TCREUR_Public/140822.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

           Friday, August 22, 2014, Vol. 15, No. 166

                            Headlines

A N G O L A

ANGOLA: Institutional Constraints Weigh on Moody's 'Ba2' Rating


F R A N C E

GAD: On Verge of Liquidation; Intermache Rescue Talks Ongoing


G E R M A N Y

KUKA AG: Moody's Raises Corporate Family Rating to 'Ba2'


I R E L A N D

BREAFFY HOUSE: Bought Out of Receivership by Great National


R U S S I A

FUNDSERVICEBANK: Moody's Withdraws Caa1 Long-term Deposit Rating
FUNDSERVICEBANK: Moody's Withdraws Ba2.ru Nat'l Deposit Rating


U K R A I N E

MRIYA AGRO: Misses Debt Interest Payments; CFO Steps Down


U N I T E D   K I N G D O M

CREATIVE LEISURE: In Liquidation; Six Jobs Affected
ENCARTA FINE: In Liquidation; Owes More Than GBP3.5 Million
PUNCH TAVERNS A: Fitch Lowers Ratings on Six Tranches to 'C'
THINK APARTMENTS: Winds Down Operations of Four Properties


X X X X X X X X

* BOOK REVIEW: Risk, Uncertainty and Profit


                            *********


===========
A N G O L A
===========


ANGOLA: Institutional Constraints Weigh on Moody's 'Ba2' Rating
---------------------------------------------------------------
Moody's Investors Service says Angola's Ba2 government rating
reflects the country's limited institutional capacity and
vulnerability to oil price volatility, but is supported by the
economy's robust growth prospects and the strength of the
government balance sheet.

The rating agency's report is an update to the markets and does
not constitute a rating action.

Moody's says that Angola's rating support comes primarily from
its oil endowment and rising oil production. The latter has
allowed the country to generate a track record of fiscal
surpluses and embark on a substantial increase in capital
expenditure to diversify the country away from natural resource
extraction. Should these efforts result in better infrastructure
and more efficient use of the country's large non-oil resources,
such as agriculture and mining, positive pressure could develop
on the sovereign rating. "As Angola's oil output expands to
roughly 2.1-2.2 million barrels per day by 2016, the growth
prospects of its economy will improve," says Aurelien Mali, a
Vice President-Senior Analyst in Moody's sovereign group. "We
forecast economic growth of 7.8% in 2014 and 8.4% for Angola in
2015. Such prospects offset, from a credit standpoint, the
country's relatively low per capita income."

Further support for Angola's rating comes from the strength of
the government balance sheet, with debt-to-GDP at 23%, and the
gradual growth in foreign-exchange reserves that represent a
credible buffer against economic shocks. Another credit positive
is the recent creation of the sovereign wealth fund, which is
nearly fully capitalized and may be used to soften the impact of
any economic or financial shock to the country.

Constraints on Angola's rating include the country's very limited
institutional capacity, oil price sensitivity, and a degree of
uncertainty surrounding issues of political succession and
continuity in economic policy given Angola's short post-
independence history. The rapid rise of the budget oil breakeven
price from $66 to $98 over the last four years makes the country
more vulnerable to an oil shock while the government builds
fiscal buffers. Risks in the banking system stem from elevated
non-performing loans and a high, but falling, level of financial
dollarization.

As for most other commodity dependant economies, the
establishment of a significant fiscal stabilization fund or
sovereign wealth fund large enough to cushion the impact of a
protracted external shock on government finances would exert
positive pressure on the rating. The latter would also build
following substantial progress in institutional reform. The Ba2
rating could be downgraded should the government finances and/or
the external accounts register a substantial deterioration.



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


GAD: On Verge of Liquidation; Intermache Rescue Talks Ongoing
-------------------------------------------------------------
Stuart Tood at just-food reports that Gad is on the brink of
liquidation amid deepening financial difficulties.

However, ongoing discussions on a possible tie-up with French
supermarket chain Intermarche could save the company, just-food
notes.

Gad's management has confirmed that following consultations with
its works council, it will later this month file a request to the
commercial court in Rennes to open winding-up proceedings, just-
food relates.

According to just-food, a management source said it is hoping the
court will order the liquidation of the company while granting it
a two-month reprieve during which it would to continue in
business, as well as providing the time for Intermarche or
another potential candidate to finalize a takeover bid.

The liquidation process could begin at the end of this month or
early September, just-food says.

Gad is a pork processor based in France.



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


KUKA AG: Moody's Raises Corporate Family Rating to 'Ba2'
--------------------------------------------------------
Moody's Investors Service has upgraded KUKA AG's (KUKA) corporate
family rating (CFR) to Ba2 from Ba3 and its probability of
default rating (PDR) to Ba2-PD from Ba3-PD. The outlook on all
ratings is stable.

"Our decision to upgrade KUKA's ratings reflects our expectations
that the company will continue to maintain a very healthy capital
structure and a solid liquidity profile," says Moody's lead
analyst for KUKA, Martin Fujerik. "We consider these factors as
being very important mitigants to KUKA's high business risk,"
adds Mr. Fujerik.

Ratings Rationale

The rating action reflects KUKA's healthy Moody's-adjusted gross
debt/EBITDA ratio of 2.0x and retained cash flow/net debt ratio
of almost 150% for the 12-month period to June 2014. These
recently reported figures, which reflect KUKA's repayment of its
high yield bond in May 2014, are commensurate with a Ba2 rating.
They also position KUKA well in its peer group of similarly rated
manufacturers. Moody's expects that KUKA's interest cover will
also improve substantially over time (i.e., an EBITA/interest
ratio of 4.5x for the 12-month period through June 2014), as the
outstanding convertible bonds pay only around 2% interest per
annum, compared to the coupon of almost 9% related to the
redeemed bond.

Moody's considers that underlying market conditions in the
automotive industry will remain positive in the foreseeable
future, given that light vehicle production in emerging markets
is expected to grow further and the ongoing trend towards
automated work processes in automobile production is likely to
continue, which should benefit KUKA. Furthermore, the group is
developing business opportunities with other sectors (e.g.,
aerospace, healthcare and logistics), which should, over time,
help reduce its reliance on the automotive industry.

Overall, Moody's expects that KUKA's revenues will marginally
increase over the next 12-18 months. However, the rating agency
believes that KUKA's margins are unlikely to materially improve
beyond the Moody's-adjusted EBITA margin of 8.2% for the 12-month
period to June 2014, reflecting KUKA's cost structure in
combination with the price-competitive nature of KUKA's business.
Moody's believes that KUKA will continue to generate positive
free cash flow (FCF) in the foreseeable future, yet with some
volatility of working capital movements. The rating agency also
notes that there is a dividend protection threshold in the
convertible bond documentation at EUR0.50 per share for fiscal
years 2014 through 2016, which will also support the expectation
of positive FCF generation. Additionally, acquisition
opportunities that would fit KUKA's scale and purpose -- KUKA's
goal is to improve its business and geographic diversification --
are scarce in an already fairly consolidated industry. As such,
the rating agency expects that KUKA will only undertake smaller
opportunistic deals financed by internally generated cash flows
in the future. These factors support Moody's expectations that
KUKA will maintain its healthy liquidity profile and capital
structure.

The key risk to KUKA's ratings remains its vulnerability to the
inherent cyclicality of the automotive industry, which can cause
volatility in operating profits and cash flow through the
economic cycle. This volatility requires the maintenance of a
sizeable liquidity cushion in order to cope with cyclical
downturns. In addition, the group will need to maintain tight
control over cost efficiency and working capital in a competitive
environment. The Ba2 ratings also remain constrained by KUKA's
relatively small size, high level of customer concentration,
limited diversification both in terms of industry as well as
geography, and strong competition in its markets, with
competitors such as ABB Ltd. (A2 stable).

More positively, the Ba2 ratings are supported by KUKA's strong
competitive position in its relevant markets with, according to
the company, a number one market position in robotics for the
automotive industry worldwide, a number one market position in
systems (e.g., body-in-white) in the US and number two in Europe,
which KUKA has been able to protect over time. The rating also
reflects KUKA's high level of innovation and technology
leadership as well as its long-standing customer relationships.
The company's strong capital structure and liquidity profile,
with ample covenant headroom, further support the rating.

What Could Change the Rating UP/DOWN

Moody's could consider upgrading KUKA's Ba2 ratings if the
company were able to (1) further diversify its business profile
in terms of end markets, customer base and geographies; and (2)
build on a track record of robust operating performance through
the cycle, as exemplified by the ability to generate positive FCF
even in an adverse economic environment, while maintaining a
solid liquidity cushion.

Moody's could downgrade KUKA's Ba2 ratings if its adjusted gross
debt/EBITDA were to rise above 3.0x on a sustained basis (2.0x
for the 12-month period to June 2014), for instance driven by a
more aggressive approach with regard to shareholder distribution
or debt-financed growth. In addition, negative rating pressure
could result if (1) KUKA's EBITA margins were to fall below 5% as
a result of the deterioration of its market position or weakening
operational efficiency; or (2) KUKA's last-12-month FCF turned
negative for a prolonged period of time.

The principal methodology used in this rating was Global
Manufacturing Companies published in July 2014. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in Augsburg, Germany, KUKA AG focuses on robot-
supported automation of manufacturing processes and is active in
the mechanical and plant engineering sector. The company operates
under two divisions: KUKA Robotics (approximately 40% of group
revenues) and KUKA Systems (approximately 60% of group revenues).
In 2013, KUKA generated revenues of around EUR1.8 billion. KUKA
is publicly listed, with Grenzebach Maschinenbau GmbH, Germany,
being its largest shareholder, with an around 20% stake.



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


BREAFFY HOUSE: Bought Out of Receivership by Great National
-----------------------------------------------------------
Mark Paul at The Irish Times reports that Breaffy House resort in
Co Mayo, which had been on the market guiding in the region of
EUR3 million, has been bought out of receivership by Great
National Asset Management, a hotel management company.

According to The Irish Times, the resort, comprising two separate
hotel properties and 12 apartments originally part of the Lynch
Hotels group, will operate under the banner of Great National
Hotels and Resorts.

Great National said the purchase also secured the future of the
120 staff working at the hotel, The Irish Times relates.



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


FUNDSERVICEBANK: Moody's Withdraws Caa1 Long-term Deposit Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn Fundservicebank's Caa1
long-term local and foreign-currency deposit ratings, the Not-
Prime short-term deposit ratings and the E standalone bank
financial strength rating (BFSR), equivalent to a caa1 baseline
credit assessment. At the time of the withdrawal, all the bank's
long-term ratings and its BFSR carried a stable outlook.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Headquartered in the Moscow, Russia, Fundservicebank reported
(under unaudited local GAAP) total assets of RUB70.6 billion and
shareholders' equity of RUB8.0 billion as of end-June 2014.


FUNDSERVICEBANK: Moody's Withdraws Ba2.ru Nat'l Deposit Rating
--------------------------------------------------------------
Moody's Interfax Rating Agency has withdrawn Fundservicebank's
Ba2.ru national scale deposit rating (NSR).

Moody's Interfax has withdrawn the rating for its own business
reasons.

Headquartered in the Moscow, Russia, Fundservicebank reported
(under unaudited local GAAP) total assets of RUB70.6 billion and
shareholders' equity of RUB8.0 billion as at end-June 2014.



=============
U K R A I N E
=============


MRIYA AGRO: Misses Debt Interest Payments; CFO Steps Down
---------------------------------------------------------
Reuters reports that Mriya Agro Holding Public Ltd. said
Andriy Buryak has resigned from his role as chief financial
officer of the company.

According to Reuters, the company said that Mr. Buryak will
remain a member of the board until the next group extraordinary
shareholder meeting on Aug. 26.

As of Aug. 13, Mriya Agro said it has missed about US$9 million
in interest payments and about US$120 million in amortization
payments and principal repayments.  The company, as cited by
Reuters, said it is evaluating its ability to make further
payments of interest, amortization or principal under current
circumstances.

The company said it has provided corporate guarantees of about
US$200 million in debt obligations with respect to certain
affiliated entities, Reuters relays.

Mriya Agro Holding Plc is a Ukraine-based agricultural producer.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Aug. 7,
2014, Fitch Ratings downgraded Ukraine-based agricultural
producer Mriya Agro Holding Public Limited's Long-term foreign
currency Issuer Default Rating (IDR) to 'C' from 'CCC'.  Fitch
said the downgrade reflects substantial uncertainties related to
Mriya's announced balance sheet restructuring plans.  The absence
of information regarding the magnitude of Mriya's failure to make
interest and amortization payments on certain of its debt
obligations and hence the likelihood that cross-default could be
triggered earlier than expected, adds even more uncertainty,
according to Fitch.



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


CREATIVE LEISURE: In Liquidation; Six Jobs Affected
---------------------------------------------------
Florence Snead at Cambridge News reports that a nine-hole golf
course near Cambridge has been placed into liquidation resulting
in the loss of six jobs.

Creative Leisure (Milton) Limited, trading as Milton Park Golf
Club and based on Ely Road on the outskirts of the city, entered
liquidation on August 8, 2014, Cambridge News relates.

Mary Currie-Smith -- mary.currie-smith@begbies-traynor.com -- and
John Kelly -- john.kelly@begbies-traynor.com -- of business
recovery and insolvency specialists Begbies Traynor, have been
appointed as liquidators of the club, which previously had in the
region of 300 members, Cambridge News relays.

"Despite a significant level of investment from the directors and
shareholders, the company was unable to meet its liabilities as
and when they fell due," Cambridge News quotes Ms. Currie-Smith
as saying.

Ms. Currie-Smith, as cited by Cambridge News, said the business,
which first opened in 2007, had failed due to a decline in the
number of both casual golfers and members as a result of
competition from other golf courses in the local area, in
addition to the economic climate.


ENCARTA FINE: In Liquidation; Owes More Than GBP3.5 Million
-----------------------------------------------------------
According to Business Sale Report's Hanna Sharpe, Encarta Fine
Wines Ltd. is now in liquidation owing between GBP3.5 million and
GBP3.8 million to its creditors.

It was confirmed at a meeting among the creditors in Bexleyheath
on Tuesday Aug. 12 that the wine investors' stock, which is worth
about GBP1.7 million and is held at its grade ll-listed warehouse
with London City Bond, would bring in GBP1.3 million if sold,
Business Sale Report relates.

Business Sale Report, citing Decanter, relays that the liquidator
Nedim Ailyan of Abbott Fielding said the directors attributed the
situation to HSBC, their bank, having frozen Encarta's bank
accounts for four months.

According to Business Sale Report, speaking to Decanter,
Mr. Ailyan explained: "Because of concerns about the level of
commodity fraud I believe that the Financial Conduct Authority
has been asking banks to investigate commodity asset investment
companies that might have suspicious transactions."

The liquidator can be reached at:

     Nedim Ailyan
     Abbott Fielding
     142-148 Main Road
     Sidcup
     Kent
     DA14 6NZ
     Tel No: (0208)302-4344
     Fax No: (0208)309-9178
     E-mail: info@abbottfielding.co.uk

Encarta Investment Group was set up in 2006, its website says, to
provide a more personal approach to wine investments and with a
focus on wines from Bordeaux.


PUNCH TAVERNS A: Fitch Lowers Ratings on Six Tranches to 'C'
------------------------------------------------------------
Fitch Ratings has downgraded all junior tranches issued by Punch
Taverns Finance Plc (Punch A) and Punch Taverns Finance B Ltd
(Punch B) to 'C'. All notes, including the senior tranches,
remain on Rating Watch Negative (RWN) pending further
announcements regarding a debt restructuring.

Punch A and Punch B are two whole business securitizations of
2,231 and 1,575 leased and tenanted pubs, respectively, located
across the UK and owned by Punch Taverns Group.

KEY RATING DRIVERS

The downgrades of the respective Punch A & B notes are driven by
an increased likelihood that the latest proposal of a debt
restructuring (as per announcement from 18 August 2014) could
materialize shortly. The proposal envisages a variety of changes
which Fitch considers would be a default from a ratings
perspective for all existing debt tranches ranking below the
respective class A notes. Existing junior tranches would be
exchanged for a combination of new debt, equity and cash (Punch A
only) in an amount lower than the current notional (part write-
off).

Fitch considers the restructuring proposal would not represent a
default for the class A notes in Punch A and Punch B, but is
maintaining them on RWN.

The maintenance of the RWN on all tranches reflects continued
uncertainty over the execution of the proposed debt
restructuring, which requires the formal consent of a number of
stakeholders (i.e. 75% of the votes of each debt tranche,
liquidity and hedge providers, involved monoline insurers as well
as 75% of Punch Taverns plc's (Punch Taverns) shareholders).

If no consensual restructuring solution can be found and with no
more cash support from Punch Taverns for Punch A and/or Punch B,
a breach of financial covenants and subsequent borrower event of
default under the issuer/borrower facility agreements would
likely occur. Such a scenario could lead to increased operating
costs for the borrower (currently not reflected in Fitch's free
cash flow forecasts) as well as operational uncertainty impacting
both Punch A's and Punch B's revenues and cash flow.

Fitch's view of the underlying performance of the securitized
estates has not changed materially compared with their last
reviews in May 2014. Based on Punch Tavern's trading statements
for the entire group's estate, performance has been broadly in
line with expectations in FY14 thus far with the core estate's
like-for-like net income up 1.3% (year on year) in the 48 weeks
to July 19, 2014. However, trading was somewhat assisted by weak
comparatives due to weather.

RATING SENSITIVITIES

The outcome of the debt restructuring as currently envisaged
would lead to a downgrade to 'D' of all junior tranches. The
credit quality of the restructured senior notes will be assessed
on the basis of the finalized financial structure. If the
consensual restructuring fails and a borrower event of default
occurs Fitch would re-assess the credit profile of the various
tranches of debt on the basis of the then applicable cash flow
projections. The ratings could also be adversely affected if
Punch A's or Punch B's performance falls materially short of
Fitch's base case or if there is a borrower event of default
under the issuer/borrower facility agreements.

The rating actions are as follows:

Punch A:

GBP270 million class A1(R) fixed-rate notes due 2022: 'BB';
maintained on RWN

GBP190.1 million class A2(R) fixed-rate notes due 2020: 'BB';
maintained on RWN

GBP99.5 million class M1 fixed-rate notes due 2026: downgraded
to 'C' from 'B-'; on RWN

GBP398.7 million class M2(N) floating-rate notes due 2029:
downgraded to 'C' from 'B-'; on RWN

GBP79.5 million class B1 fixed-rate notes due 2026: downgraded
to 'C' from 'CC'; on RWN

GBP83.7 million class B2 fixed-rate notes due 2029: downgraded
to 'C' from 'CC'; on RWN

GBP134 million class B3 floating-rate notes due 2031: downgraded
to 'C' from 'CC'; on RWN

GBP85.1 million class C(R) fixed-rate notes due 2033: downgraded
to 'C' from 'CC'; on RWN

GBP83.8 million class D1 floating-rate notes 2032: downgraded to
'C' from 'CC'; on RWN

Punch B:

GBP155 million Class A3 fixed-rate notes due 2022: 'B+';
maintained on RWN

GBP220 million Class A6 fixed-rate notes due 2024: 'B+';
maintained on RWN

GBP155.6 million Class A7 fixed-rate notes due 2033: 'B+';
maintained on RWN

GBP44.3 million Class A8 floating-rate notes due 2033: 'B+';
maintained on RWN

GBP61.5 million Class B1 fixed-rate notes due 2025: downgraded
to 'C' from 'CC'; on RWN

GBP99.4 million Class B2 fixed-rate notes due 2028: downgraded
to 'C' from 'CC'; on RWN

GBP125 million Class C1 floating-rate notes due 2035: downgraded
to 'C' from 'CC'; on RWN


THINK APARTMENTS: Winds Down Operations of Four Properties
----------------------------------------------------------
Janet Harmer at The Caterer reports that Think Apartments is
vacating four of its six properties in London following the
administration of their freehold owners.

According to The Caterer, the company is currently in the process
of winding down its operations in the four properties -- Think
Earls Court, Think Tower Bridge, Think Bermondsey Street, Think
London Bridge -- with a view to handing them over to the
administrators, Duff & Phelps, by Sept. 1.

The administration in October 2013 stems from the decision by
Ireland's National Asset Management Agency (NAMA) calling in
loans made to the four companies over a decade ago to develop the
properties as aparthotels, The Caterer notes.

Established in 1991, Think Apartments became the first serviced
apartment business to join the British Hospitality Association
earlier this year and is a member of the Association of Serviced
Apartment Providers (ASAP).



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


* BOOK REVIEW: Risk, Uncertainty and Profit
-------------------------------------------
Author: Frank H. Knight
Publisher: Beard Books
Softcover: 381 pages
List Price: $34.95
Review by Gail Owens Hoelscher
Order your personal copy today at http://is.gd/al9gqP

The tenets Frank H. Knight sets out in this, his first book,
have become an integral part of modern economic theory. Still
readable today, it was included as a classic in the 1998 Forbes
reading list. The book grew out of Knight's 1917 Cornell
University doctoral thesis, which took second prize in an essay
contest that year sponsored by Hart, Schaffner and Marx. In it,
he examined the relationship between knowledge on the part of
entrepreneurs and changes in the economy. He, quite famously,
distinguished between two types of change, risk and uncertainty,
defining risk as randomness with knowable probabilities and
uncertainty as randomness with unknowable probabilities. Risk,
he said, arises from repeated changes for which probabilities
can be calculated and insured against, such as the risk of fire.
Uncertainty arises from unpredictable changes in an economy,
such as resources, preferences, and knowledge, changes that
cannot be insured against. Uncertainty, he said "is one of the
fundamental facts of life."

One of the larger issues of Knight's time was how the
entrepreneur, the central figure in a free enterprise system,
earns profits in the face of competition. It was thought that
competition would reduce profits to zero across a sector because
any profits would attract more entrepreneurs into the sector and
increase supply, which would drive prices down, resulting in
competitive equilibrium and zero profit.

Knight argued that uncertainty itself may allow some
entrepreneurs to earn profits despite this equilibrium.
Entrepreneurs, he said, are forced to guess at their expected
total receipts. They cannot foresee the number of products they
will sell because of the unpredictability of consumer
preferences. Still, they must purchase product inputs, so they
base these purchases on the number of products they guess they
will sell. Finally, they have to guess the price at which their
products will sell. These factors are all uncertain and
impossible to know. Profits are earned when uncertainty yields
higher total receipts than forecasted total receipts. Thus,
Knight postulated, profits are merely due to luck. Such
entrepreneurs who "get lucky" will try to reproduce their
success, but will be unable to because their luck will
eventually turn.

At the time, some theorists were saying that when this luck runs
out, entrepreneurs will then rely on and substitute improved
decision making and management for their original
entrepreneurship, and the profits will return. Knight saw
entrepreneurs as poor managers, however, who will in time fail
against new and lucky entrepreneurs. He concluded that economic
change is a result of this constant interplay between new
entrepreneurial action and existing businesses hedging against
uncertainty by improving their internal organization.

Frank H. Knight has been called "among the most broad-ranging
and influential economists of the twentieth century" and "one of
the most eclectic economists and perhaps the deepest thinker and
scholar American economics has produced." He stands among the
giants of American economists that include Schumpeter and Viner.
His students included Nobel Laureates Milton Friedman, George
Stigler and James Buchanan, as well as Paul Samuelson. At the
University of Chicago, Knight specialized in the history of
economic thought. He revolutionized the economics department
there, becoming one the leaders of what has become known as the
Chicago School of Economics. Under his tutelage and guidance,
the University of Chicago became the bulwark against the more
interventionist and anti-market approaches followed elsewhere in
American economic thought. He died in 1972.


                            *********

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.

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., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2014.  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$775 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 Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                 * * * End of Transmission * * *