TCREUR_Public/150904.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, September 4, 2015, Vol. 16, No. 175



BH AIRLINES: Gov't Wants Mitteldeutsche Negotiations to Continue


DRESSER-RAND GROUP: Moody's Withdraws Ba2 Corporate Family Rating
WINDERMERE XIV: Moody's Affirms Caa1 Rating on EUR97.1M B Notes


BUDAPEST BANK: Moody's Cuts Long-Term Bank Deposit Ratings to B2


RMF EURO CDO V: S&P Affirms B+ Rating on Class V Notes


PALLAS CDO II: Fitch Raises Ratings on 2 Note Classes to 'CCCsf'


HAWE: Files Bankruptcy Protection, ARP Seeks Loan Repayment


AMBIENT SIBIU: Files Insolvency Request at Sibiu Court


MY BANK: Bankruptcy Hearing Dismissed as Bank Repays Debt


* Fitch Issues Correction to April 15 Ratings Release


KYIV CITY: Fitch Lowers Long-Term Issuer Default Rating to 'C'

U N I T E D   K I N G D O M

DORWIN LTD: Enters Liquidation, Fails to Get CVA Support
DRAGON INT'L: Administrator Hopeful on Finding Buyer for Studios
EQUINOX 2006-1: Fitch Affirms 'Dsf' Ratings on 4 Note Classes
LABCO SA: Moody's Withdraws 'B2' Corporate Family Rating
MORGAN FOX: High Court Enters Liquidation Order


* BOOK REVIEW: Landmarks in Medicine - Laity Lectures



BH AIRLINES: Gov't Wants Mitteldeutsche Negotiations to Continue
SeeNews reports that the government of Bosnia's Muslim-Croat
Federation said on Sept. 3 it has instructed the finance ministry
to continue negotiations with Germany's Mitteldeutsche Tourismus
Entwicklungsgesellschaft mbH with the aim of forming an airline
company that would resolve the status of those employed by
troubled air carrier BH Airlines.

The government said in a press release following a weekly session
it has adopted information on the state of negotiations between BH
Airlines and representatives of Mitteldeutsche Tourismus
Entwicklungsgesellschaft mbH, SeeNews relates.

The government said BH Airlines has been in a very difficult
financial situation for several years and without considerable
help it won't be able to stay in business, SeeNews notes.

From 2005 until 2014, BH Airlines generated a total of BAM99.2
million (US$57 million/EUR50.7 million) in losses, SeeNews
discloses.  Its accumulated uncovered losses reached
BAM39.8 million at the end of 2014, BAM20.01 million above the
company's registered capital of BAM18.8 million, SeeNews states.

"It is evident that creditors can no longer cover losses from
capital and that careful planning and restructuring is needed to
ensure business continuity," SeeNews quotes the government as

BH Airlines was the flag carrier of Bosnia and Herzegovina with
its head office in Sarajevo.  It operated scheduled and charter
passenger services as well as small cargo services from its home
base at Sarajevo International Airport.


DRESSER-RAND GROUP: Moody's Withdraws Ba2 Corporate Family Rating
Moody's Investors Service withdrawn the Ba2 corporate family
rating (CFR), the Ba2-PD probability of default rating (PDR) and
the SGL-2 speculative grade liquidity rating of Dresser-Rand Group
Inc. (DRC) following the full integration of DRC into Siemens
Aktiengesellschaft (Siemens, A1 stable).



DRC has become a wholly owned subsidiary of Siemens. The shares
have been delisted and DRC no longer publishes financial
statements, making any future assessment of DRC's financial
profile impossible absent the provisioning of DRC financial data.
Following the closing of the acquisition on June 30, 2015, and the
subsequent redemption of the $375 million senior subordinated
global notes (the notes) due 2021, there is no financial debt
outstanding at DRC's level. Consequently, Moody's has withdrawn
DRC's ratings because DRC has been acquired by Siemens.

Dresser-Rand Group Inc. (DRC) is a leading supplier of custom
engineered compressors, engines, turbines and other highly
engineered rotating equipment, and after-market parts and services
to the worldwide petroleum, crude oil refining, petrochemical,
environmental and process industries. Siemens acquired DRC and
closed the transaction in June 2015. DRC is now a wholly-owned
subsidiary of Siemens.

Siemens Aktiengesellschaft (Siemens) is one of the world's leading
manufacturers of power generation equipment and energy management
systems, industrial automation products and services, building
technologies, transportation equipment, as well as healthcare
equipment and diagnostics.

WINDERMERE XIV: Moody's Affirms Caa1 Rating on EUR97.1M B Notes
Moody's Investors Service has affirmed the ratings of the
following classes of Notes issued by Windermere XIV CMBS Limited
(amounts reflect initial outstanding):

  EUR836.43 million A Notes, Affirmed Ba1 (sf); previously on
  May 17, 2011 Downgraded to Ba1 (sf)

  EUR97.1 million B Notes, Affirmed Caa1 (sf); previously on
  May 17, 2011 Downgraded to Caa1 (sf)

Moody's does not rate Class C, Class D, Class E, Class F and Class
X Notes issued by Windermere XIV CMBS Limited.


The affirmation action reflects the off-setting factors of (i)
improved credit metrics for the Class A and Class B Notes compared
to our last downgrade rating action in May 2011 and (ii) remaining
concerns regarding the work-out of the properties securing the
Fortezza II and the Sisu loans.

The only average asset quality and the short weighted average
unexpired lease term (WAULT) of the properties securing the
Fortezza II Loan could lead to lower recoveries and a protracted
work-out. The disposals to date of the properties securing the
Sisu Loan have led to an increase in overall vacancy. This trend
reflects the weaker quality of the remaining properties, which is
likely to have a similar deteriorating impact on recoveries and
work-out timing.

Moody's affirmation reflects a base expected loss in the range of
40%-50% of the current balance, compared with a similar loss
expectation at the last review. Moody's derives this loss
expectation from the analysis of the default probability of the
securitized loans (both during the term and at maturity) and its
value assessment of the collateral.

Realised losses to date are at approximately 0.005% of the
original securitized balance. Moody's estimate of the base
expected loss is now in the range of 10%-20% of the original pool

Other factors used in this rating are described in European CMBS:
2014-16 Central Scenarios published in March 2014.

Factors that would lead to an upgrade or downgrade of the rating:

Main factors or circumstances that could lead to a downgrade of
the ratings are (i) a lack of progress or visibility of the work-
out of the Fortezza II Loan and, to a lesser extent, the Sisu Loan
and (ii) the potential vacation of some tenants in the Fortezza II
portfolio, potentially leading to further property value declines.

Main factors or circumstances that could lead to an upgrade of the
rating are (i) a faster than expected work-out of the Fortezza II
Loan and (ii) extension of leases in the Fortezza II portfolio,
potentially leading to higher recoveries and a faster work-out.


As of the July 2015 IPD, the note balance has declined by 70% to
EUR 340.3 million from EUR 1,111.8 million at closing in November
2007, mainly due to the pay-off of four loans originally in the
pool. The notes are currently secured by four first-ranking legal
mortgages over 71 commercial properties ranging in size from 3.5%
to 69.4% of the current pool balance. Based on reported market
value (U/W MV), approximately 49% of the assets are located in
Italy, 38% in Finland and 13% in Germany.

All remaining loans are being in work-out. In case of the Fortezza
II Loan and the Sisu Loan, both property portfolios are being
liquidated by the respective borrowers under the supervision of
the transaction's special servicer.

Based on Moody's updated value assessment, the weighted average
Moody's loan-to-value (LTV) on the securitized pool is 152%
compared to 130% based on the U/W LTV.


Below are Moody's key assumptions for the remaining loans.

1. Fortezza II Loan: LTV 172% (Whole) / 172% (A-loan); Defaulted;
Expected Loss 50% - 60%.

The largest loan in the pool (69.4% of the securitized pool) is
secured by a portfolio of 11 office properties in Italy, of which
10 are located in Rome and one in Pescara. The loan was not repaid
on its extended maturity date in April 2015. It has failed to meet
the initial debt repayment hurdle of EUR210 million, which had to
be met in order to further extend the loan until April 2016. The
hurdle test has now been postponed until  September 30, 2015,
while the special servicer and borrower are in negotiations on a
new business plan with the aim of an orderly sale of the portfolio
over the next two to three years and to implement more realistic
repayment hurdles.

The properties securing the loan are of average quality and have a
short WAULT of 3.1 years. The majority of the tenants are Italian
government related entities, accounting for approximately 75% of
the current gross rent. Moody's has updated its value assumption,
resulting in an LTV of 172% compared to the U/W LTV of 155%. In-
place rents being above market level and uncertainty around
extension of leases at their break or expiry date led to the
haircut to the reported market value.

2. Sisu Loan: LTV 94% (Whole) / 94% (A-loan); Defaulted; Expected
Loss 10% - 20%.

The second largest loan in the pool (17.7% of the securitized
pool) is currently secured by a portfolio of 57 mixed use
properties across Finland. The loan was transferred into special
servicing in April 2013 and in January 2014 the special servicer
entered into a conditional standstill agreement with the borrower.
Part of the standstill agreement are debt reduction covenants
which have to be met by liquidating the property portfolio. The
first two targets have been met.

However, it will be more challenging for the borrower to meet the
future targets (EUR53 million in October 2015 and EUR 39 million
in April 2016) due to the deteriorating quality of the remaining
assets. The weakening of the portfolio quality is reflected by the
increasing vacancies. Over the last five years the portfolio's
vacancy has increased to 46.4% from 31.5% in July 2011.

Moody's updated value assumption has resulted in a MDY LTV of 94%
compared to the U/W LTV of 51%.

3. GSI Loan: LTV 118% (Whole) / 118% (A-loan); Defaulted; Expected
Loss 20% - 30%.

The GSI Loan (9.4% of the securitized pool) is secured by an
office property in Germany, Halle (Saale), and is entirely let to
the Federal State of Saxony-Anhalt on a lease expiring in 2020.
The property is mainly used by prosecution, district and regional
courts. The property contains 34 courtrooms and office space,
which is used by approximately 800 employees. According to the
special servicer, the property is well maintained. The aim is to
amortize the current loan balance further from surplus funds to
secure refinancing of the loan by end of the standstill period in
January 2016.

Moody's updated value assumption has resulted in a MDY LTV of 118%
compared to the U/W LTV of 106%.

4. Baywatch Loan: LTV N/A (Whole) / N/A (A-loan); Defaulted;
Expected Loss 10% - 20%.

The smallest loan in the pool (3.5% of the securitized pool) is
secured by a single asset located in Witten, Germany, after the
property in Dortmund was sold for a gross sales price of EUR2.15
million. Given the last remaining property in the pool, Moody's
loss estimate for the loan is in the range of 10% to 20%.


BUDAPEST BANK: Moody's Cuts Long-Term Bank Deposit Ratings to B2
Moody's Investors Service downgraded Budapest Bank Rt's long-term
bank deposit ratings to B2 from Ba3 and affirmed Not Prime short-
term deposit ratings. The action follows the completion of
Budapest Bank's sale by General Electric Capital Corporation
(GECC; A1 stable) to the Hungarian government (Ba1 stable).

Concurrently, the rating agency affirmed Budapest Bank's
standalone b2 baseline credit assessment (BCA) and downgraded the
Adjusted baseline credit assessment to b2 from ba3. Moody's also
assigned Ba3(cr)/Not Prime(cr) Counterparty Risk Assessment to the
bank. The outlook on the bank's deposit ratings was changed to
stable from negative, reflecting stabilization of the bank's
intrinsic credit profile.


-- Deposit Ratings

Moody's removed the 2-notch of rating uplift in the bank's deposit
ratings from parental support following the completion of Budapest
Bank's sale by GECC. Although the bank is now owned by the
government, the rating agency implies only low government support
assumption in Budapest Bank's ratings, which does not result in a
rating uplift. This is driven by the EU Bank Recovery and
Resolution Directive (BRRD) and the Single Resolution Mechanism
(SRM) regulation. Support for unsecured creditors across the EU is
less certain and Moody's believes that a clear expectation now
exists that 'bail-in' tools will be used, if needed, as part of
bank resolutions. Furthermore, the bank's relatively small market
share in the Hungarian banking system -- 4.7% and 4.3% in gross
loans and deposits, respectively, as at year-end 2014 --
reinforces the view of a low likelihood of government support to
the bank.

Consequently, Budapest Bank's B2 long-term deposit ratings are
based on its b2 BCA and do not include any uplift from external

-- BCA

Operating conditions for Hungarian banks will likely improve over
the next 12 to 18 months, amid relatively strong economic growth
and as a result of moderation in the government's unfavorable
stance towards banks. The improvements in the operating
environment will help Budapest Bank return to profitability and
improve its asset risk and capitalization.

Budapest Bank's b2 BCA reflects the bank's high asset risk, as
well as moderate capital adequacy, profitability and liquidity.

In 2014, Hungary adopted a law requiring banks to compensate
retail borrowers for any extra charges on loans denominated in
both foreign and domestic currency. The implementation of the law
requires banks to make compensation payments to their retail
borrowers or offset the compensation amounts with the borrowers'
overdue obligations. Afterwards, in November 2014 the Hungarian
government decided to convert FX retail mortgages into forint at
the prevailing market exchange rate. In 2014 Budapest Bank booked
HUF 48.6 billion of provisions against the compensation payments,
which was the main driver of the bank's HUF 38.7 billion loss for
the year. Over the next 12 to18 months the bank will likely report
improvement in profitability helped by declining cost of risk and
a modest lending growth.

Asset risk stabilized during 2014 and will likely improve
moderately in 2015 benefiting from the growing economy, completion
of settlements with the retail borrowers and conversion of FX
mortgages. The loss reported in 2014 negatively affected Budapest
Bank's capitalization, with the bank's Tier 1 ratio declining to
11.2% as of December 2014 from 14.8% as of December 2013. The
bank's return to profitability and only a modest lending growth
will likely result in a moderate improvement in the capital
adequacy over the next 12 to 18 months.

-- Counterparty Risk Assessment

The newly-assigned Ba3(cr) Counterparty Risk Assessment for
Budapest Bank is two notches above its b2 BCA, and reflects the
seniority of the counterparty obligations and the volume of
liabilities subordinated to them under Moody's Advanced LGF

Counterparty Risk Assessments are opinions of how counterparty
obligations are likely to be treated if a bank fails and are
distinct from debt and deposit ratings in that they (1) consider
only the risk of default rather than expected loss; and (2) apply
to counterparty obligations and contractual commitments rather
than debt or deposit instruments. The Counterparty Risk Assessment
is an opinion of the counterparty risk related to a bank's covered
bonds, contractual performance obligations (servicing),
derivatives (e.g., swaps), letters of credit, guarantees and
liquidity facilities.


A substantial improvement in bank's operating environment leading
to a strengthening of its financial fundamentals, in particular
loan book quality and capital adequacy, could positively affect
Budapest Bank's ratings.

Conversely, a deterioration of the bank's loan portfolio or a
decline in capital adequacy could result in a rating downgrade. A
significant weakening in Budapest Bank's retail or corporate
franchise impairing its revenue generating capacity could have
negative rating implications.


RMF EURO CDO V: S&P Affirms B+ Rating on Class V Notes
Standard & Poor's Ratings Services raised its credit ratings on
RMF Euro CDO V PLC's revolving facility, and the class I, II, III,
and IV notes.  At the same time, S&P has affirmed its rating on
the class V notes.

The rating actions follow S&P's review of the transaction's
performance.  S&P performed a credit and cash flow analysis and
assessed the support that each participant provides to the
transaction by applying S&P's current counterparty criteria.  In
S&P's analysis, it used data from the latest available trustee
report dated July 8, 2015.

S&P subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class of
notes at each rating level.  In S&P's analysis, it used the
reported portfolio balance that it considered to be performing
(EUR214.4 million), the weighted-average spread (4.05%), and the
weighted-average recovery rates for the performing portfolio.  S&P
applied various cash flow stress scenarios, using its standard
default patterns in conjunction with different interest stress
scenarios for each liability rating category.

The exposure to obligors based in countries rated below 'A-' is
less than 10% of the aggregate collateral balance (6.4%).  S&P has
therefore not applied any additional stresses in accordance with
its nonsovereign ratings criteria.

S&P's review of the transaction highlights that the revolving
facility and the class I notes have paid down by EUR227.5 million
(representing 72.1% of the initial notional balance of these
notes) since S&P's previous review.  This has increased the
available credit enhancement for all of the rated classes of

S&P's credit and cash flow analysis indicates that the available
credit enhancement for the revolving facility, and the class I,
II, III, and IV notes is commensurate with higher ratings than
those currently assigned.  Therefore, S&P has raised its ratings
on all of these classes of notes.

S&P has affirmed its rating on the class V notes as its analysis
indicates that the available credit enhancement for this class of
notes is commensurate with its current rating.  S&P's ratings on
the class IV and V notes are constrained by its largest obligor

RMF Euro CDO V is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans granted to primarily European
speculative-grade corporate firms.  Man Investments manages the
transaction.  The transaction closed in April 2007 and entered its
amortization period in April 2013.


Class                Rating
             To                From

EUR558.6 Million Secured Floating-Rate Notes And Million Revolving

Ratings Raised

Rev Fac      AAA (sf)          AA- (sf)
I            AAA (sf)          AA- (sf)
II           AAA (sf)          A+ (sf)
III          AA+ (sf)          A (sf)
IV           BBB+ (sf)         BB+ (sf)

Rating Affirmed

V            B+ (sf)

Rev Fac--Revolving facility.


PALLAS CDO II: Fitch Raises Ratings on 2 Note Classes to 'CCCsf'
Fitch Ratings has upgraded Pallas CDO II B.V.:

  Class A-1-a (ISIN XS0268818209): upgraded to 'BBBsf' from
   'BBB-sf'; Outlook Stable

  Class A-1-d (ISIN XS0271520669): upgraded to 'BBBsf' from
   'BBB-sf'; Outlook Stable

  Class A-2 (ISINXS0268904546): upgraded to 'BBsf' from 'B+sf';
   Outlook Stable

  Class B (ISINXS0268818548): upgraded to 'B+sf' from 'B-sf';
   Outlook Stable

  Class C (ISIN XS0268818894): upgraded to 'B-sf' from 'CCCsf';
   Outlook Stable

  Class D-1-a (ISIN XS0268819199): upgraded to 'CCCsf' from

  Class D-1-b (ISIN XS0268819272): upgraded to 'CCCsf' from 'CCsf

Pallas CDO II BV is a cash arbitrage securitization of structured
finance assets.  The performing portfolio is concentrated in RMBS
assets and CMBS.


The upgrades reflect the improved portfolio quality as a result of
active trading, as well as increased credit enhancement due to
deleveraging and par building.  Since the last review, the
transaction has cured its par value tests and reinvestment test,
enabling the manager to actively trade the underlying portfolio on
a maintain or improve basis.  Sales and paydowns of portfolio
assets have exceeded EUR200 million, of which around EUR150
million was used to purchase new assets and around EUR40 million
was used for the amortization of the class A-1 notes.

Active trading has resulted in a more diversified portfolio of
improved credit quality.  European peripheral assets have been
replaced by post-crisis CLO and CMBS notes, as well as non-
conforming RMBS assets.  This has contributed to the improved
weighted average rating, which is now 'BBB-'/'BB+', compared with
'BB+'/'BB' at the last review.  The portfolio currently consists
of 107 assets from 86 issuers, compared with 103 assets from 85
issuers at the past year, increasing the single obligor exposure
to 3.4% from 2.9%, but marginally decreasing the top 10 obligor

Purchased assets included many recently originated transactions,
such as post crisis CLO and CMBS notes.  Close to 30% of the
current portfolio was originated after 2011, whereas the exposure
to assets originated before 2006 has decreased to 26% from 52%.
Shifts in sector distribution, as classified by Fitch, have been
less pronounced.  RMBS remains the largest sector with 53%, down
from 63%, followed by CMBS with 26.4%, up from 24.4% and corporate
CDOs with 15.0%, up from 12.3%.  In addition, consumer ABS assets
were added, making up to 4.8% of the portfolio, as well as one
leveraged loan.

Credit enhancement has increased throughout the capital structure.
For the class A1 notes, credit enhancement has increased to 39.6%
from 34.3% and to 22.0% from 19.4% for the class A2 notes.  The
increase was less pronounced for the junior class D notes for
which credit enhancement only increased by 20bps.

The senior notes' ratings are constrained by the transaction's
structure, which triggers an event of default in the case of non-
payment of interest on class B notes.


In its stress tests Fitch found that reducing the recovery rate by
25% would not affect the notes' ratings, but increasing the
default rate by 25% could lead to the downgrade of all but the
class B notes by up to two notches.


No third party due diligence was provided or reviewed in relation
to this rating action.


Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction.  There were no findings that were
material to this analysis.  Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing

The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other Nationally Recognised Statistical
Rating Organisations and/or European Securities and Markets
Authority registered rating agencies.  Fitch has relied on the
practices of the relevant Fitch groups and/or other rating
agencies to assess the asset portfolio information.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable


HAWE: Files Bankruptcy Protection, ARP Seeks Loan Repayment
Bokszczanin Marcin at Polska Agencja Prasowa reports that Hawe
said in a market filing that it has filed for bankruptcy
protection for restructuring.

According to PAP, the decision follows news that state's Agency
for Industrial Development (ARP) cancelled a loan to Hawe and
demanded immediate repayment of PLN80 million, citing "worsening
financial conditions" at the company.

Hawe is a Polish telecommunication company.


AMBIENT SIBIU: Files Insolvency Request at Sibiu Court
Romania Insider reports that Ambient Sibiu has filed for

According to Romania Insider, the company submitted an insolvency
request at the Sibiu court asking for its approval to start a
reorganization process.

Ambient hasn't managed to attract the necessary funds to finance
the working capital, during the financial restructuring process in
the last four years, Romania Insider relays, citing company

The company's sales went down by more than 20% last year, to
EUR112 million, Romania Insider discloses.  The company thus
recorded EUR7.3 million losses, Romania Insider notes.

Last year, Romanian businessman Ioan Ciolan, who controls over 70%
of Ambient's shares, gave 10% of the company to a fund controlled
by lender BCR to pay off some of its debt, Romania Insider

Ambient Sibiu is a local do-it-yourself (DIY) retailer and
distributor of building materials.  The company has 12 stores in
Romania, most of them located in Transylvania, and over 1,200


MY BANK: Bankruptcy Hearing Dismissed as Bank Repays Debt
RAPSI reports that at the request of the Deposit Insurance Agency
(DIA), My Bank's insolvency administrator, the Moscow Commercial
Court dismissed the bank's bankruptcy hearing due to the contested
debt having been repaid.

RAPSI says Russian billionaire Gleb Fetisov suspected of
embezzling more than 6 billion rubles (about $88 million) is the
former owner of My Bank.

The report relates that a DIA representative announced in court
that the bank repaid RUB16.1 billion ($226 mln) in debt, including
RUB15.1 billion ($212.5 mln) paid by a third party, FFF Holdings

In July, DIA published a statement in the insolvency registry,
according to which FFF Holdings B.V. (Netherlands) that has links
with Fetisov paid RUB15.1 billion ($212.5 mln) to the creditors,
the report recalls.

According to RAPSI, lawyer Alexei Gurov who represents the ex-
owner of the loan organization -- currently being tried for
siphoning Moy Bank's assets and non-fulfillment of obligations to
depositors in the amount of RUB6.5 billion ($91.4 mln) --
announced earlier that Fetisov was released from house arrest.

RAPSI recalls that the Central Bank of Russia suspended My Bank's
license in January 2014 for failing to honor its credit
obligations and for falsifying reports. The Central Bank also
filed a request with the Investigative Committee for an inquiry
into Fetisov's business activities and those of a number of former
managers at the bank.

The report says the request mentioned loan agreements that My Bank
had signed over the past three years with alleged dummy companies,
as well as potentially irretrievable investments in assets and
securities. The investigation has been closed. RAPSI adds that
Fetisov pleaded not guilty. However, he paid the Deposit Insurance
Agency over RUB14 billion ($199 million) claiming it was enough to
repay the debts to the bank's clients.


* Fitch Issues Correction to April 15 Ratings Release
Fitch Ratings issued a correction to its April 15, 2015 rating
release, by providing more details on the performance of AyT Caja

The corrected release is as follows:

Fitch has affirmed 12, downgraded three and upgraded two tranches
of five Spanish RMBS transactions.  The agency has also revised
the Outlook on three tranches to Stable from Negative.

The transactions are part of a series of RMBS transactions that
are serviced by Banco Mare Nostrum, S.A. (BB+/Negative/B) for AyT
Caja Granada Hipotecario 1 and Ayt Caja Murcia Hipotecario I;
Liberbank S.A. (BB+/Negative/B) for IM Cajastur MBS 1; Banco de
Sabadell S.A. (Withdrawn) for TDA 29 and Bankia, S.A.
(BBB-/Negative/F3) for VAL Bancaja 1.


Stable Credit Enhancement

The notes in AyT Caja Granada Hipotecario 1, IM Cajastur MBS 1,
TDA 29 and VAL Bancaja are currently paying sequentially.  A
switch to pro-rata is not expected in the near future as various
triggers remain unmet.  AyT Caja Murcia Hipotecario 1 has been
paying pro-rata since April 2010, and given the low level of
arrears a reverse to sequential payment is not expected in the
next 12 months.  This exposes senior investors to adverse
selection and limits the scope for positive rating action in spite
of the solid performance to date.

Stable Asset Performance

With the exception AyT Caja Granada Hipotecario 1, the deals have
shown sound asset performance compared with the Spanish average.
Three-months plus arrears (excluding defaults) as a percentage of
the current pool balance range from 0.9% (Murcia Hipotecario) to
1.4% (VAL Bancaja).  These numbers remain below Fitch's index of
three-months plus arrears (excluding defaults) of 1.7%.  As for
the Granada deal three-month arrears are persistently high at

Cumulative defaults, defined as mortgages in arrears by more than
18 months (12 months for TDA 29), range from 0.1% (Murcia
Hipotecario) to 4.7% (Caja Granada), all below the average for the
sector of 4.9%.  Fitch believes that these levels are likely to
rise further as late-stage arrears roll into the defaulted

Reserve Fund Draws

After various draws and partial replenishments, the reserve funds
for IM Cajastur and Val Bancaja are close to their target (95% and
98%).  However, for AyT Caja Granada and TDA 29 the reserve funds
remain fully depleted, while their principal deficiency ledgers
(PDL) report debits of 0.5% and 0.3%.  Fitch notes that in recent
periods, there have been some signs of improvement in performance
of TDA 29 and that the pace of new defaults in AyT Caja Granada
has slowed down.  The agency believes further decreases in PDL
balances of AyT Caja Granada may materialise in the next few
payment dates, but will take several months to ultimately clear.

In contrast AyT Caja Murcia features a fully-funded reserve fund
(it has never been drawn), which has allowed it to amortize to its
floor level.  Given low arrears, Fitch believes the transaction
will avoid depletions from the reserve, although its fairly
limited liquidity support also restricts the scope for positive
rating action.

Payment Interruption Risk

Both AyT deals as well as IM Cajastur and VAL Bancaja have
liquidity to cover a number of payments due to the senior notes
and to relevant counterparties in case of default of the servicer
or the collection account bank.  In contrast, the depleted reserve
fund in TDA 29 exposes senior noteholders to payment interruption
risk consistent with the low investment- grade ratings.  Therefore
even if the transaction's performance improves the ratings are
unlikely to be upgraded above 'Asf'.

Notable Rating Actions

The high level of gross cumulative defaults to date, a fully
depleted reserve fund and the existence of a PDL balance can no
longer withstand stresses associated with the previous ratings,
hence Fitch has downgraded three tranches of AyT Caja Granada.

For TDA 29, the reduction in arrears, stabilization in defaults
and decreased PDL debit balances mean overall credit performance
has moved to a sounder footing, as reflected in today's Outlook
revisions to Stable.

Finally, given the stable performance, reduction in arrears and
the ample reserve fund balances, Fitch considers the class B of IM
Cajastur and the C of VAL Bancaja have shown an improvement in
credit quality, leading to today's upgrades.  The more senior
notes in these deals are capped at the 'Asf' category on account
of counterparty risk.


A worsening of the Spanish macroeconomic environment, especially
employment conditions, or an abrupt shift in interest rates could
jeopardize the ability of the underlying borrowers to meet their
payment obligations.  If this shows up in more volatile arrears
patterns or in a material increase in default rates, this could
trigger negative rating action.


Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions initial
closing.  The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

The rating actions are:

AyT Caja Granada Hipotecario 1:

  Class A notes (ISIN ES0312212006): downgraded to 'Asf' from
   'AA-sf'; Outlook Stable
  Class B notes (ISIN ES0312212014): downgraded to 'CCCsf' from
   'Bsf'; Recovery Estimate 95%
  Class C notes (ISIN ES0312212022): downgraded to 'CCsf' from
   'CCCsf'; Recovery Estimate 10%
  Class D notes (ISIN ES0312212030): affirmed at 'CCsf'; Recovery
   Estimate 0%

AyT Caja Murcia Hipotecario I:

  Class A notes (ISIN ES0312282009): affirmed at 'AA-sf'; Outlook
  Class B notes (ISIN ES0312282017): affirmed at 'Asf'; Outlook
  Class C notes (ISIN ES0312282025): affirmed at 'BB+sf'; Outlook

IM Cajastur MBS 1:

  Class A notes (ISIN ES0347458004): affirmed at 'A+sf'; Outlook
  Class B notes (ISIN ES0347458012): upgraded to 'BBB+sf' from
   'BBB-sf'; Outlook Stable

TDA 29:

  Class A2 notes (ISIN ES0377931011): affirmed at 'BBBsf';
   Outlook revised to Stable from Negative
  Class B notes (ISIN ES0377931029): affirmed at 'Bsf'; Outlook
   revised to Stable from Negative
  Class C notes (ISIN ES0377931037): affirmed at 'CCCsf';
   Recovery Estimate 65%
  Class D notes (ISIN ES0377931045): affirmed at 'CCsf'; Recovery
   Estimate 0%

VAL Bancaja 1:

  Class A1 notes (ISIN ES0339721005): affirmed at 'A+sf'; Outlook
  Class A2 notes (ISIN ES0339721013): affirmed at 'A+sf'; Outlook
  Class B notes (ISIN ES0339721021): affirmed at 'Asf'; Outlook
  Class C notes (ISIN ES0339721039): upgraded to 'BBB+sf' from
   'BBBsf'; Outlook Stable

The information below was used in the analysis:

Loan-by-loan data provided by Ahorro y Titulizacion S.G.F.T, S.A
and sourced from the European Data Warehouse with these cut-off

   -- AyT Caja Granada Hipotecario 1 as at 01/12/2014
   -- AyT Caja Murcia Hipotecario I as at 01/12/2014

Loan-by-loan data provided by InterMoney Titulizacion S.G.F.T, S.A
and sourced from the European Data Warehouse with the following
cut-off dates:

  -- IM Cajastur MBS 1 as at 31/01/2015

Loan-by-loan data provided by Titulizacion de Activos S.G.F.T, S.A
and sourced from the European Data Warehouse with the following
cut-off dates:

   -- TDA 29 as at 31/01/2015

Loan-by-loan data provided by Europea de Titulizacion S.G.F.T, S.A
and sourced from the European Data Warehouse with the following
cut-off dates:

   -- VAL Bancaja as at 20/02/2015

   -- Informe Control de Novaciones (maturity extension data
      file) provided by Ahorro y Titulizacion with a cut-of date
      of 28/02/2015 for AyT Caja Granada Hipotecario 1 and AyT
      Caja Murcia Hipotecario I


KYIV CITY: Fitch Lowers Long-Term Issuer Default Rating to 'C'
Fitch Ratings has downgraded the City of Kyiv and the City of
Kharkov's Long-term foreign currency Issuer Default Ratings (IDR)
to 'C' from 'CC'.

Under EU credit rating agency (CRA) regulation, the publication of
International Public Finance reviews is subject to restrictions
and must take place according to a published schedule, except
where it is necessary for CRAs to deviate from this in order to
comply with their legal obligations.

Fitch interprets this provision as allowing us to publish a rating
review in situations where there is a material change in the
creditworthiness of the issuer that we believe makes it
inappropriate for us to wait until the next scheduled review date
to update the rating or Outlook/Watch status.

The next scheduled review date for the City of Kyiv was Sept. 18,
2015 and for the City of Kharkov Oct. 23, 2015.  However,
following the downgrade of Ukraine's Long-term foreign currency
IDR on Aug. 27, 2015, Fitch has taken a similar rating action on
the cities as they are rated at the same level as the sovereign.


The Long-term foreign currency IDRs of the City of Kyiv and the
City of Kharkov are constrained by the sovereign, in line with
Fitch's criteria of 'International Local and Regional Governments
Rating Criteria outside United States'.  Under Fitch's criteria, a
local or regional government can only be rated above the sovereign
in exceptional circumstances.

The rating drivers of the cities' Long-term local currency IDRs
are unaffected, leading to their affirmation.


City of Kyiv

A sovereign downgrade or any adverse change leading to the partial
or full containment of the city's ability and/or willingness to
service its debt would lead to a downgrade

Positive rating action is currently unlikely.  However, a
sovereign upgrade along with sustainable restoration of the city's
financial flexibility leading to withdrawal of material downside
credit risks would lead to an upgrade.

City of Kharkov

A sovereign downgrade would lead to corresponding action on the
city's IDRs.  In the absence of a sovereign downgrade, significant
deterioration of Kharkov's credit profile could also lead to
negative rating action.

A sovereign upgrade could be reflected by the City of Kharkov's
ratings provided that the city maintains a stable budgetary

The rating actions are:

City of Kyiv
   -- Long-term foreign currency IDRs: downgraded to 'C'
   -- Long-term local currency IDRs: affirmed at 'CC'
   -- Short-term foreign currency IDR: affirmed at 'C'
   -- Senior unsecured domestic bonds: affirmed at 'CC'
   -- Senior unsecured eurobonds: downgraded to 'C'

City of Kharkov
   -- Long-term foreign currency IDRs: downgraded to 'C'
   -- Long-term local currency IDRs: affirmed at 'CCC'
   -- Short-term foreign currency IDR: affirmed at 'C'

U N I T E D   K I N G D O M

DORWIN LTD: Enters Liquidation, Fails to Get CVA Support
Richard Crump at Accountancy Age reports that Carter Backer Winter
has been appointed as liquidator to Dorwin Limited.

John Dickinson -- -- partner at CBW, was
appointed joint liquidator of the company, together with CBW
director James Snowdon on Aug. 21, Accountancy Age relates.

CBW, as cited by Accountancy Age, said Dorwin entered liquidation
after failing to gain the support of its major customers for a CVA
(Company Voluntary Arrangement) process, which could have ensured
its survival.

The company, which had a turnover of GBP8.9 million, ceased
trading on July 28 with the loss of 73 jobs, Accountancy Age

"Dorwin's problems culminated in 2015 as the impact of storms to
the supply of a critical product from a sole supplier in 2013
snowballed," Accountancy Age quotes Mr. Dickinson as saying.

"The slow progression of projects, together with increasingly long
contractor payment terms and reduced levels of stock, put a
squeeze on cash flow despite a strong order book."

On July 2, the company embarked upon a CVA but was unable to meet
its obligations and ceased trading, Accountancy Age recounts.

Mr. Dickinson said the combination of a number of factors -- as a
delay to the petition was dismissed by the Court on July 16 and
restrictions were imposed by Natwest on banking facilities during
this period, which prevented payments to suppliers or wages --
resulted in a "fatal loss of confidence", Accountancy Age relays.

Dorwin Limited is an Alton-based PVCu windows manufacturer and
installation company.

DRAGON INT'L: Administrator Hopeful on Finding Buyer for Studios
BBC News reports that nearly eight years after Dragon
International went into administration, there are hopes that film
studios in Rhondda Cynon Taff could eventually find a buyer.

The Dragon International Studios, dubbed Valleywood, have largely
been mothballed in that time, BBC discloses.

According to BBC, the Welsh government said it is hoped the long-
term lease of the complex to Fox 21 Television Studios may bring
even more American TV and film productions to Wales in the future.

Administrator Rob Lewis said finding buyers has been complicated
but he was hopeful that at least the studios were a more
attractive proposition with people working in them,
BBC relates.

EQUINOX 2006-1: Fitch Affirms 'Dsf' Ratings on 4 Note Classes
Fitch Ratings has affirmed Equinox (Eclipse 2006-1) plc's notes:

  Class A (XS0259279585) affirmed at 'CCCsf'; Recovery Estimate
   (RE) 90%
  Class B (XS0259280088) affirmed at 'Dsf'; RE0%
  Class C (XS0259280161 affirmed at 'Dsf'; RE0%
  Class D (XS0259280591) affirmed at 'Dsf'; RE0%
  Class E (XS0259280674) affirmed at 'Dsf'; RE0%

The transaction is a securitization of 13 UK commercial mortgage-
backed loans, 12 of which were originated by Barclays Bank PLC,
and one which was acquired from Royal Bank of Scotland PLC.  There
are currently three loans remaining in the portfolio.  One is in
special servicing and the remainder is performing.


The ratings and RE for the class A notes depend on the outlook for
the Ashbourne Portfolio Priority A (APPA) loan, of which
GBP71.6 million is securitized in this transaction.  In line with
the negative outlook Fitch's Global Infrastructure Group has
assigned to the UK nursing home sector, the loan is suffering the
effect of weakened operating condition, as reflected by the weak
asset performance.

The APPA loan is a participation in the most senior tranche of a
complex GBP328 million package of debt secured by a portfolio of
illiquid UK nursing homes (another participation is held by
Hercules -Eclipse 2006-4.  Equinox is due 2018, but the entire
tranche held by both issuers may face further debt extension given
the protracted liquidation process that is underway.

Following nursing home operator Southern Cross's bankruptcy in
2011, two new nursing home operators were installed to run the
portfolio under a management agreement, allowing the defaulted
mortgage debt to be restructured.  This involved, among other
things, a short loan extension, a bundling of unpaid amortization
and interest on the class A loan into new loans, and a
crystallization of certain swap liabilities as loans owed to the
swap provider.  In parallel, a disposal plan for non-performing
properties has been formulated, with restrictions in cash leakage
to the sponsor.

Although a structured capex program has been implemented to
enhance the value of the properties, Fitch has reservations about
how quickly any improvements will feed into potential liquidation
values, particularly for the non-performing homes.  Significant
risks remain regarding the borrower's ability to secure
refinancing at loan maturity, and the servicer's ability to
realise sufficient proceeds in time for note maturity in 2018.

The smallest loan, Ocean Park, repaid down to GBP1.0 million from
GBP5.5 million following the sale of a number of properties, with
proceeds in excess of the most recent valuations as well as the
'Bsf' market values.

The 'Dsf' ratings will be withdrawn within 11 months of the
default of the last rated tranche of the transaction.


A major delay in the recovery of the APPA loan could result in the
class A notes being downgraded.


No third party due diligence was provided or reviewed in relation
to this rating action.


Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transaction.  There were no findings that were
material to this analysis.  Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transaction's initial
closing.  The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

LABCO SA: Moody's Withdraws 'B2' Corporate Family Rating
Moody's Investors Service (Moody's) has withdrawn the B2 corporate
family rating (CFR) and the B2-PD probability of default rating
(PDR) of Labco S.A. (Labco) after the consummation of the
acquisition by Cinven via Ephios France SA ("French Bidco"),
indirectly owned by Ephios Holdco II PLC (Ephios, (P)B2 stable),
for EUR1,290.3 million and repayment of Labco's EUR700 million
senior secured notes on August 12, 2015. Moody's has withdrawn
Labco S.A.'s ratings upon consummation of the acquisition and
repayment of the outstanding notes as anticipated in the press
release published on July 20, 2015.


Labco's ratings were withdrawn because the company's rated debts
are no longer outstanding.

Please refer to Moody's Investors Service's Policy for Withdrawal
of Credit Ratings, available on its website,

The following ratings and assessments were withdrawn:

Corporate Family Rating -- B2

Probability of Default Rating -- B2-PD

Outlook -- Withdrawn from Stable

Headquartered in Paris, France, Labco S.A. operates in the
European clinical laboratory services market. Labco provides
routine and semi-routine clinical testing services for individual
patients through a network of approximately 167 laboratories
(excluding collection points) in seven European countries.

Headquartered in London, UK, Ephios Holdco II PLC will operate a
pan-European network of 465 laboratories in 28 countries after the
acquisitions of Labco SA (completed) and synlab Holding GmbH
(pending regulatory approvals). Ephios will become the largest
clinical laboratory services provider in Europe with EUR1.4
billion of revenues based on 2014. Ephios will be the co-leader in
France together with Cerba European Lab S.A.S. (B2 Negative),
number two in Germany, number two in Switzerland and Finland.
Ephios will be the third largest clinical laboratory services
provider in Austria and in the UK, where it will operate large
outsourcing contracts with NHS Trusts. Finally, Ephios will be the
market leader in Spain, Portugal, Italy, Czech Republic, Estonia,
and Belgium (in Wallonia). Ephios Holdco II PLC is controlled by
private-equity company Cinven.

Headquartered in London, UK, Cinven is a leading European private-
equity company, founded in 1977, with offices in Guernsey,
Frankfurt, Paris, Madrid, Milan, Luxembourg, Hong Kong and New
York. Funds managed by Cinven acquire Europe-based companies that
require an equity investment by funds of EUR100 million or more.
Cinven focuses focus on six sectors: Business Services, Consumer,
Financial Services, Healthcare, Industrials, and Technology, Media
and Telecommunications (TMT).

MORGAN FOX: High Court Enters Liquidation Order
Morgan Fox (Lettings) Limited, formerly Anthony Morgan Lettings
Limited, which in 2012 took over the residential letting assets of
Anthony Morgan UK Limited, has itself been ordered into
liquidation in the public interest together with a further
successor company, Morgan Fox Property Limited, following an
investigation by the Insolvency Service.

The investigation found that the serious failings in Anthony
Morgan UK Limited (in liquidation) were being repeated in the
successor companies to the detriment of tenants and landlords and
in some instances people were unaware that there were two Morgan
Fox companies.

The failings uncovered included repeatedly not dealing with
deposits from tenants in accordance with an authorised scheme as
required by the Housing Act 2004.

Welcoming the court's winding up decision Chris Mayhew, Company
Investigations Supervisor, said:

"Money that should have been protected was not safeguarded as
required and tenants and landlords have once more been left out of
pocket by the activities of these two companies.

"For this to happen once could be considered as unfortunate, but
to occur again is carelessness or worse.

"Unethical agents who cause hardship and misery for tenants in
this way harm the public's trust in the rented sector and the
Insolvency Service will investigate and come down hard on
companies if they are found, as here, to be operating against the
public interest.

"The Official Receiver now appointed to wind up both companies'
affairs will be glad to receive details from any landlords or
tenants who have dealt with either of these companies of any
failure to repay deposits due by them."

Due to the inadequacy of the records and an intermingling of the
companies' affairs with a residential letting business operated by
the director in his own name, the overall number of properties
under management of Morgan Fox (Lettings) Limited (some 64
properties) and Morgan Fox Property Limited (some 42 properties)
is presently uncertain.

The properties identified by the investigation were in Chingford,
Harlow, and other parts of Essex and in North London.


* BOOK REVIEW: Landmarks in Medicine - Laity Lectures
Introduction by James Alexander Miller, M.D.
Publisher: Beard Books
Softcover: 355 pages
List Price: $34.95
Review by Henry Berry
Order your own personal copy today at

As the subtitle points out, the seven lectures reproduced in this
collection are meant especially for general readers with an
interest in medicine, including its history and the cultural
context it works within. James Miller, president of the New York
Academy of Medicine which sponsored the lectures, states in his
brief "Introduction" that this leading medical organization "has
long recognized as an obligation the interpretation of the
progress of medical knowledge to the public." The lectures
collected here succeed admirably in fulfilling this obligation.
The authors are all doctors, most specialists in different areas
of medicine. Lewis Gregory Cole, whose lecture is "X-ray Within
the Memory of Man," is a consulting roentgenologist at New York's
Fifth Avenue Hospital. Harrison Stanford Martland is a professor
of forensic medicine at New York University College of Medicine.
Many readers will undoubtedly find his lecture titled "Dr. Watson
and Mr. Sherlock Holmes" the most engrossing one. Other doctor
authors are more involved in academic areas of medicine and
teaching. Reginald Burbank is the chairman of the Section of
Historical and Cultural Medicine at the New York Academy of
Medicine. He lectured on "Medicine and the Progress of
Civilization." Raymond Pearl, whose selection is "The Search for
Longevity," is a professor of biology at Johns Hopkins University.

The authors' high professional standing and involvement in
specialized areas do not get in the way of their aim to speak to a
general audience. They are all skilled writers and effective
communicators. As the titles of some of the lectures noted in the
previous paragraph indicate, the seven selections of "Landmarks in
Medicine" focus on the human-interest side of medicine rather than
the scientific or technological. Even the two with titles which
seem to suggest concern with technical aspects of medicine show
when read to take up the human-interest nature of these topics.
"The Meaning of Medical Research", by Dr. Alfred E. Cohn of the
Rockefeller Institute for Medical Research, is not so much about
methods, techniques, and equipment of medical research, but is
mostly about the interinvolvement of medical research, the
perennial concern of individuals with keeping and recovering good
health, and social concerns and pressures of the day. "The meaning
of medical research must regard these various social and personal
aspects," Cohn writes. In this essay, the doctor does answer the
questions of what is studied in medical research and how it is
studied. And he answers the related question of who does the
research. But his discussion of these questions leads to the final
and most significant question "for what reason does the study take
place?" His answer is "to understand the mechanisms at play and to
be concerned with their alleviation and cure." By "mechanisms,"
Cohn means the natural--i. e., biological--causes of disease and
illness. The lay person may take it for granted that medical
research is always principally concerned with finding cures for
medical problems. But as Cohn goes into in part of his lecture,
competition for government grants or professional or public
notoriety, the lure of novel experimentation, or research mainly
to justify a university or government agency can, and often do,
distract medical researchers and their associates from what Cohn
specifies should be the constant purpose of medical research. Such
purpose gives medicine meaning to humankind.

The second lecture with a title sounding as if it might be about a
technical feature of medicine, "X-ray Within the Memory of Man,"
is a historical perspective on the beginnings of the use of x-ray
in medicine. Its author Lewis Cole was a pioneer in the
development of x-rays in the late 1800s and early1900s. He mostly
talks about the development of x-ray within his memory. In doing
so, he also covers the work of other pioneers, notably William
Konrad Roentgen and Thomas Edison. Roentgen was a "pure scientist"
who discovered x-rays almost by accident and at first resented the
application of his discovery to practical uses such as medical
diagnosis. Edison, the prodigious inventor who was interested only
in the practical application of scientific discoveries, and his
co-worker Clarence Dally enthusiastically investigated the
practical possibilities of the discoveries in the new field of
radiation. Dally became so committed to his work in this field
that he shortly developed an illness and died. At the time, no one
knew about the dangers of prolonged exposure to x-rays. But
sensing some connection between his co-worker's untimely death and
his work with x-rays, Edison stopped his own investigations.

Cole himself became involved in work with x-rays during his
internship at Roosevelt Hospital in New York City in 1898 and
1899. His contribution to this important field was in the area of
interpretation of what were at the time primitive x-rays and
diagnosis of ailments such as tuberculosis and kidney stones. Cole
writes in such a way that the reader feels she or he is right with
him in the steps he makes in improving the use of x-rays. He adds
drama and human interest to the origins of this important medical
technology. The lecture "Dr. Watson and Mr. Sherlock Holmes" uses
the popular mystery stories of Arthur Conan Doyle to explore the
role of medicine in solving crimes, particularly murder. In some
cases, medical tests are required to figure out if a crime was
even committed. This lecture in particular demonstrates the
fundamental role played by medicine in nearly all major areas of
society throughout history. The seven collected lectures have
broad appeal. All of them are informative and educational in an
engaging way. Each is on an always interesting topic taken up by a
professional in the field of medicine obviously skilled in
communicating to the general reader. The authors seem almost mind
readers in picking out the most fascinating aspects of their
subjects which will appeal to the lay readers who are their
intended audience. While meant mainly for lay persons, the
lectures will appeal as well to doctors, nurses, and other
professionals in the field of medicine for putting their work in a
broader social context and bringing more clearly to mind the
interests, as well as the stake, of the public in medicine.


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  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, Editors.

Copyright 2015.  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 * * *