moody's continues to monitor these transactions using primarily
the methodology and its supplements for ABS CDOs as described in
Moody's Special Reports and press releases below:

  -- Moody's Approach to Rating SF CDOs, March 2009

The rating actions are:

ELM B.V. Series 41:

(1) EUR84,000,000 Floating Rate Credit Linked Secured Notes due
    2056

  -- Current Rating: Ba1
  -- Prior Rating: A3
  -- Prior Rating Date: 23 April 2009, confirmed at A3

ELM B.V. Series 48:

(2) EUR22,500,000 Leveraged Asset Backed Securities 2006-2
    Floating Rate Credit Linked Secured Notes due 2056

  -- Current Rating: Ba1
  -- Prior Rating: A3
  -- Prior Rating Date: 23 April 2009, confirmed at A3


FORTIS BANK: Moody's Downgrades Rating on Securities to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has downgraded the rating of the
Mandatory Convertible Securities of Fortis Bank Nederland
(Holding) to Ba2 with a developing outlook from Ba1.  The rating
action concludes the review for possible downgrade initiated on
October 7, 2008.

The rating action was triggered by the downgrade of the ratings of
Fortis SA/NV and Fortis NV (Fortis Holdings) to Baa3 from Baa2.

Moody's rating of the MCS of Fortis Bank Nederland (Holding)
derives from Fortis Holdings' rating as the MCS's terms and
conditions include an optional deferral trigger that is tied to
non-payment of dividends on Fortis Holdings' ordinary shares.

Although Fortis Holdings has stated its intention to resume
payments of dividends for the 2009 financial year, implying that
the coupons will continue to be paid in cash this year, Moody's
rating of MCS continues to reflect a higher risk of coupon
deferral than for other securities.  This is because the payment
of dividends might be challenged if Fortis Holdings reports losses
as a result notably of the potential adverse outcome of legal
disputes.

The last rating action taken on the MCS was on June 29, 2009, when
Moody's maintained the review for possible downgrade of the Ba1
rating.

Headquartered in Amsterdam, Fortis Bank Nederland (Holding) had
total assets of EUR184.203 billion and reported shareholders'
equity (including minority interest) of EUR2.944 billion as of
December 31, 2008.


HIGHLANDER EURO: Moody's Junks Rating on Class E Notes From 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of five classes of notes issued by Highlander Euro CDO IV B.V.

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

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

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

According to Moody's, the rating actions taken on the notes are
also the result of credit deterioration of the underlying
portfolio.  This is observed in, among other measures as per
trustee report dated June 1, 2009, a decline in the average credit
rating as measured through the weighted average rating factor, an
increase in the amount of defaulted securities and an increase in
the proportion of securities from issuers rated Caa1 and below.
Moody's also performed a sensitivity analysis, including amongst
others, a further decline in portfolio WARF quality.

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

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for cash flow CLOs as described in Moody's Special Reports and
press releases below:

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (December 2008)

The rating actions are:

Highlander Euro CDO IV B.V.:

(1) Class A Senior Secured Floating Rate Notes due 2016,
    Downgraded to Aa3; previously on 26 June 2008 assigned Aaa

(2) Class B Senior Secured Floating Rate Notes due 2016,
    Downgraded to Baa2, previously on 4 March 2009 Aa2 Placed
    Under Review for Possible Downgrade

(3) Class C Senior Secured Deferrable Floating Rate Notes due
    2016, Downgraded to Ba2, previously on 4 March 2009 A2 Placed
    Under Review for Possible Downgrade

(4) Class D Senior Secured Deferrable Floating Rate Notes due
    2016, Downgraded to B3, previously on 4 March 2009 Baa3 Placed
    Under Review for Possible Downgrade

(5) Class E Senior Secured Deferrable Floating Rate Notes due
    2016, Downgraded to Caa2, previously on 4 March 2009 Ba3
    Placed Under Review for Possible Downgrade


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


EVRAZ GROUP: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-'
long-term corporate credit, bank loan, and senior unsecured debt
ratings on Russia-based steel producer Evraz Group S.A. and its
core subsidiary Mastercroft Ltd.  At the same time, the Russia
national scale rating was affirmed at 'ruAA-'.  S&P removed all
ratings from CreditWatch, where they were placed with negative
implications on May 27, 2009.  The outlook is negative.

In addition, S&P assigned a 'BB-' debt rating to the US$600
million 7.25% convertible bond due 2014 issued earlier this month
by Evraz.  The recovery rating on the bond is '4', indicating
S&P's expectation of average (30%-50%) recovery in the event of a
payment default.

"The affirmation reflects S&P's view that despite the severe
downturn underway in the steel sector, Evraz could maintain over
the next year or so credit metrics that are consistent with the
'BB-' rating," said Standard & Poor's credit analyst Alex Herbert.

These metrics include a ratio of funds from operations to adjusted
debt of 20%-25%.  In 2008, Evraz recorded FFO of US$4.6 billion,
reflecting strong results during the first nine months of the
year.  On December 31, 2008, the group's adjusted debt was
US$9.8 billion and the ratio of FFO to adjusted debt was 47%.

"Furthermore, S&P feel that the group is making adequate progress
with addressing its weak liquidity," added Mr. Herbert.

To this end Evraz is refinancing near-term debt maturities, in
particular approximately US$2.0 billion of loans owed to Russian
state-owned banks, including US$1.0 billion due in late 2009.  The
group has also issued a new US$600 million 7.25% convertible bond
due 2014 and raised US$300 million of new equity in July 2009,
which boosts liquidity.  Nevertheless, S&P believes that
refinancing efforts will continue, and assume that the group will
look to address possible breaches of financial covenants later
this year.

Like its peers, Evraz is experiencing a broad and severe weakening
of its operating performance, caused by very difficult market
conditions in the steel sector, including in the construction
sector, which is a key end market.  This is evident in sharply
reduced capacity utilization, shipments, and steel prices.  In the
first quarter of 2009, Evraz reported EBITDA of US$305 million.
During this period, average steel prices in Russia and other
markets were lower than in the three months to December 31, 2008,
although steel volumes were ahead quarter on quarter.  Steel
production in the second quarter to June 30, 2009, was broadly
flat compared with the first quarter.  Steelmakers have very
limited forward trading visibility, which heightens the
uncertainty about future cash flow generation.  Market conditions
appear to be stabilizing, however, but are likely to remain weak,
in S&P's view.

S&P recognizes that Evraz's management is responding with
corrective actions to adjust its business strategy and to protect
its financial profile.  These actions include production cuts,
cost-saving initiatives, reducing working capital and capital
expenditures, lowering dividends, and refraining from further
acquisitions.  In S&P's view, however, these actions are not
sufficient to fully offset the negative effects of the downturn.

S&P factor into the rating a materially weaker operating
performance in 2009, compared with 2008.  S&P anticipates a
combination of much lower cash flow generation and substantial
adjusted debt to put pressure on Evraz's credit quality.  S&P also
factors in the possibility that in the absence of further
corrective action by management, and depending on market
conditions during 2009, Evraz could breach financial covenants
later this year, although S&P assumes that this risk will be
addressed in the coming months.

The ratings reflect Evraz's position as a leading Russia-based
steel producer in a cyclical, capital-intensive, and competitive
industry that is experiencing a sharp weakening of market
conditions.  The ratings are supported by a leading domestic
market position, especially in long products, high vertical
integration into own raw materials, and a proactive response by
management to the industry downturn.

The negative outlook reflects S&P's view regarding a possible
downgrade during the coming year.  This could occur if Evraz were
unable to demonstrate that it is likely to be able to improve its
credit metrics, including a ratio of FFO to adjusted debt of about
20% by 2010.  S&P believes that the group could achieve this
metric through an improved operating environment and further
corrective action by management.

"A lack of progress in addressing potential financial covenant
breaches within the next few months, a failure to refinance short-
term debt as planned, or a move to negative free operating cash
flow, would place downward pressure on the ratings," said Mr.
Herbert.

Ratings stability could be established if the group were able to
demonstrate that an improvement in credit metrics, as mentioned
above, is sustainable.


SEVERSTAL OAO: S&P Downgrades Corporate Credit Rating to 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'BB-'
from 'BB' its long-term corporate credit and senior unsecured debt
ratings on Russia-based steel producer OAO Severstal.  At the same
time, the Russia national scale rating on Severstal was lowered to
'ruAA-' from 'ruAA'.  S&P has removed all the ratings from
CreditWatch, where they were placed with negative implications on
May 27, 2009.  The outlook is negative.

"The downgrade reflects the severe downturn underway in the steel
sector and its impact on Severstal's credit quality.
Specifically, S&P does not envisage the group's credit metrics
remaining consistent with the 'BB' rating," said Standard & Poor's
credit analyst Alex Herbert.

These metrics include a ratio of funds from operations (FFO) to
adjusted debt of 25%-30%.  In 2008, Severstal's FFO was
US$4.6 billion, reflecting strong results in the first nine months
of the year.  On December 31, 2008, adjusted debt was US$5.9
billion and the ratio of FFO to adjusted debt was 78%.  S&P
estimates that this declined to about 60% on March 31, 2009.

Like its peers, Severstal is experiencing a broad and severe
weakening of its operating performance, caused by very difficult
market conditions in the steel sector, including end markets such
as auto and consumer.  This is evident in sharply reduced capacity
utilization, shipments, and steel prices.  In the first quarter of
2009, the group reported an EBITDA loss of US$158 million, with
particular weakness in its U.S. operations.  Over the period,
average steel prices in Russia and other markets were lower than
in the three months to December 31, 2008, although steel volumes
were ahead quarter on quarter.

In addition, S&P believes that the group's expansion of its U.S.
operations, including assets acquired for US$3.1 billion in 2008,
could remain a drag on group profitability and cash flow and
require further restructuring.  Steelmakers have very limited
forward trading visibility, which increases uncertainty about
future cash flow generation.  Market conditions appear to be
stabilizing, however, but are likely to remain weak, in S&P's
view.

S&P recognizes that Severstal's management is responding with
corrective actions to adjust its business strategy and to protect
its financial profile.  These actions include production cuts,
cost-saving initiatives, reducing working capital and capital
expenditures, suspending dividends, and refraining from further
acquisitions.  In S&P's view, however, these actions are
insufficient to fully offset the negative effects of the downturn.

S&P factor into the ratings a materially weaker operating
performance in 2009, compared with 2008.  S&P believes that a
combination of much lower cash flow generation and quite
substantial adjusted debt is likely to put pressure on Severstal's
credit quality.

S&P also factor in the possibility that in the absence of further
corrective action by management, and depending on market
conditions, Severstal could breach financial covenants later this
year, although S&P assume that Severstal will address this.

The ratings reflect Severstal's position as a leading Russia-based
steel producer in a cyclical, capital-intensive, and competitive
industry that is experiencing a sharp weakening of market
conditions.  The ratings are supported by the group's leading
domestic market position, especially in flat products, high
vertical integration into own raw materials, and a proactive
response by management to the industry downturn.

The negative outlook reflects the possibility of a further
downgrade during the coming year.  This could occur if Severstal
were unable to demonstrate that it is likely to be able to improve
its credit metrics, including a ratio of FFO to adjusted debt of
about 20% by 2010.  S&P believes that the group could achieve this
metric through an improved operating environment and further
corrective action by management.

"A lack of progress in addressing potential financial covenant
breaches within the next few months, or a move to negative free
operating cash flow, for example, would also place downward
pressure on the ratings," added Mr. Herbert.

Ratings stability could be established if the group were able to
demonstrate that an improvement in credit metrics, as mentioned
above, is sustainable.


UC RUSAL: First-Half Output Down 10%; Nears Debt Deal
-----------------------------------------------------
Yuriy Humber at Bloomberg News reports that United Co. Rusal cut
first-half output by 10 percent on weaker demand.

Bloomberg relates Rusal, controlled by billionaire Oleg Deripaska,
said Friday in a statement it produced 1.98 million metric tons of
aluminum in the first six months.  According to Bloomberg, output
of alumina, a refined powder used to make aluminum, fell 34
percent to 3.7 million tons.

                     Debt Restructuring

Rusal, as cited by Bloomberg, said talks about debt restructuring
are almost complete.  "The negotiations on the terms and
conditions of the long- term debt restructuring are almost
finalized," Bloomberg quoted Rusal as saying in a statement.  The
company plans to sign an agreement with lenders "within the
validity period of the standstill agreement."

On June 12, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Rusal said its creditors agreed to extend
a so-called standstill agreement on US$7.4 billion of debt until
July 28.  The previous deadline expired on June 11, Bloomberg
disclosed.  According to the FT, the company was seeking to extend
payments on the loans by five to 10 years after the financial
crisis sent aluminium prices plummeting, hampering its ability to
pay down its debts.

                       VEB Refinancing

In the June 12 TCR-Europe report Bloomberg disclosed Rusal
Chairman Viktor Vekselberg said June 4 the state-run bailout bank
Vnesheconombank, or VEB, gave Rusal, which has total debt of US$14
billion, an extra year to pay back  US$4.5 billion in credit under
a program of extending maturities on loans to Russian companies
including Evraz Group SA and Alfa Group's telecoms unit Altimo.

Bloomberg notes Rusal Chairman and shareholder Viktor Vekselberg
said the VEB refinancing was a "big help" in negotiating with
foreign creditors.  Mr. Vekselberg, as cited by Bloomberg, said
Rusal's board will discuss talks with creditors at a July 23
meeting.

                           About Rusal

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


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


PYME VALENCIA: Moody's Junks Ratings on Two Classes of Notes
------------------------------------------------------------
Moody's Investors Service has downgraded the long-term credit
ratings of these notes issued by PYME VALENCIA 1 FTA:

-- EUR47.6 million class B notes, downgraded to Baa2, under
    review for possible downgrade; previously, on February 23,
    2009 placed under review for possible downgrade;

-- EUR34.0 million class C notes, downgraded to Caa1, under
    review for possible downgrade; previously, on February 23,
    2009 placed under review for possible downgrade; and

-- EUR13.6 million class D notes, downgraded to Ca, under review
    for possible downgrade; previously, on February 23, 2009
    placed under review for possible downgrade.

Moody's initially assigned definitive ratings in July 2007.

The rating of the EUR574.8 million class A2 notes, Aaa, remains
under review for possible downgrade (previously, on February 23,
2009 Placed Under Review for Possible Downgrade).

The rating action has been prompted by a higher-than-expected
level of delinquencies.  As of June 2009, the cumulative 90+
delinquencies (i.e. delinquencies equal or greater than 90 days)
were equal to 7.8% of the original portfolio balance, compared to
6.7% as of the previous quarterly reporting date.  As part of the
review, Moody's has considered the exposure of the transaction to
the real estate sector (either through security in the form of a
mortgage or debtors operating in the real estate sector).  The
deterioration of the Spanish economy has been reflected in the
negative sector outlook Moody's published on the Spanish SMEs
securitisation transactions.

As a result of the above, Moody's has revised its assumption of
the default probability of the SME debtors to an equivalent rating
in the single B-range for the debtors operating in the real estate
sector and in the low Ba-range for the non-real-estate debtors.
At the same time, Moody's estimated the remaining weighted average
life of the portfolio to equal 4.7 years.  As a consequence, these
revised assumptions have translated into an increase of the
cumulative mean default assumption for this transaction to 18.5%
as a percentage of the current portfolio balance (corresponding to
15.2% of original portfolio balance).  Moody's original mean
default assumption was 5% (as a percentage of original balance),
with a coefficient of variation of 64%.  Because of the relatively
low effective number of loans in the portfolio (217), Moody's used
a Monte-Carlo simulation to determine the probability function of
the defaults, with a resulting coefficient of variation is 50.4%.
The recovery rate assumption is now 45% while values in the 35% to
55% range were tested at closing.  The revised CPR assumption is
now 5%, comparable to values observed throughout the last
reporting periods, while the original CPR assumption was 10%.

The increased credit enhancement available in the structure due to
the amortization of the portfolio (as of June 2009, the pool
factor was equal to 52%) was not sufficient to offset the impact
of worse than expected performance and revised performance
assumptions on the class B, C and D notes rating.  However, the
rating of the class A2 notes remains Aaa as it is expected to
benefit next to increased credit enhancement also from interest
deferral triggers on the subordinated classes.

The ratings of class A2, B, C and D notes remain under review for
possible downgrade as Moody's is still assessing the impact of the
downgrade of Banco de Valencia S.A., acting as swap counterparty
in the transaction.  Following the downgrade from A3/P2 to Baa1/P2
on June 15, 2009, Banco de Valencia is seeking a replacement or
guarantor for the swap.  Banco de Valencia is continuing to post
collateral as per documentation.

PYME VALENCIA 1 FTA is a securitization fund which purchased a
pool of loans granted by Banco de Valencia to Spanish SMEs.  At
closing, the portfolio consisted of 3,625 loans.  The loans were
originated between 2003 and 2006, with a weighted average
seasoning of 1.73 years and a weighted average remaining term of
7.86 years.  Geographically the pool was exposed to Valencia
(62%), Murcia (15%) and Madrid (7%).  At closing the pool was
primarily exposed to the real estate sector (59%) and to the
beverage, food and tobacco sector (7.7%).

As of May 2009, the number of loans in the portfolio was equal to
2,059 and the weighted average remaining term was equal to 9
years.  The concentration levels per industry and regions are
similar to their levels at closing, but Moody's notes that
exposure to the real estate sector has decreased to 56%.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.


TDA IBERCAJA: Moody's Assigns 'C' Rating on EUR37.7 Mil. Notes
--------------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
these classes of Notes issued by TDA IBERCAJA ICO-FTVPO FTH:

  -- Aaa to the EUR409.5 million Serie A(G) notes
  -- C to the EUR37.7 million Serie B notes

The transaction represents the securitization of Spanish
residential mortgage loans originated by Caja de Ahorros y Monte
de Piedad de Zaragoza, Aragon Y Rioga (Ibercaja).  The assets
being securitized are all backed by VPO properties.  VPO
properties are residential properties that are offered at a lower
price than the market value as a result of various forms of
government aid.

Moody's based the ratings primarily on: (i) an evaluation of the
underlying portfolio of loans; (ii) an analysis of the collateral
historical performance; (iii) the swap agreements hedging the
interest rate risk; (iv) the credit enhancement provided by the
reserve fund, the subordination of the notes, and the excess
spread; and (v) the legal and structural integrity of the
transaction.

The key parameters used to calibrate the loss distribution curve
for this portfolio include a Milan Aaa CE of 7.1% and an expected
loss of 2.4%.  In the structure, penalty interest is not
transferred to the Fund, which drove to a Milan Aaa CE in excess
of the standard Milan model outcome and impacted the expected loss
calculation.  For the Milan Aaa CE Moody's assumed that the
penalty interest gets priority to recoveries to the transaction
over a three year foreclosure period.  For the expected loss
level, Moody's assumed a one year period over which penalty
interest is calculated.

The V Score for this transaction is Medium/High, which is higher
than the Medium V Score assigned for the Spanish RMBS sector.
This is due to the limited historical data for VPO, the limited
historical information provided by the originator which doesn't
cover a severe stress scenario, and the complexity of the analysis
resulting from the specific characteristics of this collateral as
well as this transaction's penalty interest mechanics.  V Scores
are a relative assessment of the quality of available credit
information and of the degree of dependence on various assumptions
used in determining the rating.  High variability in key
assumptions could expose a rating to more likelihood of rating
changes.  The V-Score has been assigned accordingly to the report
"V-Scores and Parameter Sensitivities in the Major EMEA RMBS
Sectors" published in April 2009.

The Spanish Government announced on November 4 2008, a package of
aid to assist unemployed, self employed and pensioner borrowers
through a form of mortgage subsidy aid.  It is unclear how the
transaction will be affected, although both liquidity and credit
implications are possible on this portfolio.  However, any
implications on the ratings will ultimately depend on the actual
financial aid conditions which will be approved.

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
at par on or before the rated final legal maturity date in May
2036 for the Serie A(G) note, and ultimate payment of principal at
par on or before the rated final legal maturity date for the Serie
B note.  Moody's ratings address only the credit risks associated
with the transaction.  Other non-credit risks have not been
addressed but may have a significant effect on the yield to
investors.  Moody's assigned provisional ratings to these notes on
July 10, 2009.


TDA IBERCAJA: S&P Assigns 'CCC-' Rating on Class B Notes
--------------------------------------------------------
Standard & Poor's Ratings Services has assigned credit ratings to
the floating-rate notes issued by TDA IBERCAJA ICO-FTVPO, Fondo De
Titulizacion Hipotecaria.

This is Ibercaja's first securitization of its VPO mortgage loan
book under the ICO-FTVPO program.  VPO loans are essentially
subsidized mortgages, loans which are made to borrowers who would,
in S&P's view, find it challenging to buy a property in the
current market conditions.

In this transaction, Ibercaja has securitized subsidized mortgage
loans granted to individuals resident in Spain for the purpose of
purchasing a VPO residential property in Spain.  Ibercaja is the
fourth-largest Spanish financial institution in terms of VPO loan
origination volumes, with this type of loan representing 10% of
its entire mortgage loan book.

                           Ratings List

     TDA IBERCAJA ICO-FTVPO, Fondo De Titulizacion Hipotecaria
               EUR447.2 Million Floating-Rate Notes

                        Class       Rating
                        -----       ------
                        A(G)(1)     AAA
                        B           CCC-

(1) The stand-alone preliminary rating on the class A notes is
    'AAA'.


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


ALLIED CARPETS: In Administration; 166 Stores Up for Sale
---------------------------------------------------------
Samantha Pearson at The Financial Times reports that Allied
Carpets Group plc has gone into administration after being hit by
the decline in consumer spending and the frozen housing market.

The FT relates BDO Stoy Hayward, the restructuring firm, was
appointed administrator to the 217-store chain, which is owned by
Hilco, the debt specialist.  According to the FT, in a process
known as pre-pack administration, 51 of the company's stores were
sold immediately to Allied Carpets Retail, a new company set up in
partnership with the collapsed retailer's management.  The FT
notes the new company, however, said that it was still in
negotiations with Allied Carpet's existing landlords and would
acquire a "significant number of additional stores" in the next
two weeks if more attractive terms could be agreed.

The FT says BDO is now looking for buyers for the 166 stores,
which employ 1,100 staff, that have been left out of the deal.

Headquartered in Orpington, United Kingdom, Allied Carpets Group
plc -- http://www.alliedcarpets.com/-- operates as a home
furnishing retailer specializing in curtains, beds and carpets.
It also sells rugs, real wood flooring and laminate flooring.
Allied Carpets Group Plc also provides a home sales service and
has a separate contracts division to serve its large clients.  The
company was formerly known as Carpetland Carpet Centres Ltd.
Allied Carpets Group Plc operates as a subsidiary of Saint Maclou
S.C.A. As of November 24, 1999, Allied Carpets Group Plc operates
as a subsidiary of Saint Maclou S.C.A.


BRITISH AIRWAYS: To Launch GBP300MM Convertible Bond Issue
----------------------------------------------------------
Michael Carolan at The Wall Street Journal reports that British
Airways plc said it was launching a GBP300 million convertible-
debt issue to shore up its balance sheet.

The bonds, the WSJ discloses, are due in 2014 and will be
convertible into 15% to 20% of the issued share capital of BA.
Barclays Capital, Deutsche Bank AG, HSBC, Merrill Lynch
International and RBS Hoare Govett are joint bookrunners and joint
lead managers of the bond issue, the WSJ notes.

The funding, the WSJ says, will boost the airline's liquidity to
about GBP2 billion.  At June 30, the airline had GBP1.25 billion
of cash and general facilities of around GBP130 million, the WSJ
states.

According to the WSJ, the trustees of the group's pension fund
also have agreed to release some bank guarantees back to the
airline, making up to US$540 million available for the airline to
draw in cash.  The trustees had access to the bank
facilities only if BA was insolvent, the WSJ states.

Graeme Wearden at guardian.co.uk reports Ros Altmann, a former
government advisor on pensions, is concerned that the
taxpayer-funded Pension Protection Fund would have to pick up the
pieces if BA fails to survive the recession.

guardian.co.uk notes a spokesman for the BA pension fund trustees
said they had consulted widely before taking the decision.  "They
came to the conclusion that it was much better that BA had the
liquidity it needs so it can keep running and satisfying its
obligations to the pension scheme," guardian.co.uk quoted the
spokesman as saying said.  However, Ms. Altmann, who argues that
BA is already technically insolvent as it could not repay its
pensions deficit now, is not impressed by this logic,
guardian.co.uk says.

The Pensions Regulator, guardian.co.uk discloses, is understood to
be examining the terms of the deal, but it is unclear whether it
is materially significant enough for the watchdog to be able to
veto it.

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
(LON:BAY) -- http://www.ba.com/-- is engaged in the operation of
international and domestic scheduled air services for the carriage
of passengers, freight and mail, and the provision of ancillary
services.  The Company's principal place of business is Heathrow.
The Company also operates a worldwide air cargo business with its
scheduled passenger services.  The Company operates international
scheduled airline route networks, comprising some 300 destinations
at March 31, 2008.  During the fiscal year ended March 31, 2008
(fiscal 2008), British Airways carried more than 33 million
passengers.  It carried 805,000 tons of cargo to destinations in
Europe, the Americas and worldwide.  At March 31, 2008, it had 245
aircraft in service.  In July 2008, British Airways plc completed
the purchase of French airline L'Avion.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on July 13,
2009, Moody's lowered the Corporate Family and Probability of
Default Ratings of British Airways plc to Ba3; the senior
unsecured and subordinate ratings have been lowered to B1 and B2,
respectively.  Moody's said the outlook is stable.


COFFEE REPUBLIC: Arab Investments Eyes 80 Outlets
-------------------------------------------------
Daniel Thomas at The Financial Times reports that property company
Arab Investments is eyeing to acquire outlets of Coffee Republic.

The FT relates Arab Investments on Friday into an exclusivity
agreement with KPMG, which is acting as administrator to the
coffee shop chain.  According to the FT, it is thought to be in
talks to acquire about 80 outlets, of which 20 are outside the UK,
in countries such as Saudi Arabia and Bulgaria.  The FT says if
successful, the property company intends to put money into
developing the Coffee Republic brand in the UK and overseas, and
will start expanding the branch network immediately after
completing the deal.

KPMG confirmed that it had granted a period of exclusivity to the
preferred purchaser of Coffee Republic, but declined to comment on
the identity of the buyer, the FT discloses.  "We have agreed a
period of exclusivity to allow that party to carry out some
limited due diligence, which should enable us to agree the terms
of the sale of the residual business as a going concern during the
course of next week," the FT quoted joint administrator Richard
Hill as saying.

As reported in the Troubled Company Reporter-Europe on July 9,
2009, Richard Hill and David Crawshaw of KPMG Restructuring were
joint administrators of coffee bar and deli chains Coffee Republic
(UK) Ltd, Coffee Republic Franchising Ltd and Goodbean Ltd. on
July 7, 2009.

Commenting on the appointment, Mr. Hill, KPMG partner and joint
administrator, said: "The recession is hitting discretionary
spending on the High Street and some of the less profitable bars
with expensive leases have suffered.  However, Coffee Republic has
a strong brand and I expect considerable interest in the
profitable parts of the business.  We will be doing whatever we
can to find a buyer for the residual business as a going concern
as quickly as possible, so interested parties will have to be
prepared to move fast."

There are 187 Coffee Republic branded outlets in the UK and ten
international locations.  Twenty outlets are owned by Coffee
Republic (UK) Ltd and are in administration while the 70 outlets
franchised through Coffee Republic Franchising Ltd and further 97
concessions, operating within cinemas, retail outlets and hotels
throughout the UK, are not in administration.  The group employs a
total of 153 staff, 26 of whom are located in its head office in
London and 127 employed within the 20 group-operated outlets.

Coffee Republic was founded in 1995, opening its first shop in
South Molton Street, London, and has become one of the UK best
known coffee chains.  The holding company Coffee Republic plc --
which is not in administration -- entered AIM in 1998 and during
the past seven years the group has expanded significantly, signing
its first franchising agreement in 2005 and making a number of
acquisitions including the Goodbean chain.

On July 13, 2009, the Troubled Company Reporter-Europe reported
that, 10 of the 20 Coffee Republic (UK) Ltd-owned coffee bars were
closed, resulting in 66 redundancies.  Coffee Republic (UK) Ltd's
outlet in Gloucester Road, London closed shortly before the
appointment of administrators.  The remaining nine coffee bars
continue to trade as normal.  The 70 outlets franchised through
Coffee Republic Franchising Ltd and 97 concessions which operate
within cinemas, retail outlets and hotels throughout the UK, are
not in administration and are also continuing to trade as normal.


DOUGLAS HAYWARD: Assets Put Up for Sale
---------------------------------------
Ian Robert, administrator of Douglas Hayward Limited, offers for
sale the company's usiness and assets.

Douglas Hayward is a mens tailoring shop located in the heart of
London's Mayfair.

For further information, please contact the offices of:

         Kingston Smith & Partners LLP
         Devonshire House
         60 Goswell Road
         London EC1M 7AD
         Tel: 020 7566 4020
         Fax: 020 7566 4021
         E-mail: mpallott@kingstonsmith.co.uk


HEXOLD LIMITED: Creditors' Meeting Scheduled for July 28
--------------------------------------------------------
A meeting of the creditors of Hexold Limited (formerly Holiday
Experts Limited) will be held at 10:30 a.m. on July 28, 2009, at:

         CLB Coopers
         Century House
         11 St. Peter's Square
         Manchester M2 3DN

Creditors wishing to vote at the meeting must lodge their proxy,
together with a statement of claim at the offices of CLB Coopers
not later than noon on the last business day before the meeting.
The proxy form and statement may be posted orsent by fax to 0161
245 1001.  Secured creditors may only vote for the balance of the
debt, which will not be recovered by enforcement of the security,
unless right to enfore is waived.  A list of the names and
addresses of the company's creditors will be available for
inspection free of charge at the offices of CLB Coopers on the two
business days prior to the meeting between the hours of 10:00 a.m.
and 4:00 p.m.


PICSEL TECHNOLOGIES: Goes Into Administration
---------------------------------------------
Andrew Bolger at The Financial Times reports that Picsel
Technologies Ltd. has gone into administration, putting more than
70 jobs at risk.

The FT relates Graham Frost, joint administrator and director in
PwC's business recovery services team in Scotland, said
the administration had been triggered by cash flow problems caused
by customers delaying new product developments.

Headquartered in Glasgow, United Kingdom, Picsel Technologies Ltd.
-- http://www.picsel.com-- provided software to more than 250m
mobile devices worldwide.  It has offices in Japan, China, Korea,
Malaysia and the US.  It was established in 1998.


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

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

AUSTRIA
-------
LIBRO AG           LBROF US       -110486313.84    174004185.02
LIBRO AG           LIB AV         -110486313.84    174004185.02
LIBRO AG           LB6 GR         -110486313.84    174004185.02
LIBRO AG           LIBR AV        -110486313.84    174004185.02
SKYEUROPE          SKYP PW          -3897543.17    213166287.14
SKYEUROPE          SKY PW           -3897543.17    213166287.14
SKYEUROPE HLDG     SKY EO           -3897543.17    213166287.14
SKYEUROPE HLDG     SKY AV           -3897543.17    213166287.14
SKYEUROPE HLDG     SKYA PZ          -3897543.17    213166287.14
SKYEUROPE HLDG     SKYPLN EU        -3897543.17    213166287.14
SKYEUROPE HLDG     SKYV IX          -3897543.17    213166287.14
SKYEUROPE HLDG     SKYPLN EO        -3897543.17    213166287.14
SKYEUROPE HLDG     S8E GR           -3897543.17    213166287.14
SKYEUROPE HLDG     SKY EU           -3897543.17    213166287.14
SKYEUROPE HLDG     SKURF US         -3897543.17    213166287.14
SKYEUROPE HOL-RT   SK1 AV           -3897543.17    213166287.14


BELGIUM
-------
SABENA SA          SABA BB         -85494497.66   2215341059.54


SWITZERLAND
-----------
FORTUNE MANA-NEW   FMI5 GR         -57223391.61    186057993.69
FORTUNE MANAG-NE   FMI7 GR         -57223391.61    186057993.69
FORTUNE MANAGEME   FMI1 EO         -57223391.61    186057993.69
FORTUNE MANAGEME   FMI1 PZ         -57223391.61    186057993.69
FORTUNE MANAGEME   FMIG IX         -57223391.61    186057993.69
FORTUNE MANAGEME   FMGT US         -57223391.61    186057993.69
FORTUNE MANAGEME   FMI1 DU         -57223391.61    186057993.69
FORTUNE MANAGEME   FMI1 EU         -57223391.61    186057993.69
FORTUNE MANAGEME   FMI3 GR         -57223391.61    186057993.69
FORTUNE MANAGEME   FMI1 GR         -57223391.61    186057993.69
FORTUNE MANAGEME   FMI GR          -57223391.61    186057993.69
FORTUNE MGMT-REG   CTLI US         -57223391.61    186057993.69


CYPRUS
------
LIBRA HOLIDA-RTS   LBR 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     LHGCYP EU         -5044973.6    274730005.26
LIBRA HOLIDAYS     LHGCYP EO         -5044973.6    274730005.26
LIBRA HOLIDAYS     LHGR CY           -5044973.6    274730005.26
LIBRA HOLIDAYS G   LHG CY            -5044973.6    274730005.26
LIBRA HOLIDAYS G   LHG EO            -5044973.6    274730005.26
LIBRA HOLIDAYS G   LHG EU            -5044973.6    274730005.26
LIBRA HOLIDAYS G   LHG PZ            -5044973.6    274730005.26
LIBRA HOLIDAYS-P   LBHG PZ           -5044973.6    274730005.26
LIBRA HOLIDAYS-P   LBHG CY           -5044973.6    274730005.26


CZECH REPUBLIC
--------------
CKD PRAHA HLDG     CKDH CP         -89435858.16    192305153.03
CKD PRAHA HLDG     CKDPF US        -89435858.16    192305153.03
CKD PRAHA HLDG     CDP EX          -89435858.16    192305153.03
CKD PRAHA HLDG     297687Q GR      -89435858.16    192305153.03
CKD PRAHA HLDG     CKDH US         -89435858.16    192305153.03
SETUZA AS          2994759Q EO     -61453764.17    138582273.56
SETUZA AS          SETU IX         -61453764.17    138582273.56
SETUZA AS          SZA GR          -61453764.17    138582273.56
SETUZA AS          SZA EX          -61453764.17    138582273.56
SETUZA AS          2994763Q EU     -61453764.17    138582273.56
SETUZA AS          2994767Q EO     -61453764.17    138582273.56
SETUZA AS          2994755Q EU     -61453764.17    138582273.56
SETUZA AS          SETUZA CP       -61453764.17    138582273.56
SETUZA AS          SETUZA PZ       -61453764.17    138582273.56


GERMANY
-------
AGOR AG            DOO GR            -482446.63    144432986.17
AGOR AG            DOO EU            -482446.63    144432986.17
AGOR AG            DOO EO            -482446.63    144432986.17
AGOR AG            DOOG IX           -482446.63    144432986.17
AGOR AG            DOOD PZ           -482446.63    144432986.17
AGOR AG            NDAGF US          -482446.63    144432986.17
AGOR AG-RTS        2301918Z GR       -482446.63    144432986.17
ALNO AG            ANO PZ          -28265004.17    366872263.74
ALNO AG            ANO EO          -28265004.17    366872263.74
ALNO AG            ALNO IX         -28265004.17    366872263.74
ALNO AG            ANO EU          -28265004.17    366872263.74
ALNO AG            ANO GR          -28265004.17    366872263.74
ALNO AG-NEW        ANO1 GR         -28265004.17    366872263.74
ALNO AG-RTS        2259765Z GR     -28265004.17    366872263.74
BROKAT AG          BROAF US        -27139391.98    143536859.72
BROKAT AG          BKISF US        -27139391.98    143536859.72
BROKAT AG          BRKAF US        -27139391.98    143536859.72
BROKAT AG          BROFQ US        -27139391.98    143536859.72
BROKAT AG -NEW     BRJ1 GR         -27139391.98    143536859.72
BROKAT AG -NEW     BRJ1 NM         -27139391.98    143536859.72
BROKAT AG-ADR      BROA US         -27139391.98    143536859.72
BROKAT TECH -ADR   BROAQ US        -27139391.98    143536859.72
BROKAT TECH AG     BSA LN          -27139391.98    143536859.72
BROKAT TECH AG     BRJ NM          -27139391.98    143536859.72
BROKAT TECH AG     BRJ GR          -27139391.98    143536859.72
BROKAT TECH-ADR    BRJA GR         -27139391.98    143536859.72
CBB HOLD-NEW 97    COB2 GR         -42994732.85    904723627.84
CBB HOLDING AG     COB2 EO         -42994732.85    904723627.84
CBB HOLDING AG     CUBDF US        -42994732.85    904723627.84
CBB HOLDING AG     COBG IX         -42994732.85    904723627.84
CBB HOLDING AG     COB GR          -42994732.85    904723627.84
CBB HOLDING AG     COBG PZ         -42994732.85    904723627.84
CBB HOLDING AG     COB2 EU         -42994732.85    904723627.84
CBB HOLDING-NEW    COB1 GR         -42994732.85    904723627.84
CBB HOLDING-NEW    COB3 GR         -42994732.85    904723627.84
CINEMAXX AG        MXC EU          -42015165.72    146572416.37
CINEMAXX AG        MXC GR          -42015165.72    146572416.37
CINEMAXX AG        MXCUSD EU       -42015165.72    146572416.37
CINEMAXX AG        MXC PZ          -42015165.72    146572416.37
CINEMAXX AG        MXCG IX         -42015165.72    146572416.37
CINEMAXX AG        MXCUSD EO       -42015165.72    146572416.37
CINEMAXX AG        CNEMF US        -42015165.72    146572416.37
CINEMAXX AG        MXC EO          -42015165.72    146572416.37
CINEMAXX AG-RTS    MXC8 GR         -42015165.72    146572416.37
DORT ACTIEN-BRAU   944167Q GR      -12689156.29    117537053.71
DORT ACTIEN-RTS    DAB8 GR         -12689156.29    117537053.71
EECH GROUP AG      PTA EU            -114331.83    108502676.25
EECH GROUP AG      PTA PZ            -114331.83    108502676.25
EECH GROUP AG      PTA EO            -114331.83    108502676.25
EECH GROUP AG      PTAG IX           -114331.83    108502676.25
EECH GROUP AG      PTA GR            -114331.83    108502676.25
EM.TV & MERC-NEW   ETV1 GR         -22067409.41    849175624.65
EM.TV & MERC-NEW   ETV1 NM         -22067409.41    849175624.65
EM.TV & MERC-RTS   ETV8 NM         -22067409.41    849175624.65
EM.TV & MERC-RTS   ETV8 GR         -22067409.41    849175624.65
EM.TV & MERCHAND   ETV VX          -22067409.41    849175624.65
EM.TV & MERCHAND   ETVMF US        -22067409.41    849175624.65
EM.TV & MERCHAND   EMTVF US        -22067409.41    849175624.65
EM.TV & MERCHAND   ETV NM          -22067409.41    849175624.65
EM.TV & MERCHAND   985403Q GR      -22067409.41    849175624.65
EM.TV & MERCHAND   ETV LN          -22067409.41    849175624.65
HYPO REAL ES-ADR   HREHY US        -813565059.9 543794828675.92
HYPO REAL ES-NEW   2916649Q EU     -813565059.9 543794828675.92
HYPO REAL ES-NEW   HRXA EO         -813565059.9 543794828675.92
HYPO REAL ES-NEW   2916645Q EO     -813565059.9 543794828675.92
HYPO REAL ES-NEW   HRX1 GR         -813565059.9 543794828675.92
HYPO REAL ES-NEW   HRXA EU         -813565059.9 543794828675.92
HYPO REAL ES-NEW   HRXA PZ         -813565059.9 543794828675.92
HYPO REAL ES-NEW   HRXA GR         -813565059.9 543794828675.92
HYPO REAL ESTATE   HRX AV          -813565059.9 543794828675.92
HYPO REAL ESTATE   HRXGBX EU       -813565059.9 543794828675.92
HYPO REAL ESTATE   HRXCHF EU       -813565059.9 543794828675.92
HYPO REAL ESTATE   HREHF US        -813565059.9 543794828675.92
HYPO REAL ESTATE   HRX PZ          -813565059.9 543794828675.92
HYPO REAL ESTATE   HRX EO          -813565059.9 543794828675.92
HYPO REAL ESTATE   HRX NQ          -813565059.9 543794828675.92
HYPO REAL ESTATE   HRXAUD EU       -813565059.9 543794828675.92
HYPO REAL ESTATE   HRX GR          -813565059.9 543794828675.92
HYPO REAL ESTATE   HRXGBP EO       -813565059.9 543794828675.92
HYPO REAL ESTATE   HRX TQ          -813565059.9 543794828675.92
HYPO REAL ESTATE   HRX EU          -813565059.9 543794828675.92
HYPO REAL ESTATE   HRXAUD EO       -813565059.9 543794828675.92
HYPO REAL ESTATE   HRX EB          -813565059.9 543794828675.92
HYPO REAL ESTATE   HRXCHF EO       -813565059.9 543794828675.92
HYPO REAL ESTATE   HRXUSD EO       -813565059.9 543794828675.92
HYPO REAL ESTATE   HRX NR          -813565059.9 543794828675.92
HYPO REAL ESTATE   HRX VX          -813565059.9 543794828675.92
HYPO REAL ESTATE   HRXGBX EO       -813565059.9 543794828675.92
HYPO REAL ESTATE   HRX BQ          -813565059.9 543794828675.92
HYPO REAL ESTATE   HRXUSD EU       -813565059.9 543794828675.92
HYPO REAL ESTATE   HRXG IX         -813565059.9 543794828675.92
HYPO REAL-ACQ      HRXV GR         -813565059.9 543794828675.92
HYPO REAL-ACQ      HRXV EO         -813565059.9 543794828675.92
HYPO REAL-ACQ      HRXV PZ         -813565059.9 543794828675.92
HYPO REAL-ACQ      HRXV EU         -813565059.9 543794828675.92
KAUFRING AG        KFR EU          -19296489.56    150995473.81
KAUFRING AG        KFR PZ          -19296489.56    150995473.81
KAUFRING AG        KFR GR          -19296489.56    150995473.81
KAUFRING AG        KAUG IX         -19296489.56    150995473.81
KAUFRING AG        KFR EO          -19296489.56    150995473.81
MANIA TECHNOLOGI   MNI PZ           -35060806.5    107465713.61
MANIA TECHNOLOGI   2260970Z GR      -35060806.5    107465713.61
MANIA TECHNOLOGI   MNI1 EO          -35060806.5    107465713.61
MANIA TECHNOLOGI   MNIG IX          -35060806.5    107465713.61
MANIA TECHNOLOGI   MNI GR           -35060806.5    107465713.61
MANIA TECHNOLOGI   MNI NM           -35060806.5    107465713.61
MANIA TECHNOLOGI   MNI1 EU          -35060806.5    107465713.61
MANIA TECHNOLOGI   MIAVF US         -35060806.5    107465713.61
MATERNUS KLINI-N   MAK1 GR         -17014754.15    172786677.74
MATERNUS-KLINIKE   MAKG IX         -17014754.15    172786677.74
MATERNUS-KLINIKE   MAK GR          -17014754.15    172786677.74
MATERNUS-KLINIKE   MAK EU          -17014754.15    172786677.74
MATERNUS-KLINIKE   MAK PZ          -17014754.15    172786677.74
MATERNUS-KLINIKE   MNUKF US        -17014754.15    172786677.74
MATERNUS-KLINIKE   MAK EO          -17014754.15    172786677.74
NORDAG AG          DOO1 GR           -482446.63    144432986.17
NORDAG AG-PFD      DOO3 GR           -482446.63    144432986.17
NORDAG AG-RTS      DOO8 GR           -482446.63    144432986.17
NORDSEE AG         533061Q GR       -8200552.05    194616922.62
P & T TECHNOLOGY   PTA NM            -114331.83    108502676.25
PRIMACOM AG        PRC EO          -14233212.49    729563484.73
PRIMACOM AG        PRC NM          -14233212.49    729563484.73
PRIMACOM AG        PRC GR          -14233212.49    729563484.73
PRIMACOM AG        PCAGF US        -14233212.49    729563484.73
PRIMACOM AG        PRC EU          -14233212.49    729563484.73
PRIMACOM AG        PRCG IX         -14233212.49    729563484.73
PRIMACOM AG        PRC2 GR         -14233212.49    729563484.73
PRIMACOM AG        PRCG PZ         -14233212.49    729563484.73
PRIMACOM AG-ADR    PCAGY US        -14233212.49    729563484.73
PRIMACOM AG-ADR    PCAG US         -14233212.49    729563484.73
PRIMACOM AG-ADR+   PCAG ES         -14233212.49    729563484.73
RINOL AG           RILB PZ                -2.71    168095049.11
RINOL AG           RNLAF US               -2.71    168095049.11
RINOL AG           RILB IX                -2.71    168095049.11
RINOL AG           RILB GR                -2.71    168095049.11
RINOL AG           RILB EO                -2.71    168095049.11
RINOL AG           RIL GR                 -2.71    168095049.11
RINOL AG           RILB EU                -2.71    168095049.11
ROSENTHAL AG       2644179Q GR      -1744121.91    217776125.75
ROSENTHAL AG-ACC   ROS4 GR          -1744121.91    217776125.75
ROSENTHAL AG-ADR   RSTHY US         -1744121.91    217776125.75
ROSENTHAL AG-REG   ROS GR           -1744121.91    217776125.75
ROSENTHAL AG-REG   ROS1 EO          -1744121.91    217776125.75
ROSENTHAL AG-REG   ROSG PZ          -1744121.91    217776125.75
ROSENTHAL AG-REG   ROSG IX          -1744121.91    217776125.75
ROSENTHAL AG-REG   ROS1 EU          -1744121.91    217776125.75
ROSENTHAL AG-REG   RSTHF US         -1744121.91    217776125.75
SANDER (JIL) AG    SAD GR           -6153256.92    127548039.68
SANDER (JIL) AG    JLSDF US         -6153256.92    127548039.68
SANDER (JIL)-PRF   2916157Q EU      -6153256.92    127548039.68
SANDER (JIL)-PRF   SAD3 PZ          -6153256.92    127548039.68
SANDER (JIL)-PRF   2916161Q EO      -6153256.92    127548039.68
SANDER (JIL)-PRF   SAD3 GR          -6153256.92    127548039.68
SINNLEFFERS AG     WHG GR           -4491629.96    453887060.07
SPAR HAND-PFD NV   SPA3 GR        -442426199.47   1433020960.55
SPAR HANDELS-AG    773844Q GR     -442426199.47   1433020960.55
SPAR HANDELS-AG    SPHFF US       -442426199.47   1433020960.55
TA TRIUMPH-A-RTS   1018916Z GR     -96966372.18    401755623.89
TA TRIUMPH-ACQ     TWNA GR         -96966372.18    401755623.89
TA TRIUMPH-ACQ     TWNA EU         -96966372.18    401755623.89
TA TRIUMPH-ADLER   TWNG IX         -96966372.18    401755623.89
TA TRIUMPH-ADLER   TWN EO          -96966372.18    401755623.89
TA TRIUMPH-ADLER   TWN GR          -96966372.18    401755623.89
TA TRIUMPH-ADLER   TWN EU          -96966372.18    401755623.89
TA TRIUMPH-ADLER   TWN PZ          -96966372.18    401755623.89
TA TRIUMPH-ADLER   TTZAF US        -96966372.18    401755623.89
TA TRIUMPH-NEW     TWN1 GR         -96966372.18    401755623.89
TA TRIUMPH-RT      TWN8 GR         -96966372.18    401755623.89
TA TRIUMPH-RTS     3158577Q GR     -96966372.18    401755623.89
VIVANCO GRUPPE     VVA GR          -16648688.57    131276010.89
VIVANCO GRUPPE     VVA1 PZ         -16648688.57    131276010.89
VIVANCO GRUPPE     VIVGF US        -16648688.57    131276010.89
VIVANCO GRUPPE     VVA1 GR         -16648688.57    131276010.89
VIVANCO GRUPPE     VVA1 EO         -16648688.57    131276010.89
VIVANCO GRUPPE     VVA1 EU         -16648688.57    131276010.89
VIVANCO GRUPPE     VVAG IX         -16648688.57    131276010.89


DENMARK
-------
ELITE SHIPPING     ELSP DC         -27715991.74    100892900.29
ROSKILDE BAN-NEW   ROSKN DC        -532868894.9   7876687324.02
ROSKILDE BAN-RTS   ROSKT DC        -532868894.9   7876687324.02
ROSKILDE BANK      RKI GR          -532868894.9   7876687324.02
ROSKILDE BANK      ROSK EO         -532868894.9   7876687324.02
ROSKILDE BANK      ROSBF US        -532868894.9   7876687324.02
ROSKILDE BANK      ROSK DC         -532868894.9   7876687324.02
ROSKILDE BANK      ROSK PZ         -532868894.9   7876687324.02
ROSKILDE BANK      ROSK EU         -532868894.9   7876687324.02
ROSKILDE BANK      RSKC IX         -532868894.9   7876687324.02
ROSKILDE BANK      ROSKF US        -532868894.9   7876687324.02
ROSKILDE BANK-RT   916603Q DC      -532868894.9   7876687324.02


SPAIN
-----
ACTUACIONES ACTI   AISA PZ         -90795223.79    864395242.67
MARTINSA FADESA    MTF SM         -936423454.31  10696164113.42
MARTINSA FADESA    MFAD PZ        -936423454.31  10696164113.42
ACTUACIONES ACTI   AGR SM          -90795223.79    864395242.67
MARTINSA FADESA    MTF EU         -936423454.31  10696164113.42
ACTUACIONES ACTI   AISA SM         -90795223.79    864395242.67
ACTUACIONES ACTI   AISA EO         -90795223.79    864395242.67
MARTINSA FADESA    MTF EO         -936423454.31  10696164113.42
MARTINSA FADESA    4PU GR         -936423454.31  10696164113.42
ACTUACIONES ACTI   AISA EU         -90795223.79    864395242.67
AGRUPACIO - RT     AGR/D SM        -90795223.79    864395242.67
MARTINSA-FADESA    MTF NR         -936423454.31  10696164113.42


FRANCE
------
CARRERE GROUP      XRR GR          -23319835.34    364475420.31
CARRERE GROUP      CRRHF US        -23319835.34    364475420.31
CARRERE GROUP      CRGP IX         -23319835.34    364475420.31
CARRERE GROUP      CARG FP         -23319835.34    364475420.31
CARRERE GROUP      CAR2 EU         -23319835.34    364475420.31
CARRERE GROUP      CAR2 EO         -23319835.34    364475420.31
CARRERE GROUP      CAR FP          -23319835.34    364475420.31
CARRERE GROUP      CARF PZ         -23319835.34    364475420.31
CHAINE ET TRAME    CHTR FP          -46169771.5    134467847.56
CHAINE ET TRAME    CTRM FP          -46169771.5    134467847.56
GRANDE PAROISSE    GDPA FP         -927267926.9       629287290
GRANDE PAROISSE    GAPA FP         -927267926.9       629287290
GRANDE PAROISSE    GDPXF US        -927267926.9       629287290
IMMOB HOTEL BALN   IMHB FP         -66874823.95    301323804.92
IMMOB HOTELIERE    IMHO PZ         -66874823.95    301323804.92
IMMOB HOTELIERE    IMHO EO         -66874823.95    301323804.92
IMMOB HOTELIERE    SIH FP          -66874823.95    301323804.92
IMMOB HOTELIERE    IMMH IX         -66874823.95    301323804.92
IMMOB HOTELIERE    IMHO EU         -66874823.95    301323804.92
IMMOB HOTELIERE    IMHO FP         -66874823.95    301323804.92
IMMOB HOTELIERE    IMH GR          -66874823.95    301323804.92
IMMOB HOTELIERE    IMBHF US        -66874823.95    301323804.92
LAB DOLISOS        LADL FP         -27752176.19    110485462.44
LAB DOLISOS        DOLI FP         -27752176.19    110485462.44
MATUSSIERE & FOR   MTUSF US        -77896683.67    293868350.79
MATUSSIERE & FOR   1007765Q FP     -77896683.67    293868350.79
MB RETAIL EUROPE   CTRF IX          -46169771.5    134467847.56
MB RETAIL EUROPE   MBRE EO          -46169771.5    134467847.56
MB RETAIL EUROPE   MBRE PZ          -46169771.5    134467847.56
MB RETAIL EUROPE   MBRE FP          -46169771.5    134467847.56
MB RETAIL EUROPE   MBRE EU          -46169771.5    134467847.56
NORTENE            NRTP IX         -35623999.56    117566786.87
NORTENE            NORT FP         -35623999.56    117566786.87
NORTENE            NRTN FP         -35623999.56    117566786.87
OROSDI             OROS FP             -7291.55    131233317.62
OROSDI-BACK        ORBA FP             -7291.55    131233317.62
OROSDI-BACK        OROS PZ             -7291.55    131233317.62
OROSDI-BACK        OROS EO             -7291.55    131233317.62
OROSDI-BACK        BACK IX             -7291.55    131233317.62
OROSDI-BACK        OROS EU             -7291.55    131233317.62
OUTSIDE LIVING I   OLIN FP         -35623999.56    117566786.87
OUTSIDE LIVING I   NORT EO         -35623999.56    117566786.87
OUTSIDE LIVING I   NORT PZ         -35623999.56    117566786.87
OUTSIDE LIVING I   NORT EU         -35623999.56    117566786.87
OUTSIDE LIVING I   OLIN PZ         -35623999.56    117566786.87
PAGESJAUNES        PGJUF US      -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ EO        -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJP IX       -3061283156.27    1202048352.1
PAGESJAUNES GRP    QS3 GR        -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJUSD EO     -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ VX        -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ PZ        -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ BQ        -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ IX        -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ TQ        -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJUSD EU     -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJGBP EO     -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ NQ        -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ EU        -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJGBX EO     -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJGBX EU     -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ EB        -3061283156.27    1202048352.1
PAGESJAUNES GRP    PAJ FP        -3061283156.27    1202048352.1
RHODIA SA          RHAUSD EU      -670695098.16   5563991457.04
RHODIA SA          RHAUSD EO      -670695098.16   5563991457.04
RHODIA SA          RHA VX         -670695098.16   5563991457.04
RHODIA SA          RHANR FP       -670695098.16   5563991457.04
RHODIA SA          RHAGBX EO      -670695098.16   5563991457.04
RHODIA SA          RHAY IX        -670695098.16   5563991457.04
RHODIA SA          RHD GR         -670695098.16   5563991457.04
RHODIA SA          RHDI GR        -670695098.16   5563991457.04
RHODIA SA          2324011Q EU    -670695098.16   5563991457.04
RHODIA SA          RHA NQ         -670695098.16   5563991457.04
RHODIA SA          RHAGBP EO      -670695098.16   5563991457.04
RHODIA SA          RHA BQ         -670695098.16   5563991457.04
RHODIA SA          RHA IX         -670695098.16   5563991457.04
RHODIA SA          RHA EO         -670695098.16   5563991457.04
RHODIA SA          RHDAF US       -670695098.16   5563991457.04
RHODIA SA          RHAGBX EU      -670695098.16   5563991457.04
RHODIA SA          RHANR PZ       -670695098.16   5563991457.04
RHODIA SA          RHA TQ         -670695098.16   5563991457.04
RHODIA SA          RHA FP         -670695098.16   5563991457.04
RHODIA SA          RHA PZ         -670695098.16   5563991457.04
RHODIA SA          RHA EB         -670695098.16   5563991457.04
RHODIA SA          3218857Q IX    -670695098.16   5563991457.04
RHODIA SA          RHADF US       -670695098.16   5563991457.04
RHODIA SA          RHA EU         -670695098.16   5563991457.04
RHODIA SA          2324015Q EO    -670695098.16   5563991457.04
RHODIA SA - NEW    RHANV FP       -670695098.16   5563991457.04
RHODIA SA - NEW    3156011Q FP    -670695098.16   5563991457.04
RHODIA SA - NEW    2335921Q FP    -670695098.16   5563991457.04
RHODIA SA-ADR      RHAYY US       -670695098.16   5563991457.04
RHODIA SA-RIGHTS   653447Q FP     -670695098.16   5563991457.04
RHODIA SA-RIGHTS   RHADS FP       -670695098.16   5563991457.04
SDR CENTREST       117241Q FP     -132420119.65    252176017.15
Selcodis           SPVX FP         -21481214.33    175720770.81
SELCODIS           SLCO FP         -21481214.33    175720770.81
SELCODIS           SPVX IX         -21481214.33    175720770.81
SELCODIS           SLCO EU         -21481214.33    175720770.81
SELCODIS           SLCO EO         -21481214.33    175720770.81
SELCODIS           SLCO PZ         -21481214.33    175720770.81
THOMSON - NEW      TMSNV FP       -186963510.99   7800843297.85
THOMSON - NEW      2336061Q FP    -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMMN FP        -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS VX         -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS TQ         -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMSUSD EU      -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMM ES         -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS BQ         -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS EB         -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMM VX         -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMM LN         -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS FP         -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS PZ         -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMSUSD EO      -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS US         -186963510.99   7800843297.85
THOMSON (EX-TMM)   TNM GR         -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS EO         -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMMLF US       -186963510.99   7800843297.85
THOMSON (EX-TMM)   TNMA GR        -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMM IX         -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMSGBP EO      -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMSGBX EU      -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS NQ         -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMSGBX EO      -186963510.99   7800843297.85
THOMSON (EX-TMM)   TMS EU         -186963510.99   7800843297.85
THOMSON MULT-ADR   TMS-P US       -186963510.99   7800843297.85
THOMSON MULTI-NE   ZTM FP         -186963510.99   7800843297.85
THOMSON MULTIMED   TMM FP         -186963510.99   7800843297.85
TROUVAY CAUVIN     TVYCF US             -396978    133986439.74
TROUVAY CAUVIN     ETEC FP              -396978    133986439.74


UNITED KINGDOM
--------------
ABBOTT MEAD VICK   648824Q LN        -1685852.9    168258996.33
ADVANCE DISPLAY    ADTP PZ       -3015578834.69   2590007903.69
AEA TECHNOLO-FPR   AATF LN        -149279984.66    121254240.42
AEA TECHNOLO-FPR   AATF PZ        -149279984.66    121254240.42
AEA TECHNOLO-NPR   AATN PZ        -149279984.66    121254240.42
AEA TECHNOLO-NPR   AATN LN        -149279984.66    121254240.42
AEA TECHNOLOGY     AEY GR         -149279984.66    121254240.42
AEA TECHNOLOGY     AAT PO         -149279984.66    121254240.42
AEA TECHNOLOGY     AAT VX         -149279984.66    121254240.42
AEA TECHNOLOGY     EAETF US       -149279984.66    121254240.42
AEA TECHNOLOGY     AAT LN         -149279984.66    121254240.42
AEA TECHNOLOGY     AATGBP EO      -149279984.66    121254240.42
AEA TECHNOLOGY     AAT PZ         -149279984.66    121254240.42
AEA TECHNOLOGY     AAT EO         -149279984.66    121254240.42
AEA TECHNOLOGY     AAT EU         -149279984.66    121254240.42
AEA TECHNOLOGY     AAT IX         -149279984.66    121254240.42
AIRTOURS PLC       AIR LN         -379721841.57   1817512773.61
AIRTOURS PLC       AIR VX         -379721841.57   1817512773.61
AIRTOURS PLC       ATORF US       -379721841.57   1817512773.61
ALLDAYS PLC        317056Q LN     -120493900.04    252232072.87
ALLDAYS PLC        ALDYF US       -120493900.04    252232072.87
AMER BUS SYS       ARB LN            -497127008       121439000
AMEY PLC           AMY LN          -48862569.33    931527720.46
AMEY PLC           AMEYF US        -48862569.33    931527720.46
AMEY PLC           AMY VX          -48862569.33    931527720.46
AMEY PLC-ASSENT    AMYA LN         -48862569.33    931527720.46
AMEY PLC-NEW       AMYN LN         -48862569.33    931527720.46
ANKER PLC          ANK PO          -21861359.81       115463159
ANKER PLC          DW14 GR         -21861359.81       115463159
ANKER PLC          ANK LN          -21861359.81       115463159
ANKER PLC - ASSD   ANKB LN         -21861359.81       115463159
ANKER PLC - ASSD   ANKC LN         -21861359.81       115463159
ANKER PLC-ASSD     ANKA LN         -21861359.81       115463159
ATKINS (WS) PLC    ATKGBP EO       -62199993.61   1184945671.16
ATKINS (WS) PLC    ATK PO          -62199993.61   1184945671.16
ATKINS (WS) PLC    WATKF US        -62199993.61   1184945671.16
ATKINS (WS) PLC    ATK NR          -62199993.61   1184945671.16
ATKINS (WS) PLC    ATK EB          -62199993.61   1184945671.16
ATKINS (WS) PLC    ATK EO          -62199993.61   1184945671.16
ATKINS (WS) PLC    ATKEUR EO       -62199993.61   1184945671.16
ATKINS (WS) PLC    ATK PZ          -62199993.61   1184945671.16
ATKINS (WS) PLC    ATK VX          -62199993.61   1184945671.16
ATKINS (WS) PLC    ATK TQ          -62199993.61   1184945671.16
ATKINS (WS) PLC    ATK LN          -62199993.61   1184945671.16
ATKINS (WS) PLC    ATK IX          -62199993.61   1184945671.16
ATKINS (WS) PLC    ATK NQ          -62199993.61   1184945671.16
ATKINS (WS) PLC    ATK EU          -62199993.61   1184945671.16
ATKINS (WS) PLC    ATKEUR EU       -62199993.61   1184945671.16
ATKINS (WS) PLC    ATK BQ          -62199993.61   1184945671.16
BCH GROUP PLC      BCH LN           -5728274.38    187993198.22
BLACK & EDGINGTO   BLE LN         -130883498.29    153620497.99
BNB RECRUITMENT    BNB IX          -10242627.53    103637704.96
BNB RECRUITMENT    BQX GR          -10242627.53    103637704.96
BNB RECRUITMENT    BNB PO          -10242627.53    103637704.96
BNB RECRUITMENT    BNB LN          -10242627.53    103637704.96
BNB RECRUITMENT    BNBRF US        -10242627.53    103637704.96
BOOKER PLC         BKERF US         -59832880.4   1298182548.71
BOOKER PLC         1330Q GR         -59832880.4   1298182548.71
BOOKER PLC         987188Q LN       -59832880.4   1298182548.71
BOOKER PLC-ADR     BOK$ LN          -59832880.4   1298182548.71
BOOKER PLC-ADR     BKRUY US         -59832880.4   1298182548.71
BRADSTOCK GROUP    BDK LN           -1855444.44    268563822.49
BRADSTOCK GROUP    BSKGF US         -1855444.44    268563822.49
BRIT ENERGY LTD    523362Q LN    -5822867500.78   4921095749.61
BRIT ENERGY PLC    BGYEF US      -5822867500.78   4921095749.61
BRIT ENERGY PLC    BEN1 GR       -5822867500.78   4921095749.61
BRIT ENERGY PLC    BHEGF US      -5822867500.78   4921095749.61
BRIT ENERGY PLC    555140Q VX    -5822867500.78   4921095749.61
BRIT ENERGY-A      BENA GR       -5822867500.78   4921095749.61
BRIT ENERGY-ADR    BHEFF US      -5822867500.78   4921095749.61
BRIT NUCLEAR       1046Z LN       -4247644149.6  40325778907.11
BRIT SKY BRO-ADR   BSY US           -30607499.6    8332527670.8
BRIT SKY BRO-ADR   BSY$ LN          -30607499.6    8332527670.8
BRIT SKY BROADCA   BSYB GR          -30607499.6    8332527670.8
BRITISH ENER-$US   BGYNYD AR     -5822867500.78   4921095749.61
BRITISH ENER-$US   BGYD AR       -5822867500.78   4921095749.61
BRITISH ENER-ADR   BGYNY US      -5822867500.78   4921095749.61
BRITISH ENER-BLK   BGYB AR       -5822867500.78   4921095749.61
BRITISH ENER-BLK   BGYNYB AR     -5822867500.78   4921095749.61
BRITISH ENER-C/E   BGYNYC AR     -5822867500.78   4921095749.61
BRITISH ENER-C/E   BGYC AR       -5822867500.78   4921095749.61
BRITISH ENER-CED   BGYNY AR      -5822867500.78   4921095749.61
BRITISH ENER-CED   BGY AR        -5822867500.78   4921095749.61
BRITISH ENERGY-A   BHEAF US      -5822867500.78   4921095749.61
BRITISH ENERGY-A   BGYA VX       -5822867500.78   4921095749.61
BRITISH ENERGY-A   BGYA PO       -5822867500.78   4921095749.61
BRITISH ENERGY-A   3012442Q LN   -5822867500.78   4921095749.61
BRITISH ENERGY-A   BGYGF US      -5822867500.78   4921095749.61
BRITISH SKY BROA   BSY EO           -30607499.6    8332527670.8
BRITISH SKY BROA   BSY NR           -30607499.6    8332527670.8
BRITISH SKY BROA   BSYEUR EO        -30607499.6    8332527670.8
BRITISH SKY BROA   BSY TQ           -30607499.6    8332527670.8
BRITISH SKY BROA   BSY EU           -30607499.6    8332527670.8
BRITISH SKY BROA   BSY NQ           -30607499.6    8332527670.8
BRITISH SKY BROA   BSY PZ           -30607499.6    8332527670.8
BRITISH SKY BROA   BSY IX           -30607499.6    8332527670.8
BRITISH SKY BROA   BSY VX           -30607499.6    8332527670.8
BRITISH SKY BROA   BSYEUR EU        -30607499.6    8332527670.8
BRITISH SKY BROA   BSY BQ           -30607499.6    8332527670.8
BRITISH SKY BROA   BSYUSD EO        -30607499.6    8332527670.8
BRITISH SKY BROA   BSY EB           -30607499.6    8332527670.8
BRITISH SKY BROA   BSYBF US         -30607499.6    8332527670.8
BRITISH SKY BROA   BSY PO           -30607499.6    8332527670.8
BRITISH SKY BROA   BSY LN           -30607499.6    8332527670.8
BRITISH SKY BROA   BSYUSD EU        -30607499.6    8332527670.8
BRITISH SKY BROA   BSB GR           -30607499.6    8332527670.8
BRITISH SKY BROA   BSYGBP EO        -30607499.6    8332527670.8
BRITVIC            B6S GR            -731325.03   1222775450.71
BRITVIC PLC        BVIC EO           -731325.03   1222775450.71
BRITVIC PLC        BVIC VX           -731325.03   1222775450.71
BRITVIC PLC        BVICGBP EO        -731325.03   1222775450.71
BRITVIC PLC        BVIC IX           -731325.03   1222775450.71
BRITVIC PLC        BVIC NR           -731325.03   1222775450.71
BRITVIC PLC        BVICUSD EO        -731325.03   1222775450.71
BRITVIC PLC        BVICUSD EU        -731325.03   1222775450.71
BRITVIC PLC        BVIC BQ           -731325.03   1222775450.71
BRITVIC PLC        BTVCF US          -731325.03   1222775450.71
BRITVIC PLC        BVIC TQ           -731325.03   1222775450.71
BRITVIC PLC        BVICEUR EO        -731325.03   1222775450.71
BRITVIC PLC        BVIC LN           -731325.03   1222775450.71
BRITVIC PLC        BVIC EB           -731325.03   1222775450.71
BRITVIC PLC        BVIC NQ           -731325.03   1222775450.71
BRITVIC PLC        BVIC EU           -731325.03   1222775450.71
BRITVIC PLC        BVICEUR EU        -731325.03   1222775450.71
BRITVIC PLC        BVIC PZ           -731325.03   1222775450.71
CARLISLE GROUP     506819Q LN      -11904426.45    203548565.03
CHRYSALIS GROUP    CHSEUR EO        -5851089.05    101497520.61
CHRYSALIS GROUP    5CY GR           -5851089.05    101497520.61
CHRYSALIS GROUP    CHSUSD EO        -5851089.05    101497520.61
CHRYSALIS GROUP    CHS PZ           -5851089.05    101497520.61
CHRYSALIS GROUP    CLYSF US         -5851089.05    101497520.61
CHRYSALIS GROUP    CYGUF US         -5851089.05    101497520.61
CHRYSALIS GROUP    CHSEUR EU        -5851089.05    101497520.61
CHRYSALIS GROUP    CHS EO           -5851089.05    101497520.61
CHRYSALIS GROUP    CHSGBP EO        -5851089.05    101497520.61
CHRYSALIS GROUP    CHS LN           -5851089.05    101497520.61
CHRYSALIS GROUP    CHS VX           -5851089.05    101497520.61
CHRYSALIS GROUP    HR4 GR           -5851089.05    101497520.61
CHRYSALIS GROUP    CHSUSD EU        -5851089.05    101497520.61
CHRYSALIS GROUP    CHS PO           -5851089.05    101497520.61
CHRYSALIS GROUP    CHS IX           -5851089.05    101497520.61
CHRYSALIS GROUP    CHS EU           -5851089.05    101497520.61
CLIPPER WINDPOWE   CWP EO             -99360000       989187968
CLIPPER WINDPOWE   CWP IX             -99360000       989187968
CLIPPER WINDPOWE   C2W GR             -99360000       989187968
CLIPPER WINDPOWE   CWP PG             -99360000       989187968
CLIPPER WINDPOWE   CRPWF US           -99360000       989187968
CLIPPER WINDPOWE   CWP EU             -99360000       989187968
CLIPPER WINDPOWE   CWP LN             -99360000       989187968
CLIPPER WINDPOWE   CWPA LN            -99360000       989187968
COMPASS GROU-OLD   1259Q LN       -668101173.88   2972459078.38
COMPASS GROUP      QOP GR         -668101173.88   2972459078.38
COMPASS GRP-ADR    CMSGY US       -668101173.88   2972459078.38
COMPASS GRP-ADR    CMSJY US       -668101173.88   2972459078.38
DANKA BUS SYSTEM   DNK PO            -497127008       121439000
DANKA BUS SYSTEM   DNK PZ            -497127008       121439000
DANKA BUS SYSTEM   3205291Q EO       -497127008       121439000
DANKA BUS SYSTEM   DANKF US          -497127008       121439000
DANKA BUS SYSTEM   DNK IX            -497127008       121439000
DANKA BUS SYSTEM   DNK LN            -497127008       121439000
DANKA BUS SYSTEM   3205283Q EO       -497127008       121439000
DANKA BUS SYSTEM   DNK VX            -497127008       121439000
DANKA BUS SYSTEM   3205287Q EU       -497127008       121439000
DANKA BUS-$US CE   DANKD AR          -497127008       121439000
DANKA BUS-ADR      DANKE US          -497127008       121439000
DANKA BUS-ADR      DANKY US          -497127008       121439000
DANKA BUS-ADR      DB6 GR            -497127008       121439000
DANKA BUS-ADR      AP39 LI           -497127008       121439000
DANKA BUS-BLK CE   DANKB AR          -497127008       121439000
DANKA BUS-C/E CE   DANKC AR          -497127008       121439000
DANKA BUS-CEDEAR   DANK AR           -497127008       121439000
DAWSON HOLDINGS    DWHGF US        -54451186.72    128196101.01
DAWSON HOLDINGS    DWN IX          -54451186.72    128196101.01
DAWSON HOLDINGS    DWN1 EU         -54451186.72    128196101.01
DAWSON HOLDINGS    DWN1EUR EU      -54451186.72    128196101.01
DAWSON HOLDINGS    DWN PO          -54451186.72    128196101.01
DAWSON HOLDINGS    DWN VX          -54451186.72    128196101.01
DAWSON HOLDINGS    DWN PZ          -54451186.72    128196101.01
DAWSON HOLDINGS    DWN LN          -54451186.72    128196101.01
DAWSON HOLDINGS    DWN1 EO         -54451186.72    128196101.01
DAWSON HOLDINGS    DWN1EUR EO      -54451186.72    128196101.01
DAWSON HOLDINGS    DWN1GBP EO      -54451186.72    128196101.01
EASYNET GROUP      ESY VX          -45232889.17    322770283.93
EASYNET GROUP      EAY GR          -45232889.17    322770283.93
EASYNET GROUP      ESY LN          -45232889.17    322770283.93
EASYNET GROUP      ESY PO          -45232889.17    322770283.93
EASYNET GROUP      EZNGF US        -45232889.17    322770283.93
EASYNET GROUP-CV   91009Z LN       -45232889.17    322770283.93
EMI GROUP -ASSD    EMIA LN       -2265916256.89   2950021937.14
EMI GROUP LTD      EMI LN        -2265916256.89   2950021937.14
EMI GROUP PLC      3020138Q GR   -2265916256.89   2950021937.14
EMI GROUP PLC      EMI VX        -2265916256.89   2950021937.14
EMI GROUP PLC      EMI IX        -2265916256.89   2950021937.14
EMI GROUP PLC      EMI PO        -2265916256.89   2950021937.14
EMI GROUP PLC      EMIPF US      -2265916256.89   2950021937.14
EMI GROUP PLC-B    1019425Q LN   -2265916256.89   2950021937.14
EMI GROUP-ADR      EMI$ LN       -2265916256.89   2950021937.14
EMI GROUP-ADR      38IS LN       -2265916256.89   2950021937.14
EMI GROUP-ADR      EMIPY US      -2265916256.89   2950021937.14
EUROPEAN HOME      EHR PO          -14328735.16    110864081.39
EUROPEAN HOME      EHREUR EU       -14328735.16    110864081.39
EUROPEAN HOME      EHR LN          -14328735.16    110864081.39
EUROPEAN HOME      EHRGBP EO       -14328735.16    110864081.39
EUROPEAN HOME      EHR VX          -14328735.16    110864081.39
EUROPEAN HOME      KLZ VX          -14328735.16    110864081.39
EUROPEAN HOME      EHR EO          -14328735.16    110864081.39
EUROPEAN HOME      EHR EU          -14328735.16    110864081.39
EUROPEAN HOME      EHREUR EO       -14328735.16    110864081.39
EUROPEAN HOME      FPAKF US        -14328735.16    110864081.39
EUROPEAN HOME      EHR PZ          -14328735.16    110864081.39
EUROPEAN HOME      KLZ PO          -14328735.16    110864081.39
FAREPAK PLC        FPK LN          -14328735.16    110864081.39
GALIFORM PLC       GFRM VX         -84844622.18    585251745.06
GALIFORM PLC       GFRMNOK EO      -84844622.18    585251745.06
GALIFORM PLC       GFRMGBP EO      -84844622.18    585251745.06
GALIFORM PLC       MFI PO          -84844622.18    585251745.06
GALIFORM PLC       GFRM PO         -84844622.18    585251745.06
GALIFORM PLC       MFI VX          -84844622.18    585251745.06
GALIFORM PLC       GFRMEUR EU      -84844622.18    585251745.06
GALIFORM PLC       GFRM EO         -84844622.18    585251745.06
GALIFORM PLC       GFRM TQ         -84844622.18    585251745.06
GALIFORM PLC       GFRM EU         -84844622.18    585251745.06
GALIFORM PLC       GFRM BQ         -84844622.18    585251745.06
GALIFORM PLC       GFRM PZ         -84844622.18    585251745.06
GALIFORM PLC       GFRM EB         -84844622.18    585251745.06
GALIFORM PLC       MFI IX          -84844622.18    585251745.06
GALIFORM PLC       GFRMEUR EO      -84844622.18    585251745.06
GALIFORM PLC       GFRM LN         -84844622.18    585251745.06
GALIFORM PLC       GFRM NR         -84844622.18    585251745.06
GALIFORM PLC       GFRM NQ         -84844622.18    585251745.06
GALIFORM PLC       GFRM IX         -84844622.18    585251745.06
GALIFORM PLC       GLFMF US        -84844622.18    585251745.06
GALIFORM PLC       GFRMNOK EU      -84844622.18    585251745.06
GALIFORM PLC       MFIFF US        -84844622.18    585251745.06
GARTLAND WHALLEY   GWB LN          -10986769.42    145352034.49
HILTON G-CRT OLD   HIGT BB        -478059993.74   1887316678.66
HILTON GROUP PLC   HLTGF US       -478059993.74   1887316678.66
HILTON GROUP PLC   HG PO          -478059993.74   1887316678.66
HILTON GROUP PLC   HG/ LN         -478059993.74   1887316678.66
HILTON GROUP-ADR   HLTGY US       -478059993.74   1887316678.66
HILTON GROUP-CER   HG BB          -478059993.74   1887316678.66
HILTON GROUP-CRT   HIG BB         -478059993.74   1887316678.66
JARVIS PLC         JVSPF US        -48330109.98    155571478.27
JARVIS PLC         JRVSEUR EO      -48330109.98    155571478.27
JARVIS PLC         JRVS PZ         -48330109.98    155571478.27
JARVIS PLC         JRVSGBP EO      -48330109.98    155571478.27
JARVIS PLC         JRVS EU         -48330109.98    155571478.27
JARVIS PLC         JVR GR          -48330109.98    155571478.27
JARVIS PLC         JRVS EO         -48330109.98    155571478.27
JARVIS PLC         JRVS PO         -48330109.98    155571478.27
JARVIS PLC         JRVS LN         -48330109.98    155571478.27
JARVIS PLC         JRVS VX         -48330109.98    155571478.27
JARVIS PLC         JRVSEUR EU      -48330109.98    155571478.27
JARVIS PLC         JRVS IX         -48330109.98    155571478.27
JESSOPS PLC        JSPEUR EU        -42702021.2    112964060.38
JESSOPS PLC        JSP PZ           -42702021.2    112964060.38
JESSOPS PLC        JSP EO           -42702021.2    112964060.38
JESSOPS PLC        JSP EU           -42702021.2    112964060.38
JESSOPS PLC        JSPGBP EO        -42702021.2    112964060.38
JESSOPS PLC        JSP LN           -42702021.2    112964060.38
JESSOPS PLC        JS4 GR           -42702021.2    112964060.38
JESSOPS PLC        JSP PO           -42702021.2    112964060.38
JESSOPS PLC        JSP VX           -42702021.2    112964060.38
JESSOPS PLC        JSPEUR EO        -42702021.2    112964060.38
JESSOPS PLC        JSP IX           -42702021.2    112964060.38
KLEENEZE PLC       KLZ LN          -14328735.16    110864081.39
LADBROKE GROUP     LADB LN        -478059993.74   1887316678.66
LADBROKE GRP-IDR   695767Q BB     -478059993.74   1887316678.66
LADBROKE GRP-OLD   LADB BB        -478059993.74   1887316678.66
LADBROKES PLC      LAD LN         -478059993.74   1887316678.66
LADBROKES PLC      LADUSD EO      -478059993.74   1887316678.66
LADBROKES PLC      LAD GR         -478059993.74   1887316678.66
LADBROKES PLC      LAD NR         -478059993.74   1887316678.66
LADBROKES PLC      LAD EU         -478059993.74   1887316678.66
LADBROKES PLC      LADNZD EU      -478059993.74   1887316678.66
LADBROKES PLC      HG/ VX         -478059993.74   1887316678.66
LADBROKES PLC      LADEUR EO      -478059993.74   1887316678.66
LADBROKES PLC      LDBKF US       -478059993.74   1887316678.66
LADBROKES PLC      LAD PZ         -478059993.74   1887316678.66
LADBROKES PLC      LADNZD EO      -478059993.74   1887316678.66
LADBROKES PLC      LADGBP EO      -478059993.74   1887316678.66
LADBROKES PLC      LAD NQ         -478059993.74   1887316678.66
LADBROKES PLC      LAD BQ         -478059993.74   1887316678.66
LADBROKES PLC      LAD PO         -478059993.74   1887316678.66
LADBROKES PLC      LAD TQ         -478059993.74   1887316678.66
LADBROKES PLC      LADEUR EU      -478059993.74   1887316678.66
LADBROKES PLC      LAD EB         -478059993.74   1887316678.66
LADBROKES PLC      LAD EO         -478059993.74   1887316678.66
LADBROKES PLC      LAD IX         -478059993.74   1887316678.66
LADBROKES PLC      LAD VX         -478059993.74   1887316678.66
LADBROKES PLC-AD   LDBKY US       -478059993.74   1887316678.66
LADBROKES PLC-AD   LDBKY LN       -478059993.74   1887316678.66
LADBROKES PLC-CE   LAD BB         -478059993.74   1887316678.66
LAMBERT FENCHURC   LMF LN           -1453050.04   1826806853.46
LEEDS SPORTING     LES LN           -73166148.8    143762193.66
LEEDS SPORTING     LEDPF US         -73166148.8    143762193.66
LEEDS UNITED PLC   LUFC LN          -73166148.8    143762193.66
LEEDS UNITED PLC   LDSUF US         -73166148.8    143762193.66
LEEDS UNITED PLC   889687Q GR       -73166148.8    143762193.66
LONDON TOWN PLC    LTWX LN          -15549465.1    160165508.92
LONDON TOWN PLC    LTW EU           -15549465.1    160165508.92
LONDON TOWN PLC    LTW IX           -15549465.1    160165508.92
LONDON TOWN PLC    LOU GR           -15549465.1    160165508.92
LONDON TOWN PLC    LTW EO           -15549465.1    160165508.92
LONDON TOWN PLC    LTW PG           -15549465.1    160165508.92
LONDON TOWN PLC    LTWR LN          -15549465.1    160165508.92
LONDON TOWN PLC    LTW LN           -15549465.1    160165508.92
LONDON TOWN PLC    LTW PO           -15549465.1    160165508.92
M 2003 PLC         MTWOF US      -2203513803.24   7204891601.83
M 2003 PLC         203055Q LN    -2203513803.24   7204891601.83
M 2003 PLC-ADR     MTWOE US      -2203513803.24   7204891601.83
M 2003 PLC-ADR     MTWOY US      -2203513803.24   7204891601.83
MARCONI PLC        MNI BB        -2203513803.24   7204891601.83
MARCONI PLC        203083Q VX    -2203513803.24   7204891601.83
MARCONI PLC        MNI LN        -2203513803.24   7204891601.83
MARCONI PLC        MONI BB       -2203513803.24   7204891601.83
MARCONI PLC        MRCQF US      -2203513803.24   7204891601.83
MARCONI PLC        MY2 GR        -2203513803.24   7204891601.83
MARCONI PLC-ADR    MCBA GR       -2203513803.24   7204891601.83
MARCONI PLC-ADR    MCONY US      -2203513803.24   7204891601.83
MARCONI PLC-ADR    MRCQY US      -2203513803.24   7204891601.83
MARCONI PLC-ADR    QUQMON AU     -2203513803.24   7204891601.83
MARCONI PLC-ADR    MONIE US      -2203513803.24   7204891601.83
MARCONI PLC-ADR    MY2A GR       -2203513803.24   7204891601.83
MARCONI PLC-ADR    MONI US       -2203513803.24   7204891601.83
MARCONI PLC-ADR    MONIY US      -2203513803.24   7204891601.83
MFI FURNITURE GR   MFI LN          -84844622.18    585251745.06
MYTRAVEL GROUP     MT/S LN        -379721841.57   1817512773.61
MYTRAVEL GROUP     MT/S VX        -379721841.57   1817512773.61
MYTRAVEL GROUP     MYTPF US       -379721841.57   1817512773.61
MYTRAVEL GROUP     MT/S PO        -379721841.57   1817512773.61
MYTRAVEL GROUP     ARO2 GR        -379721841.57   1817512773.61
MYTRAVEL GROUP     MT IX          -379721841.57   1817512773.61
MYTRAVEL GROUP P   1018144Q GR    -379721841.57   1817512773.61
MYTRAVEL GROUP P   MYTGF US       -379721841.57   1817512773.61
MYTRAVEL GROUP P   MT/ VX         -379721841.57   1817512773.61
MYTRAVEL GROUP-A   MYTVF US       -379721841.57   1817512773.61
MYTRAVEL GROUP-A   2281919Q GR    -379721841.57   1817512773.61
NEW STAR ASSET     N6S GR         -397718038.04    292972732.12
NEW STAR ASSET     NSAA LN        -397718038.04    292972732.12
NEW STAR ASSET     NWSAF US       -397718038.04    292972732.12
NEW STAR ASSET     NSAM PO        -397718038.04    292972732.12
NEW STAR ASSET     3226431Q EU    -397718038.04    292972732.12
NEW STAR ASSET     3226447Q EO    -397718038.04    292972732.12
NEW STAR ASSET     NSAM PZ        -397718038.04    292972732.12
NEW STAR ASSET     3226443Q EO    -397718038.04    292972732.12
NEW STAR ASSET     NSAM LN        -397718038.04    292972732.12
NEW STAR ASSET     3226439Q EU    -397718038.04    292972732.12
NEW STAR ASSET     NSAM TQ        -397718038.04    292972732.12
NEW STAR ASSET     3226435Q EO    -397718038.04    292972732.12
NEW STAR ASSET     NSAM IX        -397718038.04    292972732.12
NORTHERN ROCK      NR3 GR         -586206492.33 152084295061.92
NORTHERN ROCK      NHRKF US       -586206492.33 152084295061.92
NORTHERN ROCK      2733269Q EU    -586206492.33 152084295061.92
NORTHERN ROCK      NRK PO         -586206492.33 152084295061.92
NORTHERN ROCK      NRKI IX        -586206492.33 152084295061.92
NORTHERN ROCK      NRK LN         -586206492.33 152084295061.92
NORTHERN ROCK      2733289Q EO    -586206492.33 152084295061.92
NORTHERN ROCK      2733273Q EO    -586206492.33 152084295061.92
NORTHERN ROCK      2733281Q EO    -586206492.33 152084295061.92
NORTHERN ROCK      2733285Q EU    -586206492.33 152084295061.92
NORTHERN ROCK      2733265Q EO    -586206492.33 152084295061.92
NORTHERN ROCK      NRK PZ         -586206492.33 152084295061.92
NORTHERN ROCK      NRK IX         -586206492.33 152084295061.92
NORTHERN ROCK      NRK VX         -586206492.33 152084295061.92
NORTHERN ROCK      2733277Q EU    -586206492.33 152084295061.92
ORANGE PLC         ORNGF US       -593935051.02    2902299501.9
ORANGE PLC         951641Q LN     -593935051.02    2902299501.9
ORANGE PLC         1460Q GR       -593935051.02    2902299501.9
ORANGE PLC-ADR     ONG GR         -593935051.02    2902299501.9
ORANGE PLC-ADR     ORA$ LN        -593935051.02    2902299501.9
ORANGE PLC-ADR     ORNGY US       -593935051.02    2902299501.9
ORBIS PLC          RLP GR           -4168498.48     127701679.5
ORBIS PLC          ORBSF US         -4168498.48     127701679.5
ORBIS PLC          OBS LN           -4168498.48     127701679.5
ORBIS PLC          OBS PO           -4168498.48     127701679.5
ORBIS PLC          OBG PO           -4168498.48     127701679.5
ORBIS PLC          OBS PZ           -4168498.48     127701679.5
ORBIS PLC          OBS IX           -4168498.48     127701679.5
O TWELVE ESTATES   OTE IX          -10555410.41    267391338.05
O TWELVE ESTATES   OTEEUR EO       -10555410.41    267391338.05
O TWELVE ESTATES   OTE PG          -10555410.41    267391338.05
O TWELVE ESTATES   OTE EU          -10555410.41    267391338.05
O TWELVE ESTATES   OTE LN          -10555410.41    267391338.05
O TWELVE ESTATES   OTE EO          -10555410.41    267391338.05
O TWELVE ESTATES   O2T GR          -10555410.41    267391338.05
PATIENTLINE PLC    2928903Q EU     -54677284.64     124948245.8
PATIENTLINE PLC    PTL IX          -54677284.64     124948245.8
PATIENTLINE PLC    PTL PO          -54677284.64     124948245.8
PATIENTLINE PLC    2928907Q EO     -54677284.64     124948245.8
PATIENTLINE PLC    PTL LN          -54677284.64     124948245.8
PATIENTLINE PLC    PTL VX          -54677284.64     124948245.8
PATIENTLINE PLC    PTL PZ          -54677284.64     124948245.8
PATIENTLINE PLC    2928899Q EO     -54677284.64     124948245.8
RANK GROUP PLC     RNK IX           -6412999.92    835001785.71
RANK GROUP PLC     RNKUSD EO        -6412999.92    835001785.71
RANK GROUP PLC     RANKF US         -6412999.92    835001785.71
RANK GROUP PLC     RNK NQ           -6412999.92    835001785.71
RANK GROUP PLC     RNK EU           -6412999.92    835001785.71
RANK GROUP PLC     RNKGBP EO        -6412999.92    835001785.71
RANK GROUP PLC     RNK NR           -6412999.92    835001785.71
RANK GROUP PLC     RNKEUR EO        -6412999.92    835001785.71
RANK GROUP PLC     RNKA GR          -6412999.92    835001785.71
RANK GROUP PLC     RNKEUR EU        -6412999.92    835001785.71
RANK GROUP PLC     RNKUSD EU        -6412999.92    835001785.71
RANK GROUP PLC     RNK PO           -6412999.92    835001785.71
RANK GROUP PLC     RNK EO           -6412999.92    835001785.71
RANK GROUP PLC     RNK GR           -6412999.92    835001785.71
RANK GROUP PLC     RNK BQ           -6412999.92    835001785.71
RANK GROUP PLC     RNK LN           -6412999.92    835001785.71
RANK GROUP PLC     RNK EB           -6412999.92    835001785.71
RANK GROUP PLC     RNK VX           -6412999.92    835001785.71
RANK GROUP PLC     RNK TQ           -6412999.92    835001785.71
RANK GROUP PLC     RNK PZ           -6412999.92    835001785.71
RANK GROUP PLC     RNKDKK EU        -6412999.92    835001785.71
RANK GROUP PLC     RNKDKK EO        -6412999.92    835001785.71
RANK GROUP-ADR     935543Q GR       -6412999.92    835001785.71
RANK GROUP-ADR     RNK$ LN          -6412999.92    835001785.71
RANK GROUP-ADR     RANKY US         -6412999.92    835001785.71
RANK ORG PLC       RANKY SP         -6412999.92    835001785.71
RANK ORG PLC-ADR   14873Z US        -6412999.92    835001785.71
REGUS LTD          273187Q LN      -46111835.37       367181111
REGUS PLC          RGU GR          -46111835.37       367181111
REGUS PLC          273195Q VX      -46111835.37       367181111
REGUS PLC          REGSF US        -46111835.37       367181111
REGUS PLC          2296Z LN        -46111835.37       367181111
REGUS PLC-ADS      REGSY US        -46111835.37       367181111
REGUS PLC-ADS      RGUA GR         -46111835.37       367181111
REGUS PLC-ADS      REGSV US        -46111835.37       367181111
REGUS PLC-ADS      REGS US         -46111835.37       367181111
RENTOKIL INITIAL   RTO EB          -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO EO          -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO1 GR         -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO TQ          -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO NR          -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO EU          -90219248.82   3493481471.08
RENTOKIL INITIAL   RTOG IX         -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO PO          -90219248.82   3493481471.08
RENTOKIL INITIAL   RTOEUR EO       -90219248.82   3493481471.08
RENTOKIL INITIAL   RKLIF US        -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO VX          -90219248.82   3493481471.08
RENTOKIL INITIAL   RTOGBP EO       -90219248.82   3493481471.08
RENTOKIL INITIAL   RTOEUR EU       -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO LN          -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO PZ          -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO GR          -90219248.82   3493481471.08
RENTOKIL INITIAL   RTOKF US        -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO BQ          -90219248.82   3493481471.08
RENTOKIL INITIAL   RTOUSD EU       -90219248.82   3493481471.08
RENTOKIL INITIAL   RTOUSD EO       -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO NQ          -90219248.82   3493481471.08
RENTOKIL INITIAL   RTO IX          -90219248.82   3493481471.08
RENTOKIL-SP ADR    RTOKY US        -90219248.82   3493481471.08
RENTOKIL-SP ADR    AP76 LI         -90219248.82   3493481471.08
SAATCHI & SA-ADR   SSI$ LN        -119260804.15    705060824.55
SAATCHI & SA-ADR   SSA US         -119260804.15    705060824.55
SAATCHI & SAATCH   SSI LN         -119260804.15    705060824.55
SAATCHI & SAATCH   188190Q GR     -119260804.15    705060824.55
SAATCHI & SAATCH   SSATF US       -119260804.15    705060824.55
SCOTTISH MEDIA     SSMR LN         -24923249.67     194430485.8
SCOTTISH MEDIA     1442Q GR        -24923249.67     194430485.8
SCOTTISH MEDIA     SSM LN          -24923249.67     194430485.8
SCOTTISH TELEV     SCTVF US        -24923249.67     194430485.8
SETON HEALTHCARE   2290Z LN        -10585179.82    156822902.77
SFI GROUP PLC      SUF LN         -108067115.81    177647536.08
SFI GROUP PLC      SUYFF US       -108067115.81    177647536.08
SKYEPHAR-RTS F/P   SKPF VX        -130883498.29    153620497.99
SKYEPHAR-RTS F/P   SKPF LN        -130883498.29    153620497.99
SKYEPHAR-RTS N/P   SKPN LN        -130883498.29    153620497.99
SKYEPHAR-RTS N/P   SKPN VX        -130883498.29    153620497.99
SKYEPHARMA -SUB    2976665Z LN    -130883498.29    153620497.99
SKYEPHARMA PLC     SKYEF US       -130883498.29    153620497.99
SKYEPHARMA PLC     SKP IX         -130883498.29    153620497.99
SKYEPHARMA PLC     SKP PZ         -130883498.29    153620497.99
SKYEPHARMA PLC     SKP EO         -130883498.29    153620497.99
SKYEPHARMA PLC     SKP TQ         -130883498.29    153620497.99
SKYEPHARMA PLC     SKP VX         -130883498.29    153620497.99
SKYEPHARMA PLC     SK8A GR        -130883498.29    153620497.99
SKYEPHARMA PLC     SKP PO         -130883498.29    153620497.99
SKYEPHARMA PLC     SKPEUR EU      -130883498.29    153620497.99
SKYEPHARMA PLC     SK8C GR        -130883498.29    153620497.99
SKYEPHARMA PLC     SKP LN         -130883498.29    153620497.99
SKYEPHARMA PLC     SKPEUR EO      -130883498.29    153620497.99
SKYEPHARMA PLC     SKP EU         -130883498.29    153620497.99
SKYEPHARMA PLC     SKP1 VX        -130883498.29    153620497.99
SKYEPHARMA PLC     SKPGBP EO      -130883498.29    153620497.99
SKYEPHARMA-ADR     SK8N GR        -130883498.29    153620497.99
SKYEPHARMA-ADR     AP80 LI        -130883498.29    153620497.99
SKYEPHARMA-ADR     SKYE US        -130883498.29    153620497.99
SKYEPHARMA-ADR     SK8 GR         -130883498.29    153620497.99
SKYEPHARMA-ADR     SKYPY US       -130883498.29    153620497.99
SKYEPHARMA-ADR     SKYEY US       -130883498.29    153620497.99
SMG PLC            SMG LN          -24923249.67     194430485.8
SMG PLC            SMG PO          -24923249.67     194430485.8
SMG PLC-FUL PAID   SMGF LN         -24923249.67     194430485.8
SMG PLC-NIL PAID   SMGN LN         -24923249.67     194430485.8
SMITHS NEWS PLC    NWS PO          -97992746.54    146917382.81
SMITHS NEWS PLC    NWS VX          -97992746.54    146917382.81
SMITHS NEWS PLC    NWS2 TQ         -97992746.54    146917382.81
SMITHS NEWS PLC    NWS2 EU         -97992746.54    146917382.81
SMITHS NEWS PLC    NWS2EUR EU      -97992746.54    146917382.81
SMITHS NEWS PLC    NWS2 EO         -97992746.54    146917382.81
SMITHS NEWS PLC    NWS PZ          -97992746.54    146917382.81
SMITHS NEWS PLC    NWS2GBP EO      -97992746.54    146917382.81
SMITHS NEWS PLC    SMWPY US        -97992746.54    146917382.81
SMITHS NEWS PLC    NWS2EUR EO      -97992746.54    146917382.81
SMITHS NEWS PLC    NWS1 EU         -97992746.54    146917382.81
SMITHS NEWS PLC    SMWPF US        -97992746.54    146917382.81
SMITHS NEWS PLC    NWS LN          -97992746.54    146917382.81
SMITHS NEWS PLC    NWS IX          -97992746.54    146917382.81
SMITHS NEWS PLC    NWS1 EO         -97992746.54    146917382.81
STAGECOACH GROUP   SGC1EUR EO      -14183327.87   2231066974.58
STAGECOACH GROUP   SGC1 EB         -14183327.87   2231066974.58
STAGECOACH GROUP   SHP GR          -14183327.87   2231066974.58
STAGECOACH GROUP   SGC1 NQ         -14183327.87   2231066974.58
STAGECOACH GROUP   SGC1AUD EU      -14183327.87   2231066974.58
STAGECOACH GROUP   SAGKF US        -14183327.87   2231066974.58
STAGECOACH GROUP   SGC IX          -14183327.87   2231066974.58
STAGECOACH GROUP   SGC LN          -14183327.87   2231066974.58
STAGECOACH GROUP   SGC2 VX         -14183327.87   2231066974.58
STAGECOACH GROUP   SGC1 EU         -14183327.87   2231066974.58
STAGECOACH GROUP   SGC1GBP EO      -14183327.87   2231066974.58
STAGECOACH GROUP   SGC1USD EU      -14183327.87   2231066974.58
STAGECOACH GROUP   SGC1 TQ         -14183327.87   2231066974.58
STAGECOACH GROUP   SGC1 NR         -14183327.87   2231066974.58
STAGECOACH GROUP   SHP4 GR         -14183327.87   2231066974.58
STAGECOACH GROUP   SGC1 EO         -14183327.87   2231066974.58
STAGECOACH GROUP   SGC1USD EO      -14183327.87   2231066974.58
STAGECOACH GROUP   SGCG PZ         -14183327.87   2231066974.58
STAGECOACH GROUP   SGC1EUR EU      -14183327.87   2231066974.58
STAGECOACH GROUP   SGC1AUD EO      -14183327.87   2231066974.58
STAGECOACH GROUP   SGC1 BQ         -14183327.87   2231066974.58
STAGECOACH GROUP   SGC PO          -14183327.87   2231066974.58
STAGECOACH GRP-B   SGCB LN         -14183327.87   2231066974.58
STAGECOACH-NEW     SGCN LN         -14183327.87   2231066974.58
STV GROUP PLC      STVGEUR EU      -24923249.67     194430485.8
STV GROUP PLC      SMG IX          -24923249.67     194430485.8
STV GROUP PLC      STVG EU         -24923249.67     194430485.8
STV GROUP PLC      STVGGBP EO      -24923249.67     194430485.8
STV GROUP PLC      SMG VX          -24923249.67     194430485.8
STV GROUP PLC      STVG EO         -24923249.67     194430485.8
STV GROUP PLC      STVG LN         -24923249.67     194430485.8
STV GROUP PLC      SMG PZ          -24923249.67     194430485.8
STV GROUP PLC      SMGPF US        -24923249.67     194430485.8
STV GROUP PLC      STVGEUR EO      -24923249.67     194430485.8
STV GROUP PLC      STVG VX         -24923249.67     194430485.8
TELEWEST COM-ADR   TWSTY US      -3702234580.99   7581020925.22
TELEWEST COM-ADR   TWSTD US      -3702234580.99   7581020925.22
TELEWEST COM-ADR   TWT$ LN       -3702234580.99   7581020925.22
TELEWEST COM-ADR   940767Q GR    -3702234580.99   7581020925.22
TELEWEST COMM      TWSTF US      -3702234580.99   7581020925.22
TELEWEST COMM      604296Q GR    -3702234580.99   7581020925.22
TELEWEST COMM      715382Q LN    -3702234580.99   7581020925.22
TELEWEST COMM      TWT VX        -3702234580.99   7581020925.22
THORN EMI PLC      THNE FP       -2265916256.89   2950021937.14
THORN EMI-ADR      TORNY US      -2265916256.89   2950021937.14
THORN EMI-ADR      THN$ LN       -2265916256.89   2950021937.14
THORN EMI-CDR      THN NA        -2265916256.89   2950021937.14
THORN EMI-REGD     1772Q GR      -2265916256.89   2950021937.14
TOPPS TILES PLC    TPTJY US        -78172467.48     131014414.4
TOPPS TILES PLC    TPTEUR EU       -78172467.48     131014414.4
TOPPS TILES PLC    TPT VX          -78172467.48     131014414.4
TOPPS TILES PLC    TPT EU          -78172467.48     131014414.4
TOPPS TILES PLC    TPTJF US        -78172467.48     131014414.4
TOPPS TILES PLC    TPT PZ          -78172467.48     131014414.4
TOPPS TILES PLC    TPT BQ          -78172467.48     131014414.4
TOPPS TILES PLC    TPT IX          -78172467.48     131014414.4
TOPPS TILES PLC    TPT LN          -78172467.48     131014414.4
TOPPS TILES PLC    TPT TQ          -78172467.48     131014414.4
TOPPS TILES PLC    TPTEUR EO       -78172467.48     131014414.4
TOPPS TILES PLC    TPT EO          -78172467.48     131014414.4
TOPPS TILES PLC    TPT PO          -78172467.48     131014414.4
TOPPS TILES PLC    TPTGBP EO       -78172467.48     131014414.4
TOPPS TILES-NEW    TPTN LN         -78172467.48     131014414.4
UTC GROUP          UGR LN          -11904426.45    203548565.03
VIRGIN MOB-ASSD    VMOC LN        -392165437.58    166070003.71
VIRGIN MOB-ASSD    VMOA LN        -392165437.58    166070003.71
VIRGIN MOBILE      UEM GR         -392165437.58    166070003.71
VIRGIN MOBILE      VMOB PO        -392165437.58    166070003.71
VIRGIN MOBILE      VGMHF US       -392165437.58    166070003.71
VIRGIN MOBILE      VMOB VX        -392165437.58    166070003.71
VIRGIN MOBILE      VMOB LN        -392165437.58    166070003.71
WATSON & PHILIP    WTSN LN        -120493900.04    252232072.87
WINCANTON PL-ADR   WNCNY US        -47615167.52   1316638025.67
WINCANTON PLC      WIN PO          -47615167.52   1316638025.67
WINCANTON PLC      WIN1EUR EO      -47615167.52   1316638025.67
WINCANTON PLC      WIN1 TQ         -47615167.52   1316638025.67
WINCANTON PLC      WIN1USD EU      -47615167.52   1316638025.67
WINCANTON PLC      WIN1EUR EU      -47615167.52   1316638025.67
WINCANTON PLC      WIN LN          -47615167.52   1316638025.67
WINCANTON PLC      WIN1GBP EO      -47615167.52   1316638025.67
WINCANTON PLC      WIN VX          -47615167.52   1316638025.67
WINCANTON PLC      WIN1 BQ         -47615167.52   1316638025.67
WINCANTON PLC      WIN1USD EO      -47615167.52   1316638025.67
WINCANTON PLC      WIN1 EO         -47615167.52   1316638025.67
WINCANTON PLC      WIN1 EB         -47615167.52   1316638025.67
WINCANTON PLC      WNCNF US        -47615167.52   1316638025.67
WINCANTON PLC      WIN IX          -47615167.52   1316638025.67
WINCANTON PLC      WIN1 EU         -47615167.52   1316638025.67
WINCANTON PLC      WIN PZ          -47615167.52   1316638025.67
WINCANTON PLC      WIN1 NQ         -47615167.52   1316638025.67


GREECE
------
AG PETZETAKIS SA   PETZK PZ        -28368224.67    235628427.44
AG PETZETAKIS SA   PZETF US        -28368224.67    235628427.44
AG PETZETAKIS SA   PTZ1 GR         -28368224.67    235628427.44
AG PETZETAKIS SA   PETZK EO        -28368224.67    235628427.44
ALTEC SA -AUCT     ALTECE GA      -113800496.36    212288486.55
ALTEC SA INFO      ALTEC GA       -113800496.36    212288486.55
ALTEC SA INFO      ALTEC EO       -113800496.36    212288486.55
ALTEC SA INFO      ALTEC EU       -113800496.36    212288486.55
ALTEC SA INFO      ALTEC PZ       -113800496.36    212288486.55
ALTEC SA INFO      AXY GR         -113800496.36    212288486.55
ALTEC SA INFO      ATCQF US       -113800496.36    212288486.55
ALTEC SA INFO-RT   ALTED GA       -113800496.36    212288486.55
HELLAS ONLINE SA   BRAIN PZ        -18667491.57    432785331.49
HELLAS ONLINE SA   UN5 GR          -18667491.57    432785331.49
HELLAS ONLINE SA   HOLR GA         -18667491.57    432785331.49
HELLAS ONLINE SA   HOL GA          -18667491.57    432785331.49
HELLAS ONLINE SA   BRAIN GA        -18667491.57    432785331.49
HELLAS ONLINE SA   BRAIN EO        -18667491.57    432785331.49
KOUMBAS INSUR-RT   KOUMD GA        -43411811.05    240860615.25
KOUMBAS RTS        KOUMR GA        -43411811.05    240860615.25
KOUMBAS SYNERGY    KOUM PZ         -43411811.05    240860615.25
KOUMBAS SYNERGY    KOUM EU         -43411811.05    240860615.25
KOUMBAS SYNERGY    KOUM GA         -43411811.05    240860615.25
KOUMBAS SYNERGY    KOUMF US        -43411811.05    240860615.25
NAOUSSA SPINNING   NML GR          -44175513.67    341686153.14
PETZET - PFD-RTS   PETZPD GA       -28368224.67    235628427.44
PETZETAKIS - RTS   PETZKD GA       -28368224.67    235628427.44
PETZETAKIS-AUC     PETZKE GA       -28368224.67    235628427.44
PETZETAKIS-PFD     PTZ3 GR         -28368224.67    235628427.44
PETZETAKIS-PFD     PETZP GA        -28368224.67    235628427.44
RADIO KORASS-RTS   KORAR GA       -100972173.86    180679253.63
RADIO KORASSI-RT   KORAD GA       -100972173.86    180679253.63
RADIO KORASSIDIS   KORA GA        -100972173.86    180679253.63
RADIO KORASSIDIS   RAKOF US       -100972173.86    180679253.63
RADIO KORASSIDIS   RKC GR         -100972173.86    180679253.63
THEMELIODOMI       THEME GA        -55751178.85    232036822.56
THEMELIODOMI-AUC   THEMEE GA       -55751178.85    232036822.56
THEMELIODOMI-RTS   THEMER GA       -55751178.85    232036822.56
UNITED TEXTILES    UTEX EO         -44175513.67    341686153.14
UNITED TEXTILES    NAOYK GA        -44175513.67    341686153.14
UNITED TEXTILES    UTEX PZ         -44175513.67    341686153.14
NAOUSSA SPIN-AUC   NAOYKE GA       -44175513.67    341686153.14
NAOUSSA SPIN -RT   NAOYD GA        -44175513.67    341686153.14
NAOUSSA SPINNING   NML1 GR         -44175513.67    341686153.14
UNITED TEXTILES    UTEX GA         -44175513.67    341686153.14


HUNGARY
-------
AG PETZETAKIS SA   PTZ GR          -28368224.67    235628427.44
ALTEC SA INFO-RT   ALTECR GA      -113800496.36    212288486.55
EMPEDOS SA         EMPED GA        -33637669.62     174742646.9
EMPEDOS SA-RTS     EMPEDR GA       -33637669.62     174742646.9
THEMELIODOMI-RTS   THEMED GA       -55751178.85    232036822.56
UNITED TEXTILES    NAOSF US        -44175513.67    341686153.14


IRELAND
-------
AG PETZETAKIS SA   PETZK EU        -28368224.67    235628427.44
AG PETZETAKIS SA   PETZK GA        -28368224.67    235628427.44
BRODOGRADE INDUS   3MAJRA CZ      -351617348.75    237471555.63
ELAN CORP PLC      ELNGBP EO         -223400000      1844599936
ELAN CORP PLC      ELNUSD EU         -223400000      1844599936
ELAN CORP PLC      DRX1 PZ           -223400000      1844599936
ELAN CORP PLC      ELN EO            -223400000      1844599936
ELAN CORP PLC      ELN TQ            -223400000      1844599936
ELAN CORP PLC      ELN EU            -223400000      1844599936
ELAN CORP PLC      ELNGBX EO         -223400000      1844599936
ELAN CORP PLC      ELA PO            -223400000      1844599936
ELAN CORP PLC      ELA IX            -223400000      1844599936
ELAN CORP PLC      ELN IX            -223400000      1844599936
ELAN CORP PLC      ELN LN            -223400000      1844599936
ELAN CORP PLC      DRXG IX           -223400000      1844599936
ELAN CORP PLC      ECN VX            -223400000      1844599936
ELAN CORP PLC      ELNCF US          -223400000      1844599936
ELAN CORP PLC      ELNUSD EO         -223400000      1844599936
ELAN CORP PLC      DRX GR            -223400000      1844599936
ELAN CORP PLC      ELN ID            -223400000      1844599936
ELAN CORP-ADR      EANG IX           -223400000      1844599936
ELAN CORP-ADR      EAN GR            -223400000      1844599936
ELAN CORP-ADR UT   ELN/E US          -223400000      1844599936
ELAN CORP-CVR      LCVRZ US          -223400000      1844599936
ELAN CORP-CVR      ELNZV US          -223400000      1844599936
ELAN CORP/OLD      1295Z ID          -323100000      1737800064
HELLAS ONLINE SA   BRAIN EU        -18667491.57    432785331.49
HUNGARIAN TELEPH   HUC EX             -41577000      1251297920
HUNGARIAN TELEPH   HUC GR             -41577000      1251297920
HUNGARIAN TELEPH   HUGC IX            -41577000      1251297920
INVITEL HOLD-ADR   0IN GR             -41577000      1251297920
INVITEL HOLD-ADR   IHO US             -41577000      1251297920
INVITEL HOLDINGS   3212873Z HB        -41577000      1251297920
IPK OSIJEK DD OS   IPKORA CZ       -12114019.44    135803427.79
KOUMBAS SYNERGY    KOUM EO         -43411811.05    240860615.25
NAOUSSA SPIN-RTS   NAOYKR GA       -44175513.67    341686153.14
OT OPTIMA TELEKO   2299892Z CZ        -48565065    119632635.47
OT-OPTIMA TELEKO   OPTERA CZ          -48565065    119632635.47
PAYZONE PLC        4P6 GR         -138030903.22    510010035.33
PAYZONE PLC        PAYZ IX        -138030903.22    510010035.33
PAYZONE PLC        PAYZ LN        -138030903.22    510010035.33
PAYZONE PLC        PAYZ PG        -138030903.22    510010035.33
PAYZONE PLC        PAYZ EU        -138030903.22    510010035.33
PAYZONE PLC        PAYZ EO        -138030903.22    510010035.33
UNITED TEXTILES    UTEX EU         -44175513.67    341686153.14
WATERFORD - RTS    WWWA GR        -505729895.23    820803256.03
WATERFORD - RTS    WWWB GR        -505729895.23    820803256.03
WATERFORD - RTS    WWWB ID        -505729895.23    820803256.03
WATERFORD - RTS    WWWA ID        -505729895.23    820803256.03
WATERFORD - RTS    508519Q LN     -505729895.23    820803256.03
WATERFORD W-ADR    WATWY US       -505729895.23    820803256.03
WATERFORD WDGEWD   WATWF US       -505729895.23    820803256.03
WATERFORD WDGEWD   WATFF US       -505729895.23    820803256.03
WATERFORD WE-RTS   WTFN VX        -505729895.23    820803256.03
WATERFORD WE-RTS   WTFN ID        -505729895.23    820803256.03
WATERFORD WE-RTS   WTFF LN        -505729895.23    820803256.03
WATERFORD WE-RTS   WTFF ID        -505729895.23    820803256.03
WATERFORD WE-RTS   WTFN LN        -505729895.23    820803256.03
WATERFORD WED-RT   WTFR LN        -505729895.23    820803256.03
WATERFORD WED-RT   WWWD GR        -505729895.23    820803256.03
WATERFORD WED-RT   586552Q LN     -505729895.23    820803256.03
WATERFORD WED-RT   WWWC GR        -505729895.23    820803256.03
WATERFORD WED-RT   WWWC ID        -505729895.23    820803256.03
WATERFORD WED-RT   WWWD ID        -505729895.23    820803256.03
WATERFORD WED-UT   WTFU IX        -505729895.23    820803256.03
WATERFORD WED-UT   WTFU PO        -505729895.23    820803256.03
WATERFORD WED-UT   WTFU VX        -505729895.23    820803256.03
WATERFORD WED-UT   WTFU EO        -505729895.23    820803256.03
WATERFORD WED-UT   WTFU ID        -505729895.23    820803256.03
WATERFORD WED-UT   WWW PO         -505729895.23    820803256.03
WATERFORD WED-UT   WWW GR         -505729895.23    820803256.03
WATERFORD WED-UT   WTFU EU        -505729895.23    820803256.03
WATERFORD WED-UT   WWWD PZ        -505729895.23    820803256.03
WATERFORD WED-UT   WTFU LN        -505729895.23    820803256.03
WATERFORD WED-UT   WTFUGBX EU     -505729895.23    820803256.03
WATERFORD WED-UT   WTFUGBX EO     -505729895.23    820803256.03
WATERFORD-ADR UT   WFWA GR        -505729895.23    820803256.03
WATERFORD-ADR UT   WATFZ US       -505729895.23    820803256.03


ITALY
-----
ARENA SPA          ARE2 TQ         -26843216.33    117951651.43
ARENA SPA          RNCNF US        -26843216.33    117951651.43
ARENA SPA          ARE2 EU         -26843216.33    117951651.43
ARENA SPA          RON IX          -26843216.33    117951651.43
ARENA SPA          ARE2 EO         -26843216.33    117951651.43
ARENA SPA          ARE IM          -26843216.33    117951651.43
ARENA SPA          RON GR          -26843216.33    117951651.43
ARENA SPA          AREI PZ         -26843216.33    117951651.43
AVION GROUP        B1Q GR            -223771648      2277793536
BINDA SPA          BND IM          -11146475.29    128859802.94
BINDA SPA          BNDAF US        -11146475.29    128859802.94
CART SOTTRI-BIND   DEM IM          -11146475.29    128859802.94
CIRIO FINANZIARI   CRO IM          -422095869.5   1583083044.16
CIRIO FINANZIARI   FIY GR          -422095869.5   1583083044.16
COIN SPA           GC IX          -151690764.75    791310848.67
COIN SPA           965089Q GR     -151690764.75    791310848.67
COIN SPA           GUCIF US       -151690764.75    791310848.67
COIN SPA-RTS       GCAA IM        -151690764.75    791310848.67
COIN SPA/OLD       GC IM          -151690764.75    791310848.67
COMPAGNIA ITALIA   ICT IM         -137726596.25    527372691.43
COMPAGNIA ITALIA   CGLUF US       -137726596.25    527372691.43
COMPAGNIA ITALIA   CITU IX        -137726596.25    527372691.43
CREDITO FOND-RTS   CRFSA IM       -200209050.26   4213063202.32
CREDITO FONDIARI   CRF IM         -200209050.26   4213063202.32
EIMSKIPAFELAG HF   AVION IR          -223771648      2277793536
EIMSKIPAFELAG HF   HFEIM IR          -223771648      2277793536
EIMSKIPAFELAG HF   HFEIM EU          -223771648      2277793536
EIMSKIPAFELAG HF   HFEIM PZ          -223771648      2277793536
EIMSKIPAFELAG HF   HFEIMEUR EO       -223771648      2277793536
EIMSKIPAFELAG HF   HFEIMEUR EU       -223771648      2277793536
EIMSKIPAFELAG HF   HFEIM EO          -223771648      2277793536
ELAN CORP PLC      ELA LN            -223400000      1844599936
ELAN CORP PLC      ELN NR            -223400000      1844599936
ELAN CORP-ADR      ELN US            -223400000      1844599936
ELAN CORP-ADR      ELAD LN           -223400000      1844599936
ELAN CORP-ADR      QUNELN AU         -223400000      1844599936
I VIAGGI DEL VEN   VVE PZ          -73353723.87    448043832.77
I VIAGGI DEL VEN   IVGIF US        -73353723.87    448043832.77
I VIAGGI DEL VEN   VVE TQ          -73353723.87    448043832.77
I VIAGGI DEL VEN   VVE IM          -73353723.87    448043832.77
I VIAGGI DEL VEN   VVE EU          -73353723.87    448043832.77
I VIAGGI DEL VEN   VVE IX          -73353723.87    448043832.77
I VIAGGI DEL VEN   VVE EO          -73353723.87    448043832.77
I VIAGGI DEL VEN   IV7 GR          -73353723.87    448043832.77
I VIAGGI-RTS       VVEAA IM        -73353723.87    448043832.77
LAZIO SPA          SSL1 EO         -15482934.18    260633690.01
LAZIO SPA          LZO GR          -15482934.18    260633690.01
LAZIO SPA          571260Q US      -15482934.18    260633690.01
LAZIO SPA          SSL IM          -15482934.18    260633690.01
LAZIO SPA          SSL1 IX         -15482934.18    260633690.01
LAZIO SPA          LZO1 GR         -15482934.18    260633690.01
LAZIO SPA          SSLI PZ         -15482934.18    260633690.01
LAZIO SPA          SSL1 EU         -15482934.18    260633690.01
LAZIO SPA          SSLZF US        -15482934.18    260633690.01
LAZIO SPA-RTS      SSLAA IM        -15482934.18    260633690.01
LAZIO SPA-RTS      SSLAZ IM        -15482934.18    260633690.01
OMNIA NETWORK SP   ONT TQ          -14203645.83     330093845.4
OMNIA NETWORK SP   ONTI IX         -14203645.83     330093845.4
PARMALAT FINA-RT   PRFR AV      -18419390028.95   4120687886.18
PARMALAT FINANZI   PARAF US     -18419390028.95   4120687886.18
PARMALAT FINANZI   PMLFF US     -18419390028.95   4120687886.18
PARMALAT FINANZI   PMT LI       -18419390028.95   4120687886.18
PARMALAT FINANZI   PRF IM       -18419390028.95   4120687886.18
PARMALAT FINANZI   PAF GR       -18419390028.95   4120687886.18
PARMALAT FINANZI   PRFI VX      -18419390028.95   4120687886.18
RONCADIN SPA       RON IM          -26843216.33    117951651.43
RONCADIN SPA-RT    RONAA IM        -26843216.33    117951651.43
RONCADIN SPA-RTS   RONAAW IM       -26843216.33    117951651.43
SNIA BPD           SN GR           -97720525.24    339401569.86
SNIA BPD-ADR       SBPDY US        -97720525.24    339401569.86
SNIA SPA           SNIA GR         -97720525.24    339401569.86
SNIA SPA           SN IM           -97720525.24    339401569.86
SNIA SPA           SBPDF US        -97720525.24    339401569.86
SNIA SPA           SNIB GR         -97720525.24    339401569.86
SNIA SPA           SN EU           -97720525.24    339401569.86
SNIA SPA           SIAI PZ         -97720525.24    339401569.86
SNIA SPA           SN EO           -97720525.24    339401569.86
SNIA SPA           SIAI IX         -97720525.24    339401569.86
SNIA SPA           SSMLF US        -97720525.24    339401569.86
SNIA SPA           SN TQ           -97720525.24    339401569.86
SNIA SPA-2003 SH   SN03 IM         -97720525.24    339401569.86
SNIA SPA-NEW       SN00 IM         -97720525.24    339401569.86
SNIA SPA-NON CON   SPBNF US        -97720525.24    339401569.86
SNIA SPA-RCV       SNIVF US        -97720525.24    339401569.86
SNIA SPA-RCV       SNR IM          -97720525.24    339401569.86
SNIA SPA-RIGHTS    SNAW IM         -97720525.24    339401569.86
SNIA SPA-RNC       SNRNC IM        -97720525.24    339401569.86
SNIA SPA-RNC       SNIWF US        -97720525.24    339401569.86
SNIA SPA-RTS       SNAA IM         -97720525.24    339401569.86
SOCOTHERM SPA      SCTM IX         -28370270.37    537950362.36
SOCOTHERM SPA      SCT IM          -28370270.37    537950362.36
SOCOTHERM SPA      SCTI PZ         -28370270.37    537950362.36
SOCOTHERM SPA      SCT TQ          -28370270.37    537950362.36
SOCOTHERM SPA      SCT EU          -28370270.37    537950362.36
SOCOTHERM SPA      SOCEF US        -28370270.37    537950362.36
SOCOTHERM SPA      SCT EO          -28370270.37    537950362.36
TECNODIFF ITALIA   TDIFF US        -89894162.82    152045757.48
TECNODIFF ITALIA   TDI NM          -89894162.82    152045757.48
TECNODIFF ITALIA   TDI IM          -89894162.82    152045757.48
TECNODIFF-RTS      TDIAOW NM       -89894162.82    152045757.48
TISCALI SPA        TISN FP         -24638454.05   1569205599.82
TISCALI SPA        TIS IX          -24638454.05   1569205599.82
TISCALI SPA        TISN VX         -24638454.05   1569205599.82
TISCALI SPA        TIS NA          -24638454.05   1569205599.82
TISCALI SPA        TIS EU          -24638454.05   1569205599.82
TISCALI SPA        TIS TQ          -24638454.05   1569205599.82
TISCALI SPA        TIS NR          -24638454.05   1569205599.82
TISCALI SPA        TIS FP          -24638454.05   1569205599.82
TISCALI SPA        TISN NA         -24638454.05   1569205599.82
TISCALI SPA        TISGBX EU       -24638454.05   1569205599.82
TISCALI SPA        TISN IX         -24638454.05   1569205599.82
TISCALI SPA        TISN IM         -24638454.05   1569205599.82
TISCALI SPA        TIS PZ          -24638454.05   1569205599.82
TISCALI SPA        TIS IM          -24638454.05   1569205599.82
TISCALI SPA        TIS EO          -24638454.05   1569205599.82
TISCALI SPA        TISGBP EO       -24638454.05   1569205599.82
TISCALI SPA        TISGBX EO       -24638454.05   1569205599.82
TISCALI SPA        TSCXF US        -24638454.05   1569205599.82
TISCALI SPA        TIQ GR          -24638454.05   1569205599.82
TISCALI SPA        TIQG IX         -24638454.05   1569205599.82
TISCALI SPA        TIS VX          -24638454.05   1569205599.82
TISCALI SPA- RTS   TIQ1 GR         -24638454.05   1569205599.82
TISCALI SPA- RTS   TISAXA IM       -24638454.05   1569205599.82
WATERFORD - RTS    508523Q LN     -505729895.23    820803256.03
WATERFORD WED-RT   586556Q LN     -505729895.23    820803256.03
WATERFORD-SUB      3001875Z ID    -505729895.23    820803256.03


LUXEMBOURG
----------
OLCESE SPA         O IM            -12846689.89    179691572.79
OMNIA NETWORK SP   ONT EU          -14203645.83     330093845.4
OMNIA NETWORK SP   ONT IM          -14203645.83     330093845.4
OMNIA NETWORK SP   ONT PZ          -14203645.83     330093845.4
PARMALAT FINANZI   FICN AV      -18419390028.95   4120687886.18
SNIA SPA           SNIXF US        -97720525.24    339401569.86
SNIA SPA - RTS     SNAAW IM        -97720525.24    339401569.86
SNIA SPA- RTS      SNAXW IM        -97720525.24    339401569.86
SNIA SPA-CONV SA   SPBDF US        -97720525.24    339401569.86
SNIA SPA-DRC       SNR00 IM        -97720525.24    339401569.86


NETHERLANDS
-----------
BAAN CO NV-ASSEN   BAANA NA         -7854741.41    609871188.88
BAAN COMPANY NV    BAAN EU          -7854741.41    609871188.88
BAAN COMPANY NV    BAAN EO          -7854741.41    609871188.88
BAAN COMPANY NV    BAAN NA          -7854741.41    609871188.88
BAAN COMPANY NV    BAAN IX          -7854741.41    609871188.88
BAAN COMPANY NV    BAAN GR          -7854741.41    609871188.88
BUSINESSWAY INTL   BITL US               -69320       127631096
BUSINESSWAY INTL   BITLE US              -69320       127631096
CARRIER1 INT-AD+   CONE ES            -94729000       472360992
CARRIER1 INT-ADR   CONE US            -94729000       472360992
CARRIER1 INT-ADR   CONEQ US           -94729000       472360992
CARRIER1 INT-ADR   CONEE US           -94729000       472360992
CARRIER1 INTL      CJN NM             -94729000       472360992
CARRIER1 INTL      CJNA GR            -94729000       472360992
CARRIER1 INTL      CJN GR             -94729000       472360992
CARRIER1 INTL SA   1253Z SW           -94729000       472360992
CARRIER1 INTL SA   CONEF US           -94729000       472360992
GLOBALNETCARE      GBCRE US              -69320       127631096
JAMES HARDIE IND   HAH NZ            -108700000      1898699904
JAMES HARDIE-ADR   JHX US            -108700000      1898699904
JAMES HARDIE-CDI   JHX AU            -108700000      1898699904
N.A.               RIICE US              -69320       127631096
OLCESE SPA-RTS     OAA IM          -12846689.89    179691572.79
OLCESE VENEZIANO   OLVE IM         -12846689.89    179691572.79
OMNIA NETWORK SP   ONT EO          -14203645.83     330093845.4
ROYAL INVEST INT   RIIC US               -69320       127631096
SNIA SPA-RTS       SNSO IM         -97720525.24    339401569.86
TECNODIFF ITALIA   TEF GR          -89894162.82    152045757.48
TECNODIFFUSIONE    TDIAAW IM       -89894162.82    152045757.48
UNITED PAN -ADR    UPEA GR       -5505478849.55   5112616630.06
UNITED PAN-A ADR   UPCOY US      -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-EUR-A   UPC LN        -5505478849.55   5112616630.06
UNITED PAN-EUROP   UPE1 GR       -5505478849.55   5112616630.06
UNITED PAN-EUROP   UPC VX        -5505478849.55   5112616630.06
UNITED PAN-EUROP   UPCEF US      -5505478849.55   5112616630.06
UNITED PAN-EUROP   UPE GR        -5505478849.55   5112616630.06
WAH KING INVEST    WAHKE US              -69320       127631096
WAH KING INVEST    WAHK US               -69320       127631096


NORWAY
------
BAAN COMPANY NV    BNCG IX          -7854741.41    609871188.88
BAAN COMPANY-NY    BAANF US         -7854741.41    609871188.88
CNW ORLANDO INC    CNWD US               -69320       127631096
ICBS INTERNATION   ICBOE US              -69320       127631096
JAMES HARDIE-ADR   JHINY US          -108700000      1898699904
UNITED PAN-EUROP   UPCOF US      -5505478849.55   5112616630.06


POLAND
------
BAAN COMPANY NV    BAAVF US         -7854741.41    609871188.88
BAAN COMPANY NV    BAAN PZ          -7854741.41    609871188.88
GLOBALNETCARE      GBCR US               -69320       127631096
ICBS INTERNATION   ICBO US               -69320       127631096
JAMES HARDIE IND   600241Q GR        -108700000      1898699904
JAMES HARDIE IND   HAH AU            -108700000      1898699904
JAMES HARDIE IND   726824Z NA        -108700000      1898699904
JAMES HARDIE NV    JHXCC AU          -108700000      1898699904
JAMES HARDIE-CDI   JHA GR            -108700000      1898699904
JAMES HARDIE-CDI   JHIUF US          -108700000      1898699904
PETRO GEO-SERV     PGS VX          -18066142.21    399710323.59
PETRO GEO-SERV     265143Q NO      -18066142.21    399710323.59
PETRO GEO-SERV     PGS GR          -18066142.21    399710323.59
PETRO GEO-SERV-N   PGSN NO         -18066142.21    399710323.59
PETRO GEO-SV-ADR   PGOGY US        -18066142.21    399710323.59
PETRO GEO-SV-ADR   PGSA GR         -18066142.21    399710323.59
COFINA             CFN1 PZ          -9882836.46    319233214.35
COFINA             COFI TQ          -9882836.46    319233214.35
COFINA             CFASF US         -9882836.46    319233214.35
COFINA             COFI EU          -9882836.46    319233214.35
KROSNO             KRS1EUR EU       -2241614.77    111838141.19
KROSNO             KROS IX          -2241614.77    111838141.19
KROSNO             KRS1EUR EO       -2241614.77    111838141.19
KROSNO             KRS PW           -2241614.77    111838141.19
KROSNO SA          KRNFF US         -2241614.77    111838141.19
KROSNO SA          KRS PZ           -2241614.77    111838141.19
KROSNO SA          KRS1 EU          -2241614.77    111838141.19
KROSNO SA          KROSNO PW        -2241614.77    111838141.19
KROSNO SA          KRS1 EO          -2241614.77    111838141.19
KROSNO SA-RTS      KRSP PW          -2241614.77    111838141.19
KROSNO-PDA-ALLT    KRSA PW          -2241614.77    111838141.19
SPORTING-SOC DES   SCG GR            -6889744.9    191103206.82
SPORTING-SOC DES   SCDF EU           -6889744.9    191103206.82
SPORTING-SOC DES   SCPX PX           -6889744.9    191103206.82
SPORTING-SOC DES   SCP PL            -6889744.9    191103206.82
TOORA              TOR PW            -288818.39    147004954.18
TOORA              2916665Q EU       -288818.39    147004954.18
TOORA              2916661Q EO       -288818.39    147004954.18
TOORA              TOR PZ            -288818.39    147004954.18
TOORA-ALLOT CERT   TORA PW           -288818.39    147004954.18
VAA VISTA ALEGRE   VAF EU           -39167460.3    153384027.27
VAA VISTA ALTAN    VAFK PL          -39167460.3    153384027.27
VAA VISTA ALTAN    VAFK PZ          -39167460.3    153384027.27
VAA VISTA ALTAN    VAFKX PX         -39167460.3    153384027.27


ROMANIA
-------
COFINA             CFNX PX          -9882836.46    319233214.35
COFINA             COFI EO          -9882836.46    319233214.35
COFINA             COFI PL          -9882836.46    319233214.35
PORCELANA VISTA    PVAL PL          -39167460.3    153384027.27
SPORTING-SOC DES   SCPL IX           -6889744.9    191103206.82
SPORTING-SOC DES   SCDF EO           -6889744.9    191103206.82
VAA VISTA ALEGRE   VAF PL           -39167460.3    153384027.27
VAA VISTA ALEGRE   VAFX PX          -39167460.3    153384027.27
VAA VISTA ALEGRE   VAF PZ           -39167460.3    153384027.27
VAA VISTA ALTAN    VAFK EO          -39167460.3    153384027.27


RUSSIA
------
AKCIONERNOE-BRD    SOVP$ RU       -110204703.34    120620770.43
ALFA CEMENT-BRD    ALCE* RU          -672832.37    105454563.92
ALFA CEMENT-BRD    ALCE RU           -672832.37    105454563.92
AMO ZIL            ZILL RM        -165713442.78    328106800.85
AMO ZIL-CLS        ZILL RU        -165713442.78    328106800.85
ARDAF              ARDF RO         -42156432.94    108310369.33
COFINA             CFN PL           -9882836.46    319233214.35
COFINA             COFSI IX         -9882836.46    319233214.35
DAGESTAN ENERGY    DASB RU         -24834103.03    105689368.23
DAGESTAN ENERGY    DASB* RU        -24834103.03    105689368.23
DUVANSKA           DIVR SG          -7729350.78    109207260.53
EAST-SIBERIA-BRD   VSNK* RU       -100985377.37    116491783.13
GUKOVUGOL          GUUG RU         -57835245.31    143665227.24
GUKOVUGOL-PFD      GUUGP* RU       -57835245.31    143665227.24
OLTCHIM RM VALCE   OLTEUR EO       -16862370.58    614340383.91
OLTCHIM RM VALCE   OLT EO          -16862370.58    614340383.91
OLTCHIM RM VALCE   OLTEUR EU       -16862370.58    614340383.91
OLTCHIM RM VALCE   OLT PZ          -16862370.58    614340383.91
OLTCHIM RM VALCE   OLTCF US        -16862370.58    614340383.91
OLTCHIM RM VALCE   OLT RO          -16862370.58    614340383.91
OLTCHIM RM VALCE   OLT EU          -16862370.58    614340383.91
RAFO SA            RAF RO         -457922636.25    356796459.26
SAMARANEFTEGAS     SMNG RM        -331600428.45    891998590.74
SAMARANEFTEGAS     SMNG* RU       -331600428.45    891998590.74
SAMARANEFTEGAS     SVYOF US       -331600428.45    891998590.74
SAMARANEFTEGAS-$   SMNG RU        -331600428.45    891998590.74
SAMARANEFTEGAS-P   SMNGP RM       -331600428.45    891998590.74
SAMARANEFTEGAS-P   SMNGP* RU      -331600428.45    891998590.74
SPORTING-SOC DES   SCP1 PZ           -6889744.9    191103206.82
SPORTING-SOC DES   SCDF PL           -6889744.9    191103206.82
TERNEYLES-BRD      TERL* RU         -15178937.2    182115156.77
TERNEYLES-BRD      TERL RU          -15178937.2    182115156.77
URGALUGOL-BRD      YRGL* RU        -14863411.56    135736934.02
UZINELE SODICE G   UZIM RO         -35878364.71    104942905.83
VAA VISTA ALEGRE   VAF EO           -39167460.3    153384027.27
VAA VISTA ALTAN    VAFK EU          -39167460.3    153384027.27
ZASTAVA AUTOMOBI   ZAKG SG        -396504649.08    174692011.08
ZIL AUTO PLANT     ZILL$ RU       -165713442.78    328106800.85
ZIL AUTO PLANT-P   ZILLP RU       -165713442.78    328106800.85
ZIL AUTO PLANT-P   ZILLP* RU      -165713442.78    328106800.85
ZIL AUTO PLANT-P   ZILLP RM       -165713442.78    328106800.85


TURKEY
------
AMO ZIL-CLS        ZILL* RU       -165713442.78    328106800.85
EAST-SIBERIA-BRD   VSNK RU        -100985377.37    116491783.13
EAST-SIBERIAN-BD   VSNK$ RU       -100985377.37    116491783.13
GUKOVUGOL-PFD      GUUGP RU        -57835245.31    143665227.24
KOMPANIYA GL-BRD   GMST RU         -72805537.11    1148203682.9
KOMPANIYA GL-BRD   GMST* RU        -72805537.11    1148203682.9
SAMARANEFTEGA-P$   SMNGP RU       -331600428.45    891998590.74
SAMARANEFTEGAS     SMNG$ RU       -331600428.45    891998590.74
SAMARANEFTEGAS-P   SMNGP$ RU      -331600428.45    891998590.74
URGALUGOL-BRD      YRGL RU         -14863411.56    135736934.02
URGALUGOL-BRD-PF   YRGLP RU        -14863411.56    135736934.02
VIMPEL SHIP-BRD    SOVP* RU       -110204703.34    120620770.43
VIMPEL SHIP-BRD    SOVP RU        -110204703.34    120620770.43


UKRAINE
-------
ALFA CEMENT-BRD    AFMTF US          -672832.37    105454563.92
AZOVZAGALMASH MA   AZGM UZ         -16212049.02    277693905.54
DAGESTAN ENERGY    DASB RM         -24834103.03    105689368.23
DNEPROPETROVSK     DMZP UZ         -15926384.43    424303604.81
DNIPROOBLENERGO    DNON UZ         -20762857.28    271459240.45
DONETSKOBLENERGO   DOON UZ        -215120607.25    374165068.75
EGS EGE GIYIM VE   EGDIS TI         -7732138.55    147075066.65
EGS EGE GIYIM-RT   EGDISR TI        -7732138.55    147075066.65
GUKOVUGOL          GUUG* RU        -57835245.31    143665227.24
IKTISAT FINAN-RT   IKTFNR TI       -46900661.12    108228233.63
IKTISAT FINANSAL   IKTFN TI        -46900661.12    108228233.63
LUGANSKOBLENERGO   LOEN UZ         -25962109.73    198804344.57
MUDURNU TAVUKC-N   MDRNUN TI       -64930189.62     160408172.1
MUDURNU TAVUKCUL   MDRNU TI        -64930189.62     160408172.1
SIFAS              SIFAS TI         -15439198.6    130608103.96
TUTUNBANK          TUT TI        -4024959601.58   2643810456.86
YASARBANK          YABNK TI      -4024959601.58   2643810456.86
ZAPORIZHOBLENERG   ZAON UZ          -9405838.12    126687446.19
ZORLU ENERJI ELE   ZRLUF US        -91603977.68    1725908124.2
ZORLU ENERJI ELE   ZORENM TI       -91603977.68    1725908124.2
ZORLU ENERJI ELE   ZOREN TI        -91603977.68    1725908124.2
ZORLU ENERJI-ADR   ZRLUY US        -91603977.68    1725908124.2

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


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