TCREUR_Public/160505.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, May 5, 2016, Vol. 17, No. 089



AZERBAIJAN: Moody's Confirms Ba1 Bond Rating; Outlook Negative

C Z E C H   R E P U B L I C

NEW WORLD: Winding Up Likely Following OKD's Insolvency Filing


GERMAN PELLETS: Insolvency Proceedings Commenced


LYNAMS HOTEL: Receiver to Take Over After Dispute Resolved
TABERNA EUROPE: Moody's Raises Rating on Cl. A1 Notes to Ba1


DIAPHORA 3: May 26 "Le Vele" Water Park Bid Deadline Set
PORTO SAN ROCCO: May 25 Bid Submission Deadline Set


DRYDEN 44 EURO: Moody's Assigns (P)B2 Rating to Class F Notes


STAVROPOL TERRITORY: Fitch Affirms BB Issuer Default Ratings


HOIST KREDIT: Moody's Assigns Ba2 Issuer Rating, Outlook Pos.


SAIRLINES LTD: May 9 Deadline on 4th Interim Payment Appeals Set

U N I T E D   K I N G D O M

BEALES: Lynn Store Faces Closure Following CVA Deal
BHS GROUP: Philip Green Faces Double Inquiry Following Collapse
FH REALISATIONS: Business, Assets Put Up for Sale
TATA STEEL UK: Prospective Buyers Submit Initial Bids



AZERBAIJAN: Moody's Confirms Ba1 Bond Rating; Outlook Negative
Moody's Investors Service has confirmed Azerbaijan's long-term
issuer ratings and senior unsecured debt ratings at Ba1 and
assigned a negative outlook.  Concurrently, Moody's Investors
Service has also confirmed Southern Gas Corridor's state-
guaranteed senior unsecured debt rating at Ba1 and assigned a
negative outlook.  The rating action concludes the rating review
for downgrade that was announced on Feb. 5, 2016.

In Moody's view, the downgrade to Ba1 from Baa3 at the time of
the initiation of the rating review on Feb. 5, 2016, captures
appropriately the significant deterioration of Azerbaijan's
credit profile in recent months.  The steep decline in the oil
price delivered a significant shock to the oil-reliant Azeri
economy, resulting in a severe economic, currency and banking
sector crisis and causing Azerbaijan's fiscal position and
government debt metrics to deteriorate markedly over the past
year.  Set against that, the country's large stock of foreign
currency assets held in the State Oil Fund of the Republic of
Azerbaijan (SOFAZ), the country's sovereign wealth fund, helps
cushion the economy and government balance sheet and gives
Azerbaijan time to adjust to lower oil prices.

The decision to assign a negative outlook essentially reflects
the ongoing threat to Azerbaijan's credit profile from weakening
economic strength amid a deepening recession.  This is driven by
falling economic activity in non-oil GDP sectors, heightened
stress in the banking system, and the potential for economic
dislocation from further depreciation in the exchange rate.
Geopolitical event risks have also risen with the recent re-
escalation of the Nagorno-Karabakh conflict.

Azerbaijan's long-term and short-term foreign-currency bond and
deposit ceilings remain unchanged at Ba1/NP and Ba2/NP,
respectively. At the same time, the long-term local-currency bond
and deposit country ceilings remain unchanged at Ba1.

                         RATINGS RATIONALE


In Moody's view, the downgrade undertaken in February adequately
captures the severely negative impact of the oil price shock on
Azerbaijan's economic and fiscal strength, set against the
country's still substantial fiscal buffers and compared with
regional and other oil-exporting peers.

The sharp decline in oil prices has delivered a significant shock
to Azerbaijan's credit profile, causing economic fundamentals to
materially worsen.  As oil and gas account for over 90% of the
country's goods exports, Azerbaijan's real GDP growth rate
decelerated materially to just 1.1% in 2015 (from 2.8% in 2014)
and has since entered what looks likely to be a deep recession.
Overall real GDP declined by around 3.5% Y-o-Y in March 2016,
with economic activity in non-oil GDP sectors -- the backbone of
Azerbaijan's strong growth performance in recent years --
contracting by around 5.7% Y-o-Y (compared to growth of 1.1%
Y-o-Y in December and 9.2% Y-o-Y in June 2015).  Per capita
income has declined by roughly one third to around USD5,400 in
2015 (from USD8,000 in 2014) and is expected to decrease further
this year.

At the same time, the combination of a worsening fiscal position,
declining nominal GDP and the fall in the local currency's value
caused the government's debt burden to increase significantly in
2015 (given that its debt is largely denominated in foreign
currency).  The government's debt-to-GDP ratio rose to above 28%
of GDP by the end of 2015 from a low 11% in 2014.  Moody's
projects that the ratio will level off at around 30% of GDP in
2016, assuming that a significant portion of the consolidated
budget deficit of around 13% of GDP in 2016 will be covered by
non-debt creating funding source, including the use of government
cash reserves as well as SOFAZ's assets.  However, Azerbaijan's
gross debt burden could rise further should the government decide
to partially fund the deficit through additional debt issues.

Set against that, the government retains sizeable fiscal buffers
that could help it absorb shocks, specifically SOFAZ's
significant foreign currency assets.  These fiscal buffers could
help Azerbaijan cope with the challenges from the ongoing
economic, currency and banking sector crises and allow it time to
adjust to lower oil prices.  As a result, the government has room
to let fiscal deficits widen during periods of lower oil prices,
economic recession and reduced fiscal revenues.  SOFAZ's assets
are predominantly invested in high-grade, liquid instruments.

SOFAZ's foreign currency assets remain very large, despite
declining by 9.5% to USD33.6 billion in 2015 (from USD37.1
billion in 2014).  Levels are high not only relative to
Azerbaijan's GDP and general government debt, but also compared
to other oil exporting countries' sovereign wealth funds.
SOFAZ's foreign assets account for roughly 100% of Azerbaijan's
GDP forecast for 2016, underlining the government's very high
shock absorption capacity.  Consequently, Azerbaijan's sizeable
sovereign wealth fund assets support its credit standing, largely
offsetting the country's underlying fiscal vulnerabilities
stemming from the government's heavy reliance on oil and gas
revenues as well as a large share of foreign-currency government


Moody's decision to assign a negative outlook on Azerbaijan's Ba1
government bond rating reflects the view that the economic
situation, heightened stress in the banking system and
geopolitical risks could continue to weigh on its credit profile.

Azerbaijan's economic growth outlook remains weak.  Moody's
recently revised its 2016 growth forecast for Azerbaijan,
expecting real GDP to shrink by 3.3%, compared to a previous
forecast contraction of 0.7%, reflecting its expectation of a
contraction in both the oil/gas and non-oil/gas GDP sectors  It
projects real economic activity to stay flat in 2017, rising only
slowly thereafter.  Moreover, risks to economic growth are tilted
to the downside, given (a) the deteriorating position of
Azerbaijan's banking sector which dampens the outlook for private
investment, and (b) the adverse effects from devaluation and
inflation on households' purchasing power and consumption.

The combination of the economic contraction and currency
devaluation (around 50% against the US dollar since mid-February
2015) are increasingly undermining the health of the domestic
banking system.  The Manat devaluation triggered a flight out of
local currency deposits, led to a rise in banks' problem loans,
and eroded capital buffers.  Problem loans (overdue more than 90
days plus restructured loans) currently account for around 20% of
system-wide gross loans, according to Moody's estimates.

Even though the relatively small size of the Azeri banking sector
limit the negative credit implications for the sovereign, the
banks' weak credit standing add to the headwinds facing the
economy and poses an additional threat to the government's
balance sheet, as the banking system may require additional
financial support.  The largest bank in the country, state-owned
International Bank of Azerbaijan (IBA; deposit ratings Ba3
stable, BCA b3), benefits from financial support from the state.
Specifically, IBA's credit standing was supported in 2015 by the
transfer of problematic assets totaling Manat 3.0 billion (around
5.5% of GDP in 2015) to the state non-credit organization
Aqrakredit, which issued bonds in the same amount guaranteed by
the state and purchased by the central bank.  The bank
anticipates additional bad assets transfer and capital injection
of Manat 500 million from the state in 2016, which will further
improve its capitalization.

Finally, recent military clashes along the contact line of the
disputed territory of Nagorno-Karabakh underlines elevated
geopolitical event risks that -- if intensifying -- could lead to
an additional weakening of economic and fiscal fundamentals via
negative confidence effects on private consumption, foreign
direct investment and hence economic growth and the government's
budgetary position.


Although unlikely in the foreseeable future, upward pressure on
Azerbaijan's government bond ratings could follow significant
improvements in the country's institutional strength, evidence of
sustained economic diversification and/or a decrease in
geopolitical risks.  A more rapid-than-expected increase in the
oil price is unlikely to bring about a reversal in the rating
trajectory unless accompanied by the rebuilding of fiscal buffers
and a higher level of economic diversification, given the
uncertainty surrounding whether any such rise in oil prices could
be sustained.

Evidence of credit-supportive institutional strength, most likely
through the emergence of a clear, credible fiscal and economy
policy response which offers the prospect of containing the
deterioration of the fiscal balance and fiscal buffers, while
returning the economy quickly to growth, could sustain the rating
at its current level.

Conversely, a further sustained fall in the price of oil,
continued capital outflows and/or pressure on the exchange rate
and/or foreign currency assets, a further marked worsening in the
fiscal balance for which there was no clear reversal, and/or
further stress in/support for the banking system would exert
downward pressure on the rating.  Deterioration in the domestic
or regional political environment resulting in disruptions to oil
production and/or foreign investments in the economy would also
be highly credit negative.

Prompted by the factors described above, the publication of this
credit rating action occurs on a date that deviates from the
previously scheduled release date in the sovereign release

  GDP per capita (PPP basis, US$): 17,762 (2014 Actual) (also
   known as Per Capita Income)
  Real GDP growth (% change): 1.1% (2015 Actual) (also known as
   GDP Growth)
  Inflation Rate (CPI, % change Dec/Dec): 7.8% (2015 Actual)
  Gen. Gov. Financial Balance/GDP: -4.8% (2015 Actual) (also
   known as Fiscal Balance)
  Current Account Balance/GDP: 13.6% (2014 Actual) (also known as
   External Balance)
  External debt/GDP: 15.5 (2014 Actual, according to World Bank
  Level of economic development: Low level of economic resilience
   Default history: No default events (on bonds or loans) have
  been recorded since 1983.

On April 26, 2016, a rating committee was called to discuss the
rating of the Azerbaijan, Government of.  The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially decreased.
The issuer's institutional strength/ framework, have not
materially changed.  The issuer's governance and/or management,
have not materially changed.  The issuer's fiscal or financial
strength, including its debt profile, has materially decreased.
The issuer has become increasingly susceptible to event risks.

The principal methodology used in these ratings was Sovereign
Bond Ratings published in December 2015.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.

C Z E C H   R E P U B L I C

NEW WORLD: Winding Up Likely Following OKD's Insolvency Filing
Krystof Chamonikolas at Bloomberg News reports that New World
Resources Plc, which entered the Prague Stock Exchange eight
years ago as the largest Czech equity offering ever, may become
the country's biggest corporate failure in at least a decade.

The mining company, controlled by a group of investors including
Ashmore Investment Management Ltd., said on May 4 it will
probably be "wound up or broken up in an orderly manner" as a
result of an insolvency filing by its key asset, OKD AS,
Bloomberg relates.  The unit, as cited by Bloomberg, said a day
earlier it had enough cash to pay May wages but couldn't meet any
obligations to over 650 creditors, including NWR, as its debt was
more than twice the value of its assets.

NWR stock was suspended on the London Stock Exchange on May 4 and
the company requested the same from the Prague and Warsaw
bourses, Bloomberg recounts.  Winding up or breaking up its
business as a result of OKD's insolvency would mean "very minimal
or no returns" to NWR shareholders, Bloomberg relays, citing a
regulatory statement.

NWR is the latest victim of global overcapacity, a slowing
Chinese economy, tighter environmental regulation and lower
natural gas prices that have made coal mining unprofitable in
many places, Bloomberg notes.

New World Resources Plc is the largest Czech producer of coking


GERMAN PELLETS: Insolvency Proceedings Commenced
IHB reports that the insolvency proceedings on the bankrupt
German Pellets Group have been opened on May 1.

Bettina Schmudde from White & Case-Hamburg was appointed
insolvency administrator, IHB discloses.

Ms. Schmudde has closed contracts with investors that shall
guarantee the continuation of parts of the German Pellets Group,
IHB relates.  The German Pellets mill in Wismar has been acquired
by Metropolitan Equity Partners, LLC, New York, IHB recounts.

Until the contracts come into effect, operations are continued by
the insolvency administrator on an interim basis, IHB notes.
Negotiation for the fourth German Pellets mill in Germany are
ongoing, IHB relays.  Ms. Schmudde wants to reach an agreement
with one of several interested parties by end of May, IHB states.

German Pellets is a production company based in Wismar, Germany.
The company produces various kinds of wood pellets for pellet
heating and pellet ovens and animal hygiene products for horses,
large and small animals.


LYNAMS HOTEL: Receiver to Take Over After Dispute Resolved
Aodhan O'Faolain at The Irish Times reports that a dispute
between the operator of a Dublin city center hotel and a National
Asset Management Agency-appointed receiver over possession of the
premises has been resolved.

As part of the arrangement, Lynams Hotel, Upper O'Connell Street,
will be handed over to the receiver on Aug. 1, when the 21 staff
employed there will also be made redundant, Mr. Justice Paul
Gilligan was told on April 28, The Irish Times relates.  The
hotel has been run by Theresa Andreucetti since 2008 under a
lease with the landlords, The Irish Times discloses.

Earlier this month, she secured a temporary High Court injunction
allowing her retain possession of the premises, The Irish Times

She went to court after agents for receiver Aiden Murphy,
appointed by NAMA last September over assets of the landlords,
entered the hotel and told staff he was taking possession because
Ms. Andreucetti had failed to pay some EUR528,000 in arrears of
rent, The Irish Times relays.

When seeking the injunction, the hotelier denied rent arrears
were owed and contended the receiver was not entitled to
possession, according to The Irish Times.

The matter returned before the High Court on April 28 when Mr.
Justice Gilligan was informed the parties had reached an
agreement, The Irish Times discloses.

That involved Ms. Andreucetti giving an undertaking she would,
subject to a three-month stay, give vacant possession of the
hotel to the receiver, The Irish Times notes.  As part of the
deal, Ms. Andreucetti will continue to operate the hotel for the
next three months, The Irish Times states.

TABERNA EUROPE: Moody's Raises Rating on Cl. A1 Notes to Ba1
Moody's Investors Service has upgraded the rating on these notes
issued by Taberna Europe CDO II P.L.C.:

  EUR588,000,000 Class A1 Senior Floating Rate Notes Due 2038
   (current balance of EUR329,445,884.53), Upgraded to Ba1 (sf);
   previously on March 7, 2014, Downgraded to Ba2 (sf)

Taberna Europe CDO II P.L.C., issued in September, 2007, is a
collateralized debt obligation backed primarily by a portfolio of
European REIT trust preferred securities (TruPS).

                        RATINGS RATIONALE

The rating action is primarily a result of deleveraging of the
Class A1 notes, an increase in the transaction's
overcollateralization (OC) ratios, and the improvement in the
credit quality of the underlying portfolio since July 2015.

The Class A1 notes have paid down by approximately 18% or
$74.1 million since July 2015, using principal proceeds from the
redemption of underlying assets.  Based on Moody's calculations,
the Class A1 OC ratio has improved to 138.97% from 131.79% in
July 2015.  The Class A1 notes will continue to benefit from the
use of proceeds from redemptions of any assets in the collateral

The deal has also benefited from improvement in the credit
quality of the underlying portfolio.  According to Moody's
calculations, the weighted average rating factor (WARF) improved
to 2479 from 2801 in July 2015.

These rating actions also reflect a correction to Moody's
modeling.  In the March 2014 rating action, two swaps with a
total notional amount of EUR31.4 million were not modeled.  The
error has now been corrected, and today's rating actions reflect
this change.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, and weighted average recovery
rate, are based on its methodology and could differ from the
trustee's reported numbers.  In its base case, Moody's analyzed
the underlying collateral pool as having a performing par of
EUR457.8 million, defaulted and deferring par of EUR144.3
million, a weighted average default probability of 21.45%
(implying a WARF of 2479), and a weighted average recovery rate
upon default of 14.7%.  In addition to the quantitative factors
Moody's explicitly models, qualitative factors are part of rating
committee considerations.  Moody's considers the structural
protections in the transaction, the risk of an event of default,
recent deal performance under current market conditions, the
legal environment and specific documentation features.  All
information available to rating committees, including
macroeconomic forecasts, inputs from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, can influence the
final rating decision.

Methodology Underlying the Rating Action

The principal methodology used in this rating was "Moody's
Approach to Rating TruPS CDOs," published in June 2014.

Factors that Would Lead to an Upgrade or Downgrade of the Rating:

This transaction is subject to a number of factors and
circumstances that could lead to either an upgrade or downgrade
of the ratings, as described below:

  1) Macroeconomic uncertainty: TruPS CDOs performance could be
     negatively affected by uncertainty about credit conditions
     in the general economy.

  2) Portfolio credit risk: Credit performance of the assets
     collateralizing the transaction that is better than Moody's
     current expectations could have a positive impact on the
     transaction's performance.  Conversely, asset credit
     performance weaker than Moody's current expectations could
     have adverse consequences on the transaction's performance.

  3) Deleveraging: One source of uncertainty in this transaction
     is whether deleveraging from unscheduled principal proceeds
     and excess interest proceeds will continue and at what pace.
     Note repayments that are faster than Moody's current
     expectations could have a positive impact on the notes'
     ratings, beginning with the notes with the highest payment

  4) Exposure to non-publicly rated assets: The deal contains a
     large number of securities whose default probability Moody's
     assesses through credit scores derived using RiskCalc or
     credit estimates.  Moody's evaluates the sensitivity of the
     ratings of the notes to the volatility of these credit

Loss and Cash Flow Analysis:

Moody's applied a Monte Carlo simulation framework in Moody's
CDOROM to model the loss distribution for TruPS CDOs.  The
simulated defaults and recoveries for each of the Monte Carlo
scenarios defined the reference pool's loss distribution.
Moody's then used the loss distribution as an input in its
CDOEdge cash flow model.

The portfolio of this CDO contains primarily trust preferred
securities issued by small to medium sized European REIT
companies that Moody's does not rate publicly.  For REIT TruPS
that do not have public ratings, Moody's REIT group assesses
their credit quality using the REIT firms' annual financials.

In addition to the base case analysis, Moody's also conducted
sensitivity analyses to test the impact of a number of default
probabilities on the rated notes relative to the base case
modeling results, which may be different from the current public
ratings of the notes.  Below is a summary of the impact of
different default probabilities (expressed in terms of WARF) on
all of the rated notes (by the difference in the number of
notches versus the current model output, for which a positive
difference corresponds to lower expected loss):

  Assuming a two-notch upgrade to assets with below-investment
   grade ratings or rating estimates (WARF of 1524)
   Class A1: +3
  Assuming a two-notch downgrade to assets with below-investment
   grade ratings or rating estimates (WARF of 3384)
   Class A1: -1


DIAPHORA 3: May 26 "Le Vele" Water Park Bid Deadline Set
Diaphora 3 Fund, in liquidation pursuant to Art. 57 TUF, is
putting up for sale "Le Vele", a water park situated in the
municipalities of San Gervasio Bresciano, Alfianello and Milzano
(BS), Via delle Corti no. 77 - San Gervasio Bresciano - Casacce,
comprising properties and plants, part of the property complex as
described in the appraisal reported dated March 23, 2016, drawn
up by Surveyor Rita Stancari.

Starting price: EUR4,000,000 in addition to applicable tax.

Bid deadline: 12:00 a.m. on May 26, 2016, bids to be submitted at
the office of Notary Pietro Barziza in Desenzano del Garda (BS),
Piazza Duomo no. 17.

Date of sale: 4:30 p.m. on May 27, 2016, at the office of the

Details and procedures and sales regulations are available at

PORTO SAN ROCCO: May 25 Bid Submission Deadline Set
The official receiver of Bankr. Porto San Rocco s.r.l., in
liquidation, Paolo D'Agostini, is selling the company's
property complex, in addition to the fittings, located in Muggia
(Trieste), specifically in the Porto San Rocco area, indicated as
follows: no. 305 property units, no. 117 of which used as
dwellings -- tourist accommodations, several of which furnished,
no. 11 business premises, no. 22 cellars, no. 152 roofed parking
spaces and no. 3 unroofed parking spaces, spread over 13 UMIs
(Minimal Units of Intervention), divided into 7 apartment
buildings, named from letter A to letter H, except for letter E.

The complex is sold in accordance with art. 107 of the bankruptcy
law, using a competitive bidding procedure, through private bids
at the starting price of EUR13,183,000, EUR10,807,099 of
which relating to the housing units -- tourist accommodations,
EUR2,360,901 to the non-residential property units, and
EUR15,000 to the existing fittings partly of the housing units,
it being specified that the above sale rules out any possibility
of the sale of a company or business unit, as a whole and not on
a per unit of measure basis, all as in fact and in law, as
resulting in the 20-year report drawn up by notary Alfonso
Colucci of Rome, and in the report drawn up by the court-
appointed expert of the Bankruptcy, surveyor Sergio Cruciani.

The complex is sold unencumbered by mortgages and other adverse
entries and registrations, with the charges thereof borne by the
successful bidder.

The bid should be enclosed in a sealed envelope and submitted by
11:00 a.m. on May 25, 2016, at the office of notary Alfonso
Colucci, in Via Emanuele Gianturco no. 1 Rome.  The sealed bid
should also include a bank draft/bank drafts made payable to Avv.
Paolo D'Agostini, official receiver of Bankr. Porto San Rocco
s.r.l. (no. 189/15 Court of Rome), equal to 10% of the bid
amount, as a deposit, on pain of nullity.  The envelopes shall be
opened on the same day at 12:00 a.m.; should more than one
envelope containing the purchase bid be submitted, the tender
among the bidders shall take place immediately before notary
Alfonso Colucci; in the tender, if any, the bid shall start from
a minimum of EUR100,000.

The conditions and procedures for the submission of the bids, for
the tender, if any, among the bidders, and for the sale, are
indicated in the Supplement to the winding-up scheme dated April
4, 2016, approved by resolution of the Creditors' Committee on
March 23, 2016.

The documents are made available to the interested parties on the
website of the procedure,; information
may be requested from the official receiver Paolo D'
Agostini, via Girolamo da Carpi no. 6, Rome, tel. 06-3227850, or
from Claudio Santini, tel 06-80693292.


DRYDEN 44 EURO: Moody's Assigns (P)B2 Rating to Class F Notes
Moody's Investors Service announced that it has assigned these
provisional ratings to notes to be issued by Dryden 44 Euro CLO
2015 B.V.:

  EUR232,400,000 Class A-1 Senior Secured Floating Rate Notes due
   2030, Assigned (P)Aaa (sf)
  EUR12,300,000 Class A-2 Senior Secured Fixed Rate Notes due
   2030, Assigned (P)Aaa (sf)
  EUR36,000,000 Class B-1 Senior Secured Floating Rate Notes due
   2030, Assigned (P)Aa2 (sf)
  EUR7,200,000 Class B-2 Senior Secured Fixed Rate Notes due
   2030, Assigned (P)Aa2 (sf)
  EUR23,000,000 Class C Mezzanine Secured Deferrable Floating
   Rate Notes due 2030, Assigned (P)A2 (sf)
  EUR18,700,000 Class D Mezzanine Secured Deferrable Floating
   Rate Notes due 2030, Assigned (P)Baa2 (sf)
  EUR28,100,000 Class E Mezzanine Secured Deferrable Floating
   Rate Notes due 2030, Assigned (P)Ba2 (sf)
  EUR11,800,000 Class F Mezzanine Secured Deferrable Floating
   Rate Notes due 2030, Assigned (P)B2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings.  A definitive rating (if any) may
differ from a provisional rating.

                          RATINGS RATIONALE

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2030.  The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure.  Furthermore, Moody's
is of the opinion that the collateral manager, PGIM Limited
("Pramerica"), has sufficient experience and operational capacity
and is capable of managing this CLO.

Dryden 44 Euro CLO 2015 B.V. is a managed cash flow CLO.  At
least 90% of the portfolio must consist of senior secured loans
and senior secured floating rate notes and up to 10% of the
portfolio may consist of unsecured loans, second-lien loans,
mezzanine obligations and high yield bonds.  The bond bucket
gives the flexibility to Dryden CLO to hold bonds if Volcker Rule
is changed.  The portfolio is expected to be 62% ramped up as of
the closing date and to be comprised predominantly of corporate
loans to obligors domiciled in Western Europe.

Pramerica will manage the CLO.  It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR43.4 mil. of subordinated notes, which will
not be rated.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

Factors that would lead to an upgrade or downgrade of the

The rated notes' performance is subject to uncertainty.  The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change.  Pramerica's investment
decisions and management of the transaction will also affect the
notes' performance.

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
December 2015.  The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders.  Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche.  As such,
Moody's encompasses the assessment of stressed scenarios.

Moody's used these base-case modeling assumptions:

  Par amount: EUR 400,000,000
  Diversity Score: 45
  Weighted Average Rating Factor (WARF): 2800
  Weighted Average Spread (WAS): 4.10%
  Weighted Average Recovery Rate (WARR): 41%
  Weighted Average Life (WAL): 8 years

Moody's has analyzed the potential impact associated with
sovereign related risk of peripheral European countries.  As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below.  For countries which are not member of
the European Union, the foreign currency country risk ceiling
applies at the same levels under this transaction.  Following the
effective date, and given the portfolio constraints and the
current sovereign ratings in Europe, such exposure may not exceed
15% of the total portfolio.  As a result and in conjunction with
the current foreign government bond ratings of the eligible
countries, as a worst case scenario, a maximum 15% of the pool
would be domiciled in countries with A3 local or foreign currency
country ceiling.  The remainder of the pool will be domiciled in
countries which currently have a local or foreign currency
country ceiling of Aaa or Aa1 to Aa3.  Given this portfolio
composition, the model was run with different target par amounts
depending on the target rating of each class as further described
in the methodology.  The portfolio haircuts are a function of the
exposure size to peripheral countries and the target ratings of
the rated notes and amount to 2.00% for the Class A-1 and A-2
notes, 1.25% for the Class B-1 and B-2 notes, 0.50% for the Class
C and 0% for Classes D, E, and F.

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the provisional rating assigned to the
rated notes.  This sensitivity analysis includes increased
default probability relative to the base case.  Below is a
summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal:

  Percentage Change in WARF: WARF + 15% (to 3220 from 2800)
  Ratings Impact in Rating Notches:
  Class A-1 Senior Secured Floating Rate Notes: 0
  Class A-2 Senior Secured Fixed Rate Notes: 0
  Class B-1 Senior Secured Floating Rate Notes: -2
  Class B-2 Senior Secured Fixed Rate Notes: -2
  Class C Mezzanine Secured Deferrable Floating Rate Notes: -2
  Class D Mezzanine Secured Deferrable Floating Rate Notes: -2
  Class E Mezzanine Secured Deferrable Floating Rate Notes: -3
  Class F Mezzanine Secured Deferrable Floating Rate Notes: -1
  Percentage Change in WARF: WARF +30% (to 3640 from 2800)

Ratings Impact in Rating Notches:
  Class A-1 Senior Secured Floating Rate Notes: -1
  Class A-2 Senior Secured Fixed Rate Notes: -1
  Class B-1 Senior Secured Floating Rate Notes: -3
  Class B-2 Senior Secured Fixed Rate Notes: -3
  Class C Mezzanine Secured Deferrable Floating Rate Notes: -4
  Class D Mezzanine Secured Deferrable Floating Rate Notes: -3
  Class E Mezzanine Secured Deferrable Floating Rate Notes: -2
  Class F Mezzanine Secured Deferrable Floating Rate Notes: -3

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in December 2015.


STAVROPOL TERRITORY: Fitch Affirms BB Issuer Default Ratings
Fitch Ratings has affirmed Russian Stavropol Region's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'
and National Long-Term rating at 'AA-(rus)' with Stable Outlooks.
The Short-Term Foreign Currency IDR has been affirmed at 'B'. The
region's outstanding senior unsecured domestic bonds have also
been affirmed at 'BB' and 'AA-(rus)'. The affirmation reflects
Fitch's unchanged base case scenario of Stavropol region's
growing direct risk and persistent budget deficit being balanced
against a satisfactory operating performance.


The ratings reflect Stavropol's sustainable operating
performance, persistent budget deficit, driven by capex, and
moderate, albeit growing, direct risk. The ratings also factor in
the region's modest economic indicators, a weak institutional
framework for Russian sub-nationals and a recessionary national
economy. Fitch projects the region's operating balance to
consolidate at 6%-8% of operating revenue in 2016-2018, slightly
up from 5% in 2015, driven by a moderate recovery of operating
revenue. Stavropol's operating revenue declined 0.8% in 2015, due
to large tax return claims on the region's budget from local

"We do not expect this to continue over the medium term and
project annual 5%-6% tax growth in 2016-2018. Fitch forecasts
direct risk to grow steadily towards 65% of current revenue by
end-2018, from 49% in 2015, due to the region's budget deficit
continuing over the medium term. We project deficit before debt
variation at 8%-10% of total revenue (2015: 12%) as the region
follows an investment-intensive budget (mostly in social
infrastructure), including maintenance capex at 17% of total
expenditure (2015: 19%), above the 'BB' median of 14%. We expect
Stavropol to continue to benefit from low-cost federal government
loans. In 2015, Stavropol contracted RUB6.2 billion federal
budget loans and will take on an additional RUB5.1 billion such
loans in 2016. This will increase the share of federal budget
loans to 33% by end-2016 from 18% in 2014. Fitch views the
improved debt structure as a supportive rating factor given high
interest rate volatility in the Russian debt capital market. We
expect the region will maintain low interest payments at 2% of
operating revenue over the medium term (2015: 2%). As with most
Russian sub-nationals, Stavropol is exposed to high refinancing
risk that makes it dependent on access to financial markets.
About 70% of the region's direct risk is due in 2016-2017.
Stavropol faces a repayment of RUB11.5 billion maturities by
end-2016. Fitch expects the region to cover its immediate
refinancing needs with its undrawn RUB8.3bn credit lines and a
RUB5.1 billion federal budget loan. We also expect the region to
have reasonable access to domestic debt capital markets, with
little problem in refinancing maturing debt over the medium term.
Russia's institutional framework for sub-nationals is a
constraining factor on the region's ratings. Frequent changes in
both the allocation of revenue sources and the assignment of
expenditure responsibilities between the tiers of government
limit Stavropol's forecasting ability and negatively affect the
region's strategic planning, and debt and investment management
The region's administration projects the local economy to return
to 3%-4% annual growth in 2016-2018, although this could be
weighed down by an expected 1.5% decline in national GDP in 2016.
Stavropol's economy is less dependent than the wider Russian
economy on the external environment, which can prove volatile. In
2015, the region's gross regional product (GRP) declined 1.2%
(2014: up 4.3%), based on preliminary estimates, while the
broader Russian economy contracted 3.7%. Stavropol's socio-
economic profile is historically weaker than that of the average
Russian region and is dominated by agriculture, food processing
and chemistry. Its GRP per capita was 67% of the national median
in 2014," Fitch said.


A sound operating balance at above 10% of operating revenue and
debt coverage (2015: 17.4 years) in line with the average
maturity profile (2015: 2.3 years) on a sustained basis would
lead to an upgrade. Weakening of the current balance towards
negligible levels on a sustained basis, coupled with an increase
in direct risk above 60% of current revenue, would lead to a


HOIST KREDIT: Moody's Assigns Ba2 Issuer Rating, Outlook Pos.
Moody's Investors Service has assigned Ba2/Not Prime long-term
and short-term first time issuer ratings to Hoist Kredit AB
(publ) -- Hoist.  The outlook on the long-term issuer rating is
positive.  At the same time the rating agency has also assigned a
ba3 baseline credit assessment (BCA) to the company.  Moody's
also assigns a Counterparty Risk Assessment (CR Assessment) of
Baa3(cr)/Prime-3(cr) to the company.  This is the first time
Moody's has assigned credit ratings to Hoist.

Hoist's baseline credit assessment (BCA) of ba3 is underpinned by
a 'Strong' macro profile and sound capitalization, coupled with a
solid retail deposit-based funding profile and sizeable liquidity
portfolio.  These strengths are counterbalanced by Hoist's
monoline business model, the valuation and pricing risks
associated with acquiring non-performing debt portfolios, as well
as the concentration risk stemming from a limited number of

Hoist's Ba2 long-term issuer rating takes into account the
company's ba3 BCA, in conjunction with Moody's view of a low loss
given failure based on the protection provided to senior
unsecured creditors by the group's senior and subordinated debt.

                        RATINGS RATIONALE


Hoist's nominal leverage ratio, calculated as tangible common
equity (TCE) on total assets, was 11.8% at the end of 2015,
exceeding Swedish banks and rated debt purchasing peers.  Moody's
believes that the company's leverage ratio reflects the inherent
risks of the debt purchasing industry.  This is also evident by
Hoist's high risk-weighted assets (RWA) density, calculated as
RWA/total assets, of 85% as of end-2015, driven by risk-weights
of 100% on non-performing loan portfolios (accounting for 63% of
total assets).  As a result, despite the high leverage ratio,
Hoist's reported Common Equity Tier 1 ratio of 12.3% at end-2015
is relatively modest compared to other rated Swedish banks.

Hoist has managed to remain attractive to savers and has
continued to grow its retail deposit base to SEK12.8 billion at
the end of 2015 from SEK11.0 billion the previous year, which
Moody's considers a credit strength.  As of end-2015, market
funds stood at 7.2% of tangible banking assets.  While customer
deposit funding will remain the most important source of funding
for Hoist, as they accounted for 89% of total funding at end-
2015, the rating agency expects the proportion of market funding
to increase as the company plans to take advantage of favorable
market conditions to grow its debt purchasing activities.


As a deposit taking entity with liquidity requirements similar to
regular banks, Hoist has to hold a large stock of liquid assets,
as prescribed by regulators.  However, the company does not have
the same regulatory status as a bank and, as such, does not have
access to central bank liquidity.  As a result, Hoist has built
up a significant liquidity portfolio mainly containing high-
quality treasury bills and treasury bonds, adding up to SEK5.2
billion as of end-2015 or 30.4% of tangible banking assets.  In
Moody's view, the large amount of liquid assets held on the
balance sheet is a key credit strength for the company, giving
Hoist the flexibility to acquire smaller debt portfolios without
seeking additional funding or increasing leverage, and
positioning the company well to withstand stressed funding

Moody's notes that the low-yielding liquidity portfolio does
weigh down the company's profitability.  Compared with other debt
collectors, Hoist is less profitable in terms of return on assets
(net income to tangible assets was 1.3% at end-2015), but shows
better earnings stability (pre-tax income coefficient of
variation over the last three years was 31% compared to 70%
average for rated peers).


Hoist's operating environment is primarily influenced by
developments in the markets in which it acquires debt portfolios,
with significant exposures to UK and Germany, countries with a
'Very Strong-' macro profile, accounting for 49% of the company's
geographical exposures at end-2015.  At the same time, Hoist has
exposures in several countries with weaker macro profiles, such
as Italy ('Moderate+') and Poland ('Strong-'); this drives the
overall macro profile down to Strong+.  Moody's further adjusts
Hoist's macro profile based on the expectation that the company
will acquire debt in other geographies with a weaker or more
volatile operating environment, resulting in a 'Strong' macro


With SEK19.4 billion in estimated remaining collections (ERC)
over the next 120 months and SEK4.4 billion acquired portfolios
in 2015, Hoist is one of the largest debt purchasers in Europe.
The company acquires debt in eight countries across the continent
with plans to expand into new markets over the coming years.
Hoist's debt purchasing business primarily focuses on the
collection and acquisition of financial services' non-performing
unsecured consumer receivables.

Despite its strengthening market position and evolving business
model, Hoist's credit rating is constrained by the company's
monoline business activities.  The majority of the firm's
revenues are generated by its debt purchasing businesses (90% in
2015) and is supplemented by income from debt collection and
other sources (10% of revenues in 2015).


The receivables that Hoist acquires are, or have been, in arrears
and therefore are, in Moody's view, speculative in nature.  In
addition to this, Moody's notes three key risks: (i) model risk
in relation to the valuation and pricing of its purchased
receivables; (ii) concentration risk relating to suppliers (i.e.
debt originators/vendors); and (iii) event risk arising from
potential litigation or legislative actions.  Mitigating factors
include the company's track record of accurately estimating the
collections and the fact that the portfolios are acquired at
substantially below the principal value, so that a large
proportion of the debts is already written off.

Hoist has developed a robust database, which has contributed to
it achieving a high level of pricing accuracy over the last
twenty years.  Pricing of receivables is based on a comprehensive
modeling and analytical approach while the portfolio of
receivables purchased remains extremely granular.
Notwithstanding this, the continued successful operating
performance of the business is dependent upon this accuracy, with
material mispricing of purchased portfolios potentially leading
to underperformance or even losses.

While purchased receivables are extremely granular in terms of
its customer accounts, Hoist has a level of concentration
relating to its suppliers.  Moody's recognizes that this supplier
concentration is common to debt purchasing companies in Europe,
given the limited number of debt originators that have the scale
and financial and IT capabilities to sell non-performing loans in
the markets.  Mitigating this risk, Hoist operates across a
variety of geographies, reducing its relative exposure to
country-specific factors.


Hoist is domiciled in Sweden, a jurisdiction subject to the EU
Bank Resolution and Recovery Directive (BRRD), which Moody's
considers to be an Operational Resolution Regime.  Moody's
applies its Advanced Loss Given Failure (LGF) analysis to Hoist,
since it is a regulated credit market company, not exempted from
BRRD. Moody's assumes residual TCE of 3% and losses post-failure
of 8% of tangible banking assets, a 5% run-off in preferred
deposits, and assigns a 25% probability to deposits being
preferred to senior unsecured debt.  These are in line with
Moody's standard assumptions.  Particular to Hoist, Moody's
assumes that Hoist does not source deposits considered junior,
relative to the standard assumption of 26% of total deposits, due
to the company's retail-oriented deposit base.

Based upon the above, Moody's considers that Hoist's senior
unsecured debt is likely to face low loss-given failure, due to
the loss absorption provided by subordinated debt.  This results
in a Preliminary Rating Assessment (PRA) of ba2 for senior debt,
one notch above the BCA.  Since Moody's considers the probability
of government support for Hoist's senior liabilities to be low,
the rating does not incorporate any uplift from government
support, and the final issuer rating is therefore positioned at


As part of today's rating action, Moody's also assigned a CR
Assessment of Baa3(cr)/Prime-3(cr), three notches above the BCA
of ba3.  The CR Assessment is driven by the banks' BCA and by the
considerable amount of subordinated instruments likely to shield
counterparty obligations from losses.

Moody's CR Assessment is an opinion of how counterparty
obligations are likely to be treated if a company fails and is
distinct from debt and deposit ratings, in that it: (1) Considers
only the risk of default rather than the likelihood of default
and the expected financial loss suffered in the event of default;
and (2) applies to counterparty obligations and contractual
commitments rather than debt or deposit instruments.  The CR
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.


The rating outlook is positive, reflecting Moody's expectation
that the protection to senior unsecured debt holders offered by
Hoist's liability structure will increase, providing upward
rating pressure through the rating agency's LGF analysis.


As signaled by the positive rating outlook, Hoist's issuer rating
could be upgraded if the company were to issue a significant
amount of debt, reducing the loss-given-failure of senior
unsecured obligations.  Hoist's BCA could be upgraded if the
company: (i) significantly improves its profitability on a
sustained basis without increasing earnings volatility; (ii)
increases capital targets and demonstrates ability to maintain
high capital levels; and/or (3) diversifies its business model.

The company's BCA could be downgraded if: (i) Hoist materially
increases its market funding reliance; (ii) the company
experiences a protracted decrease in profitability or in its
solvency ratios; and/or (iii) the rating agency's assessment of
Hoist's asset risk deteriorates.  A downward movement in Hoist's
BCA would likely result in a downgrade of all ratings.

                       PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in January 2016.



  Adjusted Baseline Credit Assessment, assigned ba3

  Baseline Credit Assessment, assigned ba3

  Long-term Counterparty Risk Assessment, assigned Baa3(cr)

  Short-term Counterparty Risk Assessment, assigned P-3(cr)

  Long-term Issuer Ratings, assigned Ba2 Positive

  Short-term Issuer Ratings, assigned NP


SAIRLINES LTD: May 9 Deadline on 4th Interim Payment Appeals Set
The provisional distribution list for the fourth interest payment
that has been drawn up in the debt restructuring proceedings with
assignment of assets concerning SAirLines Ltd. in debt
restructuring liquidation, Hirschengraben 84, 8001 Zurich, will
be open for inspection by the creditors concerned between April
27, 2016 and May 9, 2016, at the offices of the liquidator, Karl
Wuthrich, attorney-at-law, Wenger Plattner, Seestrasse 39,
Goldbach Center, 8700 Kusnacht.  For inspection, creditors are
asked to call the hotline at +41(0)43 222 38 50 to arrange an

Appeals against the provisional distribution list must be lodged
with the District court of Zurich, supervisory authority for debt
enforcement and bankruptcy, Wengistrasse 30, P.O. Box, 8026
Zurich, within 10 days of the list's publication, i.e. by May 9,
2016 (date of postmark of a Swiss post office).  If no appeals
are lodged, the fourth interim payment will be made as provided
for in the provisional distribution list.

U N I T E D   K I N G D O M

BEALES: Lynn Store Faces Closure Following CVA Deal
Lynn News reports that hopes are high to find a new tenant for
Beales, a prominent Lynn town centre shop, when a retailer
departs later this year.

Shockwaves were sent around the town when Beales announced it
would be closing its Broad Street store, Lynn News relays.

No date has been announced for the closure but the firm says it
will not be renewing the lease, which runs out in December, Lynn
News notes.

A total of 38 people are employed at the store, Lynn News

Earlier this year, the Beales Department Store group announced
plans to seek a Company Voluntary Arrangement (CVA), to
renegotiate leases, which it claimed were no longer sustainable,
Lynn News recounts.

Beales is a Bournemouth-based department store chain.

BHS GROUP: Philip Green Faces Double Inquiry Following Collapse
Murad Ahmed, Josephine Cumbo and Jonathan Ford at The Financial
Times report that Sir Philip Green faces a double inquisition by
MPs in response to the collapse of BHS, as the retail magnate
comes under increasing pressure to offer hundreds of millions
more to fill the company's estimated GBP571 million pensions
scheme deficit.

The Arcadia chairman, who achieved billionaire status by creating
a retail empire on the back of his GBP200 million purchase of
British Home Stores in 2000, sold the high street chain for GBP1
last year, the FT relates.

He faces a two-pronged probe from MPs over the circumstances of
BHS's fall into administration this week, leaving 11,000 jobs
across 164 stores at risk, the FT discloses.

The work and pensions committee on April 29 confirmed the tycoon
had been invited to give evidence to its probe into the BHS
pension scheme, which is being absorbed into the industry-backed
Pension Protection Fund (PPF), the FT relays.

The business, innovation and skills committee is also expected to
invite Sir Philip to give evidence to its inquiry into the
failure of the retail chain, the FT states.

The PPF has twice dismissed offers by Sir Philip and Retail
Acquisitions, the little-known consortium to which he sold BHS
last year, to help pay down the company's pension deficit, the FT

As reported by the Troubled Company Reporter-Europe on April 26,
2016, Reuters related that BHS was placed into administration on
April 25.  Once a mainstay of the British high street, BHS has
been in decline for years, unable to keep up with demand for fast
fashion, online sales and improved customer services, Reuters
disclosed.  Saddled with over 1 billion pounds of debt, including
the pension deficit, BHS failed to raise the additional funds it
required, particularly from planned asset sales, to meet all its
contractual payments, prompting the administration process,
according to Reuters.

BHS Group is a department store chain.  The company employs
10,000 people and has 164 shops.

FH REALISATIONS: Business, Assets Put Up for Sale
The business and assets of F H Realisations Limited (formerly
Froude Hofmann Limited), in administration, a globally renowed
designer, manufacturer and supplier of an extensive range of
engine testing sytems (dynamometers) in the automotive, gas
turbine, marine and industrial markets, operated under license,
have been put up for sale.

The Worcester based business dates back to 1877 and has employed
approximately 100 people in the recent past with an annual
turnover of GBP14 million.

The Worldwide intellectual property rights relating to the Froude
brand are available subject to separate negotiation.

For further details, please contact:

         Laura Tilson, Poppleton & Appleby
         35 Ludgate Hill, Birmingham, B3 1EH
         Tel: 0121 200 2962
         Fax: 0121 236 8340

TATA STEEL UK: Prospective Buyers Submit Initial Bids
Michael Pooler at The Financial Times reports that prospective
buyers of Tata Steel UK were scrambling to submit initial bids
for the ailing business as the clock ran down on a deadline on
May 3.

The Indian group is seeking to withdraw from its UK operations
after years of heavy losses, a move that has cast doubt over the
future of British steelmaking and put 11,000 jobs at the
factories at risk, with more than twice that number in danger at
suppliers, the FT discloses.

According to the FT, bidders include the commodities group
Liberty House, led by Sanjeev Gupta, which on May 3 confirmed it
had sent a letter of intent covering the assets.

The group will be up against Excalibur, a management-led buyout
team that wants to bring employees on board as investors and has
also sent a letter of intent to acquire Tata's UK steel assets,
the FT says.

Tata's preference is to sell the business to a single buyer, the
FT states.  Unions and some managers fear that any deal to split
the company would bring an end to raw steelmaking at the giant
Port Talbot plant in south Wales, the FT notes.

However, there is separate interest for Tata's specialist steels
unit in South Yorkshire from a start-up company calling itself
Albion Steel, composed of steel industry professionals, the FT

The deadline for preliminary offers -- known as non-binding
letters of intent -- was 5:00 p.m. on May 3, though a person
involved in the process said they expected further bids to
arrive, with an expectation of interest from Chinese investors,
according to the FT.

Tata Steel is the UK's biggest steel company.


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

                 * * * End of Transmission * * *