TCREUR_Public/160107.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

           Thursday, January 7, 2016, Vol. 16, No. 004



AZERBAIJAN RAILWAYS: S&P Withdraws 'BB-' LT Corp. Credit Rating


BELVEDERE MINING: Initiates Voluntary Bankruptcy Proceedings


DEUTSCHE FORFAIT: Cologne Court Opens Insolvency Proceedings


BANK OF IRELAND: Moody's Lifts Preferred Stock Ratings to B2(hyb)
SMURFIT KAPPA: Fitch Affirms 'BB+' LT Issuer Default Rating
* IRELAND: Galway Company Insolvencies Down to 38 in 9-Mos. 2015


LITHUANIAN SHIPPING: February 12 Claims Filing Deadline Set


TEPLOENERGETIKA: U.S. Cos. Seek to Overturn Arbitration Awards
VNESHECONOMBANK: Bailout Cost to Reach US$18 Billion


* SWITZERLAND: Jan-Nov. 2015 Company Insolvencies Up 7% to 4,003

U N I T E D   K I N G D O M

PRIORY GROUP: Fitch Expects to Withdraw B+ Issuer Default Rating
RARE RESTAURANTS: Report Lifts Lid on Administration
SCHRODERS GLOBAL: Property Trust to be Liquidated
TATA STEEL UK: Rescue to Hinge Upon Pension, Pay Overhaul


* Shipping Companies Face Challenging Dry Bulk Market in 2016



AZERBAIJAN RAILWAYS: S&P Withdraws 'BB-' LT Corp. Credit Rating
Standard & Poor's Ratings Services said that it had withdrawn its
'BB-' long-term corporate credit rating on state-owned railway
operator Azerbaijan Railways CJSC at the issuer's request.

S&P had placed the rating on CreditWatch with negative
implications on Dec. 11, 2015.

At the time of the withdrawal, the rating remained on CreditWatch
with negative implications; there was no change to the rating
prior to the withdrawal, owing to insufficient information.


BELVEDERE MINING: Initiates Voluntary Bankruptcy Proceedings
Belvedere Resources Ltd. on Dec. 23 disclosed that Belvedere
Mining Oy, a 100% owned subsidiary of Belvedere, has decided to
initiate voluntary bankruptcy proceedings.  Belvedere Mining Oy's
main assets include the Hitura nickel mine and processing plant,
and the Kopsa gold property.  The majority of the gold assets of
the group are held by Belvedere Resources Finland Oy.
Belvedere management have worked relentlessly over the last 9-12
months in an attempt to secure new funding and negotiate with
major creditors and other parties to enable Belvedere Mining Oy
to continue to exist through this prolonged downturn in metal
prices.  These initiatives have all proved unsuccessful and as
there is no foreseeable way for the Company to generate revenues
in the short term or to re-capitalize; the board of Belvedere
Mining Oy has instructed management to initiate proceedings for
voluntary bankruptcy immediately.


DEUTSCHE FORFAIT: Cologne Court Opens Insolvency Proceedings
The Cologne local court on Jan. 1 resolved to open the insolvency
proceedings for DF Deutsche Forfait AG as planned and ordered
that the debtor-in-possession status be retained.  On
September 29, 2015, DF Deutsche Forfait AG had applied for the
opening of a "Schutzschirmverfahren in Eigenverwaltung" (a three-
month phase of creditor protection with debtor-in-possession
status), which was approved by the court because of the prospect
of the company being restructured successfully.  In the ensuing
months, the Board of Management, together with the provisional
insolvency monitor and the creditors' committee, pushed ahead
with the restructuring.

The fact that the creditors' committee unanimously approved the
continuation of the proceedings with the company retaining the
debtor-in-possession status clearly reflects the confidence
placed by the creditors in the successful restructuring.  On this
basis, the Board of Management of DF Deutsche Forfait AG will
agree the insolvency plan with the creditor groups and submit it
to the court as soon as possible.

DF Deutsche Forfait AG is German-based company engaged in the
non-recourse purchase and sale of receivables -- the forfeiting
business -- as well as the acceptance of risks through purchasing


BANK OF IRELAND: Moody's Lifts Preferred Stock Ratings to B2(hyb)
Moody's Investors Service has corrected the ratings of the non-
cumulative preferred stock issued by Bank of Ireland (BOI), which
resulted in an upgrade of these ratings to B2(hyb) from B3(hyb).
Moody's has also corrected the rating of the backed cumulative
preferred stock issued by Bank of Ireland UK Holdings Plc,
upgrading it to B1(hyb) from B3(hyb).


In the Dec. 17, 2013, and subsequent rating actions, Moody's has
rated each of these two instruments four notches below the bank's
BCA, instead of three and two notches respectively, which is the
typical notching for these non-cumulative and cumulative
preferred stock instruments.

The error has now been corrected, and is reflected in the rating


Issuer: Bank of Ireland

  Pref. Stock Non-cumulative, (Local Currency), ISIN
   IE0000730790, Upgraded to B2(hyb) from B3(hyb)
  Pref. Stock Non-cumulative, (Foreign Currency), ISIN
   IE0000730808, Upgraded to B2(hyb) from B3(hyb)

Issuer: Bank of Ireland UK Holdings Plc

  BACKED Pref. Stock (Local Currency), ISIN XS0125611482,
   Upgraded to B1(hyb) from B3(hyb)


The principal methodology used in these ratings was Banks
published in March 2015.

SMURFIT KAPPA: Fitch Affirms 'BB+' LT Issuer Default Rating
Fitch Ratings has revised Smurfit Kappa Group plc's (SKG) Outlook
to Negative from Stable and affirmed its Long-term foreign
currency Issuer Default Rating (IDR) and the senior unsecured
ratings of Smurfit Kappa Acquisitions and Smurfit Kappa Treasury
Funding at 'BB+'. The rating actions follow SKG's acquisition of
two Brazilian paper-based packaging businesses, Industria de
Embalagens Santana (INPA) and Paema Embalagens (Paema), for a
total consideration of EUR186 million.

The revision of the Outlook reflects SKG's faster than expected
ramp-up of acquisitions and shareholder returns at a time when
its financial profile has not yet improved to a level that is
commensurate with its 'BB+' rating. Priced at multiples of 6.3x
EBITDA (including synergies) and 8.0x EBITDA (excluding
synergies), INPA and Paema will result in total acquisitions of
over EUR350 million in 2015 according to Fitch's estimates, well
in excess of around EUR185m Fitch-calculated (post dividends)
free cash flow (FCF) generated in 2014. Fitch forecasts pro-forma
funds from operations (FFO) adjusted net leverage of nearly 3.5x
at end-2015 reducing to around 3.25x over the next 12 to 18
months. This assumes increasing capex and shareholder returns and
a slower pace of acquisitions than in 2015.

The affirmation reflects SKG's improving business profile, strong
market positions, attractiveness to multinational customers and
exposure to fast moving consumer goods, which has contributed to
relatively stable, positive cash flow through the cycle. It also
recognizes SKG's excellent liquidity and the deleveraging and
reduced funding costs management has achieved over the past


Latam Acquisitions

The EUR186 million acquisitions in Brazil are the latest in a
string of acquisitions in Latin America, including the Dominican
Republic, El Salvador and Costa Rica, with the aim of
diversifying from Western Europe. They reinforce the group's
position as the largest corrugated packaging supplier in the
region and improve its attractiveness to multinational customers.
Brazil contributes 40% of Latin American corrugated demand. INPA
and Paema benefit from integrated operations that add three
recycled containerboard mills and four corrugated box plants to
SKG's roster. Management intends to reap synergies resulting in
an uplift of around 25% of the targets' current EBITDA.

Shift in Strategy

Fitch considers management's public commitment to a 'BB+' rating
as credit positive, although the strategic focus has shifted
towards acquisition- and capex-driven growth and shareholder
returns from debt reduction. Fitch will monitor the pace of
acquisitions and their successful integration into the group over
the next 12 to 18 months.

YTD Trading and Cost Cutting

Operating performance is solid, with corrugated packaging volumes
growing by over 6% in the first nine months of 2015 as result of
acquisitions and 2% group organic growth. Fitch forecasts flat
earnings for 2015 year-on-year, despite FX headwinds due to the
adoption of the Simadi exchange rate in Venezuela, which now
accounts for only 1% of group EBITDA. Management's continued
commitment to cut EUR75 million in costs and to optimise its
asset base by closing four corrugated box plants and a mill in
2015 support sustainable improvements in its cost structure.

Leading Positions

SKG's ratings are supported by its leading market positions in
corrugated containers as the largest European and pan-American
packaging company. The group's business profile also benefits
from its exposure to fairly stable packaging markets; around 60%
of its revenues are generated in fast moving consumer goods. Its
vertical integration into containerboard provides some margin
protection against raw material cost inflation.

Stable Cash Flow

The group's positive free cash flow (FCF) generation through the
cycle is credit-supportive. Fitch forecast continued positive
(post-dividends) FCF in excess of EUR100 million, supported by
healthy current trading and cost-cutting program. This is despite
its sizeable and increasing dividends and capex.


-- Capex and M&A-driven revenue growth

-- Moderate margin accretion from cost cutting and margin
    accretive investments.

-- Increasing dividends and capex in excess of EUR600 million
    over the coming years.

-- Continued acquisitions of around EUR200m per year.


Future developments that could lead to positive rating action

-- Increased geographic and product diversification.
-- FFO adjusted net leverage below 2.0x.
-- FCF margin above 2.5%.

Future developments that could lead to negative rating action

-- Evidence of aggressive acquisitions or shareholder returns.
-- FFO adjusted net leverage above 3.0x on a sustained basis.
-- FCF margin below 1%.


SKG had liquidity consisting of EUR263 million in cash (of which
Fitch considers EUR100 million as tied up for working capital and
other operational requirements) and a EUR520 million undrawn
revolving credit facility compared with EUR86 million in short-
term debt maturities at end 3Q15. Coupled with positive FCF
expected for the following 12 months, this should provide ample

* IRELAND: Galway Company Insolvencies Down to 38 in 9-Mos. 2015
Connacht Tribune reports that the number of companies declared
insolvent in Galway City and County in the first nine months of
2015 dropped slightly on the same period in 2014.

Statistics compiled for the Connacht Tribune for the first nine
months of the 2015 -- the most up-to-date figures available --
shows there were a total of 38 insolvencies recorded in Galway.

That figure is down from 44 for the same nine-month period in
2014, Connacht Tribune notes.  It's also down from the 46 in the
comparative period for 2013; 77 in 2012; 81 in 2011 and 72 in
2010, Connacht Tribune discloses.  The total figure includes
court liquidations, creditors' voluntary liquidations,
receiverships and examinerships, Connacht Tribune states.

The statistics were provided to the Connacht Tribune by, which is owned by Deloitte, the country's
biggest specialist insolvency practice.

According to Connacht Tribune, the figures for Galway (the city
and county combined) show there were 14 insolvencies in the first
quarter; 14 in the second quarter and ten in the third quarter.


LITHUANIAN SHIPPING: February 12 Claims Filing Deadline Set
Klaipeda County Court on Dec. 14 initiated the enterprise
bankruptcy proceedings against PC Lithuanian shipping company.
Dalius Volskis was appointed as enterprise bankruptcy
administrator.  Mr. Volskis shall discharge his duties at:

        Konstitucijos Ave. 12-322
        Vilnius, LT - 09308, Lithuania
        Tel/Fax: +370 5 2734773

The creditor's claims must be received by February 12, 2016, at:

       Konstitucijos Ave. 12-322
       LT - 09308, Lithuania


TEPLOENERGETIKA: U.S. Cos. Seek to Overturn Arbitration Awards
Hannah Sheehan at Law360 reports that EP International and
Worldwide Vision, two U.S.-based companies linked to a power
plant project, asked a Virginia federal court on Dec. 31 to
overturn foreign arbitration awards against them totaling over
US$16 million in a fight over allegedly unpaid loans, saying,
bankrupt Russian lender Research and Development Center
"Teploenergetika" LLC is trying to pursue claims that have
already been put to rest.

In a Nov. 18 report, Law360's Matt Sharp disclosed that the
awards were issued by the International Commercial Arbitration
Court at the Chamber of Commerce and Industry of the Russian
Federation over EP and Worldwide's alleged failure to repay loans
from Teploenergetika, a consultant and subcontractor during the
power plants' construction.

"U.S. public policy strongly favors both the settlement of claims
by parties outside of court and the final resolution of
disputes," Law360 quotes the pair as saying.  "Both of these
public policies would be violated by the judicial enforcement of
foreign arbitration judgments that circumvent and contravene the
terms of a mutually bargained-for settlement."

According to Law360, EP, Worldwide and Teploenergetika are
purportedly linked to Zorlu Enerji Elektrik Uretim Anonim
Sirketi, a subsidiary of Turkish industrial conglomerate Zorlu
Holding, and Invar International Inc. -- companies at the center
of a long-running row over the plants.

VNESHECONOMBANK: Bailout Cost to Reach US$18 Billion
Evgenia Pismennaya at Bloomberg News reports that Vnesheconombank
needs a rescue of its own and it could be the Kremlin's costliest

For years, Vladimir Putin used VEB to pay for "special projects,"
from the Sochi Olympics to covert acquisitions in Ukraine to
oligarch bailouts, Bloomberg discloses.

VEB was supposed to be the financial supercharger of the Russian
president's state-directed capitalism, using its government
backing to raise billions at low rates on western markets and
pumping them into ventures the Kremlin wanted funded, some
concealed from public view with code names like "Lily of the
Valley", Bloomberg notes.

Hit by Western sanctions last year, VEB has stopped new lending,
Bloomberg relays.  The cost of its bailout could reach RUR1.3
trillion (US$18 billion), several senior government officials, as
cited by Bloomberg, said ballooning the budget deficit at a time
when plunging oil prices are forcing spending cuts.

"The government can't just leave it alone to face the problems
caused by the financial and economic situation in the country,
speaking directly, by various kinds of sanction pressures,"
Bloomberg quotes Prime Minister Dmitry Medvedev as saying a VEB
board meeting discussing rescue options on Dec. 22.

Svetlana Nikitina, an aide to the finance minister, said in
Moscow on Dec. 29 the Finance Ministry has submitted proposals to
aid VEB in 2016 to the government for approval, with some
measures ready to be carried out in the first quarter, Bloomberg
recounts.  According to Bloomberg, Ms. Nikitina said the plan
provides for boosting capital to ensure the bank's ability to pay
creditors, as well as supporting liquidity and cleaning up

Vnesheconombank operates to enhance competitiveness of the
Russian economy, diversify it and stimulate investment activity.
It is not a commercial bank, its activity is governed by special
Law - 82-FZ which came into force on June 4, 2007.


* SWITZERLAND: Jan-Nov. 2015 Company Insolvencies Up 7% to 4,003
According to Bloomberg News' Catherine Bosley, newspaper Neue
Luzerner Zeitung, citing data from Bisnode D&B, reported that in
Switzerland, 4,003 companies filed for insolvency in Jan.-Nov.
period, a rise of 7% from year earlier.

Bisnode noted that the rise in insolvencies is particularly
strong in north-west and central Switzerland, Bloomberg relates.

According to Bloomberg, Bisnode said sectors with higher
insolvency risk are construction, hospitality and craftsmen.

U N I T E D   K I N G D O M

PRIORY GROUP: Fitch Expects to Withdraw B+ Issuer Default Rating
Fitch Ratings expects to withdraw Priory Group No. 3 plc's
(Priory) Issuer Default Rating (IDR) of 'B+' and the 'BB+'/'RR1'
ratings on its super senior revolving credit facility (RCF),
senior secured notes due 2018 and senior notes due 2019 upon the
closing of the proposed acquisition of Priory by Acadia
Healthcare Company, Inc. (Acadia), a US-based provider of
inpatient behavioral healthcare services. Fitch last affirmed
Priory's ratings on December 10, 2015.

According to the terms of the purchase agreement announced on
January 4, 2016, Acadia will issue an aggregate 5.363 million
shares of Acadia common stock to the sellers and pay cash of
approximately GBP1.3 billion, which will partially be used to
repay Priory's existing debt. The expected repayment of Priory's
debt which includes a GBP70 million RCF, GBP386 million senior
secured notes and GBP175 million senior notes, is triggered by
change of control provisions.

Acadia, which Fitch does not rate, expects to finance the
acquisition of Priory with a combination of equity and long-term
debt. In the absence of further details on the post-closing
financing and legal structures, Fitch assumes that the
transaction will proceed as per the terms announced and that
Priory will become a subsidiary of Acadia such that any
significant future debt will be raised by Acadia rather than
Priory. Acadia expects the acquisition to complete by 16 February

Fitch views the transaction as a further step in the on-going
consolidation of the UK health and social care market,
characterized by increasing demand for high quality specialist
care, a shift towards preventive treatments, as well as
outsourcing by the public sector.

NASDAQ-listed Acadia has been actively growing its presence in
the specialist behavioral healthcare services market, focusing on
creating platforms and building critical mass in the US as well
as the UK, following the acquisition of select smaller facilities
and that of Partnerships in Care in 2014, a main private
competitor to Priory in the behavioral space.

The UK market for behavioral care remains dominated by the NHS
offering close to 70% of mental health beds but the private
sector continues to grow due to shifting public funding
priorities offering attractive organic growth and consolidation
opportunities for private operators. As a result of the Priory
transaction, Acadia is expected to become a key partner to the
NHS and a leading player in the fragmented UK private health and
social care sector with close to 10,000 beds capacity.

RARE RESTAURANTS: Report Lifts Lid on Administration
Laurence Kilgannon at Insider Media Limited reports that
declining profitability and sales following a challenging summer
in 2015 led to the administration of a well-known Leeds steak
restaurant, which had generated national acclaim and hit GBP1
million in turnover during its first two years of operation,
before the brand had to be rescued by a new owner.

Based on Lower Briggate by Lambert's Yard, Rare champions premium
local produce and high-welfare meat, according to Insider Media
Limited.  Rare Restaurants Ltd was established in 2013 by Matthew
Firth, an entrepreneur who is also behind The Riverside in Leeds
and a director at White Cloth Bar and Food, the report notes.

The business was backed by a Royal Bank of Scotland loan, money
from a supplier, and a leasing agreement, the report relays.

Rare was also supported by Vektor Investment Management, which
provided book keeping services, event management and financial
support as well as being the restaurant's landlord through City
Fusion, the report discloses.

The report notes that after initial difficulties, largely around
cost control, the company hit its stride, attracting praise for
the quality of its food and earning a positive review in The
Times among other publications.

Turnover by the end of the financial year to April 28, 2015 had
hit GBP1 million, the report says.  However, sales and
profitability began to decline in the spring of last year, which
led to the introduction of a new business model, using the
restaurant as a production kitchen for events organized by White
Cloth and The Riverside, the report discloses.

The model also allowed the company to deploy staff at the
connected businesses, which was successful but, according to a
report by administrators, was also thought to have led to staff
at the restaurant feeling undervalued and the standard of food
slipping, the report notes.

With sales falling and costs spiraling, a challenging summer
heaped more praise on the business and steps were taken to reduce
overheads by bringing cleaning in-house, reducing marketing spend
and the number of door staff, and sourcing a cheaper butcher, the
report relays.

When these actions failed to turn performance around adequately,
external investment was sought while the business was also put up
for sale, the report notes.

By October, the situation prompted concern from Vektor and
restructuring advice was sought from PKF Geoffrey Martin, the
report discloses.

A subsequent financial review found Rare Restaurants Ltd to be
insolvent and after a going concern sale was ruled out, a pre-
pack deal was agreed with Avant Garde Restaurants following the
appointment of James Sleight and John Twizell, administrators
from PKF Geoffrey Matin, safeguarding the jobs of the workforce,
the report says.

Despite the GBP80,000 sale, a creditor shortfall of GBP342,000 is
expected, the report notes.

SCHRODERS GLOBAL: Property Trust to be Liquidated
------------------------------------------------- reports that a global property trust managed by
Schroders is to be closed, subject to shareholder approval,
following a strategic review.

Launched in May 2005, the Schroders Global Real Estate Securities
is managed by Tom Walker and Hugo Machin.

Schroders was hired by the investment company in July 2014
following a strategic review by the board looking at ways to grow
the trust, according to  This saw a new
investment strategy introduced in the September of that year, the
report notes.

However, the company said while performance has been good in the
18 months since, the fund has struggled to attract backing, the
report relays.  Assets under management stand at just GBP64.4

In a statement to the market, the investment company said: "Since
the appointment of Schroder Real Estate Investment Management
Limited as the company's manager and the adoption of a new
investment strategy in September 2014 the company has performed
well both in absolute and relative terms and the directors
continue to believe in the investment proposition," the report

"However, they also recognize the difficulties of attracting long
term demand for a closed-ended vehicle which is perceived to lack
sufficient critical mass, impacting upon liquidity in the
company's shares and the discount at which they trade, the
company said," the report notes.

"Notwithstanding extensive marketing efforts, the directors
conclude that their aspirations to grow the company are not
realisable in current market conditions," the company added.

Investors are likely to be given the option to transfer into one
of Schroders' open-ended property trust, or receive cash, should
they back its liquidation, the report relays.

TATA STEEL UK: Rescue to Hinge Upon Pension, Pay Overhaul
Alan Tovey and Ben Marlow at Bloomberg News report that a deal to
rescue Tata Steel's struggling Scunthorpe plant and secure
thousands of jobs in Britain's beleaguered steel industry may
hinge upon radical plans to reform pensions and pay.

According to Bloomberg, turnaround specialist Greybull is in
exclusive talks about buying Tata's so-called "long products"
unit in the Lincolnshire town.

However, an agreement to sell parts of Tata's loss-making
European business could run into trouble over Greybull's plans
for a far-reaching restructuring to get the long products
division back on its feet, Bloomberg relates.

Greybull, Bloomberg says, is understood to want to scrap the
final-salary pension scheme, as well as introduce comprehensive
changes to overtime pay and bonuses, in return for an immediate
cash injection of up to GBP400 million.

But last summer, Tata staff threatened to strike over a planned
shake-up of the pension scheme, which was in deficit by GBP2
billion, Bloomberg relays.  It could have seen the end of its
final-salary structure and workers having to work an extra five
years before they were able to retire, Bloomberg notes.

Greybull, a Chelsea-based investment office, is convinced that it
can return the long products business to health if given a free
hand, Bloomberg discloses.  This could mean up to 500
redundancies, Bloomberg states.

"The long products business has been significantly loss-making.
To ensure a viable future, there will by default need to be some
changes implemented.  The trade unions involved are aware of the
difficult situation and have to date been most constructive.
Their strong support is paramount for the transaction to
succeed," Bloomberg quotes Greybull spokesman as saying.

Tata Steel is the UK's biggest steel company.


* Shipping Companies Face Challenging Dry Bulk Market in 2016
Jonathan Saul at Reuters reports that shipping companies that
transport commodities such as coal, iron ore and grain face a
painful year ahead, with only the strongest expected to weather a
deepening crisis caused by tepid demand and a surplus of vessels
for hire.

According to Reuters, the predicament facing firms that ship
commodities in large unpackaged amounts -- known as dry bulk --
is partly the result of slower coal and iron ore demand from
leading global importer China in the second half of 2015.

Symeon Pariaros, chief administrative officer of Athens-run and
New York-listed shipping firm Euroseas, said the outlook for the
dry bulk market was "very challenging", Reuters relates.

"Demand fundamentals are so weak.  The Chinese economy, which is
the main driver of dry bulk, is way below expectations," Reuters
quotes Mr. Pariaros as saying.  "Only companies with very strong
balance sheets will get through this storm."

The dry bulk shipping downturn began in 2008, after the onset of
the financial crisis, and has worsened significantly this year as
the Chinese economy has slowed, Reuters relays.

"The state of the dry bulk market especially indicates that
economies worldwide are likely to stay weak, much to the
disappointment of central banks . . . FX traders, miners, steel
makers, trading houses, and commodity economies," Basil Karatzas,
head of New York consultancy and brokerage Karatzas Marine
Advisors & Co., as cited by Reuters, said.


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
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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
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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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