TCREUR_Public/160105.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, January 5, 2016, Vol. 17, No. 002



GREECE: Won't Give in to Creditors' "Unreasonable Demands"


* ITALY: EU Wants Four Bailed-Out Banks Sold by Late Spring


BANCO ESPIRITO: Novo Banco Investors Mull Suit Over EUR2BB Losses
BANCO ESPIRITO: Posts Losses of EUR9.2 Billion in 2014


BALTINVESTBANK PJSC: DIA Takes Part in Rehabilitation Measures
BRUNSWICK RAIL: Taps Houlihan Lokey to Review Capital Structure
CB DOVERIYE: Bank of Russia Terminates Provisional Administration
FIRST RUSSIAN: Bank of Russia Halts Provisional Administration
KRAYINVESTBANK JSC: DIA Takes Part in Rehabilitation Measures

REGIONAL INSURANCE: Provisional Administration Terminated
RODNIK PENSION: Bank of Russia Ends Provisional Administration
SOCIAL PROTECTION: Placed Under Provisional Administration


MYMETICS CORP: Has Going Concern Doubt Amid Losses, Deficit

U N I T E D   K I N G D O M

CONSOLIDATED MINERALS: Moody's Lowers Corp Family Rating to Caa1
MAGNI FINANCE: DBRS Assigns CCC(sf) Rating to Class D Notes



GREECE: Won't Give in to Creditors' "Unreasonable Demands"
Agence France-Presse reports that Greece's prime minister on
Dec. 27 said his government will not give in to "unreasonable"
demands as the debt-ridden country braces for critical
negotiations with international creditors on the thorny issue of
pension reform.

The warning came just days after Athens got one billion euros
under the terms of its third bailout program, AFP notes.

According to AFP, Alexis Tsipras told Real News newspaper, "The
creditors have to know that we are going to respect the agreement
to the letter, but that doesn't mean we are going to succumb to
unreasonable and undeserved demands."

"We have no commitment to find the money exclusively from pension
cuts.  On the contrary, the agreement provides the option of
equivalent measures, which we have already processed."

He admitted though that the pension system which is "on the brink
of collapse" needs to be overhauled, AFP relays.

The labor ministry is working on a new social security system
under which state-guaranteed pensions will be reportedly cut by
half -- to a minimum of EUR384 -- and the rest will depend on a
person's income and years of social security payments, AFP

According to AFP, a poll by Kappa Research for Vima newspaper on
Dec. 27 showed 55.1% of respondents said they believed things
would get worse in 2016 while 61.1% said a Grexit scenario would

Bank of Greece governor Yannis Stournaras meanwhile warned of the
huge risks involved in case Greece fails to reach an agreement
with its creditors, AFP relates.

"A potential failure in the conclusion of the assessment of the
new bailout program will bring back memories of the negative
experience of the first half of 2015," AFP quotes Mr. Stournaras
as saying in an article published in Kathimerini newspaper on
Dec. 27.

"For a number of reasons, the European Union is now more
vulnerable and less capable of facing a new Greek crisis."

Mr. Tsipras, as cited by AFP, said the government aimed to
conclude with the negotiations before the end of February.


* ITALY: EU Wants Four Bailed-Out Banks Sold by Late Spring
Silvia Ognibene at Reuters reports that four Italian banks
rescued in November from collapse will be sold by late spring,
the chairman of the lenders said on Dec. 30, as Rome comes under
pressure from Brussels to find buyers quickly.

Robert Nicastro, a former manager at UniCredit, was appointed
chairman of Banca Marche, Banca Etruria, CariFe and CariChieti in
November when Italy came to the rescue of the four lenders by
drawing EUR3.6 billion (US$3.9 billion) from a crisis fund paid
for by the country's healthy banks, Reuters relates.

In line with new, tougher European rules aimed at protecting
taxpayers, shareholders and holders of junior debt at the banks
bore the brunt of the damage, Reuters says.

As part of the rescue package, four new banks were set up to take
on the "good" assets from the troubled lenders, allowing them to
continue to operate until a buyer can be found, Reuters notes.

According to Reuters, the European Commission now wants Italy to
dispose of them quickly in order to limit distortions of

The Italian banking association, however, has said a rushed sale
could hinder efforts to get the best price as healthy banks seek
to recoup some of the money they paid into the rescue fund,
Reuters relays.

"The advisers are charged with getting a sale of the banks away
by late spring," Reuters quotes Mr. Nicastro as saying.

Expression of interests have already come from Italy and abroad,
the former UniCredit manager, as cited by Reuters, said, adding
U.S. consulting firm Oliver Wyman and French bank Societe
Generale were picked as advisers.

He said the rescued banks, whose customer base accounts for just
1% of Italian bank deposits, could be sold together or
separately, depending on what buyers proposed, Reuters relates.

The four banks being rescued are among the hundreds of small
lenders, which suffered most during a three-year recession
between 2012-14 that sent non-performing loans soaring, Reuters


BANCO ESPIRITO: Novo Banco Investors Mull Suit Over EUR2BB Losses
Peter Wise and Martin Arnold at The Financial Times report that
investors have reacted with anger and threatened legal action
after Portugal announced plans to impose heavy losses on almost
EUR2 billion of senior bonds at Novo Banco, the bank created from
the ruins of Banco Espirito Santo.

The Bank of Portugal said in a statement on Dec. 29 the bonds are
to be transferred from Novo Banco to the so-called "bad bank"
created as part of last year's EUR4.9 billion bailout of BES,
which will then be liquidated, the FT relates.

According to the FT, investors are angry that Portugal has
changed the rules of a bank resolution 18 months after first
announcing it and that it has chosen to inflict losses on some of
Novo Banco's EUR12 billion of senior bonds but left others
unscathed, in their view breaking the pari-passu principle of
equality among senior bondholders.

The move comes only hours before tougher EU bail-in rules are due
to take effect with the implementation of the Bank Resolution and
Recovery Directive (BRRD) from Jan. 1, the FT notes.  This means
that from next year some depositors could also be hit in any
further rescue of banks such as Novo Banco, the FT says.  It has
already triggered the rushed recapitalization of struggling banks
in Greece and Italy before the new rules start, the FT states.

                  About Banco Espirito Santo

Banco Espirito Santo is a private Portuguese bank based in
Lisbon, Portugal.  It is 20% owned by Espirito Santo Financial

BANCO ESPIRITO: Posts Losses of EUR9.2 Billion in 2014
PTI reports that Banco Espirito Santo SA, a one-time leading
Portuguese bank that collapsed and caused an unprecedented
financial scandal, has reported losses of EUR9.2 billion (US$10
billion) in 2014, the year it went bankrupt.

According to PTI, Banco Espirito Santo SA said in a statement to
the Lisbon stock exchange on Dec. 30 that over 2014 its total
assets fell from EUR66.2 billion to EUR197 million.

Portugal's central bank split BES into a so-called bad bank,
which kept soured investments and the brand name, and a good bank
called Novo Banco, which took over deposits, PTI relates.

The bad bank is due to be wound up in coming months, though
litigation could delay that, PTI notes.

                  About Banco Espirito Santo

Banco Espirito Santo is a private Portuguese bank based in
Lisbon, Portugal.  It is 20% owned by Espirito Santo Financial


BALTINVESTBANK PJSC: DIA Takes Part in Rehabilitation Measures
The Bank of Russia on Dec. 23 approved amendments to the plan for
participation of the state corporation Deposit Insurance Agency
in bankruptcy prevention of the public joint-stock company Baltic

The Agency held a tender to select an investor who proposed the
most favorable conditions for bankruptcy prevention financing of
PJSC BALTINVESTBANK.  Resulting the tender JSCB Absolut Bank
(PJSC) has been selected.

Pursuant to the approved amendments to the plan for
participation, the Agency will render financial assistance to
PJSC BALTINVESTBANK and investor to cover the imbalance between
the fair assets value and the balance sheet value of the bank's
liabilities out of the Bank of Russia loan, as well as to
maintain the bank's liquidity.

BRUNSWICK RAIL: Taps Houlihan Lokey to Review Capital Structure
Luca Casiraghi at Bloomberg News reports that Brunswick Rail Ltd.
said it hired Houlihan Lokey Inc. to review its capital structure
as the ruble's depreciation increases the cost of repaying
dollar-denominated debt.

Brunswick, Bloomberg says, is also seeking to refinance a secured
credit facility and has been in negotiations with lenders after
breaching loan terms last year.

The company has US$600 million of bonds due November 2017, which
last traded on Dec. 1 at 50 cents on the dollar, Bloomberg
relays, citing Trace, the Financial Industry Regulatory
Authority's bond-price reporting system.

People familiar with the matter said last month Brunswick Rail's
bondholders include Ashmore Group Plc, Pacific Investment
Management Co. and Pioneer Investment Management, Bloomberg

"The industry environment in which the company operates remains
severely depressed and the downturn is expected to last for the
foreseeable future," Bloomberg quotes Brunswick as saying in the
statement.  "It is in the best interests of all stakeholders to
address the current capital structure in a manner that reflects
the fundamental and permanent changes to the group's operating
environment and business model."

Brunswick said in the statement Alfa-Leasing agreed to provide
RUR2.35 billion (US$30 million) of new financing, Bloomberg

Brunswick Rail leases railcars to corporate clients in Russia.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 24,
2015, Standard & Poor's Ratings Services affirmed its long-term
corporate credit rating on Russia-based freight car lessor
Brunswick Rail Ltd. at 'CCC-'.  The outlook remains negative.
S&P said the affirmation reflects the rating agency's view that
Brunswick Rail continues to face a high risk of having to prepay
its RUB4 billion (about US$63 million) of its syndicated bank
loan due 2016 following the expiry of the waiver.  The company
was in breach of its leverage covenant under the facility (net
debt to EBITDA of 4.75x) as of the end of June 2015, which the
bank syndicate waived until the end of October 2015.

CB DOVERIYE: Bank of Russia Terminates Provisional Administration
Following the ruling of the Court of Arbitration of the city of
Moscow, dated December 7, 2015, on case No. A40-208868/15 on
recognizing insolvent (bankrupt) the credit institution
Commercial Bank Doveriye, Ravnopraviye I Sotrudnichestvo, LLC,
and appointing a receiver in compliance with Clause 3 of Article
18927 of the Federal Law "On Insolvency (Bankruptcy)", the Bank
of Russia decided (Order No. OD-3752, dated December 25, 2015) to
terminate from December 28, 2015, the activity of the provisional
administration of the credit institution Commercial Bank
Doveriye, Ravnopraviye I Sotrudnichestvo, LLC, appointed by Bank
of Russia Order No. OD-2894, dated October 23, 2015, "On the
Appointment of the Provisional Administration to Manage the
Moscow-Based Credit Institution Commercial Bank Doveriye,
Ravnopraviye I Sotrudnichestvo, Limited Liability Company, or CB
DORIS BANK LLC Due to the Revocation of Its banking Licence".

FIRST RUSSIAN: Bank of Russia Halts Provisional Administration
The Bank of Russia decided to terminate the activity of the
provisional administration of the open joint-stock company
Non-governmental Pension Fund "First Russian Pension Fund" in
pursuance of Paragraph 4 of Clause 1.2 of the Regulation on the
Provisional Administration to Manage Non-governmental Pension
Fund approved by Order of the FFMS of Russia No. 09-6/pz-n, dated
March 3, 2009.

KRAYINVESTBANK JSC: DIA Takes Part in Rehabilitation Measures
The Bank of Russia on Dec. 24 approved amendments to the Plan for
the participation of the state corporation Deposit Insurance
Agency in the bankruptcy prevention of the Joint-stock Company
Krasnodar Regional Investment Bank or JSC Krayinvestbank.

Pursuant to the approved amendments, Russian National Commercial
Bank (PJSC) will act as an investor in implementing financial
rehabilitation measures for JSC Krayinvestbank.

According to the Plan for participation, the Agency will render
financial assistance to JSC Krayinvestbank out of the Bank of
Russia's loan in the amount sufficient to set up necessary
conditions for the Bank's financial rehabilitation and for the
recovery of its sustainable financial standing.

REGIONAL INSURANCE: Provisional Administration Terminated
The Bank of Russia terminated the activity of the provisional
administration of Regional Insurance Centre, LLC from December 3,

The activity of the provisional administration has been
terminated due to the expiry of authority of the provisional
administration and the achievement of its purpose.

Timofey Samatoev, member of the non-profit partnership Self-
regulatory Organisation of Receivers of the Central Federal
District, headed the provisional administration.

RODNIK PENSION: Bank of Russia Ends Provisional Administration
The Bank of Russia decided to terminate the activity of the
provisional administration of the Non-governmental Pension Fund
Rodnik in pursuance of Paragraph 4 of Clause 1.2 of the
Regulation on the Provisional Administration to Manage
Non-governmental Pension Fund approved by Order of the FFMS of
Russia No. 09-6/pz-n, dated March 3, 2009.

SOCIAL PROTECTION: Placed Under Provisional Administration
The Bank of Russia, by its Order No. OD-3715 dated December 24,
2015, cancelled the license to carry out pension provision and
pension insurance of the Republican Non-governmental Pension Fund
Social Protection.

This extreme measure was taken following the violation of Federal
Law No. 75-FZ, dated 7 May 1998, "On Non-governmental Pension
Funds" with regard to repeated violations over the past year of
requirements to information distribution, provision or disclosure
stipulated by federal laws and related regulations of the Russian
Federation and the Bank of Russia, in compliance with which the
fund carried out its activity under the license.

Due to the license cancellation, by it Order No. OD-3716 dated
December 24, 2015, the Bank of Russia appointed a provisional
administration to manage the Republican Non-governmental Pension
Fund Social Protection.

The Bank of Russia will indemnify pension savings to policy
holders in the amount and under procedure stipulated by the
Russian law.


MYMETICS CORP: Has Going Concern Doubt Amid Losses, Deficit
Mymetics Corporation reported a net loss of (EUR790,000), or
(EUR0.00) per share, for the three months ended September 30,
2015, compared to a net loss of (EUR855,000), or (EUR0.00) per
share, for the three months ended September 30, 2014.  At
September 30, 2015, the company had total assets of
EUR11,959,000, total liabilities of EUR44,202,000 and total
stockholders' deficit of EUR32,243,000.

Ronald Kempers, chief executive officer/chief financial officer
of the company, said in a regulatory filing with the U.S.
Securities and Exchange Commission on November 13, 2015, "The
company has experienced significant losses since inception
resulting in an accumulated deficit of EUR69,727,000 at September
30, 2015.  Further, the company's current liabilities exceed its
current assets by EUR41,295,000 as of September 30, 2015, and
there is no assurance that cash will become available to pay
current liabilities in the near term.  Management is seeking
additional financing but there can be no assurance that
management will be successful in any of those efforts.

"These conditions raise substantial doubt about our ability to
continue as a going concern."

According to Mr. Kempers, "We intend to continue to incur
additional expenditures during the next 12 months for additional
research and development of respiratory syncytial virus (RSV)
vaccine as per a License and Collaboration Agreement (the LCA)
with RSV Corporation (RSVC) and for the development of our HIV
and Malaria vaccine candidates, which are funded through
agreements the Bill and Melinda Gates Foundation and PATH MVI,
respectively. Additionally we have started the MACIVIVA project
for the research and development of thermo stable vaccines.
These expenditures will relate to the continued testing of its
prototype vaccines and are included in the monthly cash outflow.
In parallel we are continuing to seek partnerships and grant
funding for our vaccine development activities.

"On June 19, 2015, through our wholly-owned Swiss subsidiary,
Mymetics SA, we entered into an Agreement with Breslin AG
(Breslin), under which Breslin agreed to serve as the exclusive
advisor to advise and support Mymetics in finding an industry
partner to assist with the further development of the intranasal
flu vaccine program which had successfully completed a clinical
Phase I trial.  Solvay Pharmaceuticals, which was acquired by
Abbott Laboratories in 2009, was a prior partner of Mymetics for
the intranasal flu vaccine and had successfully completed a
clinical Phase I trial with 100 patients but transferred the
partnering rights back to Mymetics following a strategic
refocusing by Abbott Laboratories.  Under the terms of the
Agreement, Mymetics has agreed to pay to Breslin a retainer of
EUR7,500,000 per month for nine months, capped at EUR45,000,000
in addition to certain success fees for potential upfront and
milestone payments and royalties based upon potential sales of
Mymetics' intranasal flu vaccine product.

"We anticipate that our normal operations will require
approximately E1 million in the year ending December 31, 2015,
which is financed by the research and development services and
the grant agreements we have signed.  We will seek to raise
additional capital from equity or debt financings, and grants
through donors and potential partnerships with major
international pharmaceutical and biotechnology firms.  However,
there can be no assurance that we will be able to raise
additional capital on satisfactory terms, or at all, to finance
our operations.  In the event that we are not able to obtain such
additional capital, we will be required to further restrict or
even cease our operations."

A full-text copy of the company's quarterly report is available
for free at:

Switzerland-based Mymetics Corporation was created for the
purpose of engaging in vaccine research and development. Its main
research efforts have been concentrated in the prevention and
treatment of the AIDS virus and malaria.

U N I T E D   K I N G D O M

CONSOLIDATED MINERALS: Moody's Lowers Corp Family Rating to Caa1
Moody's Investors Service downgraded by one notch the corporate
family rating (CFR) and the probability of default rating (PDR)
of Consolidated Minerals Limited (Consmin) to Caa1 from B3 and to
Caa1-PD from B3-PD, respectively. Concurrently, the rating agency
has downgraded the ratings on the senior secured notes issued by
Consmin due in 2020 to Caa1 from B3. The outlook on all ratings
is negative.

"Our downgrade reflects the knock on impact on Consmin of a
significantly reduced FOB manganese price of $2.42/dmtu in Q3-
2015 from $3.83/dmtu in Q3-2014 and that its EBIT generation no
longer covers its interest expense", said Douglas Rowlings,
Moody's Analyst and local market analyst for Consmin.

"The negative outlook on the ratings factors our view that the
manganese price could weaken further in 2016 and is unlikely to
recover significantly from current levels. Furthermore the
outlook consider that unless there are initiatives to materially
improve Consmin's liquidity profile, it could face challenges in
meeting its interest payments in late 2016 as liquidity is
gradually eroded", Mr. Rowlings added.


Moody's expects that a weak or potential further weakening
manganese price will continue to weigh on Consmin's liquidity
profile, placing the company under pressure to meet its ongoing
interest payments on its bonds due 2020. Failing any material
form of intervention to improve liquidity, headroom will continue
to erode until such time that the company runs out of cash
resources, which is expected in the second half of 2016.

The rating agency sees limited scope at this point for a material
improvement in the manganese price environment. This is
predicated by limited observed reductions to production supply to
date and that this is likely to continue for some time. Consmin's
Australian Woodie Woodie mine is also seen to have higher costs
than many larger producing manganese mines and therefore will
come under pressure first before other mines. The rating also
reflects the fact that EBIT generation has been below that of
Consmin's interest expense for the year to date.


The negative outlook factors in the near-term challenges that
Consmin's liquidity profile will continue to face in the
prevailing weak manganese price environment and whether the
company will be able to introduce any form of corrective measures
to prevent a potential default occurring on interest payments in
the second half of 2016.


Consmin's rating could be downgraded further should it become
apparent that the company will no longer be able to prospectively
meet its interest payments as and when they become due over the
next 18 months. This will be informed by a recovery analysis and
subsequent alignment of the rating to factor a potential default
or capital restructuring event.

An upgrade at this point is unlikely given the challenges that
the company will continue to face in the prevailing weak
manganese price environment which will constrain its liquidity

The Local Market analyst for this rating is Douglas Rowlings,

Consmin headquartered in Jersey, is a leading producer of
manganese ore. Mining operations are carried out from Australia
(Woodie Woodie mine) and from Ghana (Nsuta mine). Consmin was
formed through the acquisition of Consolidated Minerals Pty
Limited in 2007/08 for a total consideration of USD1.1 billion
and subsequently combined with Ghana International Manganese
Corporation. Consmin is ultimately wholly owned by Gennady
Bogolyubov, a Ukrainian citizen. For the last twelve months ended
September 30, 2015, Consmin reported sales of USD321 million and
Moody's adjusted EBITDA of USD55 million.

MAGNI FINANCE: DBRS Assigns CCC(sf) Rating to Class D Notes
DBRS Ratings Limited (assigned ratings to the following classes
of Commercial Mortgage-Backed Floating-Rate Notes due January
2023 (collectively, the Notes) issued by Magni Finance Designated
Activity Company (the Issuer):

-- Class A Notes rated A (sf)
-- Class B Notes rated BBB (low) (sf)
-- Class C Notes rated B (low) (sf)
-- Class D Notes rated CCC (sf)

All trends are Stable.

The Issuer is a securitization of two floating-rate cross-
defaulting and cross-collateralized commercial real estate loans
with a combined balance of approximately GBP185 million.  Both
original loans have junior mezzanine loans totalling GBP18.5
million, which are fully subordinated to the securitized senior
loans. The borrowers are all ultimately owned by Varde Partners
through shareholders Cronos Investments Limited and Eurynome LLC.
The Pecan Loan served to fund the acquisition of 14 High Street
retail properties within the United Kingdom (U.K.) and the Titan
Loan served to refinance the original acquisition of 182 U.K.
mixed-use properties.

To date, the sponsor has liquidated 24 of the original assets
reducing the property collateral for the loan to 172 remaining
properties. The collateral properties securing the loan are
diversified by tenant base, property type and location within the
United Kingdom. In total, there are 172 properties and 453 unique
tenants. These properties are located throughout the United
Kingdom, with the largest concentration (16.6% by allocated loan
amount) in Yorkshire/Humberside. No tenant represents more than
4.2% of the in-place rent and the top ten tenants represent 24.8%
of the in-place rent. Three of the properties that are included
currently in the loan collateral were recently sold for GBP4.3
million (net disposal proceeds). On the first interest payment
date the allocated loan amount and associated release premium
will be allocated to the CMBS in accordance with the principal

The sponsor's intention is to liquidate the assets during the
loan term. All properties within the portfolio are classified as
either Tier 1 or Tier 2 assets, based on property quality and
location. The liquidation of the properties will result in
paydown of the loan subject to the greater of a release premium
and pre-defined percentage of the net disposal price. If the
sponsor underperforms its business plan and properties are not
liquidated in the speed or amount as envisaged, a full cash flow
sweep will commence when the outstanding principal balance of the
loan is greater than the maximum target loan amount. Non-cash
trap loan principal receipts will be applied pro rata to the
Notes and interest will be repaid sequentially through separate
waterfalls until a loan failure event (loan event of default or
loan remains outstanding after its maturity date).

Cash trap principal and post-event of default principal receipts
will be applied sequentially to the Notes. Interest may defer on
all classes except the most senior class. The loan is 100% hedged
with an interest rate cap with an initial strike of 1.25%, which
increases to 2.5% over time. As the targeted loan balance
decreases amid anticipated property sales, the hedged amount
decreases as well. However, there is an additional interest rate
cap for the potential difference at a 5% strike rate if the
sponsor does not execute their business plan. The caps are
provided by the Royal Bank of Canada (rated AA by DBRS Limited).
The loan represents high leverage financing with a DBRS stressed
loan-to-value ratio of 110.3%. Additionally, the DBRS Going-In
and Exit Debt Yields are 8.1% and 9.3%, respectively. The DBRS
Term debt service coverage ratio (DSCR) is 1.70 times (x) and the
DBRS refinance DSCR is 1.02x. However, the DBRS stabilized value
represents a significant 37.3% discount to the valuer's market

The loan sponsor, Varde Partners, is an experienced,
international investment advisor with a substantial global real
estate portfolio. The day-to-day asset management will be handled
by APAM Limited, a joint venture asset management partner of
Varde Partners. The total value of assets sold and under
management since APAM Limited's inception in 2011 has been
GBP1.15 billion. The aggregate DBRS net cash flow (NCF) for the
loan was GBP14,688,726. DBRS applied a blended capitalization
rate of 8.9% to the aggregate NCF to arrive at a DBRS stressed
value of GBP165,407,804, which represents a 37.3% discount to the
market value provided by the valuations.

The final legal maturity of the Notes is in January 2023,
approximately 3.25 years beyond the maturity of the fully
extended loan term. If necessary, this is believed to be
sufficient time, given the security structure and jurisdiction of
the underlying loans, to enforce on the loan collateral and repay
bondholders. Eurynome LLC will retain an ongoing material
economic interest of not less than 5% of the loans to maintain
compliance with Article 405(1) of the European Union Capital
Requirements Regulation and also with Article 51 of the
Commission Delegated Regulation (EU).

The transaction was arranged by Credit Suisse Securities (Europe)
Limited. The ratings assigned by DBRS to the Notes are based
exclusively on the credit provided by the transaction structure
and underlying trust assets. All classes will be subject to
ongoing surveillance, which could result in upgrades or
downgrades by DBRS after the date of issuance.


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,

Copyright 2016.  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

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