/raid1/www/Hosts/bankrupt/TCREUR_Public/100112.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, January 12, 2010, Vol. 11, No. 007

                            Headlines



G E R M A N Y

CONTINENTAL AG: Fitch Affirms Issuer Default Rating at 'B+'
ESCADA AG: Court OKs Sale of U.S. Unit's Assets to HSBC Trustee


I R E L A N D

ANNAGHKEELAUN CONSTRUCTION: Creditors Meeting Set for January 25
CLONMEL PHOTOCENTRE: Fujifilm Ireland Files Winding-Up Petition
CRINION BROTHERS: Creditors Meeting Scheduled for January 18
CROWNBURY LIMITED: Creditors Meeting Scheduled for January 15
DECUNA LIMITED: Creditors Meeting Scheduled for January 14

FO LUM: Creditors Meeting Scheduled for January 15
FORGE STUDENT: Creditors Meeting Scheduled for January 19
HAZELMEADOW HOMES: Creditors Meeting Scheduled for January 14
INDEPENDENT POWER: Creditors Meeting Scheduled for January 15
INO TECH: Creditors Meeting Scheduled for January 18

MAYFAIR PROPERTIES: Faces Liquidation; Creditors Meeting Set
MCDONAGH'S ELECTRICAL: Electrolux Group Files Winding-Up Petition
PADRAIG BRACKEN: Creditors Meeting Scheduled for January 15
RATHOLM CONSTRUCTION: Creditors Meeting Scheduled for January 18
REDHILL EXPRESS: Creditors Meeting Scheduled for January 18

* IRELAND: Restaurant Suppliers Call for Insolvency Law Reform
* IRELAND: Building Sector Insolvencies Reach 600 Last Year


I T A L Y

KOENIGINSTRASSE I: Moody's Cuts Rating on Class D Notes to 'Ba1'


K A Z A K H S T A N

AKTAU JAN: Creditors Must File Claims by January 27
ASTANA MOTORS: Creditors Must File Claims by January 27
CAPITAL VOSTOKA: Creditors Must File Claims by January 27
JIA HE: Creditors Must File Claims by January 27
KAZ GYUU: Creditors Must File Claims by January 27

URAL STROY: Creditors Must File Claims by January 27
TRANS TORG: Creditors Must File Claims by January 27
TSENTR SAN: Creditors Must File Claims by January 27


K Y R G Y Z S T A N

AS-TRANS-UG: Creditors Must File Claims by February 4
BEST MARK: Creditors Must File Claims by February 4


N E T H E R L A N D S

ELM BV: S&P Downgrades Ratings on Class A Notes to 'BB+'


R U S S I A

BRICK PLANT: Saratovskaya Bankruptcy Hearing Set March 25
MOSSTROY 6: Moscow Bankruptcy Hearing Set March 25


S L O V E N I A

SLOVENSKE ZELEZNICE: To Get EUR38.4 Mln Injection From Slovenia


T U R K E Y

* TURKEY: Moody's Ups For. Cur. Deposit Ratings of 16 Banks to Ba3
* TURKEY: Moody's Upgrades Government Bond Rating to 'Ba2'
* ISTANBUL METROPOLITAN: Moody's Upgrades Issuer Rating to 'Ba2'


U N I T E D   K I N G D O M

2ND THOUGHTS: In Administration; 140 Jobs Affected
ACRUM FARM: High Court Orders Liquidation
AERO INVENTORY: Qantas, Tax Office to Suffer Losses From Collapse
BC (NI): High Court Orders Liquidation
D2 JEANS: Management Buy-Out Deal to Save Some 500 Jobs

EMAP INTERNATIONAL: GMG, Apax Plan to Inject Fresh Funds
INFINIS PLC: Moody's Assigns 'B1' Senior Unsecured Rating
JOMAR LIMITED: High Court Orders Liquidation
KESTREL COURT: In Administration; Baker Tilly Appointed
LUPUS CAPITAL: Greg Hutchings Seeks Reinstatement to Board

MJ II: High Court Orders Liquidation
NORTHERN ROCK: Virgin Seeks Backing From Blackstone for Fresh Bid
THYME RESTAURANT: High Court Orders Liquidation
TOD ELECTRICAL: High Court Orders Liquidation
VALENCE TECHNOLOGY: High Court Orders Liquidation


X X X X X X X X

* Large Companies with Insolvent Balance Sheet




                         *********



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G E R M A N Y
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CONTINENTAL AG: Fitch Affirms Issuer Default Rating at 'B+'
-----------------------------------------------------------
Fitch Ratings has affirmed Continental AG's Long-term Issuer
Default Rating at 'B+', removed the rating from Rating Watch
Negative and assigned the Long-term IDR a Stable Outlook.  The
rating action reflects Continental's January 6, 2010 announcement
of a EUR1.1 billion capital increase.  Continental's senior
unsecured rating of 'B+' remains on RWN, with a Recovery Rating of
'RR4', due to its commitment to provide certain security for the
syndicated loans.  The Short-term IDR is affirmed at 'B'.

The affirmation of Continental's Long-term IDR reflects the
group's progress in resolving its short-term refinancing issues,
particularly a EUR3.5 billion tranche due in August 2010.  For the
EUR2.5 billion forward start facility already agreed in December
2009, a capital increase of at least EUR1 billion is a
precondition to draw under the new facility.

The proceeds of the fully underwritten rights issue, which will
raise EUR1.085 billion before transaction costs, will somewhat
reduce the group's high indebtedness of more than EUR11 billion at
end-Q309 which chiefly stems from the acquisition of Siemens VDO.
As a result, Fitch expects the group's lease adjusted net leverage
to decline to around 4x at FYE10 from about 5x at FYE09.  The
transaction, which is subject to German regulatory approval, is
expected to be completed by January 2010.

The sharp increase in the amount of secured debt will affect any
senior unsecured debt holders by subordinating their position.
Fitch intends to resolve the RWN on the senior unsecured rating
when it gains more clarity on the nature of the security package
and the respective recovery prospects.

While the capital raising will improve the group's financial
flexibility, Continental's still substantial debt -- with
maturities now adding up to some EUR10 billion in 2012, including
the EUR2.5 billion main revolving credit facility -- continues to
weigh on its credit quality.  As of end-Q309, the group reported
liquidity of EUR3.3 billion consisting of cash and equivalents of
EUR1.6 billion and unused credit lines of EUR1.7 billion.  Fitch
believes it likely that Continental will implement other capital
market instruments, such as new bond issues, to extend the group's
debt maturity structure, which could have a positive impact on its
credit profile.

In addition, ongoing uncertainty about the strategy of
Continental's main shareholder Schaeffler KG, which is also
burdened by significant debt, is a rating constraint.  Schaeffler
KG (49.9% direct shareholding), M.M.  Warburg & Co KGa aA (19.5%)
and B. Metzler seel.  Sohn & Co. (19.5%) have agreed not to
exercise their subscription rights or to transfer them to third
parties.  Fitch notes that Schaeffler has committed to limit its
direct stake in Continental to below 50% until 2012 by
transferring its additional tendered shares to banks and to
support Continental's existing strategy.  Fitch will continue to
closely monitor Schaeffler's activities.

Continental's ratings also take into account Fitch's view that the
European automotive supply industry will likely remain under
pressure in 2010.  This will challenge any marked recovery of the
sector's depressed profitability levels, amid difficult economic
conditions, despite ongoing restructuring and cost-savings
measures.

The ratings continue to be supported by Continental's strong
market positions in a broad product portfolio, particularly in
fuel-efficient technology and safety.  Continental is one of the
five largest global automotive suppliers with sales of EUR24
billion in FY08 and an adjusted EBIT margin of 7.6%.  It focuses
on brake systems, vehicle electronics, power train and chassis
systems, engineering elastomers, and tyres.


ESCADA AG: Court OKs Sale of U.S. Unit's Assets to HSBC Trustee
---------------------------------------------------------------
Judge Arthur J. Gonzales of the United States Bankruptcy Court
for the Southern District of New York approved on January 7,
2010, the sale of substantially all of the assets of Escada
(USA), Inc., to Escada US Subco LLC, as purchaser, pursuant to an
Asset Purchase and Sale Agreement between the parties dated as of
December 21, 2009.

A full-text copy of the Escada Asset Sale Agreement is available
for free at http://bankrupt.com/misc/EscadaSaleAgreement.pdf

Escada US Subco is a Delaware limited liability company formed by
HSBC Trustee Limited to acquire Escada USA's assets.  Under the
Asset Sale Agreement, Escada USA is contemplated to (i) receive
US$6 million, (ii) have certain of its liabilities assumed by the
Purchaser; and iii) receive reimbursement for new inventory it
purchased from and after the execution of the Agreement.

"The Agreement was negotiated, proposed and entered into by the
Debtor and the Purchaser without collusion, in good faith, from
arm's-length bargaining positions with the parties represented by
independent counsel and with significant involvement from the
Official Committee of Unsecured Creditors.  Neither the Debtor
nor the Purchaser . . . has engaged in any conduct that would
cause or permit the Agreement or the Sale to be avoided under
Section 363(n) of the Bankruptcy Code," Judge Gonzales opined.

Pursuant to the Agreement, the closing of the sale transaction
and the assumption of the liabilities under the Asset Sale
Agreement is contemplated to take place on the second day after
customary conditions to Closing have been satisfied.  In general,
the Agreement may be terminated by either Escada USA or the
Purchaser if, among other things, the Closing has not occurred on
or before January 15, 2010.

The Purchaser will acquire substantially all of Escada USA's
assets that are owned, held or used by the Debtor in connection
with its business.  The Purchaser has also agreed to make written
offers of employment, effective as of the closing of the Sale, to
at least 80% of Escada USA's current employees.  All employment
offers will be at initial wages and benefits that are
substantially comparable in the aggregate to the benefits in
effect for each employee immediately prior to closing of the
Sale.

Within two days following the execution of the Agreement, the
Purchaser will deposit with The Bank of New York Mellon by
certified check or wire transfer of immediately available funds,
an amount equal to US$1,000,000.  BNY Mellon is the designated
escrow agent under an Escrow Agreement among the parties dated as
of December 21, 2009.

The Court held that as of the Closing, (i) the transactions
contemplated by the Asset Sale Agreement effect a valid transfer
of the Debtor's right, title and interest in and to the
Transferred Assets to Escada Subco, free and clear of any
interests, and (ii) the Agreement and the transactions
contemplated will specifically be performable and enforceable
against and binding upon, the Debtor, the Purchaser or any
successor trustee appointed in the Debtor's Chapter 11 case.

In addition, the Purchaser will reimburse Escada USA for any rent
and related charges due prior to Closing and paid by the Debtor
prior to the Closing pursuant to Assumed Contracts related to
Leased Real Properties to the extent that the payments are
attributable to the period following the Sale Closing.

Judge Gonzales directs each and every federal, state, and local
governmental agency or department to accept any and all documents
and instruments necessary and appropriate to consummate the
transactions contemplated by the Escada Asset Sale Agreement.

All persons and entities holding interests or claims, as defined
under Section 101(5) of the Bankruptcy Code, against or in Escada
USA or Escada USA's interests in the Transferred Assets arising
under or out of the operation of Escada USA's businesses before
the Closing will permanently be enjoined from asserting,
prosecuting or otherwise pursuing their interests or claims
against the Purchaser, its property, or its successors and
assigns.

Any and all valid and perfected Interests in the Transferred
Assets of Escada USA will attach to any proceeds of those
Transferred Assets immediately upon receipt by the Debtor in the
order of priority, and with the same validity, force and effect
which they now have against the Transferred Assets.  No proceeds
subject to an asserted Interest will be used or disbursed by the
Debtor without the consent of the party or parties asserting an
Interest.

Pursuant to the Agreement, Escada USA is directed to (i) change
its name, so that the term "Escada" is not used, and (ii) revise
the caption of the Chapter 11 proceeding to reflect the new name
of the Debtor, Judge Gonzales held.

Judge Gonzales denied and overruled on their merits, with
prejudice, all objections to the Sale Motion that have not been
withdrawn, waived, or settled, or resolved.

A full-text copy of Judge Gonzales' Sale Order is available for
free at http://bankrupt.com/misc/EscadaAssetSaleORD.pdf

              Assumption and Rejection of Pacts

The Court also approved (i) the assumption and assignment of
certain executory contracts and unexpired leases related to the
Escada USA Assets to the Purchaser, free of all liens, claims,
encumbrances and other interests, and (ii) the rejection of
certain Contracts and Leases.

A 15-page schedule of prepetition Contracts and Leases for
assumption or rejection, as applicable, under the parties' Asset
Sale Agreement is available at no charge at:

    http://bankrupt.com/misc/EscadaAssumed&RejectedPacts.pdf

Counterparties to the Rejected Contracts will have 30 days from
the Rejection Date to file proofs of claim on account of damages
arising from the rejection of those Rejected Contracts.  Within
the later of 10 days after Closing or as otherwise agreed to by
the parties, Escada USA or the Purchaser, as the case may be,
will pay any undisputed portion of the Cure Amounts with respect
to the Objecting Landlords.

The Court further ruled that the rights of Objecting Landlords to
assert Adjustment Amounts, which pertain to additional Cure
Amounts solely related to attorneys' fees, and rent and related
charges that have not yet been billed or have not yet become due
under the Assumed Contracts for year-end adjustments related to
common charges arising prior to the Closing are preserved.

The Objecting Landlords are required to submit detailed invoices
to Escada USA for any disputed Adjustment Amounts on or before
January 11, 2010.  To the extent any portion of the Adjustment
Amount is unknown as of January 11, the Court orders the
Objecting Landlords to submit a detailed, reasonable estimate of
the Adjustment Amounts calculated by taking 125% of the average
of the amounts paid by Escada USA for the years 2006, 2007 and
2008, or with respect to the shorter period, to the extent Escada
USA was not a tenant of the Objecting Landlord for those three
years.

Escada USA will place in a segregated account an amount from the
Sale proceeds equal to the aggregate amount of all Disputed Cure
Amounts and all Adjustment Amount Estimates with respect to the
Objecting Landlords, or other amounts as agreed to in writing by
the Debtor and the Objecting Landlords.

The pendency of a dispute relating to Cure Amounts or Adjustment
Amounts will not prevent or delay the assumption and assignment
by the Purchaser of any contracts or leases related to the Asset
Sale, the Court clarified.

                        Landlords React

Seven landlords subsequently noted that Escada USA's proposed
Cure Amounts must be adjusted to reflect these correct Cure
Amounts:

                                                 Asserted
  Objecting Landlord                            Cure Amount
  ------------------                            -----------
  Fashion Logistics, Inc.                         US$50,058
  The Heritage Commercial Realty Trust               13,885
  The Beverly Wilshire Hotel Company                  7,060
  General Growth Properties, Inc.                     5,185
  Williamsburg Outlets, L.L.C. (License)              5,171
  LVP St. Augustine Outlets, LLC (License)            2,613
  San Marcos Factory Stores, LTD.                     1,300

According to Williamsburg Outlets, LVP Outlets, San Marcos
Stores, Gulf Coast Factory Shops Limited Partnership (License),
Orlando Outlet Owner, LLC and Second Horizon Group Limited
Partnership (License), the Asset Sale Motion does not contain
information with respect to the Purchaser's financial condition
or ability to perform under the Leases.  Simon Property Group,
Inc. filed a joinder to the Objection of Williambsburg, et al.

ACE American Insurance Company, for its part, contends that the
Sale Motion "fails to disclose whether the Debtor intends to
assume and assign, or reject" certain prepetition and
postpetition insurance policies issued by ACE.

The Court's Sale Order takes into account certain revisions
submitted by the Debtors on January 6, 2010.  The Revisions have
been agreed to by the Objecting Landlords, Shannon Lowry Nagle,
Esq., at O'Melveny & Myers LLP, in New York, disclosed on behalf
of the Debtors.

                        About Escada AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of 338.9 million as
of April 30, 2009.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  Judge Stuart
M. Bernstein handles the case.  O'Melveny & Myers LLP has been
tapped as bankruptcy counsel.  Kurtzman Carson Consultants serves
as claims and notice agent.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units.  (http://bankrupt.com/newsstand/or 215/945-7000)


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ANNAGHKEELAUN CONSTRUCTION: Creditors Meeting Set for January 25
----------------------------------------------------------------
A meeting of creditors of Annaghkeelaun Construction Limited will
take place at 10:30 a.m. on January 25, 2010 at:

         The Carlton Hotel
         Dublin Road
         Co. Galway
         Ireland

The registered address of the company is at:

         Keogh Accountancy Group
         Unit 6C Liosban Business Park
         Tuam Road
         Galway
         Ireland


CLONMEL PHOTOCENTRE: Fujifilm Ireland Files Winding-Up Petition
---------------------------------------------------------------
Fujifilm Ireland Limited has filed a petition to wind up
Clonmel Photocentre Limited.

The petitioner's solicitor is Matheson Ormsby & Prentice.

The winding-up petition will be heard on January 18, 2010.

The registered address of Clonmel Photocentre Limited is at:

         4 O'Connell Street
         Clonmel
         Co. Tipperary
         Ireland


CRINION BROTHERS: Creditors Meeting Scheduled for January 18
------------------------------------------------------------
A meeting of creditors of Crinion Brothers Trim Limited will take
place at 10:30 a.m. on January 18, 2010 at:

         The Castle Arch Hotel
         Trim
         Co. Meath
         Ireland

The registered office of the company is at:

         Unit 2
         Fairgreen Industrial Estate
         Trim
         Co. Meath
         Ireland


CROWNBURY LIMITED: Creditors Meeting Scheduled for January 15
-------------------------------------------------------------
A meeting of creditors of Crownbury Limited will take place at
4:30 p.m. on January 15, 2010 at:

         The Damer Court Hotel
         Castle Street
         Roscrea
         Co. Tipperary
         Ireland

The registered office of the company is at:

         Capincur
         Tullamore
         Co. Offaly
         Ireland


DECUNA LIMITED: Creditors Meeting Scheduled for January 14
----------------------------------------------------------
A meeting of creditors of Decuna Limited will take place at
2:30 p.m. on January 14, 2010 at:

         The Hazel Hotel
         Dublin Road
         Monastervin
         Co. Kildate
         Ireland

The registered office of the company is at:

         30 Lower Dorset Street
         Dublin 1
         Ireland


FO LUM: Creditors Meeting Scheduled for January 15
--------------------------------------------------
A meeting of creditors of The Fo Lum Limited T/A Airside Chinese
Restaurant will take place at 11:00 a.m. on January 15, 2010 at:

         The Premier Inn Hotel
         Airside Retail Park
         Swords
         Co. Dublin
         Ireland

The registered office of the company is at:

         28 Osprey Avenue
         Templeogue
         Dublin 6W
         Ireland


FORGE STUDENT: Creditors Meeting Scheduled for January 19
---------------------------------------------------------
A meeting of creditors of Forge Student Village Limited will take
place at 8:00 a.m. on January 19, 2010 at:

         The North Star Hotel
         Amiens Street
         Dublin 1
         Ireland

The registered office of the company is at:

         22 Ely Place
         Dublin 2
         Ireland


HAZELMEADOW HOMES: Creditors Meeting Scheduled for January 14
-------------------------------------------------------------
A meeting of creditors of Hazelmeadow Homes Limited will take
place at noon on January 14, 2010 at:

         The Hazel Hotel
         Dublin Road
         Monastervin
         Co. Kildate
         Ireland

The registered office of the company is at:

         Garbally
         Blueball
         Tullamore
         Co. Offaly
         Ireland


INDEPENDENT POWER: Creditors Meeting Scheduled for January 15
-------------------------------------------------------------
A meeting of creditors of Independent Power & Automation Limited
will take place at 2:45 p.m. on January 15, 2010 at:

         Office Suite 1
         Cellbridge
         Town Centre
         Cellbridge
         Co. Kildare
         Ireland

The registered office of the company is at:

         "Summerville"
         Rahugh
         Kilbeggan
         Co. Westmeath
         Ireland


INO TECH: Creditors Meeting Scheduled for January 18
----------------------------------------------------
A meeting of creditors of Ino Tech will take place at 9:30 a.m. on
January 18, 2010 at:

          Bracken Court Hotel
          Balbriggan
          Co. Dublin
          Ireland

The registered office of the company is at:

          278 Block F
          Blanchardstown Corporate Park
          Dublin 15
          Ireland


MAYFAIR PROPERTIES: Faces Liquidation; Creditors Meeting Set
------------------------------------------------------------
Suzanne Lynch at The Irish Times reports that Bang Cafe, the
restaurant owned by Simon and Christian Stokes, whose private
members' club Residence entered examinership earlier this week, is
to be wound up.

According to the report, a creditors meeting has been scheduled
for Mayfair Properties, the holding company of Bang Cafe, at which
a liquidator is to be appointed.  The meeting will take place on
Monday, January 18, at the Harcourt Hotel in Dublin, the report
relates.

The report notes that despite being one of Dublin's most popular
restaurants, the most recent accounts available show that Bang
Caf‚'s holding company had accumulated losses of EUR438,854 for
the year ended February 29, 2008.

Filings at the Companies Records Office show Jeff Stokes ceased to
be a director of the holding companies of Bang Cafe and Residence
last September, the report discloses.


MCDONAGH'S ELECTRICAL: Electrolux Group Files Winding-Up Petition
-----------------------------------------------------------------
Electrolux Group Ireland Limited has filed a petition to wind up
McDonagh's Electrical (Sligo).

The petitioner's solicitor is O'Gradys Solicitors.

The winding-up petition will be heard on January 18, 2010.

The registered address of McDonagh's Electrical (Sligo) is at:

         Knocknagee
         Bunninadden
         Ballymoate
         Co. Sligo
         Ireland


PADRAIG BRACKEN: Creditors Meeting Scheduled for January 15
-----------------------------------------------------------
A meeting of creditors of Padraig Bracken Limited will take place
at 4:00 p.m. on January 15, 2010 at:

         The Damer Court Hotel
         Castle Street
         Roscrea
         Co. Tipperary
         Ireland

The registered office of the company is at:

         Clonacollig Industrial Estate
         Tullamore
         Co. Offaly
         Ireland


RATHOLM CONSTRUCTION: Creditors Meeting Scheduled for January 18
----------------------------------------------------------------
A meeting of creditors of Ratholm Construction Limited will take
place at 11:00 a.m. on January 18, 2010 at:

         Christy Naughton & Co.
         No. 3A Westpoint Trade Centre Link Road
         Ballincollig
         Co.Cork
         Ireland

The registered office of the company is at:

         Ratholm
         Killinick
         Co. Wexford
         Ireland


REDHILL EXPRESS: Creditors Meeting Scheduled for January 18
-----------------------------------------------------------
A meeting of creditors of Redhill Express Limited will take place
at 4:30 p.m. on January 18, 2010 at:

         The Best Western Percy Hotel
         Glentworth Street
         Limerick
         Ireland

The registered office of the company is at:

         2 St. Nessans Court
         Dooradoyle
         Limerick
         Ireland


* IRELAND: Restaurant Suppliers Call for Insolvency Law Reform
--------------------------------------------------------------
Susan Mitchell at The Sunday Business Post Online reports that
suppliers of food and drink to restaurants have called for changes
to how creditors are paid in insolvency situations, following a
spate of collapses in the sector.

According to the report, the suppliers have raised concerns that
they are often the worst-affected when restaurants collapse,
because payments to banks, the Revenue Commissioners and employees
are prioritized in an insolvency.  In an effort to mitigate
against losses, many suppliers have tightened credit lines and are
demanding personal guarantees or cash-on-delivery, the report
relates.

The report says suppliers are concerned that the worst is yet to
come, with the Restaurants Association of Ireland (RAI) warning
that a third of restaurants are likely to fail in the next six
months.  Adrian Cummins, chief executive of the RAI, said that a
lack of credit from the banks was creating significant
difficulties for the industry, the report discloses.

The report notes one supplier who did not wish to be named said
that the laws governing examinerships were weighted against
suppliers.

"The holding company [which owns the restaurant] closes down, the
restaurant is not even closed for a day and is restarted under
another company with the same guy in charge.  It is morally wrong,
but that is the way it often is in the restaurant trade," the
report quoted the supplier as saying.


* IRELAND: Building Sector Insolvencies Reach 600 Last Year
-----------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that almost
600 building firms failed last year.

According to the report, new figures from accountancy firm FGS
also showed a four-fold increase in the number of car dealerships
that went out of business last year.  Some 101 firms in the motor
industry collapsed last year, up from 25 in the previous year, the
report says.

The report relates FGS, which has been monitoring insolvencies for
almost a decade, said it was difficult to see any reduction in the
level of property-related collapses this year, due to the level of
bad debts at Irish banks.

In total, 1,570 firms went into liquidation, examinership or
receivership during 2009, more than double the figure in 2008, the
report discloses.

They included 214 bars, restaurants and hotels that went out of
business, representing 13% of all business failures last year, the
report states.  The report notes the retail sector suffered too,
with 92 retail businesses failing -- up from 36 in 2008 and 52 in
2007, while clothing retailers accounted for a further 52
failures.

The figures were set against the backdrop of "unprecedented
continued economic turmoil and the general malaise which has
affected the Irish economy over the past 12 months," the report
quoted Declan Taite, corporate restructuring partner with FGS, as
saying.

"Of concern is the fact that there is no apparent slowdown in the
rate of failures as 435 -- or 28% -- of the failures occurred in
the final three months of 2009.  There were incremental increases
in each quarter throughout 2009."

Receivers were appointed to 169 businesses during the year, an
increase of almost 200% on the previous year's figure, the report
relates.


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KOENIGINSTRASSE I: Moody's Cuts Rating on Class D Notes to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Koeniginstrasse I S.A.R.L.  Given that this is a
relatively well-performing CLO with high levels of
overcollateralization, the Class A1 and Class A2 notes remain Aaa.

  -- Class A2 Schuldschein Loan due 2024 (current balance of
     EUR82,200,000), Confirmed at Aaa; previously on March 4, 2009
     Aaa Placed Under Review for Possible Downgrade;

  -- Class B Schuldschein Loan due 2024 (current balance of
     EUR49,320,000), Downgraded to Aa3; previously on March 4,
     2009 Aa2 Placed Under Review for Possible Downgrade;

  -- Class C Schuldschein Loan due 2024 (current balance of
     EUR41,100,000), Downgraded to Baa1; previously on March 4,
     2009 A2 Placed Under Review for Possible Downgrade;

  -- Class D Schuldschein Loan due 2024 (current balance of
     EUR32,880,000), Downgraded to Ba1; previously on March 4,
     2009 Baa3 Placed Under Review for Possible Downgrade;

  -- Class E Schuldschein Loan due 2024 (current balance of
     EUR16,440,000), Confirmed at Ba3; previously on March 4, 2009
     Ba3 Placed Under Review for Possible Downgrade.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to European senior secured loans.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of slight credit deterioration of the underlying
portfolio.  This is observed through a decline in the average
credit rating as measured through the portfolio weighted average
rating factor 'WARF' (currently 2487 as reported by the
November 24, 2009 trustee report and previously 2384 as reported
by the March 24, 2009 trustee report).  Moody's also performed a
number of sensitivity analyses, including consideration of a
further decline in portfolio WARF quality.  Due to the impact of
all the aforementioned stresses, key model inputs used by Moody's
in its analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

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


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


AKTAU JAN: Creditors Must File Claims by January 27
---------------------------------------------------
LLP Aktau Jan Oil is currently undergoing liquidation.  Creditors
have until January 27, 2010, to submit proofs of claim to:

         Micro District 4, 11-35
         Aktau
         Kazakhstan


ASTANA MOTORS: Creditors Must File Claims by January 27
-------------------------------------------------------
LLP Astana Motors Alma-Ata is currently undergoing liquidation.
Creditors have until January 27, 2010, to submit proofs of claim
to:

         Dostyk Ave. 188
         Medeusky District
         Almaty
         Kazakhstan


CAPITAL VOSTOKA: Creditors Must File Claims by January 27
---------------------------------------------------------
Creditors of LLP Capital Vostoka have until January 27, 2010, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
November 13, 2009.


JIA HE: Creditors Must File Claims by January 27
------------------------------------------------
Creditors of LLP Jia He Tian Yi have until January 27, 2010, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
November 9, 2009.


KAZ GYUU: Creditors Must File Claims by January 27
--------------------------------------------------
JSC Kaz Gyuu is currently undergoing liquidation.  Creditors have
until January 27, 2010, to submit proofs of claim to:

         Turgenev Str. 72
         Aktobe
         Kazakhstan


URAL STROY: Creditors Must File Claims by January 27
----------------------------------------------------
Creditors of LLP Ural Stroy Service have until January 27, 2010,
to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Satpaev Str. 3
         Atyrau
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
November 6, 2009.


TRANS TORG: Creditors Must File Claims by January 27
----------------------------------------------------
Creditors of LLP Trans Torg Service-M have until January 27, 2010,
to submit proofs of claim to:

         Abai Str. 10a
         Atyrau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on September 13, 2009,
after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Satpaev Str. 3
         Atyrau
         Kazakhstan


TSENTR SAN: Creditors Must File Claims by January 27
----------------------------------------------------
Branch of Branch of JSC Tsentr San Tech Montage in Balhash is
currently undergoing liquidation.  Creditors have until
January 27, 2010, to submit proofs of claim to:

         Kirpichnaya Str. 14
         Karaganda
         Kazakhstan


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


AS-TRANS-UG: Creditors Must File Claims by February 4
-----------------------------------------------------
LLC As-Trans-Ug is currently undergoing liquidation.  Creditors
have until February 4, 2010, to submit proofs of claim:

Inquires can be addressed to (0-772) 55-19-19.


BEST MARK: Creditors Must File Claims by February 4
---------------------------------------------------
LLC Best Mark is currently undergoing liquidation.  Creditors have
until February 4, 2010, to submit proofs of claim to:

         Razzakov Str. 23
         Osh
         Kyrgyzstan


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


ELM BV: S&P Downgrades Ratings on Class A Notes to 'BB+'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB+' from 'AAA'
(prelim) its credit rating on ELM B.V.'s class A credit-linked
notes series 61 (Morro Bay notes).

The downgrade to 'BB+' reflects two issues, the timing of which
affected the rating:

* Due to a data entry error, S&P did not finalize the rating on
  the series 61 notes on the closing date.  As a result, S&P took
  no rating actions between closing and the rating action.

* S&P has applied its current portfolio and credit enhancement
  levels as provided for in its updated CDO criteria.


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


BRICK PLANT: Saratovskaya Bankruptcy Hearing Set March 25
---------------------------------------------------------
The Arbitration Court of Saratovskaya will convene on March 25,
2010, to hear bankruptcy supervision procedure on LLC Brick Plant
(TIN 6439056498, PSRN 1046403903810).  The case is docketed under
Case No. ?22467/2009.

The Temporary Insolvency Manager is:

         V.Potekhin
         Komsomolskaya Str. 59
         Balakovo
         Saratovskaya
         Russia

The Debtor can be reached at:

         LLC Brick Plant
         Komsomolskaya Str. 59
         Balakovo
         Saratovskaya
         Russia


MOSSTROY 6: Moscow Bankruptcy Hearing Set March 25
--------------------------------------------------
The Arbitration Court of Moscow will convene on March 25, 2010, to
hear bankruptcy supervision procedure on OJSC Mosstroy 6 (TIN
7704022540, PSRN 1027739079280) (Construction).  The case is
docketed under Case No. ?40?107875/09?18-532B.

The Temporary Insolvency Manager is:

         M. Vasilega
         Post User Box 100
         105318 Moscow
         Russia

The Debtor can be reached at:

         OJSC Mosstroy 6
         Krivonikolskiy pereulok 8
         121002 Moscow
         Russia


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


SLOVENSKE ZELEZNICE: To Get EUR38.4 Mln Injection From Slovenia
---------------------------------------------------------------
Slovenska Tiskovna Agencija reports that Slovenske zeleznice CEO
Goran Brankovic on Friday said that the Slovenian government has
agreed to a EUR38.4-million injection to the debt-ridden national
railway operator, Slovenske zeleznice.

                        Restructuring Plan

STA relates that after meeting the management of Slovenske
zeleznice on Friday, Transport Minister Patrick Vlacic announced a
restructuring plan for the company.

                             Job Cuts

Balkans.com Business News reports Slovenske zeleznice last week
announced that 1,075 out of a total of some 7,700 employees will
be temporarily laid off for up to six months due to the company's
financial difficulties.

Slovenske zeleznice (Slovenian Railways) is the state railway of
Slovenia, created in 1991 from the Ljubljana division of the
former Jugoslovenske zeleznice (Yugoslav Railways) after the
breakup of Yugoslavia.


===========
T U R K E Y
===========


* TURKEY: Moody's Ups For. Cur. Deposit Ratings of 16 Banks to Ba3
------------------------------------------------------------------
Moody's Investors Service has upgraded the foreign currency
deposit ratings of 16 Turkish banks to Ba3 (stable outlook) from
B1.  At the same time, the banks' local currency deposit ratings
and national scale ratings have been affirmed.  These rating
actions are the direct result of Moody's decision to upgrade
Turkey's country ceiling for foreign currency deposits to Ba3
(stable outlook) from B1 and government bond rating to Ba2 (stable
outlook) from Ba3.  The foreign currency deposit ratings of the 16
banks have moved in tandem with the upgrade of the country
ceiling, which continues to constrain the ratings.

The ratings of Export Credit Bank of Turkey, Finans Finansal
Kiralama, Ekspo Faktoring and C-Faktoring are not affected by
these rating actions.

Moody's continues to believe that the Turkish government has a
strong willingness and ability to support its banks, if needed.
In light of the upgrade of the Turkish government's local currency
bond rating, Moody's new systemic support indicator for Turkey has
been set at Baa3, up from Ba1.  The systemic support input is two
notches above the government's Ba2 local currency bond rating.

This two-notch difference between the systemic support indicator
and the government's rating reflects Moody's assessment of the
Turkish government's strong ability and willingness to support the
banking system, its broad array of financial and non-financial
tools and the system's intrinsic strength, demonstrated during the
ongoing crisis and past global downturns.  However, the new
systemic support input does not result in any uplift for the bank
ratings.

A detailed list of ratings affected follows below:

                      List of Rating Actions

This rating actions were taken:

     (i) Akbank TAS: the long-term foreign currency deposit rating
         was upgraded to Ba3 from B1.  The Baa1/P-2 global local
         currency (GLC) deposit ratings were affirmed.  All
         ratings have a stable outlook.

    (ii) Anadolubank AS: the long-term foreign currency deposit
         rating was upgraded to Ba3 from B1.  The Ba1/NP GLC
         ratings were affirmed.  All ratings have a stable
         outlook.

   (iii) Asya Katilim Bankasi AS: the long-term foreign currency
         deposit rating was upgraded to Ba3 from B1.  The Ba2/NP
         GLC deposit ratings and the A3.tr /TR-1 national scale
         ratings were affirmed.  All ratings have a stable
         outlook.

    (iv) Bankpozitif Kredit ve Kalkinma Bankasi AS: the long-term
         foreign currency deposit rating was upgraded to Ba3 from
         B1.  The Baa3/P-3 GLC deposit ratings were affirmed.  All
         ratings have a stable outlook.

     (v) Denizbank AS: the long-term foreign currency deposit
         rating was upgraded to Ba3 from B1.  The Baa2/P-2 GLC
         deposit ratings were affirmed.  All ratings have a stable
         outlook.

    (vi) Eurobank Tekfen AS: the long-term foreign currency
         deposit rating was upgraded to Ba3 from B1.  The Ba1/NP
         GLC deposit ratings were affirmed.  All ratings have a
         stable outlook.

   (vii) Finansbank AS: the long-term foreign currency deposit
         rating was upgraded to Ba3 with a stable outlook from B1.
         The A3 long-term GLC deposit rating (negative outlook)
         and P-2 short-term rating were affirmed.

  (viii) HSBC Bank AS: the long-term foreign currency deposit
         rating was upgraded to Ba3 from B1.  The A3/P-2 GLC
         deposit ratings were affirmed.  All ratings have a stable
         outlook.

    (ix) T.C. Ziraat Bankasi AS: the long-term foreign currency
         deposit rating was upgraded to Ba3 from B1.  The Baa3/P-3
         GLC deposit ratings were affirmed.  All ratings have a
         stable outlook.

     (x) Turk Ekonomi Bankasi AS: the long-term foreign currency
         deposit rating was upgraded to Ba3 from B1.  The Baa2/P-2
         GLC deposit ratings were affirmed.  All ratings have a
         stable outlook.

    (xi) Turkiye Garanti Bankasi AS: the long-term foreign
         currency deposit rating was upgraded to Ba3 from B1.  The
         Baa1/P-2 GLC deposit ratings and the Aa1.tr/TR1 national
         scale ratings were affirmed.  All ratings have a stable
         outlook.

   (xii) Turkiye Halk Bankasi AS: the long-term foreign currency
         deposit rating was upgraded to Ba3 from B1.  The Baa3/P-3
         GLC deposit ratings were affirmed.  All ratings have a
         stable outlook.

  (xiii) Turkiye Is Bankasi AS: the long-term foreign currency
         deposit rating was upgraded to Ba3 from B1.  The Baa2/P-2
         GLC deposit ratings were affirmed.  All ratings have a
         stable outlook.

  (xiiv) Turkiye Sinai Kalkinma Bankasi AS: the long-term foreign
         currency deposit rating was upgraded to Ba3 from B1.  The
         Baa2/P-2 GLC deposit ratings were affirmed.  All ratings
         have a stable outlook.

    (xv) Turkiye Vakiflar Bankasi TAO: the long-term foreign
         currency deposit rating was upgraded to Ba3 from B1.  The
         Baa3/P-3 GLC deposit ratings were affirmed.  All ratings
         have a stable outlook.

   (xvi) Yapi ve Kredi Bankasi AS: the long-term foreign currency
         deposit rating was upgraded to Ba3 from B1.  The Baa1/P-2
         GLC deposit ratings and the Aa2.tr/TR1 national scale
         ratings were affirmed.  All ratings have a stable
         outlook.

        Previous Rating Actions and Principal Methodologies

The last rating action on Akbank TAS was implemented on
November 9, 2009, when its long-term local currency deposit rating
was downgraded to Baa1, with a stable outlook, from A3, within the
context of Moody's global review of the systemic support available
to banks in non-Aaa systems.  Its other ratings were unaffected.

The last rating action on Anadolubank AS was implemented on
November 9, 2009, when its BFSR was upgraded to D+ from D, which
maps to a Ba1 BCA.  The bank's Ba1 long-term local currency
deposit rating was confirmed with a stable outlook.  Its other
ratings were unaffected.

The last rating action on Asya Katilim Bankasi AS was implemented
on November 9, 2009, when its long-term local currency deposit
rating was downgraded to Ba2 with a stable outlook from Ba1.  The
national scale rating was downgraded to A3.tr from A1.tr and the
short-term rating confirmed at TR-1.  The rating actions were
taken within the context of Moody's global review of the systemic
support available to banks in non-Aaa systems.  Its other ratings
were unaffected.

The last rating action on Bankpozitif AS was implemented on
September 24, 2009, when the outlook on its B1 long-term foreign
currency deposit rating was changed to positive from stable.  Its
other ratings were unaffected.

The last rating action on Denizbank AS was implemented on
November 9, 2009, when its long-term local currency deposit rating
was downgraded to Baa2 with a stable outlook from Baa1, within the
context of Moody's global review of the systemic support available
to banks in non-Aaa systems.  Its other ratings were unaffected.

The last rating action on Eurobank Tekfen AS was implemented on
September 24, 2009, when the outlook on its B1 long-term foreign
currency deposit rating was changed to positive from stable.  Its
other ratings were unaffected.

The last rating action on Finansbank AS was implemented on
December 23, 2009, when the outlook on its A3 long-term global
local currency deposit rating was changed to negative from stable.
This was the direct result of Moody's downgrade of the BFSR of
National Bank of Greece to C with a negative outlook.  NBG is
Finansbank's controlling shareholder with 95% ownership.
Finansbank's other ratings were unaffected.

The last rating action on HSBC Bank AS was implemented on
September 24, 2009, when the outlook on its B1 long-term foreign
currency deposit rating was changed to positive from stable.  Its
other ratings were unaffected.

The last rating action on T.C. Ziraat Bankasi AS was implemented
on November 9, 2009, when its local currency deposit ratings were
downgraded to Baa3/Prime-3 with a stable outlook from Baa1/Prime-
2, within the context of Moody's global review of the systemic
support available to banks in non-Aaa systems.  Its other ratings
were unaffected.  Meanwhile, its BCA was raised to Baa3 from Ba1
(i.e. still mapping from a D+ BFSR).

The last rating action on Turk Ekonomi Bankasi AS was implemented
on November 9, 2009, when its long-term local currency deposit
rating was downgraded to Baa2 with a stable outlook from Baa1,
within the context of Moody's global review of the systemic
support available to banks in non-Aaa systems.  Its other ratings
were unaffected.

The last rating action on Turkiye Garanti Bankasi AS was
implemented on November 9, 2009, when its long-term local currency
deposit rating was downgraded to Baa1 with a stable outlook from
A3 and its long-term national scale rating was downgraded to
Aa1.tr from Aaa.tr, within the context of Moody's global review of
the systemic support available to banks in non-Aaa systems.  Its
other ratings were unaffected.

The last rating action on Turkiye Halk Bankasi AS was implemented
on December 30, 2009, when the bank was assigned first-time
ratings: a BFSR of D+, local currency deposit ratings of
Baa3/Prime-3 and foreign currency deposit ratings of B1/Not Prime.
The outlook on the foreign currency deposit ratings was positive,
but was stable on all the other ratings.

The last rating action on Turkiye Is Bankasi AS was implemented on
November 9, 2009, when its BFSR was upgraded to C- from D+
(resulting in the BCA being raised to Baa2 from Baa3).  The bank's
long-term local currency deposit rating was downgraded to Baa2
with a stable outlook from A3, within the context of Moody's
global review of the systemic support available to banks in non-
Aaa systems.  Its Prime-2 short-term local currency deposit rating
was confirmed and its other ratings were unaffected.

The last rating action on Turkiye Sinai Kalkinma Bankasi AS was
implemented on November 9, 2009, when its long-term local currency
deposit rating was downgraded to Baa2 with a stable outlook from
Baa1, within the context of Moody's global review of the systemic
support available to banks in non-Aaa systems.  Its Prime-2 short-
term local currency deposit rating was confirmed and its other
ratings were unaffected.

The last rating action on Turkiye Vakiflar Bankasi TAO was
implemented on November 9, 2009, when its local currency deposit
ratings were downgraded to Baa3/Prime-3 with a stable outlook from
Baa1/Prime-2, within the context of Moody's global review of the
systemic support available to banks in non-Aaa systems.  Its other
ratings were unaffected.  Meanwhile, its BCA was raised to Baa3
from Ba1 within the D+ BFSR category.

The last rating action on Yapi ve Kredi Bankasi AS was implemented
on November 9, 2009, when its long-term local currency deposit
rating was downgraded to Baa1 with a stable outlook from A3, and
its long-term national scale rating was downgraded to Aa2.tr from
Aaa.tr, within the context of Moody's global review of the
systemic support available to banks in non-Aaa systems.  Its other
ratings were unaffected.

T.C Ziraat Bankasi, Turkiye Halk Bankasi and Turkiye Vakiflar
Bankasi AS are headquartered in Ankara, Turkey.  All the other
banks are headquartered in Istanbul, Turkey.

Akbank TAS had total assets of TRY92.7 billion (US$61.0 billion)
under IFRS at the end of December 2008.

Anadolubank AS had total assets of TRY3.8 billion (US$2.5 billion)
under IFRS at the end of December 2008.

Asya Katilim Bankasi AS had total assets of TRY8.1 billion
(US$5.3 billion) under IFRS at the end of December 2008.

Bankpozitif Kredit ve Kalkinma Bankasi AS had total assets of
TRY1.8 billion (US$1.2 billion) under IFRS at the end of
December 2008.

Denizbank AS had total assets of TRY24.2 billion (US$15.9 billion)
under BRSA at the end of December 2008.

Eurobank Tekfen had total assets of TRY3.6 billion
(US$2.4 billion) under BRSA at the end of December 2008.

Finansbank had total assets of TRY30.1 billion (US$19.9 billion)
under BRSA at the end of December 2008.

HSBC Bank AS had total assets of TRY14.6 billion (US$9.6 billion)
under IFRS at the end of December 2008.

T.C.  Ziraat Bankasi AS had total assets of TRY104.4 billion
(US$77.6 billion) under BRSA at the end of December 2008.

Turk Ekonomi Bankasi AS had total assets of TRY17.0 billion
(US$11.2 billion) under IFRS at the end of December 2008.

Turkiye Garanti Bankasi AS had total assets of TRY98.2 billion
(US$69.7 billion) under IFRS at the end of December 2008.

Turkiye Halk Bankasi AS had total assets of TRY51.2 billion
(US$33.7 billion) under IFRS at the end of December 2008.

Turkiye Is Bankasi AS had total assets of TRY97.5 billion
(US$63.4 billion) under IFRS at the end of December 2008.

Turkiye Sinai Kalkinma Bankasi AS had total assets of
TRY6.3 billion (US$4.2 billion) under IFRS at the end of December
2008.

Turkiye Vakiflar Bankasi AS had total assets of TRY54.6 billion
(US$35.9 billion) under BRSA at the end of December 2008.

Yapi ve Kredi Bankasi AS had total assets of TRY69.9 billion
(US$46.0 billion) under IFRS at the end of December 2008.


* TURKEY: Moody's Upgrades Government Bond Rating to 'Ba2'
--------------------------------------------------------
Moody's Investors Service has upgraded Turkey's government bond
rating to Ba2 from Ba3, reflecting Moody's growing confidence in
the government's financial shock-absorption capacity.  The outlook
was changed to stable from positive.

"Although Turkish growth has contracted very sharply -- even more
sharply than was seen in its 2001 financial crisis -- the
resilience of the public finances relative to past such crises has
been notable," said Sarah Carlson, the lead analyst for Turkey in
Moody's Sovereign Risk Group.  "The ability of the government and
the country more generally to regroup when faced with a very
significant economic and financial challenge indicates that Turkey
has reached a higher level of resiliency -- which is what Moody's
ratings ultimately reflect."

Carlson said that the Turkish economy's ability to rebound from
shocks, whether external or domestic, is the product of a
significant improvement in the policy credibility over the last
decade.  She called the recent financial crisis a kind of 'stress
test' for these policy reforms.

Looking ahead, the economy is now starting to recover and capital
inflows have resumed.  The Turkish government has proven access to
foreign capital, as was demonstrated by its new US$2 billion
30-year Eurobond issue.  This was the largest-ever emerging market
sovereign transaction of that maturity.

"Moreover, the government's fiscal exit strategy has begun with
the passage of the 2010 budget," said Ms. Carlson.  "The budget
was in line with the Medium-term Expenditure Plan, announced in
September 2009, and represents a first step in a three-year plan
towards reining in the budget deficit and returning the budget to
a primary surplus position, barring election-related spending
setbacks."

Moody's said that the foundations for Turkey's long-term growth
are also looking robust, although growth is not likely to resume
at the pace achieved in the mid-2000s due to both global and local
factors.  Still, the country has become increasingly open to the
global economy and Turkish industry -- which was already moving up
the value chain -- has used the financial crisis to expand into
new export markets and therefore reduce their dependence on EU
countries.  The population dynamics are also its favor.

Carlson cautioned, however, that Turkey continues to face a range
of downside risks.

Its debt affordability metrics are still poor by international
standards, with interest/revenues estimated at 27% and
debt/revenues at 219% in 2009.  Its external vulnerability has
improved in recent years, but it remains in the bottom quintile of
the emerging markets universe.  Turkey also lacks policy rules
that would instill additional discipline to the budget process;
these, in turn, would make the improvements in debt dynamics more
durable and predictable, a decisive factor for any sovereign
country to eventually become investment grade.

"If nominal interest rates are maintained in the single digits or
low double digits going forward, the debt affordability ratios
could improve fairly quickly," Ms. Carlson pointed out.  "A fiscal
rule targeting ongoing budget restraint would enhance the Turkish
authorities' fiscal credibility, particularly given the slippage
that occurred even prior to the onset of the crisis and the
absence of an external anchor like the IMF or EU."

Other potential challenges come from the fact that Turkey may not
benefit in the coming years of the same degree of government
stability that it enjoyed during most of the decade.  At Ba2,
Moody's rating takes account of the fact that greater policy
volatility is a distinct possibility in the next two years in
light of the electoral calendar.  Moody's rating also factors the
usual political noise that comes with long-standing internal and
external tensions.

In a related rating action, Moody's also raised the foreign
currency bank deposit ceiling from B1 to Ba3 and the local
currency bank deposit ceiling to A2 from A3.  The outlooks on both
are stable.

Moody's last rating action with respect to the Government of
Turkey was on September 18, 2009, when a positive outlook was
assigned to the government's Ba3 foreign- and local-currency
ratings and the B1 country ceiling for foreign currency bank
deposits.


* ISTANBUL METROPOLITAN: Moody's Upgrades Issuer Rating to 'Ba2'
----------------------------------------------------------------
Moody's Investors Service has upgraded the issuer rating of
Istanbul Metropolitan Municipality to Ba2 from Ba3.  At the same
time, Moody's also upgraded the issuer ratings of Turkey's Housing
Development Administration (Toplu Konut Idaresi Baskanligi,
"TOKI") to Ba2/A3.tr from Ba3/Baa1.tr.  The rating outlooks are
stable.

"The rating action follows the decision of Moody's Sovereign Risk
Group to upgrade the Republic of Turkey's sovereign rating to Ba2,
which impacts the ratings of both Istanbul and TOKI," said
Francesco Soldi, Moody's lead analyst for Istanbul and TOKI.  "On
Moody's global scale, Istanbul and TOKI are rated in line with the
Turkish government; Istanbul retains a strategic role in the
national economy, while TOKI has close operating and financial
links with the Turkish government due to the nature of its
functions."

Istanbul's Ba2 issuer rating continues to reflect its active
fiscal management and some fiscal flexibility, mainly on the
capital side of its budget.  Over the past few years, growing
resources and the active management of municipal-related companies
helped Istanbul to manage expenditure pressures and to consolidate
robust operating surpluses.  Notwithstanding the large operating
surpluses, the implementation of its large investment program has
led to a high and rapidly growing debt burden (both direct and
indirect), in the context of a high exposure to financial market
volatility, and a narrowing liquidity position.  At end-2009,
Istanbul's direct debt amounted to US$2.1 billion, or around 80%
of operating revenue forecasts.

Istanbul retains a pivotal role in the national scenario, but
faces huge fiscal pressures in terms of service provision and
infrastructure investments.  Going forward, Moody's anticipates
that the large expenditure program will continue to foster an
increase in financial leverage.

TOKI is a not-for-profit public sector entity that operates under
a mandate from the central government and direction of the prime
minister's office, with a broad range of powers and duties in the
housing sector.  TOKI's Ba2/A3.tr issuer ratings also reflect
positive financial results, supported by the substantial expansion
of the company's assets.  However, the sustained investment
activity has led to a deteriorating liquidity position and
recourse to domestic borrowing.  At end-2009, TOKI reported a debt
exposure of approximately TRY2.3 billion (USD1.5 billion).

Going forward, Moody's expects that the implementation of its
large investment program will continue to drive negative or uneven
cash flows.  In this context, TOKI will need to further increase
its financial leverage to fund its investment projects.
Nonetheless, Moody's expects that TOKI will manage the execution
of its large investment program and the expected increase in
leverage without significantly impairing its finances, in a
context of a stable legal framework and continued support and
oversight by the central government.

The last rating action with respect to Istanbul was implemented on
September 18, 2009, when Moody's changed the outlook on its Ba3
issuer rating to positive, following the sovereign action.  The
last rating action with respect to TOKI was implemented on
September 18, 2009, when Moody's changed the outlook on its
Ba3/Baa1.tr issuer ratings to positive, following the sovereign
action.

Moody's national scale ratings are not globally comparable, but
address credit risk among debt issues or issuers within a country,
enabling participants to better differentiate relative risks.
Moody's issuer ratings are assigned to issuers rather than to
specific debt issues.  Specific debt issues of the issuer may be
rated differently and are considered unrated unless individually
rated by Moody's.


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


2ND THOUGHTS: In Administration; 140 Jobs Affected
--------------------------------------------------
Greg Wright at Yorkshire Post reports that 2nd Thoughts Ltd. has
gone into administration, resulting in the loss of about 140 jobs.

According to the report, the company, launched more than 30 years
ago by Mick Broughton, had struggled to cope with the recession.

The report relates Bob Maxwell and Edward Klempka at Begbies
Traynor, a business rescue, recovery and restructuring specialist,
have been appointed joint administrators.

"Twenty-nine stores have been closed resulting in a total of 140
redundancies at the stores and at head office.  However, 53 stores
will remain open and we are actively seeking a sale of the
business as a going concern in order to safeguard the remaining
270 jobs," the report quoted Mr. Maxwell as saying.

Based in Leeds, 2nd Thoughts Ltd. trades as the Ellie Louise and
Happit chain of clothing stores in England and Scotland.  At the
time it went into administration, the group had 82 stores
nationwide, including 12 in Yorkshire, and a turnover of
GBP14 million a year.


ACRUM FARM: High Court Orders Liquidation
-----------------------------------------
In a notice published on January 4, 2010, in the Belfast
Telegraph, the official receiver of Acrum Farm & Stud Limited said
that on December 17, 2009, the High Court of Justice in Northern
Ireland ordered the winding up of the company.

The registered office of the company is at:

         10 Springfield Lane
         Dungannon, BT70 1QX
         Northern Ireland


AERO INVENTORY: Qantas, Tax Office to Suffer Losses From Collapse
-----------------------------------------------------------------
Matt O'Sullivan at The Sydney Morning Herald reports that Qantas
and the Australian Taxation Office have emerged as two of the
largest creditors of Aero Inventory.

According to SMH, a report from the administrators shows Qantas is
owed GBP1.46 million (US$2.54 million) and the Tax Office more
than GBP930,000.

SMH says although preferential creditors of Aero Inventory will be
repaid in full, the administrators said unsecured creditors such
as Qantas were likely to receive just 1.1 pence in the pound.

Aero Inventory has a facility in Melbourne that is being wound up,
the report notes.

As reported by the Troubled Company Reporter-Europe on Nov. 18,
2009, The Financial Times said Aero called in administrators after
the sharp downturn in the aviation industry hit its cash flow and
existing financial backers, spooked by delayed results, improperly
valued stock and the suspension of its shares, refused to provide
emergency funding.  The FT disclosed company had net debt of
US$466.2 million (GBP280 million) at the half-year and is
extremely cash intensive.

Aero Inventory plc -- http://www.aero-inventory.com/-- is a
holding company to its subsidiary undertakings.  Aero Inventory
(UK) Limited is primarily engaged in procurement and inventory
management for the aerospace industry.  Aero Inventory (Hong Kong)
Limited, Aero Inventory (Switzerland) AG, Aero Inventory
(Australia) Pty Limited, Aero Inventory (Canada) Inc., Aero
Inventory (Bahrain) SPC and Aero Inventory Japan KK provide
customer support in relation to the activities of Aero Inventory
(UK) Limited. Aero Inventory (USA) Inc. provides services to Aero
Inventory (UK) Limited in relation to the procurement and
purchasing of aircraft parts, logistics and the sale of parts to
non-contract customers in the United States.  The Company
principally operates in the United Kingdom, rest of Europe and
Middle East, America and Asia Pacific.


BC (NI): High Court Orders Liquidation
--------------------------------------
In a notice published on January 4, 2010 in the Belfast Telegraph,
the official receiver of BC (NI) Limited said that on December 17,
2009, the High Court of Justice in Northern Ireland ordered the
winding up of the company.

The registered office of the company is at:

         97a Main Street
         Fintona
         Omagh, BT78 2AQ
         Northern Ireland


D2 JEANS: Management Buy-Out Deal to Save Some 500 Jobs
-------------------------------------------------------
Victoria Thomson at The Scotsman reports that the management of
fashion chain D2 Jeans on Friday night unveiled a deal to buy more
than 40 stores out of administration that could save some 500
jobs.

According to the Scotsman, talks are taking place to finalize
store numbers under the buyout, which will see the D2 brand
retained on the high street.

The Scotsman says 44 stores may be bought out of administration,
with just over 500 workers retained, largely sales staff, as well
as some warehouse and head office employees.  About 32 stores,
with more than 300 staff, are not included in the rescue deal, the
Scotsman notes.

The Scotsman recalls D2 Jeans was placed in the hands of
administrators at accountancy firm BDO last week.

As reported by the Troubled Company Reporter-Europe on Jan. 4,
2010, The Times said at the company's Ayrshire head office, 22
staff members were made redundant, while two of its three stores
in Dublin were closed immediately, with the loss of 39 jobs.  The
Times disclosed D2 suffered from being locked into high rents in
secondary high street locations. In the year ending January 2008,
the latest for which figures are available, the company made a
pre-tax loss of GBP2.9 million, after GBP1.9 million loss the
previous year, according to the Times.

D2 Jeans was created through the merger of Sir Tom Hunter's
Fosters Menswear business and Jeans for Sale, the chain founded by
Scots businessmen Alan Kinney and Jim McGonigle.


EMAP INTERNATIONAL: GMG, Apax Plan to Inject Fresh Funds
--------------------------------------------------------
James Ashton at The Sunday Times reports that the Guardian Media
Group and private-equity investor Apax have pledged to pump more
money into Emap, their jointly owned business publisher.

According to the report, the pair is gearing up to support an
acquisition drive with fresh funds after rejecting proposals to
relax covenants on Emap's GBP700 million of debt because it would
be too expensive.

The report recalls Emap, which was acquired for GBP1 billion in
2007, warned in its last set of accounts of "significant doubt"
that it could carry on as a going concern if economic conditions
deteriorate or renegotiations with lenders failed.

However, the group is not expected to breach covenants when they
are tested at the end of this month, the report notes.  It is on
track to earn GBP100 million in the year to March, roughly flat on
12 months ago, the report says.

Emap International Ltd. -- http://www.emap.com/-- is a business-
to-business (B2B) publisher.  It is a producer of trade magazines
(Broadcast, Construction News, Retail Week) through its Emap
Inform unit.  It provides business intelligence, analysis, and
forecasting tools through its Emap Data and Insight unit.  In
addition, Emap organizes conferences such as the World Retail
Congress through Emap Network, and exhibitions such as the Cannes
Lions International Advertising Festival, through Emap Connect.
Subsidiary Worth Global Style Network covers the fashion industry.
Emap targets the retail, media, finance, fashion,
health, education, government, and automotive sectors.


INFINIS PLC: Moody's Assigns 'B1' Senior Unsecured Rating
---------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 senior
unsecured rating to the GBP275 million Senior Notes due 2014
issued by Infinis plc.  Moody's has previously assigned a B1
Corporate Family Rating and Ba3 probability of default rating to
Infinis Holdings.  The outlook on all ratings is stable.

The assigned ratings are supported by strong cash flow generation
from Infinis' electricity production across a diversified
portfolio of landfill sites, by management's significant
experience in the area and by the attractive regulatory incentives
for renewable electricity generation.  The ratings are constrained
by the limited scale of the group's operations, exposure to
volatile electricity prices, landfill gas reserves that will
decline over time, high financial leverage and significant
refinancing risk.

Moody's rating assessment of Infinis Holdings focuses on Infinis
plc as the dominant subsidiary but further takes into account
other activities and indebtedness within the group.

Infinis operates on 80 sites of which 59 are owned or operated by
WRG and which together account for 78% of the company's current
capacity.  Infinis pays no fee for operating on these sites (other
than a small fee in respect of some) and has the right to extract
gas until 2036 or as long as electricity generation is
commercially viable, whichever occurs first.  The other 21 sites
on which Infinis operates are owned by landfill operators
including Cory Environmental, Biffa, Veolia and Viridor.  On these
sites, Infinis manages the landfill gas and sells the electricity
generated in return for the payment of royalties to the owner
under the terms of a range of leases.

Moody's believes that the risk of volatility in gas and
electricity production is to some extent mitigated by the
diversification of Infinis' portfolio.  The ten largest sites
account for 49% of capacity and the largest (Brogborough) for
11.1% of installed capacity.  In addition, gas is typically
produced in a number of cells at each site meaning that a problem
in one area need not affect the site as a whole and Moody's note
that the risk of losses due to engine failure is limited by the
number of engines in the portfolio.

Notwithstanding the small scale of the company, Moody's has
considered that its exposure to volume and price risk as an
electricity generator is further mitigated by Infinis' role and
contractual arrangements in the incentives UK renewable energy
market.

Infinis sells its electricity to a range of counterparties,
generally under short to medium (ROC output) or long term (NFFO
output) contracts and with the benefit of certain regulatory
incentives for renewable energy.  Approximately 40% of its
electricity output in the near future is expected to be sold under
the Non-Fossil Fuel Obligation scheme.  This was introduced in
1990 and required the electricity Distribution Network Operators
in England and Wales to purchase electricity from the nuclear
power and renewable energy sectors at a fixed price (which varied
across five different tranches).  The remaining output is sold
under the more recent (2002) Renewable Obligation Order which
places an obligation on licensed electricity suppliers in the
United Kingdom to source an increasing proportion of electricity
from renewable sources.  This proportion increases every year with
a target of 15% of total electricity supplied coming from
renewables in 2015.  Suppliers must meet their obligation each
year by presenting the regulator with Renewables Obligation
Certificates to the full value of their obligation or using a buy-
out clause which allows them to pay for any shortfall (or some
combination of both).  Proceeds received by the regulator under
the buy-out clause are redistributed to generators according to
the number of ROCs awarded to them.  Under the NFFO, Infinis is
able to achieve prices of between GBP35 and GBP61/MWh, while under
the RO the company's current average all-in price for the year
ended 30 September 2009 is GBP95.99/MWh.

Infinis sells a significant proportion of the electricity under
the RO together with the ROCs and LECs forward to a portfolio of
off-takers through competitive tenders.  As at 30 September 2009,
the company had sold 88.5% and 78% of projected electricity output
until October 2010 and October 2011 respectively providing
reasonable visibility in respect of earnings in those years.
Moody's notes that under the terms of the forward sale agreements,
Infinis is not exposed to potential loss if actual output falls
short of the amount contracted.

Consolidated leverage on a Debt to EBITDA basis is expected to be
close to 4.4x.  Management anticipates that the company will
benefit from significant free cash flow generation over the
medium-term, although Moody's notes that this will be dependent on
achieved electricity prices.  Capital investment needs are
moderate, and development capex requirements will reduce over time
as the asset portfolio matures.  However, Moody's notes the
history of acquisitions by Infinis Holdings and the high
likelihood that available cash flows will be applied to future
investments.  Moody's note also that part of the proceeds of the
planned financing will be used to fund a dividend payment (albeit
through repayment of shareholder loan) and that the transaction
will leave the company with a significant refinancing risk on
maturity of the Notes, at which time the remaining life of the
landfill gas reserves will have shortened.

Infinis has made acquisitions in the past and appears likely to
continue to grow in the future through both acquisitions and
investment in related businesses including the development of wind
farms.  Indeed, Infinis Energy Limited, has recently made a public
offer to acquire shares in Novera Energy Limited, another
renewable energy company with a portfolio of landfill gas, hydro
and wind assets with a total capacity of 118MW.  Prior to the
offer, IEL owned approximately 43% of Novera and as of 6 January
2010 IEL now own or have valid acceptances for 95.9% of the
outstanding common equity of Novera plc.

The consideration for the offer will be met from existing cash
reserves within the Infinis group.  Given the size of the
transaction and the similarities between the two businesses,
Moody's does not anticipate that the transaction will impact
Infinis' CFR or the rating of the Notes.  Moody's note, however,
that continued development of the group and investment outside of
Infinis may take management's attention away from the core
business on which lenders are reliant.

Moody's notes that the terms of the Notes provide certain
protections but the provisions are not, in Moody's opinion,
sufficient to insulate lenders to Infinis from the risks inherent
in the group as a whole.

The indenture has restricted payment and debt incurrence covenants
based around a Fixed Charge Cover Ratio of 2.0x and (in the case
of restricted payments) a basket based on 50% of Consolidated Net
Income.  It also permits restricted payments up to an aggregate
amount of GBP30 million.  A further GBP30 million bucket applies
to investments in restricted subsidiaries.

In assigning the B1 rating of the Notes, Moody's has assumed a 65%
group Loss Given Default.  The 65% LGD assumption reflects the
group's debt capital structure, which will primarily consist of
the Notes to be issued.  The 65% LGD assumption is in line with
Moody's general approach towards all-bond transactions.
Accordingly Moody's LGD estimate for the Notes is LGD 4.  Due to
the high LGD assumption, the PDR is assessed at Ba3, one notch
higher than the B1 CFR assigned to the group.

The stable outlook reflects Moody's view that Infinis' capital
structure is reasonably resilient to downside sensitivities.

Infinis Holdings, based in Northampton (England), is a holding
company for a group focused on renewable energy.  The group's
principal subsidiary, Infinis plc, generates electricity from
landfill gas with an in-house capacity of approximately 262MW and
a further 45MW of outsourced capacity.  Infinis accounts for about
33% of the UK landfill gas market, substantially ahead of its
peers and it is the second largest renewable electricity generator
in the UK, generating 8% of all renewable electricity.


JOMAR LIMITED: High Court Orders Liquidation
--------------------------------------------
In a notice published on January 4, 2010, in the Belfast
Telegraph, the official receiver of Jomar Limited said that on
December 17, 2009, the High Court of Justice in Northern Ireland
ordered the winding up of the company.

The registered office of the company is at:

         25-29 Hibernia Street
         Holywood, BT18 9JE
         Northern Ireland


KESTREL COURT: In Administration; Baker Tilly Appointed
-------------------------------------------------------
Weston & Somerset Mercury reports that Kestrel Court Portishead
Ltd. has gone into administration.

The report relates Baker Tilly, business advisers and auditors,
has been appointed administrators of the company.

Baker Tilly spokesman Andrew Sheridan said, "We have been
appointed by Kestrel Court's bankers but both sites continue to
operate as normal," Baker Tilly spokesman Andrew Sheridan said,
according to the report.

"I am pleased to say that it has not been necessary to make any
redundancies, nor are any anticipated."

"We have received high levels of interest in the businesses from a
number of parties and are confident that we will be able to
conclude a sale of the businesses and assets in the near future.

Kestrel Court provides office and studio/workshop space catering
for new and dynamic businesses.


LUPUS CAPITAL: Greg Hutchings Seeks Reinstatement to Board
----------------------------------------------------------
James Ashton at Times Online reports that Greg Hutchings is
launching a fresh attempt to be reinstated to the board of Lupus
Capital plc.

According to the report, Mr. Hutchings, which was ousted as
executive chairman of Lupus last July, has called for another
extraordinary meeting, where he will ask investors to approve his
reinstatement to the board and install him as chief executive of
the company, which is valued at GBP71 million.

The report recalls Mr. Hutchings was forced off the board after
the company breached one part of a lending agreement with Lloyds
Banking Group, RBS and HSBC.  Since then, it has been run by
interim chief executive Keith Taylor, the report notes.

The report says, to succeed in being reinstated, Mr. Hutchings
will need at least 50% of the votes cast at the meeting.

As reported by the Troubled Company Reporter-Europe on Nov. 3,
2009, The Financial Times said Mr. Hutchings failed in his bid to
be reinstated at Lupus Capital.  The FT disclosed at an
extraordinary general meeting on Oct. 30, more than 58% of votes
cast went against Mr. Hutchings with a turnout of 83% of the
company's voting rights.  Mr. Hutchings has an 11% stake in Lupus,
which he left when it renegotiated its debt following the breach
of a banking covenant, the FT said.

Lupus Capital plc -- http://www.lupuscapital.co.uk/-- is a
holding company.  The Company, along with its subsidiaries, is
engaged in the manufacture, supply and distribution of building
products, and of goods to the oil and gas industries. Its
subsidiary, Gall Thomson, is an international supplier of marine
breakaway couplings.  Its other subsidiaries include Octroi Group
Limited, an investment company; Lupus Capital Management Limited,
engaged in management services; Schlegel Acquisition Holdings
Limited, a holding company, and Jasper Acquisition Holdings
Limited, a holding company.  On April 27, 2007, the Company
acquired 100% interest in Laird Security Systems Division.


MJ II: High Court Orders Liquidation
------------------------------------
In a notice published on January 4, 2010, in the Belfast
Telegraph, the official receiver of MJ II Limited said that on
December 17, 2009, the High Court of Justice in Northern Ireland
ordered the winding up of the company.

The registered office of the company is at:

         21 Loup Road
         Moneymore
         Magherafelt
         BT45 7SN
         Northern Ireland


NORTHERN ROCK: Virgin Seeks Backing From Blackstone for Fresh Bid
-----------------------------------------------------------------
Helia Ebrahimi at The Telegraph reports that Blackstone, the U.S.
private equity firm, has been approached by Sir Richard Branson's
Virgin Money about backing a renewed bid for state-owned Northern
Rock.

The report says the talks with Blackstone underline Mr. Richard's
ambition to break into the U.K. mortgages and savings market and
could lay the foundation for the first private equity-backed U.K.
bank.  According to the report, a source close to the buyout house
said its interest in Northern Rock relied on working alongside a
trade partner with the right operational understanding of running
a bank.  The report recalls in 2007, Blackstone was hired in an
advisory capacity by the then ailing Northern Rock after earlier
being mooted as a potential buyer of the mortgage bank.

                          Sales Process

The report relates Northern Rock's sales process was kicked off
last week when it formally completed the separation of the
business into a "good bank" called Northern Rock and a "bad bank"
named Northern Rock Asset Management (NRAM) containing toxic
assets as well as the group's GBP350 million pension scheme.
Northern Rock has GBP19 billion of savings, GBP10 billion of
quality mortgages and 76 branches, while NRAM has GBP50 billion of
mortgages and GBP4.5 billion of unsecured loans, the report
discloses.

As well as Virgin, potential buyers for the business include
National Australia Bank, which owns the Yorkshire and Clydesdale
banks, and Spain's Santander, the report notes.

                       About Northern Rock

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

                           *     *     *

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


THYME RESTAURANT: High Court Orders Liquidation
-----------------------------------------------
In a notice published on January 4, 2010, in the Belfast
Telegraph, the official receiver of Thyme Restaurant LLP said that
on December 17, 2009, the High Court of Justice in Northern
Ireland ordered the winding up of the company.

The registered office of the company is at:

         Blackwood Golf Centre Crawfordsburn Road
         Clandeboye
         Bangor, BT19
         Northern Ireland


TOD ELECTRICAL: High Court Orders Liquidation
---------------------------------------------
In a notice published on January 4, 2010, it the Belfast
Telegraph, the official receiver of Tod Electrical Services
Limited said that on December 17, 2009, the High Court of Justice
in Northern Ireland ordered the winding up of the company.

The registered office of the company is at:

         1 Cherry Hill
         Maghera, BT46 5LS
         Northern Ireland


VALENCE TECHNOLOGY: High Court Orders Liquidation
-------------------------------------------------
In a notice published on January 4, 2010, at the Belfast
Telegraph, the official receiver of Valence Technology BV said
that on December 17, 2009, the High Court of Justice in Northern
Ireland ordered the winding up of the company.

The registered office of the company is at:

         Unit 63
         Mallusk Enterprise Park
         Mallusk Drive
         Newtownabbey, BT36 4GN
         Northern Ireland


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


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

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

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

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

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

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

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

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

GERMANY
-------
AGOR AG             DOO EU       -482446.6262   144432986.2
AGOR AG             NDAGF US     -482446.6262   144432986.2
AGOR AG             DOO EO       -482446.6262   144432986.2
AGOR AG             DOO GR       -482446.6262   144432986.2
AGOR AG             DOOG IX      -482446.6262   144432986.2
AGOR AG             DOOD PZ      -482446.6262   144432986.2
AGOR AG-RTS         2301918Z GR  -482446.6262   144432986.2
ALNO AG             ANO EU       -68516656.94   290459933.8
ALNO AG             ANO GR       -68516656.94   290459933.8
ALNO AG             ANO EO       -68516656.94   290459933.8
ALNO AG             ALNO IX      -68516656.94   290459933.8
ALNO AG             ANO PZ       -68516656.94   290459933.8
ALNO AG-NEW         ANO1 GR      -68516656.94   290459933.8
ALNO AG-RTS         2259765Z GR  -68516656.94   290459933.8
BROKAT AG           BKISF US     -27139391.98   143536859.7
BROKAT AG           BROFQ US     -27139391.98   143536859.7
BROKAT AG           BROAF US     -27139391.98   143536859.7
BROKAT AG           BRKAF US     -27139391.98   143536859.7
BROKAT AG -NEW      BRJ1 NM      -27139391.98   143536859.7
BROKAT AG -NEW      BRJ1 GR      -27139391.98   143536859.7
BROKAT AG-ADR       BROA US      -27139391.98   143536859.7
BROKAT TECH -ADR    BROAQ US     -27139391.98   143536859.7
BROKAT TECH AG      BRJ NM       -27139391.98   143536859.7
BROKAT TECH AG      BRJ GR       -27139391.98   143536859.7
BROKAT TECH AG      BSA LN       -27139391.98   143536859.7
BROKAT TECH-ADR     BRJA GR      -27139391.98   143536859.7
CBB HOLDING AG      COBG IX      -42994732.85   904723627.8
CBB HOLDING AG      CUBDF US     -42994732.85   904723627.8
CBB HOLDING AG      COB2 EO      -42994732.85   904723627.8
CBB HOLDING AG      COB2 EU      -42994732.85   904723627.8
CBB HOLDING AG      COBG PZ      -42994732.85   904723627.8
CBB HOLDING AG      COB GR       -42994732.85   904723627.8
CBB HOLDING-NEW     COB1 GR      -42994732.85   904723627.8
CBB HOLDING-NEW     COB3 GR      -42994732.85   904723627.8
CBB HOLD-NEW 97     COB2 GR      -42994732.85   904723627.8
CINEMAXX AG         MXC GR       -42008900.33   144431938.3
CINEMAXX AG         MXC PZ       -42008900.33   144431938.3
CINEMAXX AG         MXCUSD EU    -42008900.33   144431938.3
CINEMAXX AG         MXC EU       -42008900.33   144431938.3
CINEMAXX AG         MXCUSD EO    -42008900.33   144431938.3
CINEMAXX AG         CNEMF US     -42008900.33   144431938.3
CINEMAXX AG         MXC EO       -42008900.33   144431938.3
CINEMAXX AG         MXCG IX      -42008900.33   144431938.3
CINEMAXX AG-RTS     MXC8 GR      -42008900.33   144431938.3
DORT ACTIEN-BRAU    944167Q GR   -12689156.29   117537053.7
DORT ACTIEN-RTS     DAB8 GR      -12689156.29   117537053.7
EDOB ABWICKLUNGS    ESC GR       -22323463.23   425598807.8
EDOB ABWICKLUNGS    ESC PZ       -22323463.23   425598807.8
EDOB ABWICKLUNGS    ESC TQ       -22323463.23   425598807.8
EDOB ABWICKLUNGS    ESC EO       -22323463.23   425598807.8
EDOB ABWICKLUNGS    ESCDF US     -22323463.23   425598807.8
EDOB ABWICKLUNGS    ESC EU       -22323463.23   425598807.8
EDOB ABWICKLUNGS    ESC BQ       -22323463.23   425598807.8
EM.TV & MERCHAND    EMTVF US     -22067409.41   849175624.7
EM.TV & MERCHAND    985403Q GR   -22067409.41   849175624.7
EM.TV & MERCHAND    ETV VX       -22067409.41   849175624.7
EM.TV & MERCHAND    ETVMF US     -22067409.41   849175624.7
EM.TV & MERCHAND    ETV LN       -22067409.41   849175624.7
EM.TV & MERCHAND    ETV NM       -22067409.41   849175624.7
EM.TV & MERC-NEW    ETV1 NM      -22067409.41   849175624.7
EM.TV & MERC-NEW    ETV1 GR      -22067409.41   849175624.7
EM.TV & MERC-RTS    ETV8 GR      -22067409.41   849175624.7
EM.TV & MERC-RTS    ETV8 NM      -22067409.41   849175624.7
ESCADA AG           ESCG IX      -22323463.23   425598807.8
ESCADA AG -PFD      ESC3 GR      -22323463.23   425598807.8
ESCADA AG-NEW       ESCN GR      -22323463.23   425598807.8
ESCADA AG-NEW       ESCC GR      -22323463.23   425598807.8
ESCADA AG-NEW       ESCN EO      -22323463.23   425598807.8
ESCADA AG-NEW       3069367Q GR  -22323463.23   425598807.8
ESCADA AG-NEW       ESCN EU      -22323463.23   425598807.8
ESCADA AG-NEW       ESCD GR      -22323463.23   425598807.8
ESCADA AG-NEW       835345Q GR   -22323463.23   425598807.8
ESCADA AG-RTS       ESCE GR      -22323463.23   425598807.8
ESCADA AG-SP ADR    ESCDY US     -22323463.23   425598807.8
KAUFRING AG         KFR PZ       -19296489.56   150995473.8
KAUFRING AG         KFR EU       -19296489.56   150995473.8
KAUFRING AG         KAUG IX      -19296489.56   150995473.8
KAUFRING AG         KFR GR       -19296489.56   150995473.8
KAUFRING AG         KFR EO       -19296489.56   150995473.8
MANIA TECHNOLOGI    MNI1 EU       -35060806.5   107465713.6
MANIA TECHNOLOGI    2260970Z GR   -35060806.5   107465713.6
MANIA TECHNOLOGI    MNI1 EO       -35060806.5   107465713.6
MANIA TECHNOLOGI    MNI PZ        -35060806.5   107465713.6
MANIA TECHNOLOGI    MNIG IX       -35060806.5   107465713.6
MANIA TECHNOLOGI    MIAVF US      -35060806.5   107465713.6
MANIA TECHNOLOGI    MNI NM        -35060806.5   107465713.6
MANIA TECHNOLOGI    MNI GR        -35060806.5   107465713.6
MATERNUS KLINI-N    MAK1 GR      -17804909.71   189933668.6
MATERNUS-KLINIKE    MAK EU       -17804909.71   189933668.6
MATERNUS-KLINIKE    MAKG IX      -17804909.71   189933668.6
MATERNUS-KLINIKE    MAK PZ       -17804909.71   189933668.6
MATERNUS-KLINIKE    MAK EO       -17804909.71   189933668.6
MATERNUS-KLINIKE    MNUKF US     -17804909.71   189933668.6
MATERNUS-KLINIKE    MAK GR       -17804909.71   189933668.6
NORDAG AG           DOO1 GR      -482446.6262   144432986.2
NORDAG AG-PFD       DOO3 GR      -482446.6262   144432986.2
NORDAG AG-RTS       DOO8 GR      -482446.6262   144432986.2
NORDSEE AG          533061Q GR   -8200552.046   194616922.6
PRIMACOM AG         PRC EO       -18656728.68   610380925.7
PRIMACOM AG         PRC GR       -18656728.68   610380925.7
PRIMACOM AG         PRC EU       -18656728.68   610380925.7
PRIMACOM AG         PRC NM       -18656728.68   610380925.7
PRIMACOM AG         PRCG IX      -18656728.68   610380925.7
PRIMACOM AG         PRC2 GR      -18656728.68   610380925.7
PRIMACOM AG         PCAGF US     -18656728.68   610380925.7
PRIMACOM AG         PRCG PZ      -18656728.68   610380925.7
PRIMACOM AG-ADR     PCAGY US     -18656728.68   610380925.7
PRIMACOM AG-ADR     PCAG US      -18656728.68   610380925.7
PRIMACOM AG-ADR+    PCAG ES      -18656728.68   610380925.7
RAG ABWICKL-REG     ROS1 EO      -1744121.914   217776125.8
RAG ABWICKL-REG     ROS GR       -1744121.914   217776125.8
RAG ABWICKL-REG     ROS1 EU      -1744121.914   217776125.8
RAG ABWICKL-REG     ROSG PZ      -1744121.914   217776125.8
RAG ABWICKL-REG     RSTHF US     -1744121.914   217776125.8
RINOL AG            RIL GR            -2.7111   168095049.1
RINOL AG            RILB GR           -2.7111   168095049.1
RINOL AG            RILB IX           -2.7111   168095049.1
RINOL AG            RNLAF US          -2.7111   168095049.1
RINOL AG            RILB PZ           -2.7111   168095049.1
RINOL AG            RILB EO           -2.7111   168095049.1
RINOL AG            RILB EU           -2.7111   168095049.1
ROSENTHAL AG        2644179Q GR  -1744121.914   217776125.8
ROSENTHAL AG-ACC    ROS4 GR      -1744121.914   217776125.8
ROSENTHAL AG-ADR    RSTHY US     -1744121.914   217776125.8
ROSENTHAL AG-REG    ROSG IX      -1744121.914   217776125.8
SANDER (JIL) AG     SAD GR       -6153256.917   127548039.7
SANDER (JIL) AG     JLSDF US     -6153256.917   127548039.7
SANDER (JIL)-PRF    SAD3 GR      -6153256.917   127548039.7
SANDER (JIL)-PRF    2916157Q EU  -6153256.917   127548039.7
SANDER (JIL)-PRF    2916161Q EO  -6153256.917   127548039.7
SANDER (JIL)-PRF    SAD3 PZ      -6153256.917   127548039.7
SINNLEFFERS AG      WHG GR       -4491629.961   453887060.1
SPAR HANDELS-AG     773844Q GR   -442426199.5    1433020961
SPAR HANDELS-AG     SPHFF US     -442426199.5    1433020961
SPAR HAND-PFD NV    SPA3 GR      -442426199.5    1433020961
TA TRIUMPH-ACQ      TWNA EU      -120075877.7     410015192
TA TRIUMPH-ACQ      TWNA GR      -120075877.7     410015192
TA TRIUMPH-ADLER    TWN GR       -120075877.7     410015192
TA TRIUMPH-ADLER    TWN PZ       -120075877.7     410015192
TA TRIUMPH-ADLER    TWNG IX      -120075877.7     410015192
TA TRIUMPH-ADLER    TTZAF US     -120075877.7     410015192
TA TRIUMPH-ADLER    TWN EO       -120075877.7     410015192
TA TRIUMPH-ADLER    TWN EU       -120075877.7     410015192
TA TRIUMPH-A-RTS    1018916Z GR  -120075877.7     410015192
TA TRIUMPH-NEW      TWN1 GR      -120075877.7     410015192
TA TRIUMPH-RT       TWN8 GR      -120075877.7     410015192
TA TRIUMPH-RTS      3158577Q GR  -120075877.7     410015192
VIVANCO GRUPPE      VVAG IX      -22198683.12   111990951.4
VIVANCO GRUPPE      VIVGF US     -22198683.12   111990951.4
VIVANCO GRUPPE      VVA1 EU      -22198683.12   111990951.4
VIVANCO GRUPPE      VVA1 PZ      -22198683.12   111990951.4
VIVANCO GRUPPE      VVA1 EO      -22198683.12   111990951.4
VIVANCO GRUPPE      VVA1 GR      -22198683.12   111990951.4
VIVANCO GRUPPE      VVA GR       -22198683.12   111990951.4

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

GREECE
------
AG PETZETAKIS SA    PZETF US     -30790135.48   234437763.5
AG PETZETAKIS SA    PETZK GA     -30790135.48   234437763.5
AG PETZETAKIS SA    PETZK PZ     -30790135.48   234437763.5
AG PETZETAKIS SA    PETZK EU     -30790135.48   234437763.5
AG PETZETAKIS SA    PTZ1 GR      -30790135.48   234437763.5
AG PETZETAKIS SA    PTZ GR       -30790135.48   234437763.5
AG PETZETAKIS SA    PETZK EO     -30790135.48   234437763.5
ALMA-ATERM-AUCT     ATERME GA    -4110971.317   105276552.2
ALMA-ATERMON SA     ATERM PZ     -4110971.317   105276552.2
ALMA-ATERMON SA     ATERM EU     -4110971.317   105276552.2
ALMA-ATERMON SA     ATERM EO     -4110971.317   105276552.2
ALTEC SA -AUCT      ALTECE GA    -103590250.3   177563163.7
ALTEC SA INFO       ALTEC EU     -103590250.3   177563163.7
ALTEC SA INFO       ATCQF US     -103590250.3   177563163.7
ALTEC SA INFO       AXY GR       -103590250.3   177563163.7
ALTEC SA INFO       ALTEC PZ     -103590250.3   177563163.7
ALTEC SA INFO       ALTEC EO     -103590250.3   177563163.7
ALTEC SA INFO       ALTEC GA     -103590250.3   177563163.7
ALTEC SA INFO-RT    ALTECR GA    -103590250.3   177563163.7
ALTEC SA INFO-RT    ALTED GA     -103590250.3   177563163.7
ARIES MARITIME T    RAMS US         -57875000     197992000
ASPIS PRONIA GE     ASASK GA     -154558841.2   846005811.9
ASPIS PRONIA GE     ASASK PZ     -154558841.2   846005811.9
ASPIS PRONIA GE     AISQF US     -154558841.2   846005811.9
ASPIS PRONIA GE     ASASK EU     -154558841.2   846005811.9
ASPIS PRONIA GE     ASASK EO     -154558841.2   846005811.9
ASPIS PRONIA -PF    ASAPR GA     -154558841.2   846005811.9
ASPIS PRONIA-PF     ASASP GA     -154558841.2   846005811.9
ASPIS PRONIA-PF     APGV GR      -154558841.2   846005811.9
ASPIS PRONIA-RT     ASASKR GA    -154558841.2   846005811.9
ASPIS PRONOIA GE    APG GR       -154558841.2   846005811.9
ASPIS PRONOIA GE    APGG IX      -154558841.2   846005811.9
ASPIS PRON-PF RT    ASASPR GA    -154558841.2   846005811.9
ATERMON DYNAMIC     ATERM GA     -4110971.317   105276552.2
EMPEDOS SA          EMPED GA     -33637669.62   174742646.9
EMPEDOS SA-RTS      EMPEDR GA    -33637669.62   174742646.9
KOUMBAS INSUR-RT    KOUMD GA     -39842421.26   236519943.7
KOUMBAS RTS         KOUMR GA     -39842421.26   236519943.7
KOUMBAS SYNERGY     KOUMF US     -39842421.26   236519943.7
KOUMBAS SYNERGY     KOUM GA      -39842421.26   236519943.7
KOUMBAS SYNERGY     KOUM EU      -39842421.26   236519943.7
KOUMBAS SYNERGY     KOUM PZ      -39842421.26   236519943.7
KOUMBAS SYNERGY     KOUM EO      -39842421.26   236519943.7
NAOUSSA SPIN -RT    NAOYD GA     -44175513.67   341686153.1
NAOUSSA SPIN-AUC    NAOYKE GA    -44175513.67   341686153.1
NAOUSSA SPINNING    NML1 GR      -44175513.67   341686153.1
NAOUSSA SPINNING    NML GR       -44175513.67   341686153.1
NAOUSSA SPIN-RTS    NAOYKR GA    -44175513.67   341686153.1
NEWLEAD HOLDINGS    NEWL US         -57875000     197992000
NEWLEAD HOLDINGS    A1M GR          -57875000     197992000
PETZET - PFD-RTS    PETZPD GA    -30790135.48   234437763.5
PETZETAKIS - RTS    PETZKD GA    -30790135.48   234437763.5
PETZETAKIS-AUC      PETZKE GA    -30790135.48   234437763.5
PETZETAKIS-PFD      PETZP GA     -30790135.48   234437763.5
PETZETAKIS-PFD      PTZ3 GR      -30790135.48   234437763.5
RADIO KORASSIDIS    RKC GR       -100972173.9   180679253.6
RADIO KORASSIDIS    KORA GA      -100972173.9   180679253.6
RADIO KORASSIDIS    RAKOF US     -100972173.9   180679253.6
RADIO KORASSI-RT    KORAD GA     -100972173.9   180679253.6
RADIO KORASS-RTS    KORAR GA     -100972173.9   180679253.6
THEMELIODOMI        THEME GA     -55751178.85   232036822.6
THEMELIODOMI-AUC    THEMEE GA    -55751178.85   232036822.6
THEMELIODOMI-RTS    THEMED GA    -55751178.85   232036822.6
THEMELIODOMI-RTS    THEMER GA    -55751178.85   232036822.6
UNITED TEXTILES     UTEX PZ      -44175513.67   341686153.1
UNITED TEXTILES     UTEX EO      -44175513.67   341686153.1
UNITED TEXTILES     UTEX EU      -44175513.67   341686153.1
UNITED TEXTILES     UTEX GA      -44175513.67   341686153.1
UNITED TEXTILES     NAOSF US     -44175513.67   341686153.1
UNITED TEXTILES     NAOYK GA     -44175513.67   341686153.1

HUNGARY
-------
OT OPTIMA TELEKO    2299892Z CZ     -48565065   119632635.5
OT-OPTIMA TELEKO    OPTERA CZ       -48565065   119632635.5
HUNGARIAN TELEPH    HUC GR          -75973000     835658048
HUNGARIAN TELEPH    HUC EX          -75973000     835658048
HUNGARIAN TELEPH    HUGC IX         -75973000     835658048
INVITEL HOLD-ADR    0IN GR          -75973000     835658048
INVITEL HOLD-ADR    IHO US          -75973000     835658048
INVITEL HOLDINGS    3212873Z HB     -75973000     835658048

ICELAND
-------
AVION GROUP         B1Q GR         -223771648    2277793536
EIMSKIPAFELAG HF    HFEIM EU       -223771648    2277793536
EIMSKIPAFELAG HF    HFEIM PZ       -223771648    2277793536
EIMSKIPAFELAG HF    HFEIM EO       -223771648    2277793536
EIMSKIPAFELAG HF    HFEIMEUR EO    -223771648    2277793536
EIMSKIPAFELAG HF    HFEIMEUR EU    -223771648    2277793536
EIMSKIPAFELAG HF    AVION IR       -223771648    2277793536
EIMSKIPAFELAG HF    HFEIM IR       -223771648    2277793536

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

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

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

NETHERLANDS
-----------
BAAN CO NV-ASSEN    BAANA NA     -7854741.409   609871188.9
BAAN COMPANY NV     BNCG IX      -7854741.409   609871188.9
BAAN COMPANY NV     BAAN GR      -7854741.409   609871188.9
BAAN COMPANY NV     BAAN IX      -7854741.409   609871188.9
BAAN COMPANY NV     BAAN NA      -7854741.409   609871188.9
BAAN COMPANY NV     BAAN EU      -7854741.409   609871188.9
BAAN COMPANY NV     BAAVF US     -7854741.409   609871188.9
BAAN COMPANY NV     BAAN EO      -7854741.409   609871188.9
BAAN COMPANY NV     BAAN PZ      -7854741.409   609871188.9
BAAN COMPANY-NY     BAANF US     -7854741.409   609871188.9
BUSINESSWAY INTL    BITLE US         -2543870     139709648
BUSINESSWAY INTL    BITL US          -2543870     139709648
CNW ORLANDO INC     CNWD US          -2543870     139709648
GLOBALNETCARE       GBCRE US         -2543870     139709648
GLOBALNETCARE       GBCR US          -2543870     139709648
ICBS INTERNATION    ICBOE US         -2543870     139709648
ICBS INTERNATION    ICBO US          -2543870     139709648
JAMES HARDIE IND    726824Z NA     -153000000    2120699904
JAMES HARDIE IND    600241Q GR     -153000000    2120699904
JAMES HARDIE IND    HAH NZ         -153000000    2120699904
JAMES HARDIE IND    HAH AU         -153000000    2120699904
JAMES HARDIE NV     JHXCC AU       -153000000    2120699904
JAMES HARDIE-ADR    JHINY US       -153000000    2120699904
JAMES HARDIE-ADR    JHX US         -153000000    2120699904
JAMES HARDIE-CDI    JHIUF US       -153000000    2120699904
JAMES HARDIE-CDI    JHA GR         -153000000    2120699904
JAMES HARDIE-CDI    JHX AU         -153000000    2120699904
LIBERTY GL EU-A     UPC NA        -5505478850    5112616630
ROYAL INVEST INT    RIIC US          -2543870     139709648
UNITED PAN -ADR     UPEA GR       -5505478850    5112616630
UNITED PAN-A ADR    UPCOY US      -5505478850    5112616630
UNITED PAN-EUR-A    UPC LN        -5505478850    5112616630
UNITED PAN-EUR-A    UPC LI        -5505478850    5112616630
UNITED PAN-EUROP    UPE GR        -5505478850    5112616630
UNITED PAN-EUROP    UPE1 GR       -5505478850    5112616630
UNITED PAN-EUROP    UPC VX        -5505478850    5112616630
UNITED PAN-EUROP    UPCEF US      -5505478850    5112616630
UNITED PAN-EUROP    UPCOF US      -5505478850    5112616630
WAH KING INVEST     WAHK US          -2543870     139709648
WAH KING INVEST     WAHKE US         -2543870     139709648

NORWAY
------
                    RIICE US         -2543870     139709648
NEXUS FLOATING P    NEXUSEUR EO    -158054000     353053024
NEXUS FLOATING P    NEXUSEUR EU    -158054000     353053024
NEXUS FLOATING P    NEXUS EU       -158054000     353053024
NEXUS FLOATING P    NEXU NO        -158054000     353053024
NEXUS FLOATING P    NEXUS EO       -158054000     353053024
NEXUS FLOATING P    NEXUS BY       -158054000     353053024
NEXUS FLOATING P    NEXUS NO       -158054000     353053024
NEXUS FLOATING P    NEXUS PZ       -158054000     353053024
NEXUS FLOATING P    NEXUSGBX EU    -158054000     353053024
PETRO GEO-SERV      PGS GR       -18066142.21   399710323.6
PETRO GEO-SERV      PGS VX       -18066142.21   399710323.6
PETRO GEO-SERV      265143Q NO   -18066142.21   399710323.6
PETRO GEO-SERV-N    PGSN NO      -18066142.21   399710323.6
PETRO GEO-SV-ADR    PGSA GR      -18066142.21   399710323.6
PETRO GEO-SV-ADR    PGOGY US     -18066142.21   399710323.6
PETROLIA DRILLIN    PDR NO          -25943000     499350016
PETROLIA DRILLIN    PDREUR EU       -25943000     499350016
PETROLIA DRILLIN    PDREUR EO       -25943000     499350016
PETROLIA DRILLIN    PDR EO          -25943000     499350016
PETROLIA DRILLIN    PDR EU          -25943000     499350016
PETROLIA DRILLIN    PDR TQ          -25943000     499350016
PETROLIA DRILLIN    PDR1 IX         -25943000     499350016
PETROLIA DRILLIN    PDR PZ          -25943000     499350016
PETROLIA DRILLIN    P8D GR          -25943000     499350016
PETROLIA DRILLIN    PDR BY          -25943000     499350016
PETROLIA DRI-NEW    PDRN NO         -25943000     499350016
PETROLIA DRI-RTS    PDRT NO         -25943000     499350016

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

PORTUGAL
--------
BENFICA             SLBE IX      -16614056.44   234366255.6
BENFICA             SLBEN PZ     -16614056.44   234366255.6
BENFICA             SLBEN EO     -16614056.44   234366255.6
BENFICA             SLBEN EU     -16614056.44   234366255.6
BENFICA             SLBEN PL     -16614056.44   234366255.6
BENFICA             SLBENX PX    -16614056.44   234366255.6
LISGRAFICA IMPRE    LIG PL       -11584933.86   107940470.6
LISGRAFICA IMPRE    LIG EU       -11584933.86   107940470.6
LISGRAFICA IMPRE    LIG PZ       -11584933.86   107940470.6
LISGRAFICA IMPRE    LIG EO       -11584933.86   107940470.6
LISGRAFICA IMPRE    LIAG PL      -11584933.86   107940470.6
LISGRAFICA IMPRE    LIAG EU      -11584933.86   107940470.6
LISGRAFICA IMPRE    LIAG EO      -11584933.86   107940470.6
LISGRAFICA-RTS      LIGDS PL     -11584933.86   107940470.6
PORCELANA VISTA     PVAL PL      -75871846.95   148731546.6
SPORT LISBOA E B    1249Z PL     -16614056.44   234366255.6
SPORTING-SOC DES    SCDF PL       -4083492.14   225687305.9
SPORTING-SOC DES    SCDF EO       -4083492.14   225687305.9
SPORTING-SOC DES    SCP PL        -4083492.14   225687305.9
SPORTING-SOC DES    SCG GR        -4083492.14   225687305.9
SPORTING-SOC DES    SCP1 PZ       -4083492.14   225687305.9
SPORTING-SOC DES    SCDF EU       -4083492.14   225687305.9
SPORTING-SOC DES    SCPL IX       -4083492.14   225687305.9
SPORTING-SOC DES    SCPX PX       -4083492.14   225687305.9
VAA VISTA ALEGRE    VAF PZ       -75871846.95   148731546.6
VAA VISTA ALEGRE    VAF EU       -75871846.95   148731546.6
VAA VISTA ALEGRE    VAFX PX      -75871846.95   148731546.6
VAA VISTA ALEGRE    VAF EO       -75871846.95   148731546.6
VAA VISTA ALEGRE    VAF PL       -75871846.95   148731546.6
VAA VISTA ALTAN     VAFKX PX     -75871846.95   148731546.6
VAA VISTA ALTAN     VAFK EO      -75871846.95   148731546.6
VAA VISTA ALTAN     VAFK PL      -75871846.95   148731546.6
VAA VISTA ALTAN     VAFK EU      -75871846.95   148731546.6
VAA VISTA ALTAN     VAFK PZ      -75871846.95   148731546.6

ROMANIA
-------
ARDAF               ARDF RO      -57541345.69   142988411.2
OLTCHIM RM VALCE    OLT PZ       -89344235.29   511515508.8
OLTCHIM RM VALCE    OLTCF US     -89344235.29   511515508.8
OLTCHIM RM VALCE    OLTEUR EU    -89344235.29   511515508.8
OLTCHIM RM VALCE    OLT RO       -89344235.29   511515508.8
OLTCHIM RM VALCE    OLT EO       -89344235.29   511515508.8
OLTCHIM RM VALCE    OLTEUR EO    -89344235.29   511515508.8
OLTCHIM RM VALCE    OLT EU       -89344235.29   511515508.8
RAFO SA             RAF RO       -457922636.3   356796459.3
UZINELE SODICE G    UZIM RO      -62313938.86   107275526.8

RUSSIA
------
AMO ZIL             ZILL RM      -186141084.1   448501182.5
AMO ZIL-CLS         ZILL* RU     -186141084.1   448501182.5
AMO ZIL-CLS         ZILL RU      -186141084.1   448501182.5
AMUR SHIP-BRD       AMZS* RU      -99051792.6    1089408985
AMUR SHIP-BRD       AMZS RU       -99051792.6    1089408985
DAGESTAN ENERGY     DASB RU      -33465586.31   128437866.5
DAGESTAN ENERGY     DASB* RU     -33465586.31   128437866.5
DAGESTAN ENERGY     DASB RM      -33465586.31   128437866.5
EAST-SIBERIA-BRD    VSNK* RU     -125269473.1   155047305.2
EAST-SIBERIA-BRD    VSNK RU      -125269473.1   155047305.2
EAST-SIBERIAN-BD    VSNK$ RU     -125269473.1   155047305.2
FINANCIAL LEASIN    137282Z RU   -28157479.23   503349976.1
FINANCIAL LEASIN    FLKO RM      -28157479.23   503349976.1
FINANCIAL LE-BRD    FLKO* RU     -28157479.23   503349976.1
FINANCIAL LE-BRD    FLKO RU      -28157479.23   503349976.1
GUKOVUGOL           GUUG RU      -57835245.31   143665227.2
GUKOVUGOL           GUUG* RU     -57835245.31   143665227.2
GUKOVUGOL-PFD       GUUGP RU     -57835245.31   143665227.2
GUKOVUGOL-PFD       GUUGP* RU    -57835245.31   143665227.2
KOLENERGOSBY-CLS    KOSB* RU     -8070130.628   103789430.5
KOLENERGOSBY-CLS    KOSB RU      -8070130.628   103789430.5
KOLENERGOSBY-PFD    KOSBP RU     -8070130.628   103789430.5
KOLENERGOSBY-PFD    KOSBPG RU    -8070130.628   103789430.5
KOLENERGOSBY-PFD    KOSBP* RU    -8070130.628   103789430.5
KOLENERGOSBYT       KOSB RM      -8070130.628   103789430.5
KOLENERGOSBY-T+0    KOSBG RU     -8070130.628   103789430.5
KOMPANIYA GL-BRD    GMST* RU     -69058321.52    1307372498
KOMPANIYA GL-BRD    GMST RU      -69058321.52    1307372498
MZ ARSENAL-$BRD     ARSE RU      -4671159.212   193672793.3
MZ ARSENAL-BRD      ARSE* RU     -4671159.212   193672793.3
MZ ARSENAL-BRD      ARSE$ RU     -4671159.212   193672793.3
SAMARANEFTEGA-P$    SMNGP RU     -331600428.5   891998590.7
SAMARANEFTEGAS      SMNG$ RU     -331600428.5   891998590.7
SAMARANEFTEGAS      SMNG RM      -331600428.5   891998590.7
SAMARANEFTEGAS      SVYOF US     -331600428.5   891998590.7
SAMARANEFTEGAS      SMNG* RU     -331600428.5   891998590.7
SAMARANEFTEGAS-$    SMNG RU      -331600428.5   891998590.7
SAMARANEFTEGAS-P    SMNGP RM     -331600428.5   891998590.7
SAMARANEFTEGAS-P    SMNGP* RU    -331600428.5   891998590.7
SAMARANEFTEGAS-P    SMNGP$ RU    -331600428.5   891998590.7
TERNEYLES-BRD       TERL* RU      -15178937.2   182115156.8
TERNEYLES-BRD       TERL RU       -15178937.2   182115156.8
TRANSAERO AIRLIN    TRNS* RU     -24618275.96   740576227.5
TRANSAERO AIRLIN    TRNS RU      -24618275.96   740576227.5
URGALUGOL-BRD       YRGL* RU     -15706613.04   105440541.1
URGALUGOL-BRD       YRGL RU      -15706613.04   105440541.1
URGALUGOL-BRD-PF    YRGLP RU     -15706613.04   105440541.1
VOLGOGRAD KHIM      VHIM RU      -6661016.159   113935933.4
VOLGOGRAD KHIM      VHIM* RU     -6661016.159   113935933.4
ZIL AUTO PLANT      ZILL$ RU     -186141084.1   448501182.5
ZIL AUTO PLANT-P    ZILLP* RU    -186141084.1   448501182.5
ZIL AUTO PLANT-P    ZILLP RU     -186141084.1   448501182.5
ZIL AUTO PLANT-P    ZILLP RM     -186141084.1   448501182.5

SERBIA
-------

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

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

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

UKRAINE
-------
AZOVZAGALMASH MA    AZGM UZ      -16212049.02   277693905.5
BANK FORUM -GDR     BFJG IX      -5331676.798    2243068982
BANK FORUM -GDR     FRMB038 RU   -5331676.798    2243068982
BANK FORUM -GDR     B5F GR       -5331676.798    2243068982
BANK FORUM -GDR     639540Z LX   -5331676.798    2243068982
BANK FORUM JSC      FORM UZ      -5331676.798    2243068982
DNEPROPETROVSK      DMZP UZ      -15926384.43   424303604.8
DNIPROOBLENERGO     DNON UZ      -3607242.033   284973578.6
DONETSKOBLENERGO    DOON UZ      -209532649.1     360933615
LUGANSKOBLENERGO    LOEN UZ      -26290526.22   191765121.2
NAFTOKHIMIK PRIC    NAFP UZ      -19746288.63   299014707.5
NAFTOKHIMIK-GDR     N3ZA GR      -19746288.63   299014707.5
ODESSA OIL REFIN    ONPZ UZ      -70727947.39   325964086.9

UNITED KINGDOM
--------------
4LESS GROUP         LI4 GR       -3088436.068   106650689.4
4LESS GROUP         BYH PO       -3088436.068   106650689.4
4LESS GROUP         FLG OF       -3088436.068   106650689.4
4LESS GROUP         BHL PO       -3088436.068   106650689.4
4LESS GROUP         FL/ LN       -3088436.068   106650689.4
4LESS GROUP         FL/ PO       -3088436.068   106650689.4
ABBOTT MEAD VICK    648824Q LN   -1685852.904   168258996.3
ADVANCE DISPLAY     ADTP PZ       -3015578835    2590007904
AEA TECHNOLO-FPR    AATF LN      -215101594.9     121405070
AEA TECHNOLO-FPR    AATF PZ      -215101594.9     121405070
AEA TECHNOLOGY      AATGBP EO    -215101594.9     121405070
AEA TECHNOLOGY      AAT EO       -215101594.9     121405070
AEA TECHNOLOGY      AEY GR       -215101594.9     121405070
AEA TECHNOLOGY      EAETF US     -215101594.9     121405070
AEA TECHNOLOGY      AAT IX       -215101594.9     121405070
AEA TECHNOLOGY      AAT LN       -215101594.9     121405070
AEA TECHNOLOGY      AAT PO       -215101594.9     121405070
AEA TECHNOLOGY      AAT EU       -215101594.9     121405070
AEA TECHNOLOGY      AAT PZ       -215101594.9     121405070
AEA TECHNOLOGY      AAT VX       -215101594.9     121405070
AEA TECHNOLO-NPR    AATN LN      -215101594.9     121405070
AEA TECHNOLO-NPR    AATN PZ      -215101594.9     121405070
AIRTOURS PLC        AIR LN       -379721841.6    1817512774
AIRTOURS PLC        AIR VX       -379721841.6    1817512774
AIRTOURS PLC        ATORF US     -379721841.6    1817512774
ALLDAYS PLC         ALDYF US       -120493900   252232072.9
ALLDAYS PLC         317056Q LN     -120493900   252232072.9
AMER BUS SYS        ARB LN         -497127008     121439000
AMEY PLC            AMY VX       -48862569.33   931527720.5
AMEY PLC            AMY LN       -48862569.33   931527720.5
AMEY PLC            AMEYF US     -48862569.33   931527720.5
AMEY PLC-ASSENT     AMYA LN      -48862569.33   931527720.5
AMEY PLC-NEW        AMYN LN      -48862569.33   931527720.5
ANKER PLC           DW14 GR      -21861359.81     115463159
ANKER PLC           ANK LN       -21861359.81     115463159
ANKER PLC           ANK PO       -21861359.81     115463159
ANKER PLC - ASSD    ANKB LN      -21861359.81     115463159
ANKER PLC - ASSD    ANKC LN      -21861359.81     115463159
ANKER PLC-ASSD      ANKA LN      -21861359.81     115463159
ATKINS (WS) PLC     6W2 GR         -207093345    1339139513
ATKINS (WS) PLC     ATK NR         -207093345    1339139513
ATKINS (WS) PLC     ATK PZ         -207093345    1339139513
ATKINS (WS) PLC     ATKEUR EO      -207093345    1339139513
ATKINS (WS) PLC     WATKF US       -207093345    1339139513
ATKINS (WS) PLC     ATKEUR EU      -207093345    1339139513
ATKINS (WS) PLC     ATK QM         -207093345    1339139513
ATKINS (WS) PLC     ATK IX         -207093345    1339139513
ATKINS (WS) PLC     ATK TQ         -207093345    1339139513
ATKINS (WS) PLC     ATK BQ         -207093345    1339139513
ATKINS (WS) PLC     ATK NQ         -207093345    1339139513
ATKINS (WS) PLC     ATK EO         -207093345    1339139513
ATKINS (WS) PLC     ATKGBP EO      -207093345    1339139513
ATKINS (WS) PLC     ATK EB         -207093345    1339139513
ATKINS (WS) PLC     ATK LN         -207093345    1339139513
ATKINS (WS) PLC     ATK EU         -207093345    1339139513
ATKINS (WS) PLC     ATK PO         -207093345    1339139513
ATKINS (WS) PLC     ATK VX         -207093345    1339139513
BAYDONHILL PLC      BHL EU       -3088436.068   106650689.4
BAYDONHILL PLC      BHL LN       -3088436.068   106650689.4
BAYDONHILL PLC      BHL EO       -3088436.068   106650689.4
BAYDONHILL PLC      BYH LN       -3088436.068   106650689.4
BAYDONHILL PLC      BHL PZ       -3088436.068   106650689.4
BAYDONHILL PLC      BHL IX       -3088436.068   106650689.4
BAYDONHILL PLC      BHL PG       -3088436.068   106650689.4
BCH GROUP PLC       BCH LN       -5728274.385   187993198.2
BLACK & EDGINGTO    BLE LN       -134177517.4   149159301.6
BNB RECRUITMENT     BQX GR       -10242627.53     103637705
BNB RECRUITMENT     BNB PO       -10242627.53     103637705
BNB RECRUITMENT     BNB IX       -10242627.53     103637705
BNB RECRUITMENT     BNB LN       -10242627.53     103637705
BNB RECRUITMENT     BNBRF US     -10242627.53     103637705
BOOKER PLC          BKERF US      -59832880.4    1298182549
BOOKER PLC          1330Q GR      -59832880.4    1298182549
BOOKER PLC          987188Q LN    -59832880.4    1298182549
BOOKER PLC-ADR      BKRUY US      -59832880.4    1298182549
BOOKER PLC-ADR      BOK$ LN       -59832880.4    1298182549
BRADSTOCK GROUP     BSKGF US     -1855444.443   268563822.5
BRADSTOCK GROUP     BDK LN       -1855444.443   268563822.5
BRIT ENERGY LTD     523362Q LN    -5822867501    4921095750
BRIT ENERGY PLC     BHEGF US      -5822867501    4921095750
BRIT ENERGY PLC     BGYEF US      -5822867501    4921095750
BRIT ENERGY PLC     555140Q VX    -5822867501    4921095750
BRIT ENERGY PLC     BEN1 GR       -5822867501    4921095750
BRIT ENERGY-A       BENA GR       -5822867501    4921095750
BRIT ENERGY-ADR     BHEFF US      -5822867501    4921095750
BRIT NUCLEAR        1046Z LN      -4247644150   40325778907
BRIT TELECOM        9484 JP       -5730703494   46660870566
BRIT TELECOM        BTE GR        -5730703494   46660870566
BRIT TELECOM PLC    BTPWF US      -5730703494   46660870566
BRIT TELECOM PLC    BT/A VX       -5730703494   46660870566
BRIT TELECOM PLC    BTPLF US      -5730703494   46660870566
BRIT TELECOM-ADR    1481Q CN      -5730703494   46660870566
BRIT TELECOM-ADR    BTEA GR       -5730703494   46660870566
BRIT TELECOM-RTS    BTY-R US      -5730703494   46660870566
BRITISH ENER-$US    BGYNYD AR     -5822867501    4921095750
BRITISH ENER-$US    BGYD AR       -5822867501    4921095750
BRITISH ENER-ADR    BGYNY US      -5822867501    4921095750
BRITISH ENER-BLK    BGYB AR       -5822867501    4921095750
BRITISH ENER-BLK    BGYNYB AR     -5822867501    4921095750
BRITISH ENER-C/E    BGYC AR       -5822867501    4921095750
BRITISH ENER-C/E    BGYNYC AR     -5822867501    4921095750
BRITISH ENER-CED    BGY AR        -5822867501    4921095750
BRITISH ENER-CED    BGYNY AR      -5822867501    4921095750
BRITISH ENERGY-A    BGYA VX       -5822867501    4921095750
BRITISH ENERGY-A    BGYA PO       -5822867501    4921095750
BRITISH ENERGY-A    BGYGF US      -5822867501    4921095750
BRITISH ENERGY-A    BHEAF US      -5822867501    4921095750
BRITISH ENERGY-A    3012442Q LN   -5822867501    4921095750
BRITISH TELE-FP     BT/F LN       -5730703494   46660870566
BRITISH TELE-NP     BTPXF US      -5730703494   46660870566
BRITISH TELE-NP     BT/N LN       -5730703494   46660870566
BRITVIC             B6S GR       -3988699.913    1361742201
BRITVIC PLC         BVIC EO      -3988699.913    1361742201
BRITVIC PLC         BVIC VX      -3988699.913    1361742201
BRITVIC PLC         BVICGBP EO   -3988699.913    1361742201
BRITVIC PLC         BVIC IX      -3988699.913    1361742201
BRITVIC PLC         BVIC TQ      -3988699.913    1361742201
BRITVIC PLC         BVIC LN      -3988699.913    1361742201
BRITVIC PLC         BVIC PZ      -3988699.913    1361742201
BRITVIC PLC         BVIC EB      -3988699.913    1361742201
BRITVIC PLC         BVICEUR EU   -3988699.913    1361742201
BRITVIC PLC         BVICUSD EU   -3988699.913    1361742201
BRITVIC PLC         BVIC BQ      -3988699.913    1361742201
BRITVIC PLC         BVIC EU      -3988699.913    1361742201
BRITVIC PLC         BVIC NR      -3988699.913    1361742201
BRITVIC PLC         BVIC QM      -3988699.913    1361742201
BRITVIC PLC         BVICUSD EO   -3988699.913    1361742201
BRITVIC PLC         BVICEUR EO   -3988699.913    1361742201
BRITVIC PLC         BTVCF US     -3988699.913    1361742201
BRITVIC PLC         BVIC NQ      -3988699.913    1361742201
BT GROUP PLC        BT/APEN EU    -5730703494   46660870566
BT GROUP PLC        BT/A QM       -5730703494   46660870566
BT GROUP PLC        BT/A PO       -5730703494   46660870566
BT GROUP PLC        BT PZ         -5730703494   46660870566
BT GROUP PLC        BTEG IX       -5730703494   46660870566
BT GROUP PLC        BT/AGBP EO    -5730703494   46660870566
BT GROUP PLC        BT/AEUR EU    -5730703494   46660870566
BT GROUP PLC        BT IX         -5730703494   46660870566
BT GROUP PLC        BT/AUSD EO    -5730703494   46660870566
BT GROUP PLC        BT/A NR       -5730703494   46660870566
BT GROUP PLC        BTGOF US      -5730703494   46660870566
BT GROUP PLC        BT/AEUR EO    -5730703494   46660870566
BT GROUP PLC        BTQ GR        -5730703494   46660870566
BT GROUP PLC        BT/ VX        -5730703494   46660870566
BT GROUP PLC        BT/A LN       -5730703494   46660870566
BT GROUP PLC        BT/A BQ       -5730703494   46660870566
BT GROUP PLC        BT/A EB       -5730703494   46660870566
BT GROUP PLC        BT/A EO       -5730703494   46660870566
BT GROUP PLC        BT/A TQ       -5730703494   46660870566
BT GROUP PLC        BT/AUSD EU    -5730703494   46660870566
BT GROUP PLC        BT/APEN EO    -5730703494   46660870566
BT GROUP PLC        BT/A EU       -5730703494   46660870566
BT GROUP PLC        BT/A NQ       -5730703494   46660870566
BT GROUP PLC-ADR    BT/$ LN       -5730703494   46660870566
BT GROUP PLC-W/I    BTWI LN       -5730703494   46660870566
BT GROUP-ADR        BTQA GR       -5730703494   46660870566
BT GROUP-ADR WI     BTY-W US      -5730703494   46660870566
BT GROUP-CED $US    BTYD AR       -5730703494   46660870566
BT GROUP-CED $US    BTD AR        -5730703494   46660870566
BT GROUP-CED BLK    BTYB AR       -5730703494   46660870566
BT GROUP-CED BLK    BTB AR        -5730703494   46660870566
BT GROUP-CED C/E    BTYC AR       -5730703494   46660870566
BT GROUP-CED C/E    BTC AR        -5730703494   46660870566
BT GROUP-CEDEAR     BTY AR        -5730703494   46660870566
BT GROUP-CEDEAR     BT AR         -5730703494   46660870566
BT GROUP-SPON AD    BTY US        -5730703494   46660870566
BT GROUP-SPON AD    BT US         -5730703494   46660870566
BT GROUP-SPON AD    BT MM         -5730703494   46660870566
BT GROUP-SPON AD    BTYN MM       -5730703494   46660870566
CARLISLE GROUP      506819Q LN   -11904426.45     203548565
CHRYSALIS GROUP     CHSEUR EO    -7422046.098   110320050.3
CHRYSALIS GROUP     5CY GR       -7422046.098   110320050.3
CHRYSALIS GROUP     CHSUSD EO    -7422046.098   110320050.3
CHRYSALIS GROUP     CHS PO       -7422046.098   110320050.3
CHRYSALIS GROUP     CHSEUR EU    -7422046.098   110320050.3
CHRYSALIS GROUP     CHS EU       -7422046.098   110320050.3
CHRYSALIS GROUP     HR4 GR       -7422046.098   110320050.3
CHRYSALIS GROUP     CHS PZ       -7422046.098   110320050.3
CHRYSALIS GROUP     CHS LN       -7422046.098   110320050.3
CHRYSALIS GROUP     CHSGBP EO    -7422046.098   110320050.3
CHRYSALIS GROUP     CYGUF US     -7422046.098   110320050.3
CHRYSALIS GROUP     CHS VX       -7422046.098   110320050.3
CHRYSALIS GROUP     CHS IX       -7422046.098   110320050.3
CHRYSALIS GROUP     CHSUSD EU    -7422046.098   110320050.3
CHRYSALIS GROUP     CHS EO       -7422046.098   110320050.3
CHRYSALIS GROUP     CLYSF US     -7422046.098   110320050.3
CLIPPER WINDPOWE    CRPWF US       -218336000     776211968
CLIPPER WINDPOWE    C2W GR         -218336000     776211968
CLIPPER WINDPOWE    CWP LN         -218336000     776211968
CLIPPER WINDPOWE    CWP PZ         -218336000     776211968
CLIPPER WINDPOWE    CWP IX         -218336000     776211968
CLIPPER WINDPOWE    CWP EO         -218336000     776211968
CLIPPER WINDPOWE    CWP PG         -218336000     776211968
CLIPPER WINDPOWE    CWP EU         -218336000     776211968
CLIPPER WINDPOWE    CWPA LN        -218336000     776211968
CLIPPER WINDPOWE    3470635Q LN    -218336000     776211968
COMPASS GROU-OLD    1259Q LN     -668101173.9    2972459078
COMPASS GROUP       QOP GR       -668101173.9    2972459078
COMPASS GRP-ADR     CMSGY US     -668101173.9    2972459078
COMPASS GRP-ADR     CMSJY US     -668101173.9    2972459078
COSTAIN GROUP       COSTUSD EO   -19097658.92   649978943.3
COSTAIN GROUP       COST PO      -19097658.92   649978943.3
COSTAIN GROUP       COST IX      -19097658.92   649978943.3
COSTAIN GROUP       COST PZ      -19097658.92   649978943.3
COSTAIN GROUP       COST EU      -19097658.92   649978943.3
COSTAIN GROUP       COST EO      -19097658.92   649978943.3
COSTAIN GROUP       COST LN      -19097658.92   649978943.3
COSTAIN GROUP       COSTUSD EU   -19097658.92   649978943.3
COSTAIN GROUP       COSTEUR EU   -19097658.92   649978943.3
COSTAIN GROUP       COSTEUR EO   -19097658.92   649978943.3
COSTAIN GROUP       CSGFF US     -19097658.92   649978943.3
COSTAIN GROUP       COST VX      -19097658.92   649978943.3
COSTAIN GROUP       COSTGBP EO   -19097658.92   649978943.3
COSTAIN GROU-RTS    COSF LN      -19097658.92   649978943.3
COSTAIN GROU-RTS    COSN LN      -19097658.92   649978943.3
DAILY MAIL TST      DMGO PZ      -139060248.4    3723159411
DAILY MAIL TST      DMTOF US     -139060248.4    3723159411
DAILY MAIL TST      DMGOGBP EO   -139060248.4    3723159411
DAILY MAIL TST      DMGO PO      -139060248.4    3723159411
DAILY MAIL TST      DMGO LN      -139060248.4    3723159411
DAILY MAIL TST      DMGO EO      -139060248.4    3723159411
DAILY MAIL TST      DGW GR       -139060248.4    3723159411
DAILY MAIL TST      DMGO IX      -139060248.4    3723159411
DAILY MAIL TST      DMGO VX      -139060248.4    3723159411
DAILY MAIL TST      DMGO EU      -139060248.4    3723159411
DAILY MAIL TST A    DMGTEUR EO   -139060248.4    3723159411
DAILY MAIL TST A    DMGT NQ      -139060248.4    3723159411
DAILY MAIL TST A    DMGTGBP EO   -139060248.4    3723159411
DAILY MAIL TST A    DMGT EO      -139060248.4    3723159411
DAILY MAIL TST A    DMGT EB      -139060248.4    3723159411
DAILY MAIL TST A    DMGTUSD EU   -139060248.4    3723159411
DAILY MAIL TST A    DMGT PO      -139060248.4    3723159411
DAILY MAIL TST A    DMGT NR      -139060248.4    3723159411
DAILY MAIL TST A    DMGT QM      -139060248.4    3723159411
DAILY MAIL TST A    DMTGF US     -139060248.4    3723159411
DAILY MAIL TST A    DMGTEUR EU   -139060248.4    3723159411
DAILY MAIL TST A    DMGT EU      -139060248.4    3723159411
DAILY MAIL TST A    DMGTUSD EO   -139060248.4    3723159411
DAILY MAIL TST A    DMGT LN      -139060248.4    3723159411
DAILY MAIL TST A    DMGT BQ      -139060248.4    3723159411
DAILY MAIL TST A    DMGT PZ      -139060248.4    3723159411
DAILY MAIL TST A    DMGT IX      -139060248.4    3723159411
DAILY MAIL TST A    DMGT VX      -139060248.4    3723159411
DAILY MAIL TST A    DGW1 GR      -139060248.4    3723159411
DAILY MAIL TST A    DMGT TQ      -139060248.4    3723159411
DANKA BUS SYSTEM    DNK PO         -497127008     121439000
DANKA BUS SYSTEM    3205287Q EU    -497127008     121439000
DANKA BUS SYSTEM    DNK PZ         -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    DANKF US       -497127008     121439000
DANKA BUS SYSTEM    DNK IX         -497127008     121439000
DANKA BUS SYSTEM    3205291Q EO    -497127008     121439000
DANKA BUS-$US CE    DANKD AR       -497127008     121439000
DANKA BUS-ADR       DANKY US       -497127008     121439000
DANKA BUS-ADR       AP39 LI        -497127008     121439000
DANKA BUS-ADR       DANKE US       -497127008     121439000
DANKA BUS-ADR       DB6 GR         -497127008     121439000
DANKA BUS-BLK CE    DANKB AR       -497127008     121439000
DANKA BUS-C/E CE    DANKC AR       -497127008     121439000
DANKA BUS-CEDEAR    DANK AR        -497127008     121439000
DE LA RUE PLC       DLARUSD EU   -49140782.93   785933430.9
DE LA RUE PLC       DLAR EU      -49140782.93   785933430.9
DE LA RUE PLC       DLAR PZ      -49140782.93   785933430.9
DE LA RUE PLC       DLARUSD EO   -49140782.93   785933430.9
DE LA RUE PLC       DLAR EB      -49140782.93   785933430.9
DE LA RUE PLC       DLAREUR EO   -49140782.93   785933430.9
DE LA RUE PLC       DLARCHF EU   -49140782.93   785933430.9
DE LA RUE PLC       DL1B GR      -49140782.93   785933430.9
DE LA RUE PLC       DLRUF US     -49140782.93   785933430.9
DE LA RUE PLC       DLAR IX      -49140782.93   785933430.9
DE LA RUE PLC       DLAR NR      -49140782.93   785933430.9
DE LA RUE PLC       DL1A GR      -49140782.93   785933430.9
DE LA RUE PLC       DLARF US     -49140782.93   785933430.9
DE LA RUE PLC       DLAR VX      -49140782.93   785933430.9
DE LA RUE PLC       DLAR LN      -49140782.93   785933430.9
DE LA RUE PLC       DLAR BQ      -49140782.93   785933430.9
DE LA RUE PLC       DLAREUR EU   -49140782.93   785933430.9
DE LA RUE PLC       DLAR QM      -49140782.93   785933430.9
DE LA RUE PLC       DLARGBP EO   -49140782.93   785933430.9
DE LA RUE PLC       DLAR NQ      -49140782.93   785933430.9
DE LA RUE PLC       DELRF US     -49140782.93   785933430.9
DE LA RUE PLC       DLAR EO      -49140782.93   785933430.9
DE LA RUE PLC       DLARCHF EO   -49140782.93   785933430.9
DE LA RUE PLC       DLAR PO      -49140782.93   785933430.9
DE LA RUE PLC       DL1C GR      -49140782.93   785933430.9
DE LA RUE PLC       DL1 GR       -49140782.93   785933430.9
DE LA RUE PLC       DLAR TQ      -49140782.93   785933430.9
DE LA RUE-ADR       DERUY US     -49140782.93   785933430.9
DE LA RUE-ADR       DLUEY US     -49140782.93   785933430.9
DE LA RUE-PREF      DLAP PZ      -49140782.93   785933430.9
DE LA RUE-PREF      3115438Q EU  -49140782.93   785933430.9
DE LA RUE-PREF      DLAP LN      -49140782.93   785933430.9
EASYNET GROUP       EZNGF US     -60380609.34   334049332.2
EASYNET GROUP       ESY VX       -60380609.34   334049332.2
EASYNET GROUP       ESY PO       -60380609.34   334049332.2
EASYNET GROUP       EAY GR       -60380609.34   334049332.2
EASYNET GROUP       ESY LN       -60380609.34   334049332.2
EASYNET GROUP-CV    91009Z LN    -60380609.34   334049332.2
EMI GROUP -ASSD     EMIA LN       -2265916257    2950021937
EMI GROUP LTD       EMI LN        -2265916257    2950021937
EMI GROUP PLC       EMI VX        -2265916257    2950021937
EMI GROUP PLC       EMIPF US      -2265916257    2950021937
EMI GROUP PLC       EMI PO        -2265916257    2950021937
EMI GROUP PLC       EMI IX        -2265916257    2950021937
EMI GROUP PLC       3020138Q GR   -2265916257    2950021937
EMI GROUP PLC-B     1019425Q LN   -2265916257    2950021937
EMI GROUP-ADR       EMI$ LN       -2265916257    2950021937
EMI GROUP-ADR       38IS LN       -2265916257    2950021937
EMI GROUP-ADR       EMIPY US      -2265916257    2950021937
EUROPEAN HOME       EHR EO       -14328735.16   110864081.4
EUROPEAN HOME       FPAKF US     -14328735.16   110864081.4
EUROPEAN HOME       KLZ VX       -14328735.16   110864081.4
EUROPEAN HOME       EHRGBP EO    -14328735.16   110864081.4
EUROPEAN HOME       EHR PO       -14328735.16   110864081.4
EUROPEAN HOME       EHREUR EU    -14328735.16   110864081.4
EUROPEAN HOME       EHR EU       -14328735.16   110864081.4
EUROPEAN HOME       EHREUR EO    -14328735.16   110864081.4
EUROPEAN HOME       KLZ PO       -14328735.16   110864081.4
EUROPEAN HOME       EHR LN       -14328735.16   110864081.4
EUROPEAN HOME       EHR VX       -14328735.16   110864081.4
EUROPEAN HOME       EHR PZ       -14328735.16   110864081.4
EUROPEAN MINERAL    EPM/U CN       -123563000     104843000
EUROPEAN MINERAL    EPMLF US       -123563000     104843000
EUROPEAN MINERAL    EPM CN         -123563000     104843000
EUROPEAN MINERAL    EUM PO         -123563000     104843000
EUROPEAN MINERAL    EUM LN         -123563000     104843000
FAREPAK PLC         FPK LN       -14328735.16   110864081.4
FARNELL ELEC-ADR    FRN$ LN      -53758146.86   722693619.5
FARNELL ELEC-ADR    FRNZ LN      -53758146.86   722693619.5
FARNELL ELEC-RFD    FRNR LN      -53758146.86   722693619.5
FARNELL ELECTRON    FRNL LN      -53758146.86   722693619.5
GALIFORM PLC        MFIFF US     -116415877.1   612420067.1
GALIFORM PLC        MFI PO       -116415877.1   612420067.1
GALIFORM PLC        GFRM VX      -116415877.1   612420067.1
GALIFORM PLC        GFRM QM      -116415877.1   612420067.1
GALIFORM PLC        GFRM NQ      -116415877.1   612420067.1
GALIFORM PLC        GFRM EU      -116415877.1   612420067.1
GALIFORM PLC        GFRM IX      -116415877.1   612420067.1
GALIFORM PLC        GFRMNOK EU   -116415877.1   612420067.1
GALIFORM PLC        GFRM PO      -116415877.1   612420067.1
GALIFORM PLC        GFRM PZ      -116415877.1   612420067.1
GALIFORM PLC        GFRMNOK EO   -116415877.1   612420067.1
GALIFORM PLC        GFRM NR      -116415877.1   612420067.1
GALIFORM PLC        GFRMGBP EO   -116415877.1   612420067.1
GALIFORM PLC        GFRM EB      -116415877.1   612420067.1
GALIFORM PLC        GFRMEUR EU   -116415877.1   612420067.1
GALIFORM PLC        GFRM BQ      -116415877.1   612420067.1
GALIFORM PLC        GLFMF US     -116415877.1   612420067.1
GALIFORM PLC        GFRM TQ      -116415877.1   612420067.1
GALIFORM PLC        GFRM LN      -116415877.1   612420067.1
GALIFORM PLC        GFRM EO      -116415877.1   612420067.1
GALIFORM PLC        MFI IX       -116415877.1   612420067.1
GALIFORM PLC        GFRMEUR EO   -116415877.1   612420067.1
GALIFORM PLC        MFI VX       -116415877.1   612420067.1
GARTLAND WHALLEY    GWB LN       -10986769.42   145352034.5
GARTMORE GROUP      GRT3USD EO   -197233258.3   975283243.9
GARTMORE GROUP      GRT3USD EU   -197233258.3   975283243.9
GARTMORE GROUP      GRT3GBP EO   -197233258.3   975283243.9
GARTMORE GROUP      G8T GR       -197233258.3   975283243.9
GARTMORE GROUP      GRT LN       -197233258.3   975283243.9
GO-AHEAD GROUP      GOG VX       -15712050.26    1619995130
GO-AHEAD GROUP      GHGUF US     -15712050.26    1619995130
GO-AHEAD GROUP      GOGEUR EO    -15712050.26    1619995130
GO-AHEAD GROUP      GOG IX       -15712050.26    1619995130
GO-AHEAD GROUP      GOG BQ       -15712050.26    1619995130
GO-AHEAD GROUP      GOGGBP EO    -15712050.26    1619995130
GO-AHEAD GROUP      GOG NQ       -15712050.26    1619995130
GO-AHEAD GROUP      GOG PO       -15712050.26    1619995130
GO-AHEAD GROUP      GOG EU       -15712050.26    1619995130
GO-AHEAD GROUP      GOGEUR EU    -15712050.26    1619995130
GO-AHEAD GROUP      GOG TQ       -15712050.26    1619995130
GO-AHEAD GROUP      GOG EO       -15712050.26    1619995130
GO-AHEAD GROUP      GOG NR       -15712050.26    1619995130
GO-AHEAD GROUP      G9X GR       -15712050.26    1619995130
GO-AHEAD GROUP      GOG EB       -15712050.26    1619995130
GO-AHEAD GROUP      GOG QM       -15712050.26    1619995130
GO-AHEAD GROUP      GOG PZ       -15712050.26    1619995130
GO-AHEAD GROUP      GOG LN       -15712050.26    1619995130
GREEN (E) & PART    GEP LN       -27530263.14     313453511
HAWTIN PLC          HTI EO       -3873861.331   110875080.8
HAWTIN PLC          HTI LN       -3873861.331   110875080.8
HAWTIN PLC          HTI IX       -3873861.331   110875080.8
HAWTIN PLC          HTI VX       -3873861.331   110875080.8
HAWTIN PLC          HTI EU       -3873861.331   110875080.8
HAWTIN PLC          HTI PO       -3873861.331   110875080.8
HAWTIN PLC          HWN GR       -3873861.331   110875080.8
HAWTIN PLC          HTI PG       -3873861.331   110875080.8
HAWTIN PLC          HTI PZ       -3873861.331   110875080.8
HILTON G-CRT OLD    HIGT BB        -547740614    1922113569
HILTON GROUP PLC    HG/ LN         -547740614    1922113569
HILTON GROUP PLC    HG PO          -547740614    1922113569
HILTON GROUP PLC    HLTGF US       -547740614    1922113569
HILTON GROUP-ADR    HLTGY US       -547740614    1922113569
HILTON GROUP-CER    HG BB          -547740614    1922113569
HILTON GROUP-CRT    HIG BB         -547740614    1922113569
HOGG ROBINSON GR    HRG PZ          -11371715   739481804.8
HOGG ROBINSON GR    HRG LN          -11371715   739481804.8
HOGG ROBINSON GR    HOGGF US        -11371715   739481804.8
HOGG ROBINSON GR    DQX GR          -11371715   739481804.8
HOGG ROBINSON GR    HRG IX          -11371715   739481804.8
HOGG ROBINSON GR    HRG EO          -11371715   739481804.8
HOGG ROBINSON GR    HRG EU          -11371715   739481804.8
HOGG ROBINSON GR    HRGEUR EU       -11371715   739481804.8
HOGG ROBINSON GR    HRGGBP EO       -11371715   739481804.8
HOGG ROBINSON GR    HRG VX          -11371715   739481804.8
HOGG ROBINSON GR    HRGEUR EO       -11371715   739481804.8
INTERCONTIN-ADR     IHGA LN         -39000000    2911000064
INTERCONTIN-ADR     IHG US          -39000000    2911000064
INTERCONTIN-ADR     IHG-W US        -39000000    2911000064
INTERCONTINENTAL    IHG LN          -39000000    2911000064
INTERCONTINENTAL    IHGOF US        -39000000    2911000064
INTERCONTINENTAL    IHGCHF EU       -39000000    2911000064
INTERCONTINENTAL    IHG IX          -39000000    2911000064
INTERCONTINENTAL    IHG PZ          -39000000    2911000064
INTERCONTINENTAL    IHGEUR EU       -39000000    2911000064
INTERCONTINENTAL    IC1C GR         -39000000    2911000064
INTERCONTINENTAL    ICHGF US        -39000000    2911000064
INTERCONTINENTAL    IHG PO          -39000000    2911000064
INTERCONTINENTAL    IHG EO          -39000000    2911000064
INTERCONTINENTAL    IHGCHF EO       -39000000    2911000064
INTERCONTINENTAL    988082Q GR      -39000000    2911000064
INTERCONTINENTAL    INCNF US        -39000000    2911000064
INTERCONTINENTAL    IHG EU          -39000000    2911000064
INTERCONTINENTAL    IHG VX          -39000000    2911000064
INTERCONTINENTAL    IHGGBP EO       -39000000    2911000064
INTERCONTINENTAL    IHGUSD EO       -39000000    2911000064
INTERCONTINENTAL    IHG TQ          -39000000    2911000064
INTERCONTINENTAL    IHG BQ          -39000000    2911000064
INTERCONTINENTAL    IHG NQ          -39000000    2911000064
INTERCONTINENTAL    IC1A GR         -39000000    2911000064
INTERCONTINENTAL    IHGEUR EO       -39000000    2911000064
INTERCONTINENTAL    IC1 GR          -39000000    2911000064
INTERCONTINENTAL    IC1B GR         -39000000    2911000064
INTERCONTINENTAL    IHG NR          -39000000    2911000064
INTERCONTINENTAL    IHG EB          -39000000    2911000064
INTERCONTINENTAL    IHG QM          -39000000    2911000064
INTERCONTINENTAL    IHGUSD EU       -39000000    2911000064
JARVIS PLC          JRVSEUR EO   -64739862.73     130951086
JARVIS PLC          JRVS PO      -64739862.73     130951086
JARVIS PLC          JVR GR       -64739862.73     130951086
JARVIS PLC          JRVSEUR EU   -64739862.73     130951086
JARVIS PLC          JRVS EO      -64739862.73     130951086
JARVIS PLC          JRVS LN      -64739862.73     130951086
JARVIS PLC          JRVS EU      -64739862.73     130951086
JARVIS PLC          JRVS IX      -64739862.73     130951086
JARVIS PLC          JRVSGBP EO   -64739862.73     130951086
JARVIS PLC          JRVS PZ      -64739862.73     130951086
JARVIS PLC          JRVS VX      -64739862.73     130951086
JARVIS PLC          JVSPF US     -64739862.73     130951086
JESSOPS PLC         JSP VX        -42702021.2   112964060.4
JESSOPS PLC         JSP EO        -42702021.2   112964060.4
JESSOPS PLC         JSP PO        -42702021.2   112964060.4
JESSOPS PLC         JSPGBP EO     -42702021.2   112964060.4
JESSOPS PLC         JS4 GR        -42702021.2   112964060.4
JESSOPS PLC         JSP EU        -42702021.2   112964060.4
JESSOPS PLC         JSPEUR EO     -42702021.2   112964060.4
JESSOPS PLC         JSP LN        -42702021.2   112964060.4
JESSOPS PLC         JSPEUR EU     -42702021.2   112964060.4
JESSOPS PLC         JSP IX        -42702021.2   112964060.4
JESSOPS PLC         JSP PZ        -42702021.2   112964060.4
KAZAKHSTAN MNRLS    KMCOF US       -123563000     104843000
KAZAKHSTAN MNRLS    KMCO CN        -123563000     104843000
KAZAKHSTAN MNRLS    KMC/U CN       -123563000     104843000
KAZAKHSTAN MNRLS    KMCO/U CN      -123563000     104843000
KLEENEZE PLC        KLZ LN       -14328735.16   110864081.4
LADBROKE GROUP      LADB LN        -547740614    1922113569
LADBROKE GRP-IDR    695767Q BB     -547740614    1922113569
LADBROKE GRP-OLD    LADB BB        -547740614    1922113569
LADBROKES - FPR     LADF LN        -547740614    1922113569
LADBROKES - FPR     LADF PZ        -547740614    1922113569
LADBROKES PLC       LAD LN         -547740614    1922113569
LADBROKES PLC       LAD EU         -547740614    1922113569
LADBROKES PLC       LAD EO         -547740614    1922113569
LADBROKES PLC       LAD GR         -547740614    1922113569
LADBROKES PLC       LAD PZ         -547740614    1922113569
LADBROKES PLC       LADNZD EU      -547740614    1922113569
LADBROKES PLC       LAD PO         -547740614    1922113569
LADBROKES PLC       LAD NQ         -547740614    1922113569
LADBROKES PLC       LADGBP EO      -547740614    1922113569
LADBROKES PLC       LADEUR EU      -547740614    1922113569
LADBROKES PLC       LAD VX         -547740614    1922113569
LADBROKES PLC       LDBKF US       -547740614    1922113569
LADBROKES PLC       LADUSD EO      -547740614    1922113569
LADBROKES PLC       LADEUR EO      -547740614    1922113569
LADBROKES PLC       HG/ VX         -547740614    1922113569
LADBROKES PLC       LAD NR         -547740614    1922113569
LADBROKES PLC       LAD TQ         -547740614    1922113569
LADBROKES PLC       LAD EB         -547740614    1922113569
LADBROKES PLC       LAD BQ         -547740614    1922113569
LADBROKES PLC       LADNZD EO      -547740614    1922113569
LADBROKES PLC       LAD QM         -547740614    1922113569
LADBROKES PLC       LAD IX         -547740614    1922113569
LADBROKES PLC-AD    LDBKY US       -547740614    1922113569
LADBROKES PLC-AD    LDBKY LN       -547740614    1922113569
LADBROKES PLC-CE    LAD BB         -547740614    1922113569
LADBROKES PLC-NP    LADN LN        -547740614    1922113569
LADBROKES PLC-NP    LADN PZ        -547740614    1922113569
LAMBERT FENCHURC    LMF LN       -1453050.041    1826806853
LEEDS SPORTING      LEDPF US      -73166148.8   143762193.7
LEEDS SPORTING      LES LN        -73166148.8   143762193.7
LEEDS UNITED PLC    LUFC LN       -73166148.8   143762193.7
LEEDS UNITED PLC    LDSUF US      -73166148.8   143762193.7
LEEDS UNITED PLC    889687Q GR    -73166148.8   143762193.7
LONDON TOWN PLC     LTW PZ       -21897636.36   175672299.2
LONDON TOWN PLC     LTW EO       -21897636.36   175672299.2
LONDON TOWN PLC     LTW PG       -21897636.36   175672299.2
LONDON TOWN PLC     LTWX LN      -21897636.36   175672299.2
LONDON TOWN PLC     LTW IX       -21897636.36   175672299.2
LONDON TOWN PLC     LTW LN       -21897636.36   175672299.2
LONDON TOWN PLC     LTW PO       -21897636.36   175672299.2
LONDON TOWN PLC     LTW EU       -21897636.36   175672299.2
LONDON TOWN PLC     LTWR LN      -21897636.36   175672299.2
LONDON TOWN PLC     LOU GR       -21897636.36   175672299.2
M 2003 PLC          MTWOF US      -2203513803    7204891602
M 2003 PLC          203055Q LN    -2203513803    7204891602
M 2003 PLC-ADR      MTWOE US      -2203513803    7204891602
M 2003 PLC-ADR      MTWOY US      -2203513803    7204891602
MARCONI PLC         203083Q VX    -2203513803    7204891602
MARCONI PLC         MNI BB        -2203513803    7204891602
MARCONI PLC         MNI LN        -2203513803    7204891602
MARCONI PLC         MRCQF US      -2203513803    7204891602
MARCONI PLC         MY2 GR        -2203513803    7204891602
MARCONI PLC         MONI BB       -2203513803    7204891602
MARCONI PLC-ADR     QUQMON AU     -2203513803    7204891602
MARCONI PLC-ADR     MONIE US      -2203513803    7204891602
MARCONI PLC-ADR     MY2A GR       -2203513803    7204891602
MARCONI PLC-ADR     MONI US       -2203513803    7204891602
MARCONI PLC-ADR     MONIY US      -2203513803    7204891602
MARCONI PLC-ADR     MRCQY US      -2203513803    7204891602
MARCONI PLC-ADR     MCBA GR       -2203513803    7204891602
MARCONI PLC-ADR     MCONY US      -2203513803    7204891602
MFI FURNITURE GR    MFI LN       -116415877.1   612420067.1
MINERVA PLC         MNR VX       -76016914.25    1319730523
MINERVA PLC         MNREUR EU    -76016914.25    1319730523
MINERVA PLC         MNREUR EO    -76016914.25    1319730523
MINERVA PLC         MNR PZ       -76016914.25    1319730523
MINERVA PLC         MNR EO       -76016914.25    1319730523
MINERVA PLC         MNR PO       -76016914.25    1319730523
MINERVA PLC         MNR IX       -76016914.25    1319730523
MINERVA PLC         MNVAF US     -76016914.25    1319730523
MINERVA PLC         MNR TQ       -76016914.25    1319730523
MINERVA PLC         MNRA LN      -76016914.25    1319730523
MINERVA PLC         MNR NR       -76016914.25    1319730523
MINERVA PLC         MNR LN       -76016914.25    1319730523
MINERVA PLC         MNRGBP EO    -76016914.25    1319730523
MINERVA PLC         MNR EU       -76016914.25    1319730523
MINERVA PLC         M7E GR       -76016914.25    1319730523
MINERVA PLC-NP      MNRN LN      -76016914.25    1319730523
MYTRAVEL GROUP      MT IX        -379721841.6    1817512774
MYTRAVEL GROUP      MT/S PO      -379721841.6    1817512774
MYTRAVEL GROUP      ARO2 GR      -379721841.6    1817512774
MYTRAVEL GROUP      MT/S LN      -379721841.6    1817512774
MYTRAVEL GROUP      MYTPF US     -379721841.6    1817512774
MYTRAVEL GROUP      MT/S VX      -379721841.6    1817512774
MYTRAVEL GROUP P    MYTGF US     -379721841.6    1817512774
MYTRAVEL GROUP P    MT/ VX       -379721841.6    1817512774
MYTRAVEL GROUP P    1018144Q GR  -379721841.6    1817512774
MYTRAVEL GROUP-A    MYTVF US     -379721841.6    1817512774
MYTRAVEL GROUP-A    2281919Q GR  -379721841.6    1817512774
NEW STAR ASSET      3226439Q EU    -397718038   292972732.1
NEW STAR ASSET      NSAM LN        -397718038   292972732.1
NEW STAR ASSET      3226435Q EO    -397718038   292972732.1
NEW STAR ASSET      NSAM IX        -397718038   292972732.1
NEW STAR ASSET      NSAM PO        -397718038   292972732.1
NEW STAR ASSET      NSAA LN        -397718038   292972732.1
NEW STAR ASSET      NWSAF US       -397718038   292972732.1
NEW STAR ASSET      NSAM TQ        -397718038   292972732.1
NEW STAR ASSET      3226431Q EU    -397718038   292972732.1
NEW STAR ASSET      3226447Q EO    -397718038   292972732.1
NEW STAR ASSET      N6S GR         -397718038   292972732.1
NEW STAR ASSET      NSAM PZ        -397718038   292972732.1
NEW STAR ASSET      3226443Q EO    -397718038   292972732.1
ORANGE PLC          1460Q GR       -593935051    2902299502
ORANGE PLC          951641Q LN     -593935051    2902299502
ORANGE PLC          ORNGF US       -593935051    2902299502
ORANGE PLC-ADR      ORNGY US       -593935051    2902299502
ORANGE PLC-ADR      ORA$ LN        -593935051    2902299502
ORANGE PLC-ADR      ONG GR         -593935051    2902299502
ORBIS PLC           OBS IX       -4168498.479   127701679.5
ORBIS PLC           OBS LN       -4168498.479   127701679.5
ORBIS PLC           OBS PZ       -4168498.479   127701679.5
ORBIS PLC           OBS PO       -4168498.479   127701679.5
ORBIS PLC           OBG PO       -4168498.479   127701679.5
ORBIS PLC           ORBSF US     -4168498.479   127701679.5
ORBIS PLC           RLP GR       -4168498.479   127701679.5
ORSU METALS CORP    E4M GR         -123563000     104843000
ORSU METALS CORP    E4M1 GR        -123563000     104843000
ORSU METALS CORP    OSU CN         -123563000     104843000
ORSU METALS CORP    EPMCF US       -123563000     104843000
ORSU METALS CORP    ORSM007 RU     -123563000     104843000
ORSU METALS CORP    OSUGBX EO      -123563000     104843000
ORSU METALS CORP    OSUMF US       -123563000     104843000
ORSU METALS CORP    ORSUF US       -123563000     104843000
ORSU METALS CORP    ORSM007* RU    -123563000     104843000
ORSU METALS CORP    OSU PG         -123563000     104843000
ORSU METALS CORP    OSU PZ         -123563000     104843000
ORSU METALS CORP    EUM IX         -123563000     104843000
ORSU METALS CORP    OSU LN         -123563000     104843000
PARK FOOD GROUP     PKFD LN      -52867263.19   185089877.3
PARK GROUP PLC      PKG EO       -52867263.19   185089877.3
PARK GROUP PLC      PRKG IX      -52867263.19   185089877.3
PARK GROUP PLC      PKG PZ       -52867263.19   185089877.3
PARK GROUP PLC      PRKGF US     -52867263.19   185089877.3
PARK GROUP PLC      PKG PO       -52867263.19   185089877.3
PARK GROUP PLC      PKGGBP EO    -52867263.19   185089877.3
PARK GROUP PLC      PKG LN       -52867263.19   185089877.3
PARK GROUP PLC      PKG EU       -52867263.19   185089877.3
PARK GROUP PLC      PKG VX       -52867263.19   185089877.3
PATIENTLINE PLC     PTL VX       -54677284.64   124948245.8
PATIENTLINE PLC     PTL LN       -54677284.64   124948245.8
PATIENTLINE PLC     2928903Q EU  -54677284.64   124948245.8
PATIENTLINE PLC     PTL IX       -54677284.64   124948245.8
PATIENTLINE PLC     2928907Q EO  -54677284.64   124948245.8
PATIENTLINE PLC     PTL PZ       -54677284.64   124948245.8
PATIENTLINE PLC     2928899Q EO  -54677284.64   124948245.8
PATIENTLINE PLC     PTL PO       -54677284.64   124948245.8
PREMIER FARN-ADR    PFLZ LN      -53758146.86   722693619.5
PREMIER FARN-ADR    PIFLY US     -53758146.86   722693619.5
PREMIER FARN-ADR    2246804Q US  -53758146.86   722693619.5
PREMIER FARNELL     PFLUSD EU    -53758146.86   722693619.5
PREMIER FARNELL     PFLEUR EO    -53758146.86   722693619.5
PREMIER FARNELL     PFLSEK EO    -53758146.86   722693619.5
PREMIER FARNELL     PML GR       -53758146.86   722693619.5
PREMIER FARNELL     PFL PO       -53758146.86   722693619.5
PREMIER FARNELL     PFL QM       -53758146.86   722693619.5
PREMIER FARNELL     PFL EO       -53758146.86   722693619.5
PREMIER FARNELL     PFL EU       -53758146.86   722693619.5
PREMIER FARNELL     PFL BQ       -53758146.86   722693619.5
PREMIER FARNELL     PFL IX       -53758146.86   722693619.5
PREMIER FARNELL     PFL NR       -53758146.86   722693619.5
PREMIER FARNELL     PFL EB       -53758146.86   722693619.5
PREMIER FARNELL     PFL NQ       -53758146.86   722693619.5
PREMIER FARNELL     PFL VX       -53758146.86   722693619.5
PREMIER FARNELL     PFLEUR EU    -53758146.86   722693619.5
PREMIER FARNELL     PFL TQ       -53758146.86   722693619.5
PREMIER FARNELL     PFL LN       -53758146.86   722693619.5
PREMIER FARNELL     PFLGBP EO    -53758146.86   722693619.5
PREMIER FARNELL     PFLUSD EO    -53758146.86   722693619.5
PREMIER FARNELL     PFL PZ       -53758146.86   722693619.5
PREMIER FARNELL     PIFLF US     -53758146.86   722693619.5
PREMIER FARNELL     PFLSEK EU    -53758146.86   722693619.5
PROSTRAKAN GROUP    PSKEUR EO    -1646349.907   143067806.9
PROSTRAKAN GROUP    PSK EU       -1646349.907   143067806.9
PROSTRAKAN GROUP    PSK PO       -1646349.907   143067806.9
PROSTRAKAN GROUP    PSK VX       -1646349.907   143067806.9
PROSTRAKAN GROUP    PSK LN       -1646349.907   143067806.9
PROSTRAKAN GROUP    PSK EO       -1646349.907   143067806.9
PROSTRAKAN GROUP    PSK IX       -1646349.907   143067806.9
PROSTRAKAN GROUP    PSK PZ       -1646349.907   143067806.9
PROSTRAKAN GROUP    PKNGF US     -1646349.907   143067806.9
PROSTRAKAN GROUP    PSKEUR EU    -1646349.907   143067806.9
PROSTRAKAN GROUP    PSKGBP EO    -1646349.907   143067806.9
REAL ESTATE OP-O    REA GR       -145048365.8    2933767507
REAL ESTATE OP-O    REO EO       -145048365.8    2933767507
REAL ESTATE OP-O    REO LN       -145048365.8    2933767507
REAL ESTATE OP-O    REO EU       -145048365.8    2933767507
REAL ESTATE OP-O    REOGBP EO    -145048365.8    2933767507
REAL ESTATE OP-O    REO PZ       -145048365.8    2933767507
REAL ESTATE OP-O    REO IX       -145048365.8    2933767507
REAL ESTATE OP-O    REO VX       -145048365.8    2933767507
REAL ESTATE OP-O    REO ID       -145048365.8    2933767507
REGUS LTD           273187Q LN   -46111835.37     367181111
REGUS PLC           2296Z LN     -46111835.37     367181111
REGUS PLC           273195Q VX   -46111835.37     367181111
REGUS PLC           RGU GR       -46111835.37     367181111
REGUS PLC           REGSF US     -46111835.37     367181111
REGUS PLC-ADS       REGSY US     -46111835.37     367181111
REGUS PLC-ADS       REGS US      -46111835.37     367181111
REGUS PLC-ADS       REGSV US     -46111835.37     367181111
REGUS PLC-ADS       RGUA GR      -46111835.37     367181111
RENTOKIL INITIAL    RTOUSD EO    -351331070.1    3368925867
RENTOKIL INITIAL    RTO PO       -351331070.1    3368925867
RENTOKIL INITIAL    RTO GR       -351331070.1    3368925867
RENTOKIL INITIAL    RTOEUR EU    -351331070.1    3368925867
RENTOKIL INITIAL    RTO NR       -351331070.1    3368925867
RENTOKIL INITIAL    RTO QM       -351331070.1    3368925867
RENTOKIL INITIAL    RTOGBP EO    -351331070.1    3368925867
RENTOKIL INITIAL    RTO VX       -351331070.1    3368925867
RENTOKIL INITIAL    RTOG IX      -351331070.1    3368925867
RENTOKIL INITIAL    RTO BQ       -351331070.1    3368925867
RENTOKIL INITIAL    RTO EB       -351331070.1    3368925867
RENTOKIL INITIAL    RTO PZ       -351331070.1    3368925867
RENTOKIL INITIAL    RTO1 GR      -351331070.1    3368925867
RENTOKIL INITIAL    RTOEUR EO    -351331070.1    3368925867
RENTOKIL INITIAL    RTO LN       -351331070.1    3368925867
RENTOKIL INITIAL    RTO EO       -351331070.1    3368925867
RENTOKIL INITIAL    RTO IX       -351331070.1    3368925867
RENTOKIL INITIAL    RTO EU       -351331070.1    3368925867
RENTOKIL INITIAL    RTOUSD EU    -351331070.1    3368925867
RENTOKIL INITIAL    RTOKF US     -351331070.1    3368925867
RENTOKIL INITIAL    RTO TQ       -351331070.1    3368925867
RENTOKIL INITIAL    RTO NQ       -351331070.1    3368925867
RENTOKIL INITIAL    RKLIF US     -351331070.1    3368925867
RENTOKIL-SP ADR     RTOKY US     -351331070.1    3368925867
RENTOKIL-SP ADR     AP76 LI      -351331070.1    3368925867
SAATCHI & SA-ADR    SSA US       -119260804.2   705060824.5
SAATCHI & SA-ADR    SSI$ LN      -119260804.2   705060824.5
SAATCHI & SAATCH    SSI LN       -119260804.2   705060824.5
SAATCHI & SAATCH    188190Q GR   -119260804.2   705060824.5
SAATCHI & SAATCH    SSATF US     -119260804.2   705060824.5
SCOTTISH MEDIA      SSMR LN      -49061227.23     212049868
SCOTTISH MEDIA      1442Q GR     -49061227.23     212049868
SCOTTISH MEDIA      SSM LN       -49061227.23     212049868
SCOTTISH TELEV      SCTVF US     -49061227.23     212049868
SETON HEALTHCARE    2290Z LN     -10585179.82   156822902.8
SFI GROUP PLC       SUF LN       -108067115.8   177647536.1
SFI GROUP PLC       SUYFF US     -108067115.8   177647536.1
SKYEPHARMA PLC      SK8A GR      -134177517.4   149159301.6
SKYEPHARMA PLC      SKP PZ       -134177517.4   149159301.6
SKYEPHARMA PLC      SKP EU       -134177517.4   149159301.6
SKYEPHARMA PLC      SKP VX       -134177517.4   149159301.6
SKYEPHARMA PLC      SKP IX       -134177517.4   149159301.6
SKYEPHARMA PLC      SKPEUR EU    -134177517.4   149159301.6
SKYEPHARMA PLC      SKPEUR EO    -134177517.4   149159301.6
SKYEPHARMA PLC      SKP EO       -134177517.4   149159301.6
SKYEPHARMA PLC      SKP1 VX      -134177517.4   149159301.6
SKYEPHARMA PLC      SKPGBP EO    -134177517.4   149159301.6
SKYEPHARMA PLC      SKP TQ       -134177517.4   149159301.6
SKYEPHARMA PLC      SKP LN       -134177517.4   149159301.6
SKYEPHARMA PLC      SK8C GR      -134177517.4   149159301.6
SKYEPHARMA PLC      SKP PO       -134177517.4   149159301.6
SKYEPHARMA PLC      SKYEF US     -134177517.4   149159301.6
SKYEPHARMA -SUB     2976665Z LN  -134177517.4   149159301.6
SKYEPHARMA-ADR      SKYEY US     -134177517.4   149159301.6
SKYEPHARMA-ADR      SKYPY US     -134177517.4   149159301.6
SKYEPHARMA-ADR      SK8 GR       -134177517.4   149159301.6
SKYEPHARMA-ADR      AP80 LI      -134177517.4   149159301.6
SKYEPHARMA-ADR      SK8N GR      -134177517.4   149159301.6
SKYEPHARMA-ADR      SKYE US      -134177517.4   149159301.6
SKYEPHAR-RTS F/P    SKPF LN      -134177517.4   149159301.6
SKYEPHAR-RTS F/P    SKPF VX      -134177517.4   149159301.6
SKYEPHAR-RTS N/P    SKPN LN      -134177517.4   149159301.6
SKYEPHAR-RTS N/P    SKPN VX      -134177517.4   149159301.6
SMG PLC             SMG PO       -49061227.23     212049868
SMG PLC             SMG LN       -49061227.23     212049868
SMG PLC-FUL PAID    SMGF LN      -49061227.23     212049868
SMG PLC-NIL PAID    SMGN LN      -49061227.23     212049868
SMITHS NEWS PLC     NWS2 EU      -111380853.7   310693960.2
SMITHS NEWS PLC     NWS VX       -111380853.7   310693960.2
SMITHS NEWS PLC     NWS1GBP EO   -111380853.7   310693960.2
SMITHS NEWS PLC     NWS1 EO      -111380853.7   310693960.2
SMITHS NEWS PLC     NWS IX       -111380853.7   310693960.2
SMITHS NEWS PLC     SMWPF US     -111380853.7   310693960.2
SMITHS NEWS PLC     NWS LN       -111380853.7   310693960.2
SMITHS NEWS PLC     NWS2 TQ      -111380853.7   310693960.2
SMITHS NEWS PLC     NWS2EUR EO   -111380853.7   310693960.2
SMITHS NEWS PLC     NWS2EUR EU   -111380853.7   310693960.2
SMITHS NEWS PLC     NWS2GBP EO   -111380853.7   310693960.2
SMITHS NEWS PLC     NWS PO       -111380853.7   310693960.2
SMITHS NEWS PLC     SMWPY US     -111380853.7   310693960.2
SMITHS NEWS PLC     NWS2 EO      -111380853.7   310693960.2
SMITHS NEWS PLC     NWS PZ       -111380853.7   310693960.2
SMITHS NEWS PLC     NWS1 BQ      -111380853.7   310693960.2
SMITHS NEWS PLC     NWS1 EU      -111380853.7   310693960.2
STAGECOACH GROUP    SGC1 NR      -113434621.8    2507562892
STAGECOACH GROUP    SGC1 QM      -113434621.8    2507562892
STAGECOACH GROUP    SGC PO       -113434621.8    2507562892
STAGECOACH GROUP    SGC IX       -113434621.8    2507562892
STAGECOACH GROUP    SGC1 BQ      -113434621.8    2507562892
STAGECOACH GROUP    SGC1 EU      -113434621.8    2507562892
STAGECOACH GROUP    SGC1 NQ      -113434621.8    2507562892
STAGECOACH GROUP    SHP4 GR      -113434621.8    2507562892
STAGECOACH GROUP    SGC1 EB      -113434621.8    2507562892
STAGECOACH GROUP    SGC2 VX      -113434621.8    2507562892
STAGECOACH GROUP    SAGKF US     -113434621.8    2507562892
STAGECOACH GROUP    SGC LN       -113434621.8    2507562892
STAGECOACH GROUP    SGC1AUD EO   -113434621.8    2507562892
STAGECOACH GROUP    SGC1USD EO   -113434621.8    2507562892
STAGECOACH GROUP    SHP GR       -113434621.8    2507562892
STAGECOACH GROUP    SGC1USD EU   -113434621.8    2507562892
STAGECOACH GROUP    SGC1EUR EO   -113434621.8    2507562892
STAGECOACH GROUP    SGC1EUR EU   -113434621.8    2507562892
STAGECOACH GROUP    SGC1AUD EU   -113434621.8    2507562892
STAGECOACH GROUP    SGC1 TQ      -113434621.8    2507562892
STAGECOACH GROUP    SGCG PZ      -113434621.8    2507562892
STAGECOACH GROUP    SGC1 EO      -113434621.8    2507562892
STAGECOACH GROUP    SGC1GBP EO   -113434621.8    2507562892
STAGECOACH GRP-B    SGCB LN      -113434621.8    2507562892
STAGECOACH-NEW      SGCN LN      -113434621.8    2507562892
STV GROUP PLC       STVG LN      -49061227.23     212049868
STV GROUP PLC       STVG VX      -49061227.23     212049868
STV GROUP PLC       STVGEUR EO   -49061227.23     212049868
STV GROUP PLC       STVG EO      -49061227.23     212049868
STV GROUP PLC       SMG IX       -49061227.23     212049868
STV GROUP PLC       STVGEUR EU   -49061227.23     212049868
STV GROUP PLC       SMG VX       -49061227.23     212049868
STV GROUP PLC       SMGPF US     -49061227.23     212049868
STV GROUP PLC       STVGGBP EO   -49061227.23     212049868
STV GROUP PLC       STVG EU      -49061227.23     212049868
STV GROUP PLC       SMG PZ       -49061227.23     212049868
TELEWEST COM-ADR    TWT$ LN       -3702234581    7581020925
TELEWEST COM-ADR    TWSTY US      -3702234581    7581020925
TELEWEST COM-ADR    940767Q GR    -3702234581    7581020925
TELEWEST COM-ADR    TWSTD US      -3702234581    7581020925
TELEWEST COMM       TWSTF US      -3702234581    7581020925
TELEWEST COMM       TWT VX        -3702234581    7581020925
TELEWEST COMM       715382Q LN    -3702234581    7581020925
TELEWEST COMM       604296Q GR    -3702234581    7581020925
THORN EMI PLC       THNE FP       -2265916257    2950021937
THORN EMI-ADR       TORNY US      -2265916257    2950021937
THORN EMI-ADR       THN$ LN       -2265916257    2950021937
THORN EMI-CDR       THN NA        -2265916257    2950021937
THORN EMI-REGD      1772Q GR      -2265916257    2950021937
TOPPS TILES PLC     TPTJY US     -85010363.51   146193829.2
TOPPS TILES PLC     TPT BQ       -85010363.51   146193829.2
TOPPS TILES PLC     TPT PZ       -85010363.51   146193829.2
TOPPS TILES PLC     TPTEUR EO    -85010363.51   146193829.2
TOPPS TILES PLC     TPT EO       -85010363.51   146193829.2
TOPPS TILES PLC     TPT LN       -85010363.51   146193829.2
TOPPS TILES PLC     TPTJF US     -85010363.51   146193829.2
TOPPS TILES PLC     TPTGBP EO    -85010363.51   146193829.2
TOPPS TILES PLC     TPT PO       -85010363.51   146193829.2
TOPPS TILES PLC     TPT EU       -85010363.51   146193829.2
TOPPS TILES PLC     TPTEUR EU    -85010363.51   146193829.2
TOPPS TILES PLC     TPT IX       -85010363.51   146193829.2
TOPPS TILES PLC     TPT VX       -85010363.51   146193829.2
TOPPS TILES PLC     TPT TQ       -85010363.51   146193829.2
TOPPS TILES-NEW     TPTN LN      -85010363.51   146193829.2
UTC GROUP           UGR LN       -11904426.45     203548565
VIRGIN MOB-ASSD     VMOA LN      -392165437.6   166070003.7
VIRGIN MOB-ASSD     VMOC LN      -392165437.6   166070003.7
VIRGIN MOBILE       VMOB LN      -392165437.6   166070003.7
VIRGIN MOBILE       VMOB VX      -392165437.6   166070003.7
VIRGIN MOBILE       VMOB PO      -392165437.6   166070003.7
VIRGIN MOBILE       UEM GR       -392165437.6   166070003.7
VIRGIN MOBILE       VGMHF US     -392165437.6   166070003.7
WARNER ESTATE       WNER IX      -37798939.99   432125169.9
WARNER ESTATE       WNER PZ      -37798939.99   432125169.9
WARNER ESTATE       WNEHF US     -37798939.99   432125169.9
WARNER ESTATE       WNER LN      -37798939.99   432125169.9
WARNER ESTATE       WNER EO      -37798939.99   432125169.9
WARNER ESTATE       WNER PO      -37798939.99   432125169.9
WARNER ESTATE       WNERGBP EO   -37798939.99   432125169.9
WARNER ESTATE       WRL GR       -37798939.99   432125169.9
WARNER ESTATE       WNER EU      -37798939.99   432125169.9
WARNER ESTATE       WNER VX      -37798939.99   432125169.9
WATSON & PHILIP     WTSN LN        -120493900   252232072.9
WHITE YOUNG GREE    WHY LN       -27530263.14     313453511
WHITE YOUNG GREE    WHY PO       -27530263.14     313453511
WHITE YOUNG GREE    WYG PZ       -27530263.14     313453511
WHITE YOUNG GREE    WHYEUR EO    -27530263.14     313453511
WHITE YOUNG GREE    WHY EO       -27530263.14     313453511
WHITE YOUNG GREE    WHYEUR EU    -27530263.14     313453511
WHITE YOUNG GREE    WHY VX       -27530263.14     313453511
WHITE YOUNG GREE    WHY PZ       -27530263.14     313453511
WHITE YOUNG GREE    WHY EU       -27530263.14     313453511
WHITE YOUNG GREE    WHYGBP EO    -27530263.14     313453511
WHITE YOUNG-NEW     WHYN LN      -27530263.14     313453511
WINCANTON PL-ADR    WNCNY US     -63105009.98    1416979806
WINCANTON PLC       WIN LN       -63105009.98    1416979806
WINCANTON PLC       WIN1 QM      -63105009.98    1416979806
WINCANTON PLC       WIN1USD EO   -63105009.98    1416979806
WINCANTON PLC       WIN PZ       -63105009.98    1416979806
WINCANTON PLC       WIN1GBP EO   -63105009.98    1416979806
WINCANTON PLC       WNCNF US     -63105009.98    1416979806
WINCANTON PLC       WIN IX       -63105009.98    1416979806
WINCANTON PLC       WIN PO       -63105009.98    1416979806
WINCANTON PLC       WIN1 EO      -63105009.98    1416979806
WINCANTON PLC       WIN1EUR EO   -63105009.98    1416979806
WINCANTON PLC       WIN1 BQ      -63105009.98    1416979806
WINCANTON PLC       WIN1EUR EU   -63105009.98    1416979806
WINCANTON PLC       WIN1 EU      -63105009.98    1416979806
WINCANTON PLC       WIN VX       -63105009.98    1416979806
WINCANTON PLC       WIN1USD EU   -63105009.98    1416979806
WINCANTON PLC       WIN1 EB      -63105009.98    1416979806
WINCANTON PLC       WIN1 NQ      -63105009.98    1416979806
WINCANTON PLC       WIN1 TQ      -63105009.98    1416979806
WYG PLC             WYGEUR EU    -27530263.14     313453511
WYG PLC             WYG EO       -27530263.14     313453511
WYG PLC             WYG LN       -27530263.14     313453511
WYG PLC             WHY IX       -27530263.14     313453511
WYG PLC             WYG EU       -27530263.14     313453511
WYG PLC             WYGEUR EO    -27530263.14     313453511
WYG PLC             WYGGBP EO    -27530263.14     313453511
XXPERT RENTAL       XPRT CN        -123563000     104843000


                            *********

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

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

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

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

                            *********


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

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

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *