TCREUR_Public/141114.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, November 14, 2014, Vol. 15, No. 226



NORDIC OFFSHORE: Declared Bankrupt by Odense City Court
OW BUNKER: Hin Leong Trading Prepares Suit in Singapore


CT CREATIVE: Kylie Minogue Tour Promoter Files For Insolvency


ANDERSON VALLEY: S&P Withdraws 'D(sf)' Ratings on 3 Note Classes


MONTE DEI PASCHI: Incurs 10th Straight Quarterly Loss
ROTTAPHARM: S&P Keeps 'BB-' CCR on CreditWatch Negative


CID FINANCE: S&P Raises Rating on Series 43 Repack Notes to 'BB'


PARPUBLICA: S&P Affirms & Withdraws 'BB' Issuer Credit Rating


ALFA BANK: Fitch Rates Upcoming Subordinated LPNs 'BB+(EXP)'
HMS HYDRAULIC: S&P Lowers CCR to 'B-' on Refinancing Risk
MCC EUROCHEM: Fitch Affirms 'BB' Long-Term IDR; Outlook Stable
NOTA BANK: S&P Revises Outlook to Stable & Affirms 'B' Ratings


ALMIRALL SA: S&P Affirms 'BB-' Corporate Credit Rating
PESCANOVA SA: Unit Files For Voluntary Bankruptcy Process


AVTRAMAT: Opts for Liquidation Following Financial Woes
MRIYA AGRO: International Bondholders Call for Change in Control
ZAKHIDINKOMBANK: Fund OKs Registry of Accepted Creditor Demands

U N I T E D   K I N G D O M

BRIDGE HOLDCO 4: Moody's Assigns B3 Corporate Family Rating
BRIDGE HOLDCO 4: S&P Assigns Preliminary 'B' CCR; Outlook Stable
DENVER TRADING: Court Closes Rare Earth Elements Trading Firms
INVESTEC BANK: Fitch Affirms 'BB-' Jr. Subordinated Debt Rating
* UK: Informal Corp. Insolvency Process Up By A Qtr Since 2010


* BOOK REVIEW: The Sorcerer's Apprentice



NORDIC OFFSHORE: Declared Bankrupt by Odense City Court
ReNews reports that Nordic Offshore Marine has gone bust.

According to ReNews, creditors were informed this week by the
liquidator, Tue Lundkvist -- -- of Ajour

An order was issued in early November by Odense City Court
declaring Nordic bankrupt, ReNews relates.

Mr. Lundkvist, as cited by ReNews, said: "The Bankruptcy Court
has not made a decision as to whether an election of a liquidator
should take place, or whether a creditors' committee should be

Creditors have been asked to prove their claims with Ajour
Advocater within four weeks, and preferably before, ReNews

The consultancy, which offered personnel and project management,
claimed to have around 100 employees, ReNews notes.

Nordic Offshore Marine is an offshore wind contractor
headquartered in Odense.

OW BUNKER: Hin Leong Trading Prepares Suit in Singapore
Jessica Jaganathan and Seng Li Peng at Reuters report that a
creditor of bankrupt OW Bunker is preparing a lawsuit in
Singapore seeking to reclaim its money.

In a separate case, court documents showed a second ship fuel
company, Vanguard Energy Pte Ltd., filed for bankruptcy in the
city state on Oct. 29, a week before OW Bunker said it had been
driven to insolvency by suspected fraud at its Singapore trading
unit, Reuters reports.

Reuters notes that the shipping fuel market was thrown into
turmoil after OW Bunker filed for bankruptcy in Denmark on
Nov. 7, with rising prices and heightened fears of counterparty
risk reviving memories of the 2008/09 global financial crisis.

Hin Leong Trading, Singapore's biggest independent oil trader, is
preparing a writ of summons, a court document used to commence
legal proceedings in Singapore, according to Reuters.

The trader is seeking SGD1.67 million (US$1.3 million) from OW
Bunker East, a subsidiary of OW Bunker, over the sale of goods,
according to the court document obtained by Reuters.

According to Reuters, OW Bunker has blamed fraud by unnamed
senior employees for losses of at least US$125 million at another
Singapore subsidiary, Dynamic Oil, but has not revealed any

The company was estimated to have about 7% of the global market
for bunker, a liquid fuel refined from crude oil and used to
power ships, competing with companies such as World Fuel Services
Corp, Chemoil Energy and Aegean Marine Petroleum Network, Reuters

OW Bunker A/S is a Danish shipping fuel provider.


CT CREATIVE: Kylie Minogue Tour Promoter Files For Insolvency
Wolfgang Spahr at Billboard reports that slow ticket sales for
Kylie Minogue's canceled "Kiss Me Once Tour" in Germany have
forced promoter CT Creative Talent GmbH to file for creditor
protection.  This has been confirmed by lawyer Thomas Kuhn, CT's
insolvency administrator, Billboard says.

According to the report, the cancellation of the Backstreet Boys
tour in the early summer on account of weak ticket sales had
already left a large shortfall in the tour promoter's budget.  In
the case of Minogue, 12,000 out of a total of 68,000 tickets had
been sold for the tour, which was to have taken place between
Oct. 22 to 28, Billboard relates citing the insolvency

Speaking with Billboard in Cologne, Mr. Kuhn stated: "We are
currently exploring the legal options -- if necessary via the
courts -- which we have for recovering the advance paid to Kylie
Minogue. As the provisional insolvency administrator, I am under
a duty to do this. Whatever else, we are convinced that no fees
will be paid if there is no performance."

The singer's German fans are outraged: "I'm done with Kylie
Minogue," is a typical sentiment on the Ticketmaster online
forum, Billboard says. Mr. Kuhn, as cited by Billboard,
explained: "When I was appointed provisional insolvency
administrator, I immediately made sure that the ticket handlers
had sufficient cash to refund returned tickets. Holders of
tickets bought before the company filed for creditor protection
on September 11, 2014, will doubtless have an opportunity in the
foreseeable future of applying for a refund of the amount paid."

Billboard notes that proceeds from the sale of tickets came to
EUR840,000. However, according to sources close to the company,
investments in the four concerts in Germany alone were valued at
EUR1.4 million.  According to the report, Mr. Kuhn said Minogue's
cancellation came as a complete surprise to him and Lanxess Arena
manager Stefan Locher in Berlin, stating that there had been
intensive discussions with the artist's management revolving the
question as to how the tour was to be funded given the shortfall
from lagging sales. Up until Minogue's cancellation, Mr. Kuhn
estimates that only around 20 percent of the seats at the arenas
had been sold, Billboard says.

Instead of a refund, Ticketmaster has already offered German fans
compensation in the form of tickets for Minogue's concerts in
Poland, Lithuania, Latvia and France, which are taking place
between now and Nov. 17, according to Billboard.  Sources close
to fans are also indicating that a platform for those who have
bought tickets for the now canceled tour may be set up on the
Internet to exert pressure on Kylie Minogue, Billboard says.  The
cancellation of the Backstreet Boys concerts due to slow ticket
sales in Germany had already triggered strong protests. This
prompted Backstreet Boys and Ticketmaster to jointly pay
compensation to the ticket holders, the report notes.  According
to the report, well-informed sources said no decision has yet
been made in Minogue's case. She is currently on tour until
Nov. 17, with the final concert to be held in Zurich,
Switzerland, Billboard notes.

With over 120 million tickets sold, the German live entertainment
industry generated total revenues of EUR3.8 billion in 2013.

Billboard says Kylie has now posted a message to her German fans
on her website: "German Lovers, I am extremely disappointed that
due to financial difficulties of the German promoter CT Creative
Talent GmbH, I am unable to perform the scheduled shows in
Cologne, Munich, Berlin and Hamburg. The Administrator who is now
controlling CT Creative Talent GmbH, is unable to confirm that we
have the venues and facilities needed to be able to put on the
shows. On my behalf, my management team at Roc Nation are trying
to work out a way that we may be able to make up for the
disappointment, both to the fans who have purchased tickets, all
of my creative and technical team on the KMO tour and also
myself. I have always had great support in Germany from a loyal
and loving fan base and I can't stress enough how difficult and
disappointing it is to be ready to play the shows and to have
been let down at the last minute. CT Creative Talent GmbH is not
the promoter for any of the other shows on the KMO tour outside
of Germany and therefore this does not affect, in any way, any
other shows. Please keep an eye on this space so we can update
you all with any developments."


ANDERSON VALLEY: S&P Withdraws 'D(sf)' Ratings on 3 Note Classes
Standard & Poor's Ratings Services has lowered to 'D (sf)' from
'CC (sf)' and withdrew, effective in 30 days' time, its credit
ratings on Anderson Valley CDO PLC's class B-1, C-1, and D-1

The rating actions reflect the notes' redemption in Dec. 2013.
According to the Dec. 2013 payment date report, the class B-1, C-
1, and D-1 notes failed to repay part or all of their principal
balance.  S&P has therefore lowered to 'D (sf)' from 'CC (sf)'
its ratings on these classes of notes before withdrawing them.
The ratings will remain at 'D (sf)' for a period of 30 days
before the withdrawals become effective.

Anderson Valley CDO was a hybrid partially-funded cash flow
collateral debt obligation (CDO) that closed in Dec. 2006.  It
was managed by BlackRock Financial Management Inc.


Class    Rating         Rating
         To             From

Anderson Valley CDO PLC
EUR438.6 Million Fixed- And Floating-Rate Notes

Ratings Lowered and Withdrawn

B-1      D (sf)         CC (sf)
         NR             D (sf)

C-1      D (sf)         CC (sf)
         NR             D (sf)

D-1      D (sf)         CC (sf)
         NR             D (sf)

NR--Not rated.


MONTE DEI PASCHI: Incurs 10th Straight Quarterly Loss
According to Bloomberg News' Sonia Sirletti, Banca Monte dei
Paschi di Siena SpA, which is seeking to raise EUR2.5 billion
(US$3.1 billion) to plug a capital deficit that emerged in
Europe's bank health check, reported a 10th straight quarterly
loss on higher bad-loan provisions and restructuring costs.

Monte Paschi said on Nov. 12 the third-quarter net loss widened
to EUR796.7 million from EUR138.6 million a year earlier,
Bloomberg News relates.   Results were affected by EUR318 million
of one-time costs related to job cuts agreed with unions in
August, Bloomberg says.

Chief Executive Officer Fabrizio Viola is seeking to turn around
Italy's third biggest bank, engulfed in legal probes of alleged
misconduct by former managers, by eliminating jobs and selling
assets to return to profit by 2015, Bloomberg discloses.  The
bailed-out lender emerged with the biggest capital shortfall --
EUR2.1 billion -- among 25 banks that failed the European Central
Bank's tests of 130 lenders, Bloomberg notes.

Monte Paschi's bad-loan provisions rose to EUR1.26 billion in the
quarter from EUR511 million a year earlier, Bloomberg discloses.
According to Bloomberg, about EUR790 million of provisions that
were incurred in the third quarter are related to loans reviewed
by the ECB.

Mr. Viola, as cited by Bloomberg, said Monte Paschi submitted its
capital plan to fill the gap that emerged from the assessment to
the central bank for approval this week.

Monte Paschi, which has already reimbursed EUR3 billion of state
aid, said last week it will fully repay the funds next year after
completing the share sale, Bloomberg relays.

In addition to selling new stock, the world's oldest bank will
dispose of non-core assets and investments valued at about EUR220
million to boost capital buffers, Bloomberg states.

                     About Monte dei Paschi

Banca Monte dei Paschi di Siena SpA -- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.

ROTTAPHARM: S&P Keeps 'BB-' CCR on CreditWatch Negative
Standard & Poor's Ratings Services said that it had kept its
'BB-' long-term corporate credit rating on Italy-based
pharmaceuticals group Rottapharm on CreditWatch with negative
implications, where they were initially placed on Aug. 8, 2014.

S&P's 'BB-' issue rating on the EUR400 million senior unsecured
notes due 2019 issued by Rottapharm Ltd., a subsidiary of
Rottapharm, also remains on CreditWatch with negative

The original CreditWatch placement followed the announced
takeover bid of Rottapharm by Swedish health care group Meda AB.
Although Meda announced the completion of the transaction on Oct.
10, 2014, S&P still lacks visibility on the combined group's
credit profile.

"We now expect to apply our Group Rating Methodology in our
assessment of Rottapharm's creditworthiness.  Our assessment will
include establishing a group credit profile and defining
Rottapharm's status within the group.  Although the combined
group's business risk profile will be more robust than that of
Rottapharm on a stand-alone basis, thanks to enhanced scale and
diversification, we believe that the application of our group
rating methodology will have a negative impact on the ratings
because the financial risk profile of the group will likely turn
highly leveraged once we include the acquisition debt, owing to
the bid's cash component of about EUR2 billion, including
deferred payments," S&P said.

"Meda reported debt to EBITDA of about 4x at year-end 2013, and
we expect this ratio to increase to about 6x after the
acquisition. We acknowledge the new group's ability to generate
free cash flows, but we believe it could take a few years for the
new group's leverage to drop below 5x.  These factors will fall
under our category for a "highly leveraged" financial risk
profile at the group level.  We therefore see potential for a
negative rating action on Rottapharm, as per our group rating
methodology," S&P added.

"We mentioned in our previous report the risk of bondholders
exercising the change of control clause included in the bond
documentation.  We now view this as a remote scenario, given that
the current trading of the instrument is well above par," S&P

S&P plans to resolve the CreditWatch within the coming three
months or sooner if S&P has better visibility on the combined
group's business position, the announced synergies, and the
deleveraging path.  Another important factor of S&P's assessment
will be Meda's stance vis-a-vis Rottapharm's outstanding debt, as
S&P currently don't know if Meda will refinance it, maintain it
as is, or guarantee it.


CID FINANCE: S&P Raises Rating on Series 43 Repack Notes to 'BB'
Standard & Poor's Ratings Services raised to 'BB' from 'B+' and
removed from CreditWatch negative its credit rating on CID
Finance B.V.'s series 43 repack notes.

On April 29, 2014, S&P placed its rating on the series 43 repack
notes on CreditWatch negative following its rating action on the
reference obligation to which the notes are weak-linked.

The rating actions follow the segregation of La Caixa's business
in favor of CaixaBank S.A.  Consequently, CaixaBank has succeeded
the reference obligation to which CID Finance's series 43 notes
are weak-linked.  The current rating on CaixaBank's subordinated
debt is 'BB'.  Following the application of S&P's repackaged
securities criteria, it reflected the change to the rating on the
reference obligation in S&P's rating on CID Finance's series 43
repack notes.  S&P has therefore raised to 'BB' from 'B+' and
removed from CreditWatch negative its rating on CID Finance's
series 43 repack notes.

CID Finance's series 43 is a European repack transaction that
closed in August 2010.


PARPUBLICA: S&P Affirms & Withdraws 'BB' Issuer Credit Rating
Standard & Poor's Ratings Services said that it had affirmed its
'BB' long-term issuer credit rating on PARPUBLICA - Participacoes
Publicas (SGPS) S.A. (PARPUBLICA), a government-related entity
fully owned by the Republic of Portugal.

S&P subsequently withdrew the ratings at the issuer's request.

At the time of withdrawal, the outlook was stable.

PARPUBLICA is a 100% sovereign-owned holding company, with
investments in diversified operating subsidiaries and a portfolio
of real estate assets.  S&P withdrew the ratings at PARPUBLICA's
request and S&P chose not to continue ratings surveillance on an
unsolicited basis.

At the time of withdrawal, the ratings on PARPUBLICA incorporated
S&P's assessment of its stand-alone credit profile at 'ccc+',
based on S&P's view that the risk of a liquidity event during the
next 12 months had subsided.  The ratings also reflected S&P's
expectation that PARPUBLICA would retain its "critical" role for
and "integral" link with the Portuguese government, underlying
S&P's view of an "almost certain" likelihood that the government
would provide timely and sufficient extraordinary financial
support to PARPUBLICA if needed.

At the time of withdrawal, the stable outlook on PARPUBLICA
mirrored that on the Republic of Portugal.


ALFA BANK: Fitch Rates Upcoming Subordinated LPNs 'BB+(EXP)'
Fitch Ratings has assigned Russia-based Alfa Bank's (Alfa)
upcoming subordinated loan participation notes (LPNs) issue with
write-off feature an expected long-term rating of 'BB+(EXP)'.
The final rating is contingent upon the receipt of final
documents conforming to information already received.

Key Rating Drivers

Fitch expects to rate Alfa's 'new-style' Tier 2 subordinated debt
issue one notch lower than the bank's 'bbb-' Viability Rating
(VR).  This includes (i) zero notches for additional non-
performance risk relative to the VR, as Fitch believes these
instruments should only absorb losses once a bank reaches, or is
very close to, the point of non-viability (PONV); (ii) one notch
for loss severity reflecting below average recoveries in case of

The expected LPNs will have principal and coupon write-down
feature (pro rata with other loss absorbing instruments)
triggered in case (i) core Tier 1 capital adequacy ratio
decreases below 2%; or (ii) the Deposit Insurance Agency directly
or indirectly acquires a controlling stake in the bank and/ (or)
provides financial assistance to it as part of an approved
bankruptcy prevention plan although legally the latter is
possible as soon as a bank breaches any of its mandatory capital
ratios or is in breach of certain other liquidity and capital
requirements, Fitch's base case assumption is that the regulator
will not trigger loss absorption until a bank has reached (or is
very likely to reach) PONV.

The potential upcoming 'new-style" subordinated LPNs will be
issued by an Irish-based special purpose vehicle, Alfa Bond
Issuance plc, which will on-lend the issue's proceeds to Alfa
under a subordinated loan agreement.

The issue amount and the coupon rate are yet to be determined.
Alfa expects the tenor of the LPNs to be 10 years with a call
option after five years allowing it to repay the bonds once the
regulatory capital amortization begins.


The issue rating is linked to the bank's VR, which is similar to
its IDR.  The bank and its issue ratings could be downgraded in
case of a sovereign downgrade and a significant weakening of the
Russian operating environment, or a sharp deterioration in the
standalone credit metrics.  Stabilization of the sovereign's
credit profile and the country's economic prospects would reduce
downward pressure on the VR.

Alfa's other ratings (below) are unaffected:

Long-term foreign currency IDR: 'BBB-'; Outlook Negative
Long-term local currency IDR: 'BBB-'; Outlook Negative
Short-term foreign currency IDR: 'F3'
National Long-term rating: 'AA+(rus)'; Outlook Stable
Viability Rating: 'bbb-'
Support Rating: '4'
Support Rating Floor: 'B'
Senior unsecured debt: 'BBB-'/'AA+(rus)'
'Old-style' subordinated debt: 'BB+'

HMS HYDRAULIC: S&P Lowers CCR to 'B-' on Refinancing Risk
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Russia-based pump and oil and gas
equipment manufacturer HMS Hydraulic Machines and Systems Group
PLC to 'B-' from 'B', and placed it on CreditWatch with negative

At the same time, S&P lowered its issue rating on the Russian
ruble (RUB) 5.1 billion currently outstanding notes issued by
HMS' subsidiary CJSC Hydromashservice to 'CCC+' from 'B-' and
placed it on CreditWatch negative.  The recovery rating on the
notes is unchanged at '5', indicating S&P's expectation of modest
(10%-30%) recovery in the event of a payment default.

The downgrades reflect S&P's view that there are increasing risks
regarding the refinancing of RUB2.1 billion of senior unsecured
bonds maturing in Feb. 2015.  HMS currently faces tough operating
conditions, weak economic prospects in Russia, and geopolitical
tensions, which S&P believes may lead to more restricted access
to bank and debt capital markets.  The downgrades also reflect
S&P's view of HMS' volatile working capital swings.

In the first half of 2014, HMS reported weaker operating results
than S&P expected on the back of challenging market conditions in
Russia's oil and gas sector.  S&P anticipates that HMS' operating
performance will remain under pressure in the second half of 2014
and in 2015.  S&P expects a moderate decline in EBITDA and
negative free operating cash flow (FOCF) generation in the
respective periods.

S&P has revised its liquidity assessment to "weak" from "less
than adequate."  S&P continues to assess HMS' financial risk
profile as "aggressive."

S&P's financial risk profile assessment reflects the company's
very volatile cash flow generation, which is dependent on
significant working capital swings.  S&P factors in stable
capital expenditures (capex) of about RUB1.5 billion in 2014 and
2015, and dividends at least 25% of net income, which are subject
to expected future capital requirements.

HMS has a relatively concentrated customer base that mostly
comprises large oil and gas majors.  HMS' year-end debt level and
liquidity will in part reflect the timing and amounts received
under its contracts.  And any delay in payments could impair the
cash flow generation and lead to higher debt.

S&P's base case scenario for HMS over 2014 and 2015 assumes:

   -- Real GDP growth for Russia of 0.3% in 2014 and 0.7% in 2015
      (a forecast that S&P recently revised downward).

   -- Slightly lower revenue contraction for HMS in 2014 and 2015
      on the back of difficult trading conditions in the oil and
      gas market and the risk of oil and gas majors delaying
      their capex plans because of geopolitical tensions.

   -- The reported EBITDA margin remaining in the 13%-15% range.

   -- Negative FOCF in 2014 and 2015 on the back of possible
      volatility in working capital and sustained capital

Based on these assumptions, S&P arrives at these credit measures:

   -- Debt to EBITDA of close to 4x; and
   -- FFO to debt of about 13%-15%.

S&P continues to assess HMS' business risk profile as "weak."  It
is constrained by HMS' relatively small scope of operations and
narrow geographic focus.  Furthermore, HMS mainly serves the
Russian oil and gas industry and thus depends on its customers'
capital spending, which in turn is sensitive to swings in
commodity prices.  This is somewhat mitigated by the fact that a
part of HMS' business relates to replacement, upgrades, or
maintenance of already existing pumps.  In addition, HMS has
solid market shares in all types of pumps that it produces on the
Russian market, where it benefits from a strong installed base,
and ability to provide fully integrated solutions.

S&P assess HMS' liquidity position as "weak."  S&P has revised
downward its assessment from "less than adequate" because it now
factors significant refinancing risks arising from the RUB2.1
billion bond maturity in Feb. 2015.  Absent any refinancing, uses
of liquidity will significantly exceed sources in the next 12

The CreditWatch placement reflects a possible further downgrade
if S&P believes that HMS is unable to secure adequate funds for
the refinancing of its senior unsecured bond maturity.  S&P
understands that the company is in discussions with banks to
raise additional funding.

S&P could affirm the ratings if HMS resolves its near-term
refinancing needs.  This could stem from new bank financing or
working capital inflows.

MCC EUROCHEM: Fitch Affirms 'BB' Long-Term IDR; Outlook Stable
Fitch Ratings has affirmed Russia-based JSC MCC EuroChem's Long-
term Issuer Default Ratings (IDR) at 'BB' with a Stable Outlook.
Fitch also assigned the newly established Swiss-based holding
company EuroChem Group AG (EuroChem) a Long-term IDR 'BB' with a
Stable Outlook.

The affirmation reflects Fitch expectations for EuroChem's funds
from operations (FFO) adjusted net leverage (leverage) to decline
to 2.3x-2.4x over the next two years from 2.8x at end-2013 and
against 2.5x in our negative rating sensitivity guidance.

The ratings are underpinned by EuroChem's high 'BB' business
profile with self-sufficiency in ammonia and phosphates in
Russia, strong market presence in Europe and CIS, and robust
diversification across fertilizer products.

Factors constraining the ratings include the company's sizeable
investments in two potash projects, inherent price volatility in
the fertilizer sector and the corporate governance discount Fitch
typically applies to most Russian issuers.


'BB' IDR for Holding Companies

EuroChem's ongoing corporate reorganization will see the transfer
of all bank debt (70% of total debt) and international assets to
the new holding company (HoldCo) EuroChem in Switzerland.  It
will also control the existing Russian-based HoldCo JSC MCC
EuroChem, which retains Russian and Ukrainian assets and all
bonds as debt on its balance sheet.  Although the debt transfer
will lead to a sharp decline in leverage at the Russian HoldCo in
2015, Fitch will treat its guarantee for most of the transferred
debt as off-balance obligations and adjust its debt accordingly.
Given that international assets account for less than 15% of the
group's EBITDA and capex, the two holding companies have similar
business and financial profiles, as reflected in the equalized

Eurobonds Subordination

Although most debt holders at the new and existing HoldCos will
benefit from the HoldCos' cross guarantees, investors of USD750m
eurobonds are lacking guarantees from FFO-generating operating
companies.  Most other debt (including rouble bonds and pre-
export facility) are additionally secured with the guarantees
from the Russian-based operating companies, which generate at
least 50% of the group's EBITDA.  However, given that prior
ranking debt to eurobonds is marginally within Fitch's 2.0x-2.5x
EBITDA guidance, we have not applied a notch discount to the
bonds' senior unsecured rating and have affirmed them at 'BB'.

Strong Business Fundamentals

EuroChem is strongly present in European and CIS fertilizer
markets (60% of sales) where it ranks as the second-largest
diversified fertilizer player by nutrient capacity.  EuroChem's
Russian-based vertically integrated nitrogen and phosphate
production assets sit in the middle and the lower end of the
global cash cost curves accordingly, and cost competitiveness
will improve following the recent depreciation of the rouble.
The company has access to the premium European compound
fertilizer market with its own production capacities (in Antwerp,
Belgium), trademarks and distribution network -- acquired and
integrated in 2012.

Fragile Market Recovery

Fitch expects a single-digit recovery in the fertilizer market to
continue in 2H14 and 2015 after the trough in 2H13, albeit with
higher downside risks in nitrogen and phosphate than in potash.
Sharp rouble depreciation in 2H14 will support EuroChem's rouble-
denominated revenues and margins, and improve its global cash
cost position.  EuroChem's new gas supply on advantageous terms
from Rosneft starting from Jan. 2015 will support margin
performance, while iron ore (co-product of phosphate rock
production) price pressure will remain a negative factor for
margins. Overall, Fitch expects EuroChem's margins to keep within
the 25%-27% range over the next two years.

Potash Projects

Longer-term, EuroChem's attempt to expand into potash production
makes strategic sense due to an estimated first-quartile position
for the company on the global potash cost curve.  However,
medium-term potash investments represent 70% of total capex and
will weigh on free cash flow generation over the next two years.
Fitch also notes that during poor market conditions in 4Q13-1Q14
EuroChem and its major shareholder opted to continue with its
potash investments at the expense of shareholder distributions
(2013-1H14: RUB8 billion of net equity contributions).  Fitch
expects no further shareholder contributions or distributions
until 2016, and EuroChem to suspend one of two projects should
market conditions worsen significantly.

Leverage and Financial Policy

Fitch expects EuroChem's FFO adjusted net leverage to stay fairly
close to the negative rating sensitivity guidance of 2.5x, which
roughly corresponds to 2.0x of net debt/EBITDA.  Given EuroChem's
public financial policy to keep net debt / EBITDA within 1.5x-
2.0x through the cycle, Fitch expects EuroChem to demonstrate
further flexibility in capex and shareholder distributions if
markets deteriorate significantly.


Positive: Future developments that could lead to positive rating
actions include:

   -- Successful completion of one of the potash projects,
      together with maintaining a conservative financial profile

Negative: Future developments that could lead to negative rating
action include:

   -- Aggressive investments or shareholder distributions
      translating into a sustained increase in FFO adjusted net
      leverage above 2.5x

   -- Further market deterioration or higher-than-expected cost
      inflation leading to an EBITDAR margin sustained below 20%
      (2013: 24%)


JSC MCC EuroChem:

  Long-term foreign and local currency IDRs: affirmed at 'BB';
  Outlook Stable

  National Long-term rating: affirmed at 'AA-(rus)'; Outlook

  Short-term foreign currency IDR: affirmed at 'B'

  Local currency senior unsecured rating (domestic bonds):
  affirmed at 'BB'

  National Long-term unsecured rating (domestic bonds): affirmed
  at 'AA-(rus)'

EuroChem Group AG:

  Long-term foreign currency IDR: assigned at 'BB'; Outlook

EuroChem Global Investments Limited:

  Foreign currency senior unsecured rating on the loan
  participation notes: affirmed at 'BB'

NOTA BANK: S&P Revises Outlook to Stable & Affirms 'B' Ratings
Standard & Poor's Ratings Services revised its outlook on Russia-
based Nota Bank to stable from negative.  At the same time, S&P
has affirmed its 'B' long- and short-term counterparty credit
ratings on the bank.  S&P also affirmed the 'ruA-' Russia
national scale rating.

S&P's rating affirmations and outlook revision follows the bank's
strengthening of its core capitalization.  In Oct. 2014, the
Central Bank of Russia (CBR) approved Nota Bank's statutory
capital increase through conversion of its Russian ruble (RUB)
750 million subordinated debt from its shareholders.  S&P views
this conversion as an opportunistic, rather than a distressed,
exchange offer, done by existing shareholders to improve the
bank's core capital ratio, which had already comfortably met
minimum regulatory ratios.

S&P believes that this capital injection will improve Nota Bank's
capital position over the next 12-18 months.  For example, S&P
expects the risk-adjusted capital (RAC) ratio before adjustments
for concentrations and diversification to remain in the range of
6.0%-6.1%, contrary to S&P's earlier expectations of 5.7%-5.8%.
S&P considers that this improvement in capitalization will
improve the bank's resistance to heightening macroeconomic risks
in Russia, and will alleviate downside risks to its financial
profile, which S&P previously reflected in its negative outlook.

"We currently base our forecast on the assumption that Nota Bank
will be able to maintain a net interest margin of 4.6%-4.7% in
the next 18 months, a small decline from 4.88% in the first half
of 2014, driven by the hike in the key interest rate of the CBR.
We continue to assume the bank's cost of risk at slightly less
than 1.5%, below the expected sector average.  We do not expect
nonperforming assets to exceed 1.2%, given historically low loss
experience (except for one single nonperforming loan which the
shareholders bought out).  This, along with the bank's effort to
keep operational costs growth under control is likely to be
sufficient to support return on average equity of around 15%,"
S&P said.

"We expect growth to be stagnant in 2014, with a balance sheet of
just above RUB100 billion at year end.  We expect business to
pick up a bit in 2015, a 25% growth rate for the loan book, and
20% growth for the balance sheet, without material changes to the
structure of exposure.  This business expansion rests upon
macroeconomic conditions and credit demand not materially
deteriorating in Russia in 2015," S&P added.

S&P's earlier concerns about the potential impact of regulation
on Nota Bank's operations with government-related entities (GREs)
have somewhat decreased.  Nota Bank was included in the list of
banks in which strategically important defense industry companies
can open accounts.  The bank has also managed to diversify its
funding base from arms producers.  S&P views these developments
as moderately positive in the context of tough funding conditions
in Russia and the increasing cost and volatility of deposits for
the entire sector.

The sustainability of the bank's franchise is yet to be tested,
however.  This is due to the cyclicality of the cash positions of
its clients -- notably GREs -- and uncertain general government
budget performance over the next few years.  In addition,
pronounced volatility of the Russian ruble exchange rate and the
CBR's focus on key interest rate hikes, increases the probability
of interest rate shocks which could affect Nota Bank's funding
costs and interest margins.  S&P considers funding to remain the
bank's main risk factor in the short term, and its ability to
continue to attract deposits and preserve its liquidity buffers
are key for maintaining its current rating.

The stable outlook reflects S&P's expectation that Nota Bank's
capitalization, particularly after the recent capital injection,
and its asset quality will remain resilient to deteriorating
macroeconomic conditions in Russia.

S&P would consider lowering its ratings if economic and operating
risks worsen further in Russia, with rising credit or funding
costs affecting the bank's capital position and lowering S&P's
expected RAC ratio. S&P may also consider lowering its ratings if
Nota Bank's funding profile were to materially deteriorate, as a
result of an increase in the volatility of customer funds, the
inability to maintain good relations with its target clientele of
GREs and their contractors, or from increased reliance on short-
term money market funds (especially from the CBR).

S&P is unlikely to raise its ratings in the next 12 months given
Russia's tough macroeconomic environment.

Ratings Affirmed

Nota Bank
Counterparty Credit Rating
Russia National Scale           ruA-/--/--

Ratings Affirmed; CreditWatch/Outlook Action
                                 To                 From
Nota Bank
Counterparty Credit Rating      B/Stable/B         B/Negative/B


ALMIRALL SA: S&P Affirms 'BB-' Corporate Credit Rating
Standard & Poor's Ratings Services said that it affirmed its
ratings on Spain-based pharmaceutical company Almirall S.A.,
including the 'BB-' corporate credit rating and its issue ratings
on EUR325 million of senior unsecured notes.  In addition,
Standard & Poor's removed these ratings from CreditWatch, where
they were placed with developing implications on Aug. 6, 2014,
reflecting the divestiture of the rights for its respiratory
product Eklira plus parts of its respiratory pipeline as well as
S&P's evaluation of the transaction's potential effect on the
company's business and financial risk profiles.  The outlook is

The ratings on Almirall reflect S&P's assessments of the group's
"weak" business risk profile and "minimal" financial risk
profile, which lead S&P to apply an anchor of 'bb+' to Almirall.
Under S&P's corporate criteria, the anchor is its starting point
for assigning an issuer credit rating.  S&P's 'BB-' rating on
Almirall is two notches below the anchor, reflecting the
adjustments made for our "negative" financial policy modifier.
S&P's view of the financial policy captures the event risk of a
sizable acquisition beyond its base-case expectations.

S&P's assessment of Almirall's business risk profile incorporates
its views of "low" risk for the pharmaceutical industry and
"intermediate" country risk for the group.  Almirall operates
primarily in Spain and several other European countries as well
as in the U.S.

S&P also takes into account the group's "weak" competitive
position, factoring in its view of Almirall's:

   -- Pronounced decline in profitability in recent years due to
      austerity measures in Spain and expiring patents.

   -- Small scale of operations compared with big pharma
      competitors.  S&P believes that Almirall's lack of critical
      mass impairs its ability to bring new products to market.
      As a result, Almirall must partner with bigger companies to
      bring its products to markets where it does not have local
      sales forces and distribution networks, which results in
      lower margins.

   -- Small market share in a smaller therapeutic area like

   -- Relatively high exposure to the European region.

   -- Sound niche market position in dermatology.

   -- Relatively good product pipeline and limited exposure to
      further patent expirations in the coming years.

Almirall has a small scale of operations compared to big pharma.
S&P believes that its lack of critical mass impairs its ability
to bring new products to market.  With the disposal of some
assets of the respiratory division, the company has a slightly
smaller revenue base.  The company's therapeutic focus is now
more concentrated in dermatology, a relatively small market in
which Almirall has a small share.  In S&P's view, Almirall's
recent asset disposals could cause EBITDA margins to be volatile
in the near term.  As a result, S&P views its profitability to be
in the "weak" category.

S&P's assessment of Almirall's financial risk profile reflects
its view that the group will maintain "minimal" financial credit
metrics.  In particular, S&P estimates debt to EBITDA of less
than 1.5x on a sustainable basis, even after factoring in some
bolt-on acquisitions in its base-case scenario.  S&P expects the
company to continue to generate positive free operating cash
flow, reflecting its shifted focus toward the dermatology
therapeutic area from respiratory after the disposal of flagship
product Eklira and other respiratory pipeline assets to
AstraZeneca.  The dermatology division was strengthened by
Almirall's acquisition of U.S.-based Aqua Pharmaceuticals in Dec.

S&P believes the disposal of the respiratory assets decreases the
company's potential for future revenue growth.  Previously,
Almirall's main revenue earner was Eklira, one of the major new
long-acting beta2 agonist products available globally in the
rapidly expanding respiratory treatment area.  S&P expects the
disposal proceeds of US$875 million to flow in fiscal-year 2015,
of which EUR250 million will go toward bolt-on acquisitions, as
per S&P's base-case assumptions.

Under S&P's base case, it assumes:

   -- A recovery of Spanish GDP and improvements in global
      economic conditions overall.  S&P believes this will
      alleviate pressure to reduce government deficits, and so
      S&P anticipates a significantly more moderate pace of
      austerity measures than in recent years.

   -- Minimal impact from macroeconomic cycles, as the global
      pharmaceutical industry is noncyclical.

   -- Global pharmaceutical industry growth of 4%-5% in 2014 and
      2015.  This is largely due to ongoing pricing power in the
      U.S., the growing US$158 billion share of specialty drugs
      within the global pharmaceuticals market, an aging
      population that uses more pharmaceuticals, and increasing
      disposable income and medical coverage in emerging markets.
      This contributes to S&P's belief that the global market
      will grow to $1 trillion in 2020 from US$718 billion in

   -- High-single-digit revenue growth in fiscal-year 2014,
      reflecting the strong growth from dermatology and gastro-
      intestinal, which is partially offset by the recent
      disposal of respiratory assets.

   -- A high teen revenue decline in fiscal-year 2015, reflecting
      the full effect of the disposal of respiratory assets to

   -- EBITDA margins of 16%-17% in fiscal-years 2014 and 2015
      (reflecting a top-line loss from the disposal of the
      respiratory division) and an increased SG&A-to-sales ratio
      stemming from an increased sales push for the remaining

   -- Capex to be about EUR60 million-EUR70 million in fiscal-
      years 2014 and 2015.

   -- Minimal cash dividends and no share buybacks.

   -- Bolt-on acquisitions of EUR250 million in fiscal-year 2015
      and milestone payments of EUR50 million in 2014 and 2015
      for the Aqua acquisition.

   -- Cash inflow of $875 million in fiscal-year 2015 from the
      disposal proceeds of the respiratory division.

Based on these assumptions, S&P arrives at these credit measures:

   -- Debt to EBITDA of less than 1.5x on a sustainable basis
      over the next 12-18 months.

   -- FFO to debt of more than 60% on a sustainable basis over
      the next 12-18 months.


S&P assess Almirall's liquidity as "strong," according to S&P's
criteria.  S&P forecasts that the group's sources of liquidity
will exceed uses by 1.5x over the next 12 months.

S&P forecasts that Almirall's principal liquidity sources for the
12 months will include:

   -- Available cash of about EUR122.5 million pro forma for the

   -- An undrawn EUR25 million committed long-term revolving
      credit facility (RCF).

   -- Positive cash funds from operations (FFO) of EUR100 million
      in 2014.

At the same date, S&P calculates that Almirall's principal
liquidity uses will include:

   -- No material debt maturity, given that Almirall's main debt
      instrument is the seven-year EUR325 million notes.
      Nonmaterial maturities include less than EUR2.5 million
      annual amortization of the outstanding EUR17 million
      interest-free loan from the Spanish Ministry of Science and

   -- Less than EUR70 million annually in capital expenditures
      over S&P's forecast horizon.

   -- Annual dividend payments of less than EUR25 million over
      the next couple of years, which could be partly paid in
      shares, as was the case in the past.  Limited working
      capital outflows despite forecast growth in revenues,
      reflecting the group's track record of tight working
      capital management.

   -- $75 million in cash outflows linked to the remaining
      payments (pending certain milestone achievements) for the
      Aqua acquisition, to be made in 2014 and 2015.

   -- S&P has also factored into its calculations EUR250 million
      of annual bolt-on acquisitions from 2015 onward.

The stable outlook reflects S&P's view of the company's
unspecific financial policy with regard to the size of potential
future acquisitions, which leads to S&P's perception of a
relatively high event risk to be embedded in the ratings.  S&P
expects a large cash inflow of US$875 million following the
completion of the disposal of respiratory assets to AstraZeneca,
which was announced last week and which is likely to drive the
company's credit metrics to a high level.  In S&P's base-case
scenario, it expects the company to generate positive FOCF levels
along with bolt-on acquisitions of EUR250 million in fiscal-years
2015 and 2016.

Downside Scenario

S&P could take a negative rating action if the company performed
a very large debt-financed acquisition or distributed the
disposal proceeds to the shareholders in the form of special
dividends to an extent higher than the total disposal proceeds,
thereby exceeding a Standard & Poor's-adjusted debt-to-EBITDA
ratio of 4x.

Upside Scenario

S&P could take a positive rating action if it believed that the
company would follow a measured pace in exercising future
acquisitions with the effect of the company's financial risk
profile sustainably staying at least in the intermediate category
(debt-to-EBITDA below 3x).  Alternatively, a positive rating
action could be triggered by a more committed financial policy,
thereby removing S&P's negative financial policy modifiers.

PESCANOVA SA: Unit Files For Voluntary Bankruptcy Process
Undercurrent News reports that Novapesca Trading, a subsidiary of
Pescanova SA, has filed for a voluntary scheme of debt
restructuring under bankruptcy protection, the Spanish financial
regulator CNMV said in a note published on Nov. 6.

Undercurrent News relates that this filing for voluntary
proceedings was already planned as part of the company's
restructuring proposal, officially approved by the Spanish court
on May 23.

Back in June, four of Pescanova's subsidiaries filed for
voluntary bankruptcy proceedings: Spain-based shrimp processing
plant Bajamar Septima, trader Pescanova Alimentacion, logistics
and cold storage division Frigodis and surimi supplier Frivipesca
Chapela, the report recalls.

In September, five Spanish subsidiaries of Pescanova including
Pescafina Bacalao and Pescafresca filed also for voluntary
bankruptcy.  The three others were Fricatamar, Frinova and
Insuina, Undercurrent News adds.


AVTRAMAT: Opts for Liquidation Following Financial Woes
Ukrainian News Agency reports that the general shareholder
meeting of Avtramat on Nov. 6 decided to liquidate the company,
reads a statement made by the enterprise.

According to Ukrainian News Agency, the statement said the
decision is due to economic inexpedience of its further existence
since the complete halt of production, accumulation of current
liabilities and absence of prospects of profitable operation.

It said that value of the enterprise's net assets is UAH35.938
million, the sum of liabilities UAH40.016 million and owners'
equity UAH35.938 million, Ukrainian News Agency relates.

The issuers' assets are not enough for settlement of its
obligations, Ukrainian News Agency discloses.

Upon satisfaction of creditors' demands, there will be no sum to
be distributed among the stockholders, Ukrainian News Agency

As Ukrainian News earlier reported, Avtramat incurred losses of
UAH23.605 million in 2013.

Avtramat is a Kharkiv-based maker of pistons for internal-
combustion engines.

MRIYA AGRO: International Bondholders Call for Change in Control
Julie Miecamp at Bloomberg News reports that international
bondholders advised by Rothschild are recommending a change in
control at Mriya Agro Holding Plc as the grower of crops from
wheat to potatoes seeks to restructure about US$1 billion of

Tensions have increased since Mriya said in August it missed
payments on some of its obligations, Bloomberg relates.
According to Bloomberg, Rothschild, which is representing a group
of creditors including Ashmore Investment Management Ltd, T. Rowe
Price Associates Inc. and CarVal Investors, said Ternopil,
Ukraine-based Mriya proposed reducing its debt by about 66
percent when it met with stakeholders last month, while declining
to provide financial statements.

"The level of trust in Mriya's current leadership is rather low
and the company's debt structure so unsustainable that a change
in control would be probably beneficial to Mriya and all its
stakeholders," Bloomberg  quotes Giovanni Salvetti, who co-heads
Rothschild's Russia and Ukraine team in Moscow, as saying in an
interview.  "By asking creditors to write off two thirds of the
debt, the company implicitly admits the current equity is wiped

The bondholder group asked Ukrainian authorities to investigate
the company's owners and facilitate a "fair and transparent
restructuring" in a public letter last month, Bloomberg recounts.
A unit of OTP Bank Nyrt., Hungary's largest lender, said Nov. 10
it's taking legal steps to repossess farming equipment after
Mriya stopped making lease payments and blocked officials from
recovering the assets, Bloomberg relays.

Mriya, Bloomberg says, is struggling as Ukraine's eight-month
conflict with pro-Russian rebels in eastern regions pushes the
country's economy into the deepest recession since 2009 and has
helped weaken the hryvnia currency 48 percent against the dollar
this year.  The company has also been hit by Russia's ban on some
imports of Ukrainian agriculture products, Bloomberg notes.

Creditors said in an e-mail on Oct. 27 that the company lacks a
comprehensive business plan and said it was expensive and
unnecessary to provide financial statements, Bloomberg recounts.
Bondholders and some international lenders demanded immediate
payment, Bloomberg says, citing a statement on Mriya's website
earlier that month.

According to Bloomberg, an e-mailed statement Nov. 10 said OTP
Leasing LLC, the Ukrainian unit of OTP Bank, said it's owed
US$23.4 million and was "physically prevented" from recovering as
many as 615 grain combines, trucks and tractors last month.

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

                         *     *     *

AS reported by the Troubled Company Reporter-Europe on Nov. 3,
2014, Fitch Ratings downgraded Ukraine-based agricultural
producer Mriya Agro Holding Public Limited's Long-term foreign
currency Issuer Default Rating (IDR) to 'RD' (Restricted Default)
from 'C'.

The downgrade to 'RD' follows the uncured default on a coupon
payment in Sept. 2014, following the expiry of a 30-day grace
period, and no subsequent coupon payment or public announcement
about material progress of debt restructuring discussions with
its creditors.  As a result Fitch believes that a distressed debt
exchange (DDE) is inevitable, which is likely to lead to
significant losses for Mriya's bondholders and other creditors.

ZAKHIDINKOMBANK: Fund OKs Registry of Accepted Creditor Demands
Ukrainian News Agency reports that the Private Deposit Guarantee
Fund said it has approved the registry of accepted demands of
creditors of the under-liquidation Zakhidinkombank.

According to Ukrainian News Agency, the registry was endorsed on
Oct. 30.

The bank's lenders can inquire about acceptance of their creditor
claims at 15 Peremohy Avenue, Lutsk, Ukrainian News Agency

As Ukrainian News earlier reported, on July 22, the National Bank
of Ukraine decided to liquidate Zakhidinkombank.

Zakhidinkombank is based in Lutsk.

U N I T E D   K I N G D O M

BRIDGE HOLDCO 4: Moody's Assigns B3 Corporate Family Rating
Moody's Investors Service, has assigned a B3 corporate family
rating (CFR) and B3-PD probability of default rating (PDR) to
Bridge Holdco 4 Ltd, the holding company established for the
acquisition of Bridon through funds managed by Ontario Teachers'
Pension Plan (OTPP). Concurrently, Moody's has assigned a
provisional (P)B2 (LGD3-38%) rating to the proposed 7 year USD290
million senior secured first lien term loan, the 5 year USD40
million senior secured revolving credit facility and a (P)Caa2
(LGD6-90%) rating to the proposed USD113 million senior secured
second lien term loan. Borrower under the loans will be Bridge
FinCo, LLC. The outlook on all ratings is positive. This is the
first time that Moody's has rated Bridon.

The ratings are contingent upon OTPP's success in closing its
proposed acquisition of Bridon.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect the agency's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign definitive ratings to the group's proposed senior secured
loans. Definitive ratings may differ from provisional ratings.

Ratings Rationale

The assigned B3 CFR is balancing Bridon's relatively high and
resilient profitability on the back of fairly stable demand for
replacement products and leading positions in the fragmented
market for specialized wire ropes with a highly leveraged
financial profile and dependency on cyclical end markets.

Bridon's B3 rating is supported by the group's market position as
a leading manufacturer of wire ropes that are safety and/or
mission critical for asset performance in a diverse range of end
markets, including Oil & Gas, Mining and Industrial. Moody's note
however that demand in the majority of the group's end markets is
cyclical and might therefore negatively impact operating
profitability adversely if one or multiple sectors are in a
downturn. Balancing this exposure is the company's low dependence
on new projects as the majority of demand is driven by
replacement activities, therefore insulating the group from new
project risks such as delays or cancellations, bringing some
visibility to revenues. Strong ties with leading global
engineering companies and the fact that Bridon's ropes represent
a small portion of operational costs of major miners and oil &
gas companies while being critical to the performance further
support Bridon's business profile. The rating also positively
considers historical earnings stability helped by its exposure to
diverse end markets, no material customer concentration and some
ability to pass on volatile input costs as well as a focus on
cost management.

On a more negative note, the rating is constrained by the fairly
small scale of Bridon as indicated by sales of about GBP262
million in the LTM period as of June 2014, albeit with solid
geographic diversification. The rating also considers that
forecasted growth in sales and profitability might be challenging
to achieve considering current weakness in oil prices which could
trigger capex cuts at major oil companies and subsequently stable
or even slightly reducing number of rigs. Also, while Moody's
believe that the mining market has bottomed out, Moody's do not
foresee a major recovery which could prevent forecasted
restocking activities of certain miners that are strained for
cash. In addition, Moody's caution that volatility of raw
material prices, in particular for steel rod could result in some
margin volatility should Bridon not be able to pass these on
through selling price increases in a timely fashion. Given these
factors, Bridon's leverage is considered high at this point in
time but positions the group solidly in the B3 rating category,
as evidenced by pro forma Debt/EBITDA as adjusted by Moody's of
around 7x. Moody's expect Bridon however to gradually strengthen
its financial metrics on the back of rising profitability and
positive albeit modest free cash flow generation. The company has
not produced pro forma audited consolidated financials for the
past years. Moody's had access to an auditor-provided due
diligence report and audited accounts for major operating
subsidiaries of the group.

The positive outlook reflects Moody's expectation that Bridon
will be able to show profit improvements over the next 12-18
months, largely on the back of a recovery in the group's mining
revenues and continued support from oil & gas as well as
industrial activities. In addition, restructuring and cost
savings as well as incremental profit generation from the
acquisition of Scanrope should further support increasing profit
levels. This should allow Bridon to improve its financial risk
profile such that its Debt/EBITDA as defined by Moody's improves
towards 6x over the next 12-18 months. The positive outlook is
also built on Moody's assumption of Bridon maintaining a solid
liquidity profile following the refinancing with limited but
positive free cash flow generation.

Following the proposed refinancing, Moody's anticipate that
Bridon's liquidity profile will be adequate. Internal sources
include cash on hand of around GBP10 million pro forma for the
refinancing and operating cash flow before working capital
requirements of around GBP20-25 million. In addition, Moody's
note that Bridon will have access to a revolving credit facility
amounting to USD40 million.

These sources should be sufficient to fund working cash
requirements, estimated at around 3% of sales, as well as capex
forecasted at around GBP8-10 million per year, with the RCF in
place to support seasonal working capital swings and issuance of
LoCs. Moody's expect Bridon to continue to generate positive,
albeit modest amounts of free cash flows. Moody's note positively
that following the proposed refinancing, Bridon will not have any
material debt maturities apart from limited debt amortization and
contractual cash sweep mechanisms before yearend 2019, when the
revolving credit facility matures.

A higher rating would require Bridon to build a track record of
profitability improvements that allows the group to materially
deleverage. Quantitatively, Moody's would consider a positive
rating action if Moody's adjusted Debt/EBITDA were to decline to
6x times with consistently positive free cash flow generation.

Negative pressure would build should Bridon's operating
profitability decline from current levels of around GBP40 million
of EBITDA with subsequently deteriorating leverage. A negative
rating action could also be triggered by a weakening liquidity
profile due to Bridon incurring material amounts of negative free
cash flow and/or tightening covenant headroom.

Structural Considerations

The (P)B2 ratings assigned to the proposed USD290 million senior
secured first lien term loan and the USD40 million revolving
credit facility is one notch above the group's corporate family
rating. The rating on these instruments reflect their contractual
seniority in the capital structure and benefits from a collateral
package, consisting of a pledge over the majority of the group's
assets as well as upstream guarantees from most of the group's
operating subsidiaries, representing more than 80% of aggregate
EBITDA. Lenders of the second lien term loan benefit from the
same collateral and guarantee package, but on a subordinated
basis, therefore the rating of the second lien term loan is two
notches below the group's B3 corporate family rating at (P)Caa2.


Issuer: Bridge HoldCo 4 Ltd

  Corporate Family Rating, Assigned B3

  Probability of Default Rating, Assigned B3-PD

Issuer: Bridge Finco LLC

  Senior Secured Bank Credit Facility (Foreign Currency),
  Assigned (P)B2

  Senior Secured Bank Credit Facility (Foreign Currency),
  Assigned (P)Caa2

  Senior Secured Bank Credit Facility (Foreign Currency),
  Assigned a range of LGD3, 38 %

  Senior Secured Bank Credit Facility (Foreign Currency),
  Assigned a range of LGD6, 90 %

Outlook Actions:

Issuer: Bridge Finco LLC

  Outlook, Assigned Positive

Issuer: Bridge HoldCo 4 Ltd

  Outlook, Assigned Positive

The principal methodology used in these ratings 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.

Bridon is a globally active manufacturer and supplier of
specialist high quality wire rope. Key product lines include wire
rope and strand, fibre rope and wire, specialist installations
and inspection services, supplying global customers in the oil &
gas, mining, industrial, marine and infrastructure sectors. The
company focuses on safety or mission/performance critical ropes,
requiring high technological know-how and innovation
capabilities. In 2013, Bridon generated revenues of GBP 263
million. Bridon is currently in the process of being acquired
through funds managed by Ontario Teachers' Pension Plan.

BRIDGE HOLDCO 4: S&P Assigns Preliminary 'B' CCR; Outlook Stable
Standard & Poor's Ratings Services said it assigned its
preliminary 'B' long-term corporate credit rating to U.K.-based
wire rope manufacturer Bridge Holdco 4 Ltd. (holding company of
Bridon, hereinafter called Bridon).  The outlook is stable.

At the same time, S&P assigned its preliminary 'B' issue rating
to the proposed first-lien facilities, comprising the US$-
equivalent of a GBP180 million first-lien facility and a $40
million revolving credit facility (RCF).  The recovery rating on
these facilities is '3', reflecting S&P's expectation of
meaningful (50%-70%) recovery prospects in the event of a payment
default.  S&P also assigned its preliminary 'CCC+' issue rating
to the proposed US$-equivalent of a GBP70 million second-lien
facility. The recovery rating on this facility is '6', indicating
S&P's expectation of negligible (0-10%) recovery prospects in the
event of a payment default.

Final ratings will depend on S&P's receipt and satisfactory
review of all final transaction documentation.  Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings.  If Standard & Poor's does not receive final
documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, S&P reserves the
right to withdraw or revise its ratings.  Potential changes
include, but are not limited to, utilization of loan proceeds,
maturity, size and conditions of the term loan, financial and
other covenants, security, and ranking.

The preliminary ratings on Bridon, a leading wire rope
manufacturer worldwide that operated previously under Melrose
plc, reflect S&P's view of the group's relatively aggressive
capital structure following its leveraged buyout by private
equity company, Ontario Teachers' Pension Plan.  The buyout was
announced on Oct. 13, 2014, and is due to be completed by the end
of 2014. S&P assess Bridon's financial risk profile as "highly
leveraged" under S&P's criteria.  Based on the proposed capital
structure after the buyout, S&P estimates Bridon's Standard &
Poor's-adjusted net debt-to-EBITDA ratio will be at about 7x by
Dec. 31, 2014.  S&P's estimate includes financial debt of about
GBP225 million (excluding a $40 million undrawn RCF) and about
GBP37 million of debt adjustments related to operating leases and
pension obligations.

"We exclude from our debt calculation the GBP18.2 million
shareholder loan to be provided by shareholders since we think it
will likely qualify for equity treatment under our criteria.
However, we will need to review the final documentation to
confirm that the loan is stapled to equity, deeply subordinated
to all existing and future debt instruments, and that no
mandatory cash payments will be associated with the loan.  These
are the most important conditions to be fulfilled for us to treat
the loan as equity-like under the finalized structure.  Including
this loan as debt, our debt-to-EBITDA metric for Bridon would
increase by just less than 0.5x based on the EBITDA we anticipate
that the group will generate in 2014," S&P said.

"We assess Bridon's business risk profile as "weak," primarily
constrained by the group's limited business diversification as a
pure manufacturer of wire ropes, with a limited scope of
operations and modest sales of about GBP263.2 million in 2013.
We also view negatively the group's exposure to cyclical end
markets, such as oil and gas, mining, and general industrial
markets (through which Bridon generated about three-quarters of
total sales in 2013).  The group faces stiff competition from a
number of direct peers, such as WireCo WorldGroup Inc. and
Radaelli," S&P added.

However, S&P views these risks as partly mitigated by Bridon's
generally high share of recurring revenues and largely stable
margins over time.  Over 2008-2012, Bridon was affected by a
litigation case for which it incurred significant charges.
Still, the group's insurance companies partly reimbursed these
charges, and S&P views this case as rather exceptional in nature.
S&P also views positively the group's sound niche market
positions.  Bridon has generally long-term customer relationships
and good geographic diversification.

S&P views Bridon's operating profitability--measured by EBITDA
margin--as higher than peers when compared with the metals
processing industry generally, but consistent with closest direct
competitor WireCo.  However, the return-on-capital metrics S&P's
forecast are in line with the industry's.

In S&P's base case, it assumes:

   -- Continued weak conditions in mining end markets and
      potentially slowing oil and gas markets, which will
      constrain Bridon's organic revenue growth potential, but
      may be partly compensated by improved demand from general
      industrial end markets.  S&P bases this assumption on slow
      economic expansion globally, with Europe remaining the
      weakest link with forecast GDP of 1.5% in 2015, stronger
      growth in the U.S. of 3.0%, and GDP growth of 5.4% in Asia-

   -- Flat gross margins, despite marginal revenue expansion
      because of competitive end markets.

   -- Capital expenditures to sales to decrease to between 3.0%
      and 3.5%, following high expansionary investments in prior

   -- Working capital investments of less than EUR3 million-EUR5
      million per year.

   -- No dividend or acquisition payouts.

Based on these assumptions, S&P arrives at these credit measures
for Bridon:

   -- Funds from operations (FFO) to debt of about 6% for 2015
      and 2016.

   -- EBITDA and FFO interest coverage ratios slightly exceeding
      2.0x over S&P's forecast horizon.

   -- Debt to EBITDA of close to 7x at year-end 2014 and moving
      toward 6.2x by 2016.

   -- A marginally positive ratio of free operating cash flow to
      debt over S&P's forecast period.

The stable outlook on Bridon reflects S&P's expectation that the
group's operating performance will remain largely stable, owing
to its high share of recurring revenues and despite challenges in
some of its cyclical end markets.  S&P therefore thinks Bridon
should maintain adequate interest coverage of debt service costs
over S&P's 2015-2016 forecast horizon.  Still, S&P expects
Bridon's financial risk profile will remain "highly leveraged,"
as defined in S&P's criteria, with debt to EBITDA of about 6x and
FFO to debt of about 6% in 2015.

S&P could lower the ratings if Bridon's business position
deteriorates because of a more competitive environment, such that
gross margins decline by more than 200 basis points and cause
EBITDA interest coverage ratios to fall below 1.7x.  S&P could
also lower the ratings if it lowered its liquidity assessment to
"less than adequate" under S&P's criteria.  This could occur if
EBITDA fell more than 30% against the 2013 figure and covenant
headroom dropped, limiting availability under the RCF.

S&P does not anticipate an upgrade in the next 12 to 18 months
because of Bridon's "highly leveraged" financial risk profile and
"weak" business risk profile.  S&P could raise the ratings if FFO
to debt approached 12% and debt to EBITDA was sustained at less
than 5x on a combination of cash flow growth and debt reduction.
This would also entail that S&P revises its view of the Bridon's
financial policy, for instance, if it observed that its financial
sponsor planned to maintain lower leverage.

DENVER TRADING: Court Closes Rare Earth Elements Trading Firms
Two companies -- Denver Trading AG, and Denver Trading Ltd --
that sold rare earth elements as investments to the public were
wound up in the High Court on August 27, 2014.

The winding-up orders follow an investigation by the Insolvency

Denver Trading AG, a Swiss registered company, and Denver Trading
Ltd, a Seychelles registered company, acted as suppliers of rare
earth elements -- a set of 17 related metals -- increasingly used
in electronics related manufacturing -- to members of the public
through a network of UK based sales agents, over 40 in total.

A number of those agents themselves have ceased to trade or have
been subject to winding up proceedings following investigations
by the Insolvency Service, including Westpier Consultants Limited
and Global Metal Exchange Limited, Sales agents were typically
paid 40% to 50% commissions for each sale.

Welcoming the court's decision to wind-up the companies, David
Hill, a Chief Investigator with the Insolvency Service, said:

"In spite of their grandiose claims, this company's services,
were simply designed to fleece vulnerable investors

"Investors need to be wary: if you are cold-called and pressured
to invest in any kind of investment, just hang up. No genuine
investments would be in such a manner.

"The Insolvency Service will continue to take robust action
whenever serious failings are discovered and in particular
against contemptible companies as in this case."

The investigation found that sales agents made serious
misrepresentations as to investment returns to prospective
purchasers of these rare earth elements. Additionally, the Denver
Trading AG website included a number of false and misleading
statements as to the standing and expertise of that company.

The investigation also found that the Denver Trading companies
had authorised its sales agents to sell rare earth elements at
very substantial mark ups, ranging from 300% to 500% of the
prices paid by the Denver Trading companies for those elements.
In practice it was found that agents had been selling those rare
earth elements at typically 625% of the prices paid by the Denver
Trading companies. The Denver Trading companies had in turn
sourced and purchased rare earth elements in bulk from a Canadian

Registrar Barber sitting in the Companies Court found that the
companies were structured in such a way as to mask the identity
of those individuals who exerted control and management. They
were in fact controlled and managed by Christopher John Sabin and
Tobias Alexander Ridpath, although neither had ever been
appointed as directors. Mr Ridpath had been previously
disqualified from acting as a company director, for a period of 9
years between 2000 and 2009. By operating through two overseas
companies, the UK centre of their operations was hidden from

The investigation found that the affairs of the companies had
been intermingled to such an extent that their trading activities
could not be readily separated, matters not assisted by a
comprehensive failure by both companies to maintain adequate
accounting records. According to Messrs Ridpath and Sabin, the
Denver Trading companies had generated turnover in the region of
GBP6 million in a trading period of approximately 15 months,
starting in early 2012.

Those purchasers of rare earth elements from the Denver Trading
companies and their network of sales agents were informed that
their purchases would be held in a bonded warehouse for a period
of 5 years, with storage costs and insurance paid for a period of
5 years from the date of purchase. This was false. The Denver
Trading companies ceased paying storage costs to its storage
facility provider, Cadogan Tate Limited, in early 2013, and all
insurance cover was withdrawn due to no payment on 31 August
2013. Furthermore, purchasers have not been able to access their
products, on the basis that the storage contract is between
Cadogan Tate Limited and the Denver Trading companies.

The Denver Trading companies are subject to an on-going criminal
investigation by Devon and Cornwall police, named Operation
Stagecoach. Devon and Cornwall police can be contacted via their

Denver Trading Limited, a company registered in the Seychelles,
registration number 103981, was incorporated on Feb. 23, 2012.
Denver Trading AG, a company registered in Switzerland,
registration number CH02030323997, was incorporated on May 15,
2008. The registered address of both companies since they were
placed into provisional liquidation on Dec. 20, 2013, is The
Insolvency Service, 4 Abbey Orchard Street, London, SW1P 2HT.

The current appointed director of Denver Trading AG is Philippe
Francois Jean Godet, a French citizen and resident. Trident Trust
Company (Seychelles) Limited, has been the sole appointed
director of Denver Trading Ltd since its incorporation.

The petitions to wind up the companies were presented in the High
Court on Dec. 20, 2013 under the provisions of section 124A of
the Insolvency Act 1986 following confidential enquiries by
Company Investigations under section 447 of the Companies Act
1985, as amended. The Official Receiver was appointed provisional
liquidator to both companies on that date.

INVESTEC BANK: Fitch Affirms 'BB-' Jr. Subordinated Debt Rating
Fitch Ratings has affirmed Investec Bank plc's (IBP) Long-term
Issuer Default Rating (IDR) at 'BBB-' and Viability Rating (VR)
at 'bbb-'.  The Outlook on the Long-term IDR is Stable.


IBP's IDR is driven by its VR, which considers the ongoing
stabilization of the bank's asset quality and improving
profitability and capitalization, supported by sales of less core
non-UK operations.  The ratings are also underpinned by IBP's
comfortable funding and liquidity profile but also take into
account its concentrated (albeit declining) property exposure and
appetite for higher risk assets, such as its investment portfolio
and structured credit exposures.

Since FYE14, IBP and its parent company, Investec plc, have
announced sales of a number of subsidiaries.  These sales should
overall be capital accretive for IBP and also reduce the bank's
tail risks and simplify its business model.  In July 2014, IBP
completed the sale of its professional finance, asset finance and
leasing businesses and its deposit book in Australia (structured
as sale of Investec Bank (Australia) Limited) at an AUD210m
(around GBP116m) premium to its net asset value.  In Sept.,
Investec plc also agreed the sale (still subject to regulatory
approval) of its UK subprime mortgage subsidiary, Kensington and
its Irish mortgage business, Start, which included Kensington new
prime mortgage loans and a number of high-yield residential
mortgage portfolios previously booked at IBP.

Fitch views IBP's capitalization as moderate, with a 10.7% common
equity Tier 1 capital ratio at end-March 2014 (FYE14) in light of
the bank's exposure to higher risk sectors such as property
planning and development (55% of Fitch Core Capital, FCC),
structured credit investments (30% of FCC) and equities portfolio
(24% of FCC, mostly unlisted).  Fitch estimates that IBP's common
equity Tier 1 ratio will benefit by about 200-300bp as a result
of the business disposals and will most likely be retained.

Asset quality continued to improve in FY14 with a Fitch-
calculated impaired loans ratio of 4.6% at FYE14 (FYE13: 4.9%).
Most of IBP's problem exposures came from the bank's property
lending book, including around GBP0.2bn of property loans in
Ireland. Positively, the bank significantly reduced its
concentration to property lending to 30% of the loan book at
FYE14 from 46% in FYE11.  The bank's LICs/ average gross loans
remained elevated at 95bp during FY14, affected by provisioning
against the property exposures and the Australian book.  These
charges together with high operating costs affect profitability,
which is improving but remains modest.


Negative pressure on the ratings could arise from a material
deterioration of IBP's capital ratios, for example if the gains
from the recent sale of the Australian business were largely paid
out as a special dividend (not the base case currently), or if
loan impairment charges were significantly higher than expected
or if there are large losses in the investment portfolio.
Evidence of an increase in risk appetite and/or a weakening of
the bank's liquidity and funding profile could also put pressure
on the ratings.

Upside potential is limited in the short to medium term.
However, continued reduction of tail risk through the scaling
down of higher risk property exposures and a track record of
improved recurring profitability and stable asset quality could
be rating positive.


Subordinated debt and other hybrid capital issued by IBP are all
notched down from its 'bbb-' VR in accordance with Fitch's
assessment of each instrument's respective non-performance and
relative loss severity risk profiles.

In accordance with Fitch's criteria 'Assessing and Rating Bank
Subordinated and Hybrid Securities', subordinated (lower Tier 2)
debt is rated one notch below IBP's VR to reflect the incremental
loss severity of this type of debt when compared with average

The junior subordinated debt securities are rated three notches
below IBP's VR to reflect the incremental loss severity risk of
these securities when compared with average recoveries (one notch
from the VR) as well as high risk of non-performance due to the
discretionary, albeit often constrained, coupon deferral features
of this instrument (an additional two notches).

Their ratings are primarily sensitive to any change in IBP's VR.

The rating actions are:

Long-term IDR affirmed at 'BBB-'; Outlook Stable
Short-term IDR affirmed at 'F3'
VR affirmed at 'bbb-'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Junior subordinated debt affirmed at 'BB-'
Senior unsecured certificates of deposit affirmed at Long-term
  'BBB-' and Short-term 'F3'
Senior unsecured EMTN Programme affirmed at Long-term 'BBB-' and
Short-term 'F3'
Subordinated debt affirmed at 'BB+'

* UK: Informal Corp. Insolvency Process Up By A Qtr Since 2010
The number of companies opting to be simply removed ('struck-
off') from the Companies House register has jumped by 28% from
139,594 in 2010-11 to 178,996 in 2013-14, according to research
by insolvency trade body R3.

The new data provide a more complete picture of company closures
than the formal insolvency statistics alone -- and may help
explain the lower than expected number of formal insolvency
procedures since the recession.

Creditors' Voluntary Liquidations -- an equivalent formal company
winding-up procedure that may involve debts being distributed to
creditors and the conduct of directors investigated -- fell by

Andrew Tate, Deputy-Vice President of R3, says: "Ordinarily,
insolvencies rise following a recession, due to problems like
'over-trading' during recoveries or as a delayed impact of the
recession itself. Since the 2008 recession, however, insolvencies
have fallen."

"The phenomenon of 'zombie businesses' -- businesses that survived
due to the unique circumstances of the last recession but had
little chance of long-term recovery -- could partly explain lower
than expected insolvency numbers, but falling numbers of 'zombie
businesses' have not been matched by rising insolvencies."

"It may well be that many of the UK's 'zombie businesses' have
been just removing themselves from the Companies House register
rather than opting for a formal insolvency procedure."

'Strike-offs' are designed for companies that have settled
business and trading debts, and are now dormant or no longer

Andrew Tate adds: "In cases where there are no assets to
distribute to creditors to make, simply 'striking-off' a company
makes a lot of sense. However, creditors do need to keep an eye
out for 'strike-off' notifications and object if necessary: their
interests may be better served by seeing a company entered into a
formal insolvency procedure instead, particularly where there may
be hidden assets which could be investigated by a liquidator."

Creditor objections to 'strike-offs' grew by 38% during the same
period, rising from 1,738 in 2010-11 to 2,406 in 2013-14 --
roughly one objection for every 74 applications, up from one in
every 80.

Andrew Tate continues: "In formal insolvencies, creditors'
interests are paramount. Insolvency practitioners will treat them
on an equal basis and carry out important tasks like
investigating directors' actions. Although growing faster than
the number of applications, it's slightly surprising that
objections to 'strike-off'' applications are relatively low: it
may be that many creditors aren't aware of their rights."

"Creditor interests also risk being undermined by this
Government's proposed changes to civil litigation funding -- the
Jackson reforms. From April 2015, the changes will make it much
harder for insolvency practitioners to return money to creditors
from insolvent companies' directors, and mean up to oe160m a year
of creditors' money could stay in directors' hands following
insolvencies. Insolvency litigation must be made exempt from the


* BOOK REVIEW: The Sorcerer's Apprentice
Author: Sallie Tisdale
Publisher: BeardBooks
Softcover: 270 pages
List Price: $34.95
Review by Henry Berry

Order your own personal copy at
An earlier edition of "The Sorcerer's Apprentice" won an American
Health Book Award in 1986. The book has been recognized as an
outstanding book on popular science. Tisdale brings to her
subject of the wide nd engrossing field of health and illness the
perspective, as well as the special sympathies and sensitivities,
of a registered nurse. She is an exceptionally skilled writer.
Again and again, her descriptions of ill individuals and images
of illnesses such as cancer and meningitis make a lasting
impression. Tisdale accomplishes the tricky business of bringing
the reader to an understanding of what persons experience when
they are ill; and in doing this, to understand more about the
nature of illness as well. Her style and aim as a writer are like
that of a medical or science journalist for leading major
newspaper, say the "New York Times" or "Los Angeles Times." To
this informative, readable style is added the probing interest
and concern of the philosopher trying to shed some light on one
of the central and most unsettling aspects of human existence. In
this insightful, illuminating, probing exploration of the mystery
of illness, Tisdale also outlines the limits of the effectiveness
of treatments and cures, even with modern medicine's store of
technology and drugs. These are often called "miracles" of modern
medicine. But from this author's perspective, with the most
serious, life-threatening, illnesses, doctors and other health-
care professionals are like sorcerer's trying to work magic on
them. They hope to bring improvement, but can never be sure what
they do will bring it about. Tisdale's intent is not to debunk
modern medicine, belittle its resources and ways, or suggest that
the medical profession holds out false hopes. Her intent is do
report on the mystery of serious illness as she has witnessed it
and from this, imagined what it is like in her varied work as a
registered nurse. She also writes from her own experiences in
being chronically ill when she was younger and the pain and
surgery going with this.

She writes, "I want to get at the reasons for the strange state
of amnesia we in the health professions find ourselves in. I want
to find clues to my weird experiences, try to sense the nature of
being sick." The amnesia of health professionals is their state
of mind from the demands placed on them all the time by patients,
employers, and society, as well as themselves, to cure illness,
to save lives, to make sick people feel better. Doctors,
surgeons, nurses, and other health-care professionals become
primarily technicians applying the wonders of modern medicine.
Because of the volume of patients, they do not get to spend much
time with any one or a few of them. It's all they can do to apply
the prescribed treatment, apply more of it if it doesn't work the
first time, and try something else if this treatment doesn't seem
to be effective. Added to this is keeping up with the new medical
studies and treatments. But Tisdale stepped out of this problem-
solving outlook, can-do, perfectionist mentality by opting to
spend most of her time in nursing homes, where she would be among
old persons she would see regularly, away from the high-charged
atmosphere of a hospital with its "many medical students,
technicians, administrators, and insurance review artists." To
stay on her "medical toes," she balanced this with working
occasional shifts in a nearby hospital. In her hospital work, she
worked in a neonatal intensive care unit (NICU), intensive care
unit (ICU), a burn center, and in a surgery room. From this
combination of work with the infirm, ill, and the latest medical
technology and procedures among highly-skilled professionals,
Tisdale learned that "being sick is the strangest of states."
This is not the lesson nearly all other health-care workers come
away with. For them, sick persons are like something that has to
be "fixed." They're focused on the practical, physical matter of
treating a malady. Unlike this author, they're not focused
consciously on the nature of pain and what the patient is
experiencing. The pragmatic, results-oriented medical profession
is focused on the effects of treatment. Tisdale brings into the
picture of health care and seriously-ill patients all of what the
medical profession in its amnesia, as she called it, overlooks.

Simply in describing what she observes, Tisdale leads those in
the medical profession as well as other interested readers to see
what they normally overlook, what they normally do not see in the
business and pressures of their work. She describes the beginning
of a hip-replacement operation, the surgeon "takes the scalpel
and cuts -- the top of the hip to a third of the way down the
thigh -- and cuts again through the globular yellow fat, and
deeper. The resident follows with a cautery, holding tiny
spraying blood vessels and burning them shut with an electric
current. One small, throbbing arteriole escapes, and his glasses
and cheek are splattered." One learns more about what is actually
going on in an operation from this and following passages than
from seeing one of those glimpses of operations commonly shown on
TV. The author explains the illness of meningitis, "The brain
becomes swollen with blood and tissue fluid, its entire surface
layered with pus...The pressure in the skull increases until the
winding convolutions of the brain are flattened out . . . The
spreading infection and pressure from the growing turbulent ocean
sitting on top of the brain cause permanent weakness and
paralysis, blindness, deafness . . . ." This dramatic depiction
of meningitis brings together medical facts, symptoms, and
effects on the patient. Tisdale does this repeatedly to present
illness and the persons whose lives revolve around it from
patients and relatives to doctors and nurses in a light readers
could never imagine, even those who are immersed in this world.

Tisdale's main point is that the miracles of modern medicine do
not unquestionably end the miseries of illness, or even
unquestionably alleviate them. As much as they bring some relief
to ill individuals and sometimes cure illness, in many cases they
bring on other kinds of pains and sorrows. Tisdale reminds
readers that the mystery of illness does, and always will, elude
the miracle of medical technology, drugs, and practices. Part of
the mystery of the paradoxes of treatment and the elusiveness of
restored health for ill persons she focuses on is "simply the
mystery of illness. Erosion, obviously, is natural. Our bodies
are essentially entropic." This is what many persons, both among
the public and medical professionals, tend to forget. "The
Sorcerer's Apprentice" serves as a reminder that the faith and
hope placed in modern medicine need to be balanced with an
awareness of the mystery of illness which will always be a part
of human life.


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

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  Go to 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,

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

                 * * * End of Transmission * * *