TCREUR_Public/160920.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, September 20, 2016, Vol. 17, No. 186


                            Headlines


A Z E R B A I J A N

DEMIRBANK: Fitch Lowers Long-Term Issuer Default Rating to 'B-'


B E L A R U S

BELARUSIAN NAT'L: Fitch Affirms 'B-' IFS Rating, Outlook Stable


G E R M A N Y

SC GERMANY 2016-1: S&P Gives Prelim. BB Rating on Cl. D-Dfrd Notes


I R E L A N D

ADAGIO V CLO: S&P Assigns B- Rating to EUR12.1MM Class F Notes
HARVEST CLO XVI: S&P Assigns B Rating to EUR11MM Class F Notes
XELO PLC: S&P Puts 'CCC-p (sf)' Rating on Watch Positive


L U X E M B O U R G

EDREAMS ODIGEO: S&P Assigns 'B' CCR, Outlook Stable


N E T H E R L A N D S

CIMPRESS NV: S&P Revises Outlook to Pos. & Affirms 'BB-' CCR
FORNAX 2006-2: S&P Lowers Rating on Class D Notes to 'CCC-'
LIGHTPOINT PAN-EUROPEAN: Moody's Ups Class E Debt Rating to Ba1


R U S S I A

CB ROSINTERBANK: DIA to Oversee Provisional Administration
INTERACTIVE BANK: Liabilities Exceed Assets, Assessment Shows
PERVYI KONTEINERNYI: Fitch Cuts Sr. Unsecured Debt Rating to BB-
STARBANK JSC: Liabilities Exceed Assets, Assessment Shows
VPB JSC: Deposit Insurance Agency to Oversee Administration


S P A I N

SUNSEARCH MEDIA: Files for Insolvency, Owes Money to Creditors


S W I T Z E R L A N D

UNILABS HOLDING: S&P Affirms 'B' CCR & Rates EUR685MM Loan 'B'


U K R A I N E

UKRAINE: International Monetary Fund Provides US$1-Bil. Loan


U N I T E D   K I N G D O M

A&J THOMAS: Director Disqualified for VAT Under-Declaration
CAMELOT UK: Moody's Says Debt Offering Changes Won't Hit B3 CFR
INMARSAT FINANCE: S&P Rates Proposed $400MM Sr. Notes 'BB+'
JE BEALE: Future Safe Following Successful CVA Deal
R&R ICE CREAM: S&P Raises CCR to 'B+', Outlook Stable

* UK: 101 Real Estate Firms Enter Insolvency in 1st Qtr. 2016


                            *********



===================
A Z E R B A I J A N
===================


DEMIRBANK: Fitch Lowers Long-Term Issuer Default Rating to 'B-'
---------------------------------------------------------------
Fitch Ratings has downgraded Azerbaijan-based Demirbank's (Demir)
Long-Term Issuer-Default Rating to 'B-' from 'B' and Viability
Rating (VR) to 'ccc' from 'b'.  The agency has also maintained
both ratings on Rating Watch Negative (RWN).

                        KEY RATING DRIVERS

IDRS AND VR

The downgrades of Demir's ratings reflect Fitch's view that the
bank's credit profile has significantly weakened compared with the
previous review in November 2015.  According to the bank's
regulatory accounts at end-1H16, its asset quality, profitability
and capital position have deteriorated markedly compared with end-
1H15, the latest date for which the bank published IFRS accounts.

Demir's VR of 'ccc' reflects the bank's weak asset quality,
vulnerable capital position and negative pre-impairment
profitability on a cash basis.  However, the bank's VR benefits
from its satisfactory liquidity position, supported by access to
funding from international financial institutions (IFIs),
including the bank's minority shareholders, European Bank for
Reconstruction & Development (25% stake, AAA/Stable) and FMO (10%
stake).

The one-notch uplift of Demir's IDR of 'B-' relative to its VR
reflects Fitch's view that the probability of the bank defaulting
on its senior obligations (which are reference liabilities for
bank IDRs) is somewhat lower than it failing (i.e. becoming non-
viable, and requiring external support to address a material
capital shortfall,).  This view in turn reflects the bank's recent
announcement of a planned AZN50 mil. equity injection, which could
moderately reduce risks for senior creditors, at least in the near
term.

The RWN on the VR reflects the risk of the rating being downgraded
to 'f', indicating that the bank has failed, if Fitch takes the
view that the planned equity injection is necessary to address a
material capital shortfall.  This assessment will in part be based
on the asset quality disclosures, loan impairment reserves and
capital position reported in the bank's 2015 and 1H16 IFRS
accounts, which Fitch understands will be published in the next
two months.

The RWN on the IDRs reflects (i) the risk that the bank's asset
quality and capital position, even after the planned equity
injection, will warrant a lower rating than 'B-'; and (ii) the
risk that the equity injection will not take place.

At end-1H16, Demir reported in its regulatory accounts that the
principal amount of non-performing loans (NPLs; 90 days overdue)
was equal to a high 28% of gross loans (up from 8% at end-2015).
In addition, interest accrued, but not received in cash, made up a
further 17% of gross loans (up from 11%).  Together, these two
items were only 22% covered with impairment reserves.  Fitch
believes that some recoveries on these exposures are probable
given the fact that most loans are reportedly secured with real
estate, but there is significant uncertainty with respect to the
quality and liquidity of this collateral.

Demir continued to comply with regulatory capital requirements at
end-1H16, reporting Tier 1 and total ratios of 6.7% and 11.6%,
respectively.  However, the bank's capital position is undermined
by its sizable unreserved NPLs and accrued interest, which
together were equal to 2.8x regulatory capital.  The difference
between Tier 1 and total capital ratios is mainly driven by
subordinated debt contributed by IFIs, including the bank's IFI
shareholders.  However, Demir has not yet announced whether this
may be used to help strengthen the bank's core capital.

Reported pre-impairment regulatory profitability is reasonable,
equal to an annualized 6.3% of average total assets in 1H16.
However, a large 60% of interest income for 1H16 was accrued
without being received in cash, and net of this the bank was loss
making on a pre-impairment basis.  Reported net results were at
break-even, as the bank created only moderate loan impairment
reserves.

Fitch views Demir's liquidity position as reasonable given that
the liquidity cushion covered around 13% of total liabilities at
end-1H16.  This is above Demir's wholesale refinancing needs over
2H16-1H17 (10% of total liabilities).

          SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF)

Demir's SRF of 'No Floor' and SR of '5' reflect the bank's limited
scale of operations and market shares.  Fitch expects some
regulatory forbearance to be available for Demir, in case of need,
but any extraordinary direct capital support from the Azerbaijan
authorities cannot be relied upon, in the agency's view.  Support
from the bank's private or IFI shareholders is possible in Fitch's
view, but cannot be relied upon in all circumstances.

                        RATING SENSITIVITIES

IDRs AND VR

Fitch will downgrade the VR to 'f', indicating that the bank has
failed, if the agency takes the view that the planned equity
injection is necessary to address a material capital shortfall.
The VR would then be upgraded (re-rated), primarily based on an
assessment of the bank's asset quality and capital position after
the injection.

The VR could be affirmed at 'ccc' or upgraded, if the agency
concludes external support is not necessary to address a material
capital shortfall.

The Long-Term IDR will probably be aligned with the bank's VR
following the planned equity injection.

SR AND SRF
Positive rating action on the bank's SR and SRF is unlikely in the
near term given the bank's limited systemic importance.

The rating actions are as follows:

Demirbank

  Long-Term foreign currency IDR: downgraded to 'B-' from 'B',
   maintained on RWN

  Short-Term foreign currency IDR: 'B', maintained on RWN

  Viability Rating: downgraded to 'ccc' from 'b', maintained on
   RWN

  Support Rating: affirmed at '5'

  Support Rating Floor: affirmed at 'No Floor'



=============
B E L A R U S
=============


BELARUSIAN NAT'L: Fitch Affirms 'B-' IFS Rating, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Belarusian National Reinsurance
Organisation's (Belarus Re) Insurer Financial Strength (IFS)
rating at 'B-'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The rating and Outlook mirror Belarus's 'B-'/Stable Local Currency
Long-Term Issuer Default Rating (IDR) and reflect the insurer's
100% state ownership.  The rating also reflects the reinsurer's
exclusive position in the local reinsurance sector underpinned by
legislation, and fairly strong underwriting profitability, the
fairly low quality of the reinsurer's investment portfolio, and
the significant amount of reinsured domestic surety risks.

Belarus redenominated its currency on a scale of 10000:1 on
July 1, 2016.  This does not have any implications for Belarus
Re's rating.

In 2015 Belarus Re's capital fell by 30% to BYN126 mil. (BYR1.3tn)
from BYN180m (BYR1.8tn) mainly due to a bond exchange in its
investment portfolio.  The company exchanged the portfolio of old
government bonds for the new issue of government bonds of the same
quality.  The negative result from disposal of these bonds was
BYN12 mil. (BYR115 bil.).  The new issue was classified as held-
to-maturity portfolio, with a balance value of BYN21 mil.
(BYR211 bil.) and with a loss from initial recognition of
BYN55 mil. (BYR546 bil.).

Belarus Re's capital position is supportive of its rating level.
The reinsurer maintains exceptionally strong nominal levels of
capital relative to its business volumes.  The reinsurer's
regulatory solvency margin was not affected by the bond exchange
due to its local GAAP basis and remained robust, with a Solvency
I-like statutory ratio of 30x at end-6M16.  Based on Fitch's Prism
factor-based capital model, the reinsurer is adequately
capitalized.

In 2015, based on IFRS, Belarus Re reported strong operating
results of BYN15.7 mil. (BYR157 bil.) (2014: net loss of
BYN9.9 mil. (BYR99 bil.), with an improved combined ratio of 46%
(2014: 77%).  Strong underwriting profitability of BYN11m
(BYR111bn) (2014: BYN5.4 mil. (BYR54 bil.) is mainly due to a
claims case release of BYN4.5 mil. (BYR45 bil.) for the financial
risks line, which contributed 21 percentage points to the improved
combined ratio in 2015.  The strong underwriting result and one-
off FX gains on investments of BYN14.9 mil. (BYR149 bil.)
completely offset the negative investment result of BYN1.9 mil.
(BYR19 bil.) in 2015, compared with BYN6.8 mil. (BYR68 bil.) of
investment income in 2014.

In 6M16, based on local GAAP, Belarus Re reported net income of
BYN4.8 mil. (BYR48 bil.) (6M15: BYN6.2 mil. (BYR62 bil.).  The FX
gains on investments of BYN11 mil. (BYR112 bil.) and modest
investment income of BYN3.9 mil. (BYR39 bil.) completely offset a
negative underwriting result of BYN8.0 mil. (BYR80 bil.).  The
combined ratio worsened to 157% in 6M16 from 110% in 6M15, driven
by a loss ratio of 129% in 6M16 compared with 75% in 6M15.  The
loss ratio was impacted by a sharp strengthening of the claims
case reserve established for property insurance in 1H16.

The Belarusian state has established an exclusive position for
Belarus Re as the national monopoly reinsurer.  The aim is to
promote national reinsurance and raise the capacity of the local
insurance sector.  Although there is no formal support agreement
between the state and the company, the track record of state
support is evident through significant capital injections at
inception and in recent years.

Regulation obliges local primary insurers to cede risks exceeding
the permitted net retention of 20% of their equity.  These
obligatory cessions as well as any voluntary cessions of risks
below the threshold must be offered to Belarus Re first.  The
reinsurer has the right to reject both types of cessions and in
practice is often involved in the primary underwriting of large
risks.  Belarus Re's monopoly has been introduced gradually, with
its share in compulsory cessions growing to 100% in 2014 from 10%
in 2006.

The reinsurer's investment portfolio is of relatively low quality,
reflecting the credit quality of bank deposits, which is
constrained by sovereign risks and the presence of significant
concentrations by issuer.  The reinsurer's investment profile is
attributable to the narrowness of the local investment market and
strict regulation of the investment policy.

                        RATING SENSITIVITIES

Any change in Belarus's Local Currency Long-Term IDR is likely to
lead to a corresponding change in Belarus Re's IFS rating.



=============
G E R M A N Y
=============


SC GERMANY 2016-1: S&P Gives Prelim. BB Rating on Cl. D-Dfrd Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to SC
Germany Consumer 2016-1 UG (haftungsbeschraenkt)'s class A,
B-Dfrd, C-Dfrd, and D-Dfrd notes.  At closing, SC Germany Consumer
2016-1 will also issue unrated class E-Dfrd notes.

The securitized portfolio comprises receivables from consumer
loans, which Santander Consumer Bank AG granted to its German
retail client base.  This is Santander Consumer Bank's seventh
true sale consumer loan transaction.

During the transaction's revolving period, the issuer can purchase
additional loan receivables.  The revolving period is scheduled to
last for 12 months, followed by sequential note amortization.  A
combination of subordination and excess spread provides credit
enhancement for the rated classes of notes.  A principal
deficiency trigger is in place.  Once hit, it will subordinate the
class B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes' interest payments
to the class A notes' principal payments and accelerate the
repayment of the class A notes.

Santander Consumer Bank is an indirect subsidiary of Spanish Banco
Santander S.A.  It is the largest noncaptive provider of auto
loans in Germany and is also a well-known originator in the
European securitization market.

S&P's preliminary ratings on the rated classes of notes reflect
its assessment of the underlying asset pool's credit and cash flow
characteristics, as well as S&P's analysis of the transaction's
exposure to counterparty and operational risks.  S&P's analysis
indicates that the available credit enhancement for the class A,
B-Dfrd, C-Dfrd, and D-Dfrd notes would be sufficient to absorb
credit and cash flow losses in 'AA', 'A', 'BBB', and 'BB' rating
scenarios, respectively.

A back-up servicer will not be in place at closing.  The
combination of a borrower notification process, a reserve fund, a
commingling reserve, and general availability of substitute
servicers will mitigate servicer disruption risk.

                        RATING RATIONALE

Economic Outlook

In S&P's base-case scenario, it forecasts that Germany will record
GDP growth of 1.7% in 2016, 1.5% in 2017, and 1.4% in 2018,
compared with 1.5% in 2015.  At the same time, S&P expects
unemployment rates to stabilize at historically low levels.  S&P
forecasts unemployment to be 4.1% in 2016 and 2017, compared with
4.6% in 2015.  In S&P's view, changes in GDP growth and the
unemployment rate are key determinants of portfolio performance.
S&P sets its credit assumptions to reflect its economic outlook.
S&P's near- to medium-term view is that the German economy will
remain resilient and record positive growth.

Credit Risk

S&P has analyzed credit risk under its European consumer finance
criteria using historical loss data from the originator's loan
book since January 2004 until January 2016.  S&P expects to see
6.5% of defaults in the securitized pool, which reflects S&P's
economic outlook for Germany, as well as S&P's view on the
originator's good servicing procedures.  This is in line with its
predecessor, SC Germany Consumer 2015-1 UG (haftungsbeschraenkt).

Payment Structure

S&P's preliminary ratings reflect its assessment of the
transaction's payment structure, cash flow mechanics, and the
results of S&P's cash flow analysis to assess whether the notes
would be repaid under stress test scenarios.  Taking into account
subordination and the available excess spread in the transaction,
S&P considers the available credit enhancement for the rated notes
to be commensurate with the preliminary ratings that S&P has
assigned.  Additionally, the class B-Dfrd to D-Dfrd notes are
deferrable-interest notes and S&P has treated them as such in its
analysis.  Under the transaction documents, the issuer can defer
interest payments on these notes.  Consequently, any deferral of
interest on the class B-Dfrd to D-Dfrd notes would not constitute
an event of default.  While S&P's preliminary 'AA (sf)' rating on
the class A notes addresses the timely payment of interest and the
ultimate payment of principal, S&P's preliminary ratings on the
class B-Dfrd to D-Dfrd notes addresses the ultimate payment of
principal and the ultimate payment of interest.  Furthermore, S&P
notes that there is no compensation mechanism that would accrue
interest on deferred interest in this transaction.  S&P has
nevertheless assumed accrual of interest on deferred interest in
S&P's analysis.

Counterparty Risk

The transaction's documented replacement language is in line with
S&P's current counterparty criteria for all of the relevant
counterparties.  The transaction is exposed to The Bank of New
York Mellon, Frankfurt Branch as bank account provider, to
Santander Consumer Bank as commingling and setoff reserve
provider, and to Abbey National Treasury Services PLC as swap
counterparty and Santander UK PLC as swap guarantor.  The swap
documentation allows for a maximum achievable preliminary rating
of 'BB (sf)' for the class D notes.

Operational risk

Santander Consumer Bank is an indirect subsidiary of Banco
Santander.  It is one of the largest German consumer banks, and
Germany's largest non-captive car finance bank.  It is also a
well-known originator in the European securitization market.  S&P
believes that the company's origination, underwriting, servicing,
and risk management policies and procedures are in line with
market standards and adequate to support the preliminary ratings
assigned.  S&P's operational risk criteria focuses on key
transaction parties (KTPs) and the potential effect of a
disruption in the KTP's services on the issuer's cash flows, as
well as the ease with which the KTP could be replaced if needed.
In this transaction the servicer is the only KTP S&P has assessed
under this framework.  S&P's operational risk criteria do not
constrain its ratings in this transaction based on our view of the
servicer's capabilities.

Legal Risk

The transaction may be exposed to deposit setoff and commingling
risks, in S&P's opinion.  If it becomes ineligible as a
counterparty, Santander Consumer Bank will fund the setoff and
commingling reserves, which will mitigate these risks.  A reserve
will partially mitigate commingling risk and S&P has sized the
unmitigated exposure as an additional credit loss.  S&P has
analyzed legal risk, including the special purpose entity's
bankruptcy remoteness, under S&P's European legal criteria.

Ratings Stability

In line with S&P's scenario analysis approach, it has run two
scenarios to test the stability of the assigned preliminary
rating.  The results show that under the scenario modeling
moderate stress conditions (scenario 1), the rating on the notes
would not suffer more than the maximum projected deterioration
that S&P would associate with each rating level in the one-year
horizon, as contemplated in S&P's credit stability criteria.

RATINGS LIST

Preliminary Ratings Assigned

SC Germany Consumer 2016-1 UG (haftungsbeschraenkt)
EUR750 Million Asset-Backed Fixed- And Floating-Rate Notes

Class        Prelim.         Prelim.
             rating           amount
                            (mil. EUR)

A            AA (sf)           653.8
B-Dfrd       A (sf)             43.2
C-Dfrd       BBB (sf)           28.2
D-Dfrd       BB (sf)            11.3
E-Dfrd       NR                 31.5

TBD--To be determined.
NR--Not rated.



=============
I R E L A N D
=============


ADAGIO V CLO: S&P Assigns B- Rating to EUR12.1MM Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Adagio V CLO
DAC's class A, B, C, D, E, and F notes.  At closing, Adagio V CLO
also issued an unrated subordinated class of notes.

Adagio V CLO is a cash flow collateralized loan obligation (CLO)
transaction securitizing a portfolio of primarily broadly
syndicated speculative-grade senior secured loans and bonds issued
mainly by European borrowers.  AXA Investment Managers, Inc. is
the collateral manager.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event.  Following such
an event, the notes switch to semiannual payments.  The
transaction has a six-month ramp-up period, a four-year
reinvestment period, and a maximum weighted-average life of eight
years from the closing date.

At the end of the ramp-up period, S&P understands that the
portfolio will represent a well-diversified pool of corporate
credits.  Therefore, S&P has conducted its credit and cash flow
analysis by applying its criteria for corporate cash flow
collateralized debt obligations.

"Our ratings reflect our assessment of the collateral portfolio's
credit quality and the available credit enhancement for the rated
notes through the subordination of payable cash flows.  In our
cash flow analysis, we used the EUR350 million target par amount,
the covenanted weighted-average spread (4.20%), the covenanted
weighted-average coupon (5.25%), and the covenanted weighted-
average recovery rates at each rating level.  We applied various
cash flow stress scenarios, using four different default patterns,
in conjunction with different interest rate stress scenarios for
each liability rating category," S&P said.

The Bank of New York Mellon, London Branch is the bank account
provider and custodian.  The portfolio can comprise a maximum of
30% non-euro-denominated obligations, subject to an asset swap
provided by a hedge counterparty.  The participants' downgrade
remedies are in line with S&P's current counterparty criteria.

The issuer is bankruptcy remote, in accordance with S&P's European
legal criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes its ratings are
commensurate with the available credit enhancement for each class
of notes.

RATINGS LIST

Adagio V CLO Designated Activity Company
EUR361.00 Million Senior Secured And Deferrable Floating-Rate
Notes

Class                Rating          Amount
                                   (mil. EUR)

A                    AAA (sf)        206.50
B                    AA (sf)          45.40
C                    A (sf)           25.60
D                    BBB (sf)         14.60
E                    BB (sf)          19.00
F                    B- (sf)          12.10
Subordinated notes   NR               37.80

NR--Not rated.


HARVEST CLO XVI: S&P Assigns B Rating to EUR11MM Class F Notes
--------------------------------------------------------------
S&P Global Ratings has assigned credit ratings to Harvest CLO XVI
DAC's class A, B, C, D, E, and F senior secured floating-rate
notes. At closing, Harvest CLO XVI also issued unrated
subordinated notes.

Harvest CLO XVI is a cash flow collateralized loan obligation
(CLO) transaction securitizing a portfolio of primarily senior
secured loans granted to speculative-grade corporates.  3i Debt
Management Investments Ltd. manages the transaction.

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs.  Following this,
the notes permanently switch to semiannual interest payments.

The portfolio's reinvestment period will end four years after
closing, and the portfolio's maximum average maturity date will be
eight years after closing.

On the effective date, S&P understands that the portfolio will
represent a well-diversified pool of corporate credits, with a
fairly uniform exposure to all of the credits.  Therefore, S&P has
conducted its credit and cash flow analysis by applying its
criteria for corporate cash flow collateralized debt obligations.

In S&P's cash flow analysis, it has used the portfolio target par
amount of EUR440.00 million, the covenanted weighted-average
spread of 4.20%, the covenanted 'AAA' weighted-average recovery
rates, and the target portfolio weighted-average recovery rates at
every other rating level.

Bank of New York Mellon, London Branch is the bank account
provider and custodian.  The participants' downgrade remedies are
in line with S&P's current counterparty criteria.

S&P considers that the issuer is in line with its bankruptcy-
remoteness criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes its ratings are
commensurate with the available credit enhancement for each class
of notes.

RATINGS LIST

Harvest CLO XVI Designated Activity Company
EUR452 Million Senior Secured Floating-Rate Notes

Class                 Rating                       Amount
                                                 (mil. EUR)

A                     AAA (sf)                      258.5
B                     AA (sf)                          66
C                     A (sf)                         25.3
D                     BBB (sf)                       23.1
E                     BB (sf)                        23.1
F                     B (sf)                           11
Sub                   NR                               45

NR--Not rated.


XELO PLC: S&P Puts 'CCC-p (sf)' Rating on Watch Positive
--------------------------------------------------------
S&P Global Ratings placed on CreditWatch positive its 'CCC-p (sf)'
credit rating on Xelo PLC's series 2007 (Dunlin 2). Xelo's series
2007 is a European synthetic collateralized debt obligation (CDO)
transaction.

The rating action is part of S&P's periodic review of various
European synthetic CDOs.  The action reflects, among other things,
the effect of recent rating migrations within reference portfolios
and recent credit events on referenced obligations.  S&P has used
its SROC (synthetic rated overcollateralization; see "What Is
SROC?" below) tool to surveil our ratings on these synthetic CDOs.

WHERE S&P HAS PLACED ITS RATING ON CREDITWATCH POSITIVE

The tranche's current SROC exceeds 100%, which indicates to S&P
that the tranche's credit enhancement is greater than that
required to maintain the current rating.  Additionally, S&P's
analysis indicates that the current SROC would be greater than
100% at a higher rating level than currently assigned.

                             ANALYSIS

The rating action follows the application of S&P's relevant
criteria.

S&P has used its CDO Evaluator model 7.1 to determine the amount
of net losses in each portfolio that S&P expects to occur in each
rating scenario.

S&P has also performed its rating above the sovereign analysis and
applied top obligor and industry tests.

                         WHAT IS SROC?

One of the main steps in S&P's rating analysis is the review of
the credit quality of the portfolio referenced assets.  SROC is
one of the tools S&P uses when surveilling its ratings on
synthetic CDO tranches with reference portfolios.

SROC is a measure of the degree by which the credit enhancement
(or attachment point) of a tranche exceeds the stressed loss rate
assumed for a given rating scenario.  SROC helps capture what S&P
considers to be the major influences on portfolio performance:
Credit events, asset rating migration, asset amortization, and
time to maturity.  It is a comparable measure across different
tranches of the same rating.



===================
L U X E M B O U R G
===================


EDREAMS ODIGEO: S&P Assigns 'B' CCR, Outlook Stable
---------------------------------------------------
S&P Global Ratings assigned its 'B' corporate credit rating to
Luxembourg-based online travel agent eDreams ODIGEO S.A.  S&P
affirmed the 'B' rating on Geo Travel Finance SCA Luxembourg,
which will be withdrawn following the repayment of its debt with
proceeds of debt issuance at eDreams ODIGEO, its parent. The
outlook is stable.

At the same time, S&P assigned its 'B' issue rating to the
proposed EUR425 million senior secured notes maturing in 2021.
The recovery rating is '4', indicating S&P's expectation of
average (30%-50%) recovery in a default scenario.

S&P also assigned its 'BB-' issue rating to eDreams ODIGEO's new
EUR117 million super senior revolving credit facility (RCF)
maturing in 2019.  The recovery rating is '1', indicating S&P's
expectation of very high (90%-100%) recovery in a default
scenario.

The rating action follows eDreams ODIGEO's announcement that it
plans to issue EUR425 million of senior secured notes maturing in
2021 to repay EUR424 million of outstanding debt at its
subsidiary, Geo Travel Finance SCA Luxembourg.  Following the debt
repayment at Geo Travel, the ratings on Geo Travel will be
withdrawn and Geo Travel will be combined into eDreams ODIGEO S.A.

The new rating on eDreams ODIGEO reflects the existing rating on
Geo Travel, which holds all the operating subsidiaries in the
group.  After the simplification of the organizational structure,
eDreams ODIGEO will be the sole issuer of debt in the group, and
S&P's financial analysis will be based on the consolidated
financial statements of eDreams ODIGEO S.A.

EDreams ODIGEO reported strong results for the three months ending
June 30, 2016, with S&P Global Ratings-adjusted EBITDA increasing
by 30% as a result of demand growth and strategic initiatives to
improve product, reorient pricing and channel performance, improve
customer service, and reduce variable costs per booking.  The
results continued the positive trend established in the year to
March 31, 2016, which followed a 30% drop in EBITDA in the
previous year due to a change in Google's search engine ranking
mechanism.  Google's adjustment of its algorithm had increased
eDreams ODIGEO's variable costs and eroded its profitability.

"We see the industry outlook as broadly supportive for eDreams
ODIGEO.  We anticipate that the European online travel agency
(OTA) market (including flights, hotels, car rentals, trains, and
tour operators) will grow by a high single-digit percentage in
2016 and 2017, supported by offline-online migration and rising
discretionary consumer spending.  This, combined with eDreams
ODIGEO's strategic initiatives, should ensure at least stable
profit margins in the medium term, translating into moderate free
operating cash flow (FOCF) and improving credit metrics," S&P
noted.

S&P's assessment of eDreams ODIGEO's weak business risk profile
also reflects the highly competitive and fragmented nature of the
OTA sector, with the risk of new entrants, disintermediation,
exposure to event risks, and exposure to the cyclical and volatile
airline travel market.  The company is also smaller and less
diversified than global U.S.-based peers Expedia and Priceline.
Mitigating these factors are eDreams ODIGEO's leading position in
the European flight market, with No. 1 positions in France,
Germany, Italy, Spain, and Portugal; the favorable growth
prospects for the OTA sector as a whole; and the company's
flexible cost structure.

S&P's assessment of eDreams ODIGEO's highly leveraged risk profile
reflects S&P's base-case forecast that, notwithstanding the
leverage reduction that S&P expects to continue, adjusted debt to
EBITDA will remain more than 5x, and adjusted funds from
operations (FFO) to debt will remain less than 10% over the medium
term.  S&P expects positive FOCF in the future, which supports the
rating.  S&P sees a risk that FOCF could turn negative in 2018 due
to a change in the remittance frequency of French and U.K. billing
to the International Air Traffic Association, but S&P understands
that eDreams ODIGEO is implementing a range of measures to
neutralize the impact.

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

   -- Stable revenue growth in financial years 2017 and 2018
      (ending March 31), supported by demand growth in the OTA
      segment and underlying GDP growth.

   -- Relatively flat margins over the same period due to
      strategic initiatives to improve product, reorient pricing
      and channel performance, improve customer service, and
      reduce variable costs per booking.

   -- Capital expenditure (capex) of about EUR30 million in 2017
      and 2018.

   -- No dividends or material acquisitions.

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

   -- Adjusted EBITDA margins of about 18% in financial 2017 and
      2018.

   -- Adjusted debt-to-EBITDA ratio of about 5.4x in 2017 and
      about 5.1x in 2018.

   -- Adjusted FFO-to-debt ratio of about 9% in 2017 and about
      10% in 2018.

The stable outlook reflects S&P's opinion that eDreams ODIGEO's
earnings have recovered from a weak year to March 2015, that its
EBITDA margins have stabilized, and that leverage has fallen due
to higher EBITDA and some opportunistic debt repayments.  It also
reflects our opinion that FOCF has turned sustainably positive.

An upgrade would depend on S&P believing that potential earnings
volatility has materially reduced, for example due to a less
competitive landscape or lower exposure to event risks, such that
adjusted metrics have strengthened materially more than in S&P's
base case over an extended period.  An upgrade would depend on,
but not be limited to, adjusted debt to EBITDA falling materially
below 5x and adjusted EBITDA interest coverage rising to more than
3x.  An upgrade would also be contingent on eDreams ODIGEO
generating materially positive FOCF, and on its liquidity staying
at least adequate.

S&P could lower the ratings if eDreams ODIGEO's operating
performance materially weakened relative to S&P's base case, for
example as a result of lower demand growth or intensified
competition leading to lower margins, resulting in adjusted EBITDA
interest coverage falling below 2x, FOCF turning negative, or
liquidity becoming less than adequate.



=====================
N E T H E R L A N D S
=====================


CIMPRESS NV: S&P Revises Outlook to Pos. & Affirms 'BB-' CCR
------------------------------------------------------------
S&P Global Ratings said that it revised its rating outlook on
Venlo, Netherlands-based Cimpress N.V. to positive from stable and
affirmed its 'BB-' corporate credit rating on the company.

At the same time, S&P raised its issue-level rating on Cimpress'
revolving credit facility and term loan to 'BB+' from 'BB' and
revised the recovery rating to '1' from '2'.  The '1' recovery
rating indicates S&P's expectation for very high recovery
(90%-100%) of principal in the event of a payment default.

S&P's 'B' issue-level rating and '6' recovery rating on the
company's senior unsecured notes remain unchanged.  The '6'
recovery rating indicates S&P's expectation for negligible
recovery (0%-10%) of principal in the event of a payment default.

"The outlook revision reflects our view that Cimpress has made
good progress executing on its growth strategy, which includes the
company's recent acquisitions of European web-to-print businesses
and investments in its operating platform," said S&P Global
Ratings' credit analyst Thomas Hartman.  "We believe the company
could continue to grow repeat bookings and increase its unique
customer spending due to its more diverse product and service
offerings."  In the fiscal year ending June 30, 2017, S&P expects
Cimpress to increase its investment in its platform, which would
allow the company to maintain low unit costs for small volume
orders.  S&P believes this additional investment could benefit the
company in fiscal 2018 and beyond as it adds more products across
its network of manufacturing facilities and third-party fulfillers
to this platform.  An upgrade would likely require the company to
continue executing on its investment strategy while maintaining
leverage in the low- to mid-3x area.

The positive rating outlook reflects S&P's view that that it could
revise and raise its business risk assessment on Cimpress if the
company continues to successfully diversify its product and
service offerings and broadens its operating platform.  Although
S&P expects the company's investment spending to negatively impact
leverage and free operating cash flow in fiscal 2017, S&P expects
its credit metrics to rebound in fiscal 2018.

S&P could raise the corporate credit rating if the company
continues to broaden and diversify its product portfolio while
maintaining its operating efficiency.  S&P would also expect the
company to continue to grow organically while increasing unique
customer spending each year.  Although S&P expects that leverage
will rise to the high-3x area in fiscal 2017 due to increased
investment spending, an upgrade would require leverage to improve
to the low- to mid-3x area in fiscal 2018.

S&P could revise the outlook to stable if Cimpress' operating
performance or sales momentum declines or if S&P become convinced
that the company will struggle to execute on its growth strategy.
This could occur if S&P don't believe the company is generating
the expected return on its acquisitions or investments.  S&P could
also revise the outlook to stable if organic revenue growth stalls
or if S&P expects leverage to increase to the high-3x area on a
sustained basis.


FORNAX 2006-2: S&P Lowers Rating on Class D Notes to 'CCC-'
-----------------------------------------------------------
S&P Global Ratings lowered to 'CCC- (sf)' from 'BB (sf)' its
credit rating on FORNAX (ECLIPSE 2006-2) B.V.'s class D notes.  At
the same time, S&P has affirmed its 'D (sf)' ratings on the class
E, F, and G notes.

S&P's ratings in FORNAX (ECLIPSE 2006-2) address the timely
payment of interest and the repayment of principal no later than
legal final maturity in February 2019.  On the August 2016
interest payment date (IPD), all classes of notes experienced
interest shortfalls.  In particular, the class D notes experienced
its first quarter of interest shortfalls.

The remaining loan pool did not generate sufficient funds to meet
all interest payments due on the notes.

The interest shortfall on the class D notes does not exceed one
basis point of original principal and could repay from recoveries,
in our opinion.  S&P has therefore not lowered its rating to 'D',
as a result.  S&P has lowered to 'CCC- (sf)' from 'BB (sf)' its
rating on the class D notes to factor the increased risk of
payment default, if the shortfall were to increase and not repay.
The class D notes now face at least a one-in-three likelihood of
default within the next 12 months, in S&P's opinion.

S&P has affirmed its 'D (sf)' ratings on the class E, F, and G
notes because they continue to experience interest shortfalls.

FORNAX (ECLIPSE 2006-2) is a true sale transaction that closed in
September 2006.  Initially, a pool of 19 loans secured on 118
European commercial properties backed the transaction.  Since
closing, 16 loans have repaid and the outstanding note balance has
reduced to EUR54.7 million from EUR545.1 million.

RATINGS LIST

FORNAX (ECLIPSE 2006-2) B.V.
EUR545.134 mil commercial mortgage-backed variable- and floating-
rate notes
                                         Rating
Class            Identifier              To             From
D                XS0267554920            CCC- (sf)      BB (sf)
E                XS0267555570            D (sf)         D (sf)
F                XS0267555737            D (sf)         D (sf)
G                XS0267556032            D (sf)         D (sf)


LIGHTPOINT PAN-EUROPEAN: Moody's Ups Class E Debt Rating to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by LightPoint Pan-European CLO 2006 p.l.c.:

   -- EUR20,000,000 Class D Floating Rate Notes Due 2022,
      Upgraded to Aa3 (sf); previously on October 12, 2015
      Upgraded to A2 (sf)

   -- EUR9,500,000 Class E Floating Rate Notes Due 2022, Upgraded
      to Ba1 (sf); previously on October 12, 2015 Upgraded to Ba2
      (sf)

Moody's also affirmed the ratings on the following notes:

   -- EUR23,500,000 Class B Floating Rate Notes Due 2022 (current
      outstanding balance of EUR12,006,070), Affirmed Aaa (sf);
      previously on October 12, 2015 Affirmed Aaa (sf)

   -- EUR20,500,000 Class C Deferrable Floating Rate Notes Due
      2022, Affirmed Aaa (sf); previously on October 12, 2015
      Affirmed Aaa (sf)

LightPoint Pan-European CLO 2006 p.l.c., issued in January 2007,
is a collateralized loan obligation (CLO) backed primarily by a
portfolio of European senior secured loans with some exposure to
US loans. The transaction's reinvestment period ended in January
2013.

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's over-
collateralization (OC) ratios since October 2015. The Class A
notes have been paid down in full and the Class B notes have been
paid down by approximately 48.9% or EUR11.5 million since that
time. Based on the trustee's August 2016 report, the OC ratios for
the Class A/B, Class C, Class D and Class E notes are reported at
567.04%, 209.44%, 129.66% and 109.80%, respectively, versus
October 2015 levels of 270.07%, 168.07%, 122.82% and 108.89%,
respectively.

The deal has also benefited from an improvement in the credit
quality of the portfolio since October 2015. Based on Moody's
calculation, the weighted average rating factor (WARF) is
currently 2765 compared to 2897 in October 2015.

Methodology Used for the Rating Action

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

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

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

   -- Macroeconomic uncertainty: CLO performance is subject to a)
      uncertainty about credit conditions in the general economy
      and b) the large concentration of upcoming speculative-
      grade debt maturities, which could make refinancing
      difficult for issuers.

   -- Collateral Manager: Performance can also be affected
      positively or negatively by a) the manager's investment
      strategy and behavior and b) differences in the legal
      interpretation of CLO documentation by different
      transactional parties owing to embedded ambiguities.

   -- Collateral credit risk: A shift towards collateral of
      better credit quality, or better credit performance of
      assets collateralizing the transaction than Moody's current
      expectations, can lead to positive CLO performance.
      Conversely, a negative shift in credit quality or
      performance of the collateral can have adverse consequences
      for CLO performance.

   -- Deleveraging: An important source of uncertainty in this
      transaction is whether deleveraging from unscheduled
      principal proceeds will continue and at what pace.
      Deleveraging of the CLO could accelerate owing to high
      prepayment levels in the loan market and/or collateral
      sales by the manager, which could have a significant impact
      on the notes' ratings. Note repayments that are faster than
      Moody's current expectations will usually have a positive
      impact on CLO notes, beginning with those with the highest
      payment priority.

   -- Recovery of defaulted assets: Fluctuations in the market
      value of defaulted assets reported by the trustee and those
      that Moody's assumes as having defaulted could result in
      volatility in the deal's OC levels. Further, the timing of
      recoveries and whether a manager decides to work out or
      sell defaulted assets create additional uncertainty.
      Realization of higher than assumed recoveries would
      positively impact the CLO.

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):

Moody's Adjusted WARF -- 20% (2212)

   -- Class B: 0

   -- Class C: 0

   -- Class D: +2

   -- Class E: +1

Moody's Adjusted WARF + 20% (3318)

   -- Class B: 0

   -- Class C: 0

   -- Class D: -1

   -- Class E: -1

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in "Moody's Global
Approach to Rating Collateralized Loan Obligations."

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the collateral pool as having a performing
par and principal proceeds balance of EUR68.1 million, no
defaulted par, a weighted average default probability of 17.70%
(implying a WARF of 2765), a weighted average recovery rate upon
default of 48.00%, a diversity score of 14 and a weighted average
spread of 3.67% (before accounting for LIBOR floors).

Moody's incorporates the default and recovery properties of the
collateral pool in cash flow model analysis where they are subject
to stresses as a function of the target rating on each CLO
liability reviewed. Moody's derives the default probability from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool. The average recovery
rate for future defaults is based primarily on the seniority of
the assets in the collateral pool. In each case, historical and
market performance and the collateral manager's latitude for
trading the collateral are also factors.

A proportion of the collateral pool includes debt obligations
whose credit quality Moody's assesses through credit estimates.
Moody's analysis reflects adjustments with respect to the default
probabilities associated with credit estimates. Specifically, for
each credit estimates whose related exposure constitutes more than
3% of the collateral pool, Moody's applied a two-notch equivalent
assumed downgrade, which totals approximately 3.55% of the pool.



===========
R U S S I A
===========


CB ROSINTERBANK: DIA to Oversee Provisional Administration
----------------------------------------------------------
Due to the unstable financial position of JSC CB Rosinterbank and
a real threat to its creditors' and depositors' interests, the
Bank of Russia appointed the state corporation Deposit Insurance
Agency to perform the functions of the provisional administration
of the bank from September 15, 2016, for the six months' period,
according to the press service of the Central Bank of Russia.

The powers of shareholders connected with participation in the
authorized capital and the powers of JSC CB Rosinterbank's
management bodies are suspended within the period of activity of
the provisional administration.

The top priority objective of the provisional administration is to
inspect the financial position of the credit institution.


INTERACTIVE BANK: Liabilities Exceed Assets, Assessment Shows
-------------------------------------------------------------
The provisional administration of Interactive Bank Ltd. appointed
by virtue of Bank of Russia Order No. OD-1351, dated April 26,
2016, following revocation of its banking license revealed in the
course of examination of the credit institution's financial
standing transactions carried out by the bank's former management
which bear the evidence of moving out assets through acquiring
promissory notes of a liquidated company, extending loans and
reassigning loan debt claims to companies not capable of
fulfilling their liabilities and also bearing the evidence of
institutions not involved in real economic activities worth over
RUB1.4 billion, according to the press service of the Central Bank
of Russia.

Besides, the provisional administration detected the transactions
aimed at hiding the information on moved out assets through
recording in fact missing securities worth about RUB0.3 billion.

According to estimates by the provisional administration, the
value of assets of Interactive Bank Ltd. does not exceed RUB0.8
billion rubles, while its liabilities to creditors amount to
RUB2.6 billion.

On August 4, 2016, the Court of Arbitration of the city of Moscow
took a decision to recognize Interactive Bank Ltd. insolvent
(bankrupt) and initiate bankruptcy proceedings with the state
corporation Deposit Insurance Agency appointed as a receiver.

The Bank of Russia submitted the information on the financial
transactions bearing the evidence of criminal offences conducted
by the former management and owners of Interactive Bank Ltd. to
the Prosecutor General's Office of the Russian Federation, the
Russian Ministry of Internal Affairs and the Investigative
Committee of the Russian Federation for consideration and
procedural decision making.


PERVYI KONTEINERNYI: Fitch Cuts Sr. Unsecured Debt Rating to BB-
----------------------------------------------------------------
Fitch Ratings downgraded the Senior Unsecured Debt rating of
Pervyi Konteinernyi Terminal ZAO to BB- from BB on Sept. 9, 2016.


STARBANK JSC: Liabilities Exceed Assets, Assessment Shows
---------------------------------------------------------
The provisional administration of JSC Starbank appointed by virtue
of Bank of Russia Order No. OD-921, dated March 18, 2016,
following revocation of its banking license revealed in the course
of examination of the bank's financial standing that its former
management and owners on the eve of revocation of the banking
license realized assets worth RUB1.8 billion on a deferred-payment
basis in favor of a counterparty bearing the signs of a shell
company, according to the press service of the Central Bank of
Russia.

Besides, the bank failed to provide documents to confirm
competence of recording in the balance sheet investments into real
estate construction worth about RUB5 billion.

Simultaneously, the provisional administration detected the fact
of non-adequate assessment by the bank of a credit risk worth over
RUB6 billion caused among other things by borrowers' improper
repayment performance and considering the evidence of their
inability to fulfill their loan liabilities.

According to estimates by the provisional administration, the
value of assets of JSC Starbank does not exceed RUB7.2 billion,
while its liabilities to creditors amount to RUB15.7 billion.

On August 4, 2016, the Court of Arbitration of the city of Moscow
took a decision to recognize JSC Starbank insolvent (bankrupt) and
initiate bankruptcy proceedings with the state corporation Deposit
Insurance Agency appointed as a receiver.

The Bank of Russia submitted the information on the financial
transactions bearing the evidence of criminal offences conducted
by the former management and owners of JSC Starbank to the
Prosecutor General's Office of the Russian Federation, the Russian
Ministry of Internal Affairs and the Investigative Committee of
the Russian Federation for consideration and procedural decision
making.


VPB JSC: Deposit Insurance Agency to Oversee Administration
-----------------------------------------------------------
Due to a threat to creditors' and depositors' interests with
respect to the Military-Industrial Bank JSC or VPB Bank JSC, the
Bank of Russia appointed the state corporation Deposit Insurance
Agency to perform the functions of the provisional administration
of the bank from September 16, 2016, for the six months' period,
according to the press service of the Central Bank of Russia.

The top priority objective of the provisional administration of
VPB Bank JSC is to inspect the financial condition of the bank in
order to determine its objective financial position.

The powers of shareholders connected with participation in the
authorized capital and the powers of the management bodies are
suspended within the period of activity of the provisional
administration.



=========
S P A I N
=========


SUNSEARCH MEDIA: Files for Insolvency, Owes Money to Creditors
--------------------------------------------------------------
Rob Horgan at The Olive Press reports that two of Stanley Byron
Israel's companies Sunsearch Media Group and Simply Media Group
are bankrupt, owing tens of thousands of euros.

The two Malaga-based companies are in "insolvency", owing at least
EUR40,806 and EUR8,161 respectively in interest plus costs, the
Olive Press relays, citing the government's Boletin Oficial del
Registro Mercantil.

This does not include unpaid staff or printing bills, which are
likely to amount to tens of thousands more, The Olive Press notes.

Two printers told the Olive Press that they were owed well over
EUR30,000 between them and both cases were in the hands of
lawyers, with one in Estepona court.



=====================
S W I T Z E R L A N D
=====================


UNILABS HOLDING: S&P Affirms 'B' CCR & Rates EUR685MM Loan 'B'
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on Unilabs Holding AB.  The outlook is stable.

At the same time, S&P assigned its 'B' issue rating to the
proposed EUR685 million term loan B due 2021 with a recovery
rating of '4', reflecting S&P's expectation of average (30%-50%)
recovery in the event of a payment default, at the higher end of
the range.

The affirmation follows Unilabs' plans to raise a EUR685 million
senior secured term loan B to refinance its existing senior
secured notes totaling EUR485 million, and partially repay the
second-lien payment-in-kind (PIK) toggle notes by EUR151 million.
The group also intends to repay the EUR31 million currently drawn
under its revolving credit facility (RCF) and extend the maturity
of the agreement from 2017 to 2021.  The existing senior secured
notes currently have interest obligations of 8.5% and 7.5%, plus
Euribor, on the respective fixed and floating tranches.  S&P
expects the group to significantly reduce its weighted average
cost of debt in the refinancing transaction, with the new term
loan B projected to be priced at Euribor plus 5.0%.  S&P also
notes that the PIK toggle notes that have been accruing interest
at 13.0% a year will be reduced to approximately EUR146 million,
slightly reducing the rate at which the group's gross reported
debt will increase.

Under S&P's base case, it estimates lease-adjusted EBITDA in 2017
of approximately EUR140 million-EUR145 million driven by
management's continued gains in productivity and operating
efficiency across the group.  There has been steady improvement in
the reported profit margins over the past 18-24 months as a result
of management's strategy and S&P expects continuous gradual
improvements over its forecast horizon.

S&P views the proposed transaction as positive in terms of
Unilabs' refinancing risks.  Despite the cash interest bearing
debt increasing by EUR200 million, the company's overall cost of
debt is going down and the maturity of the majority of cash-paying
debt has been extended by four years.  S&P forecasts cash interest
costs and rental charges of approximately EUR63 million to EUR68
million in 2017, which results in fixed charge metrics of
approximately 2.0x-2.2x.  The group benefits from relatively
stable rental costs as the vast majority of operating assets are
owned.  This limits the exposure to rising rents and -- combined
with the lower cash interest costs post-transaction -- should give
greater visibility to Unilabs' coverage of rent and cash interest
costs by earnings.

S&P forecasts that the group should record fixed charge coverage
metrics in the 2.0x-2.2x range over the next 12-18 months while
generating positive free operating cash flow (FOCF) above EUR30
million annually, which S&P views as commensurate with the 'B'
rating.

S&P maintains its highly leveraged financial risk profile
assessment in light of the financial sponsor ownership of the
group.  This is supported by S&P's core adjusted credit metrics of
debt-to-EBITA of 10.0x-12.0x and funds from operations (FFO)-to-
debt of less than 5% in S&P's forecasts.  S&P's estimates of debt
include the new EUR685 million term loan B, EUR146 million PIK
toggle notes, approximately EUR570 million of preference shares
and shareholder loans, and close to EUR98 million of operating
lease and pension obligations in S&P's calculations.  Given the
financial sponsor ownership, S&P do not net-off any cash balances
that are held by Unilabs.  Although S&P views the preference
shares and shareholder loans as debt like, it recognizes their
cash-preserving function.  Excluding these debt-like instruments,
Unilabs' financial risk profile would remain in line with a highly
leveraged assessment, with debt to EBITDA of more than 7.0x by
Dec. 31, 2016 and remaining above 5.0x for the next two years.

"We see Unilabs as a leading player in laboratory and imaging
diagnostics in its core markets, which include Switzerland,
France, Sweden, and Norway.  The industry, however, remains
fragmented and while there is some scope for consolidation for
larger peers, competition remains strong and tightening health
care budgets have resulted in price pressure for lab operators.
Despite this, the group has implemented a new strategy to counter
these challenges and we believe -- based on its focus on engaging
relevant stakeholders and ongoing cost management -- it will be
able to win new contracts that will drive earnings levels.  We
expect Unilabs' adjusted EBITDA margin to be around 20% over the
next two years as management implements its savings and efficiency
program across the group, which should result in adjusted earnings
of EUR135 million-EUR140 million in 2016 rising to EUR140 million-
EUR150 million in 2017.  Despite the potential for future
acquisitions, we expect the majority of revenue growth will be
organic, driven by new contract wins and extension of services to
existing customers," S&P noted.

S&P notes, however, that there are some risks to Unilabs achieving
earnings growth given the challenging market conditions.  In
addition to less attractive contract tariffs contemplated by
medical service providers, there is always the risk of volatile
volumes under existing contractual arrangements.  The regulatory
environment and medical reimbursement policies of respective
governments are other variables that could have an adverse impact
on the group's earning potential and as a result hinder its
leverage and interest coverage metrics.  The size of the group's
operations, geographic concentration, customer profile, and
breadth of product offering are the main factors that support
S&P's fair business risk assessment, at the higher end of this
still fragmented industry.

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

   -- Revenues will continue to increase by about 2.5%-5.0%
      annually, driven by increased contract wins and augmented
      by small bolt-on acquisitions.

   -- Unilabs will be able to steadily improve its profitability
      metrics driven by management's focus on increasing
      productivity and reduction of waste.

   -- Annual capital expenditure (capex) is likely to be about
      EUR30 million-EUR50 million annually over the next two
      years.

   -- Annual acquisitions will not exceed EUR25 million.

   -- No dividend payments.

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

   -- Revenues of EUR685 million-EUR695 million in 2016 rising to
      above EUR720 million in 2017.

   -- Stable operating performance resulting in adjusted EBITDA
      margins of 18.0%-21.0% in 2016 and 2017.

   -- S&P Global Ratings-adjusted debt to EBITDA of 10.5x-11.5x
      in 2016 and 2017.

   -- S&P Global Ratings-adjusted fixed charge coverage of 1.7x-
      2.2x in 2016 and 2017.

The stable outlook reflects S&P Global Ratings' view that Unilabs'
market position, increasing scale, and operating model should
enable the group to sustain operating performance and cash flow
generation, despite pressure on reimbursement tariffs across the
industry.  In S&P's opinion, Unilabs should be able to maintain an
adjusted fixed charge coverage ratio of more than 1.5x over the
next 12-18 months, enabling it to comfortably cover its interest
payments and rents while generating modest FOCF above EUR30
million.

S&P could consider lowering the ratings if Unilabs failed to
generate positive FOCF or suffered from liquidity or covenant
issues.  S&P could also lower its rating if the group's fixed
charge coverage fell below 1.5x. This would likely be the result
of deteriorating earnings generation and pressure on operating
margins due to an inability to profitably integrate acquired
operations, or material volume attrition under existing
contractual arrangements with customers.

S&P would likely take a positive rating action if Unilabs'
adjusted fixed-charge coverage sustainably rose above 2.2x, from
the 2.0x-2.2x currently anticipated by S&P's base-case scenario.
Ratings upside would also be conditional on a positive trend in
FOCF generation.  The most likely operating trigger for such
developments would be an accelerated return on the ongoing
investment program, which could boost operational efficiency and
profitability of the group's laboratory network, while it
continues to increase sales volumes.



=============
U K R A I N E
=============


UKRAINE: International Monetary Fund Provides US$1-Bil. Loan
------------------------------------------------------------
Laura Mills at The Wall Street Journal reports that the Ukrainian
government on Sept. 15 welcomed a long-delayed emergency payment
of US$1 billion from the International Monetary Fund, a move that
paved the way for further international aid to help bolster the
country's fragile finances.

"The positive decision of the IMF suggests that the world
recognizes that there are reforms in Ukraine, there is qualitative
and positive change in Ukraine, and the country is moving in the
right direction," the Journal quotes Ukrainian President Petro
Poroshenko as saying in a statement.

The money, part of a US$17.5 billion aid package from the IMF, has
been withheld for almost a year as the Ukrainian government came
under fire for failing to tackle corruption and budget issues, the
Journal relates.

The tranche came as the foreign ministers of France, Germany, and
the U.K. visited Kiev on Sept. 15 in a diplomatic push to
reinvigorate a fragile cease-fire in eastern Ukraine, where
Russia-backed rebels have been fighting against Ukrainian
government forces since mid-2014, the Journal discloses.

The IMF funds, which have been supplemented by aid from the U.S.
and other Western nations, will help shore up Ukraine's depleted
reserves, the Journal states.



===========================
U N I T E D   K I N G D O M
===========================


A&J THOMAS: Director Disqualified for VAT Under-Declaration
-----------------------------------------------------------
Judie Thomas, aged 55, a company director from Carmarthen, has
given a disqualification undertaking for 7 years.

The disqualification is as a result of investigations undertaken
by The Insolvency Service which demonstrated that Judie Thomas had
caused or allowed A&J Thomas Holdings Ltd. to under-declare sales
on VAT returns.  As a result of the under-declarations, a debt
became due to HMRC who are owed GBP95,322.

Judie Thomas was the sole director of a West Wales building
company trading as A&J Thomas Holdings Ltd., which went into
liquidation on April 20, 2015.  Ms. Thomas has given an
undertaking to the Secretary of State for Business, Energy and
Industrial Strategy, which prevents her from being directly or
indirectly involved in the promotion, formation or management of a
company for seven years from September 26, 2016.

In January 2014, HMRC undertook investigations into the company's
VAT returns and determined that sales figures had been under-
declared in at least 6 VAT periods from December 2011 to
December 2013.  The HMRC investigation also determined that
Ms. Thomas failed to ensure that all VAT returns were submitted on
time with the earliest unpaid return being for the period 09/09.

The company went into liquidation on April 20, 2015, owing
GBP129,322 to creditors, of which GBP95,322 was the sum due to
HMRC for under-declared sales on VAT returns and assorted
miscellaneous sums due for Corporation Tax, PAYE and interest and
penalties.

Stephen Baxter, the Official Receiver who oversaw the
investigations, said:

This disqualification demonstrates that directors who fail in
their obligations and cause creditors to lose money can expect to
be investigated by the Insolvency Service and enforcement action
taken to remove them from the market place.

Judie Thomas is of Carmarthen and her date of birth is July 21,
1961; she was the sole registered director from March 14, 2007.

A&J Thomas Holdings Ltd. (Company Reg no.06161184) was
incorporated on March 14, 2007.

The company went into liquidation on April 20, 2015.
On September 5, 2016, the Secretary of State for Business, Energy
and Industrial Strategy accepted a Disqualification Undertaking
from Ms Thomas, effective from September 25, 2016, for a period of
7 years.

The matters of unfit conduct were that Ms Thomas failed to ensure
that A&J Thomas Holdings Ltd (A&J) submitted accurate VAT returns,
in that sales were under declared in at least 6 VAT periods
between December 2011 and December 2013.  Further to this she has
also failed to ensure that all VAT returns were submitted on time
with the earliest unpaid return being for the period 09/09.  This
has resulted in VAT liabilities at liquidation totalling at least
GBP81,033 (inclusive of interest and charges). In that:

   -- VAT liabilities have been incurred for the period 09/09,
12/11, 9/12 - 12/13 and 6/14 - 6/15.  The missing periods are due
to these returns resulting in a VAT refund being due to A&J.  The
liability has largely been incurred following a VAT inspection in
January 2014 where it was determined that sales on VAT returns had
been under-declared for each of the periods from 12/11

   -- the VAT returns originally submitted to HMRC showed refunds
due to A&J of GBP13,722, however following the inspection by HMRC
the amount was recalculated as GBP58,667 due to HMRC from A&J in
respect of VAT.  No payments were made to HMRC in respect of VAT
in the periods covered by the VAT inspection as the original
returns indicated that VAT refunds were due.  There is an
outstanding liability in respect of VAT of at least GBP62,151 plus
surcharges / interest totalling GBP18,882

   -- the under-declaration of sales was due to the accountant not
being provided with full sales information when the VAT returns
were completed.  The discrepancies between the VAT returns and the
end of year accounts were notified to Ms. Thomas by the accountant
but she failed to authorize them to notify HMRC

   -- A&J's liabilities at the liquidation totalled GBP129,322. Of
these liabilities HMRC are owed GBP95,322, a trade creditor is
owed GBP1,023 and a contractor is owed GBP32,977.

A disqualification order has the effect that without specific
permission of a court, a person with a disqualification cannot:

   -- act as a director of a company
   -- take part, directly or indirectly, in the promotion,
      formation or management of a company or limited liability
      partnership
   -- be a receiver of a company's property

Disqualification undertakings are the administrative equivalent of
a disqualification order but do not involve court proceedings.

Persons subject to a disqualification order are bound by a range
of other restrictions.

The Insolvency Service administers the insolvency regime,
investigating all compulsory liquidations and individual
insolvencies (bankruptcies) through the Official Receiver to
establish why they became insolvent.  It may also use powers under
the Companies Act 1985 to conduct confidential fact-finding
investigations into the activities of live limited companies in
the UK.  In addition, the agency authorizes and regulates the
insolvency profession, deals with disqualification of directors in
corporate failures, assesses and pays statutory entitlement to
redundancy payments when an employer cannot or will not pay
employees, provides banking and investment services for bankruptcy
and liquidation estate funds and advises ministers and other
government departments on insolvency law and practice.


CAMELOT UK: Moody's Says Debt Offering Changes Won't Hit B3 CFR
---------------------------------------------------------------
Moody's Investors Service said Camelot UK Holdco Limited's
(Holding Company for Intellectual Property & Science) proposed
upsize of the term loan by $100 million and downsize of the senior
unsecured note by the same amount has no impact on the ratings of
the term loan (B2 LGD3), senior note (Caa2 LGD5), or the corporate
family rating (B3 stable). The change in the proposed borrowing
does not affect total leverage, but will result in slightly lower
interest expense.

Camelot UK Holdco Limited is a newly-formed UK-based holding
company that will own 100% of Intellectual Property & Science, a
carve-out of Thomson Reuters Corp. that is being purchased by Onex
and Baring Asia for approximately $3.685 billion (including
estimated transaction fees, and expenses and opening cash to the
balance sheet). Intellectual Property & Science is headquartered
in Philadelphia, PA and provides comprehensive intellectual
property and scientific information, decision support tools and
services that enable academia, corporations, governments and the
legal community to discover, protect and commercialize content,
ideas and brands that are important to them. Its portfolio
includes Web of Science, Thomson CompuMark, Thomson Innovation,
MarkMonitor, Cortellis and Thomson IP Manager. Revenue for the
twelve months ended June 30, 2016 was $961 million.


INMARSAT FINANCE: S&P Rates Proposed $400MM Sr. Notes 'BB+'
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating to the proposed
$400 million senior notes to be issued by U.K.-based satellite
services operator Inmarsat Finance PLC.

S&P has assigned a recovery rating of '3' to the proposed notes,
indicating its expectation of recovery in the higher half of the
50%-70% range in the event of a default.

At the same time, S&P affirmed its 'BB+' issue rating on the
existing $1,000 million senior notes issued by Inmarsat Finance
PLC.  The recovery rating remains '3', with recovery prospects in
the higher half of the 50%-70% range in the event of a default.

S&P understands that Inmarsat will use part of the proceeds of the
proposed notes to repay the $106.9 million European Investment
Bank facility and the remainder for general corporate purposes.

                         RECOVERY ANALYSIS

The proposed notes are unsecured and will rank pari passu with the
existing $1,000 million senior notes.  The draft documentation of
the proposed notes allows dividend payments if the consolidated
net leverage ratio of Inmarsat Group Ltd. remains below 4x and
permits additional indebtedness subject to a fixed charge coverage
test of 2x.

The issue rating on the existing notes is 'BB+' with a '3'
recovery rating.  S&P's recovery rating remains supported by the
robust valuation of the company but undermined by the unsecured
nature of the notes.  Although indicative recovery prospects
exceed 70%, S&P caps the recovery rating at '3' to reflect the
unsecured nature of the notes.

Under S&P's hypothetical default scenario, it assumes increased
competition from fixed satellite operators, potential cuts in
government expenditure, and higher than expected capital
expenditure.

S&P values Inmarsat as a going concern, given the nature of its
assets and high barriers to entry in the satellite communications
industry.  However, S&P values the business using discrete asset
valuation methodology, because the main value, in S&P's view will
stem from the value of the satellites, and to a certain extent,
the value attached to certain frequencies owned.

Simulated default assumptions
   -- Year of default: 2021
   -- Jurisdiction: U.K.

Simplified waterfall
   -- Gross enterprise value at default: $2,035 million
   -- Administrative costs: $105 million
   -- Net value available to creditors: $1,930 million
   -- Senior secured debt claims: $545 million[1]
   -- Senior unsecured debt claims: $1,435 million[1]
      -- Recovery expectation: 50%-70% (higher half of the
      range)[2]

[1] All debt amounts include six months of prepetition interest.
[2] Although recovery prospects exceed 70%, the recovery rating is
capped due to the unsecured nature of the notes.


JE BEALE: Future Safe Following Successful CVA Deal
---------------------------------------------------
Ollie Cowan at Champion reports that the Southport-based Beales
Department store is safe for the immediate future, after the
company behind it successfully negotiated a voluntary agreement
with its creditors.

Directors at JE Beale plc have announced that they have finally
completed their company voluntary arrangement (CVA) with their
landlords and creditors -- which saw them go through an uncertain
time during insolvency, Champion relates.

This now means that the Lord Street based department store is safe
from closure for the foreseeable future, Champion notes.

"During the CVA period, Beales has renegotiated the rental terms
in certain of its retail properties, while planning to exit those
which would have remained unprofitable," Champion quotes a
spokesperson for Beales as saying.

"The group is expected to comprise about 20 stores from January
2017, including all of its largest branches, compared with 30
stores immediately prior to the CVA.

"The reconfigured Beales group is well financed.  Trading profits
and cash flow are showing satisfactory improvements under the new
management team.  The business is expected to return to profits
shortly, as the benefits of rationalization and the elimination of
loss-making sites flow through."


R&R ICE CREAM: S&P Raises CCR to 'B+', Outlook Stable
-----------------------------------------------------
S&P Global Ratings said that it raised its long-term corporate
credit rating on U.K.-based ice cream producer R&R Ice Cream PLC
to 'B+' from 'B'.  The outlook is stable.

At the same time, S&P assigned its 'BB-' issue rating to the
proposed EUR800 million first-lien term loan.  The recovery rating
on this loan is '2', indicating S&P's expectation of substantial
recovery prospects in the higher half of the 70%-90% range in the
event of a payment default.

In addition, S&P withdrew its 'B' long-term corporate credit
rating on R&R PIK PLC, S&P's 'B' issue rating on the existing
senior secured notes, and 'CCC+' issue rating on the existing
subordinated notes.

The ratings are subject to the successful completion of the joint
venture, which S&P understands is likely to occur at the end of
September 2016.

Food and beverage giant Nestle and R&R, a leading private label
ice cream company based in the U.K. and owned by PAI Partners,
have signed an agreement to set up a global ice cream joint
venture called Froneri.  Froneri will be headquartered in the
U.K., generate sales of about EUR2.6 billion across more than 20
countries, and employ about 15,000 people.  The new company will
combine Nestle's and R&R's ice cream businesses and will also
include Nestle's small European frozen food business (excluding
frozen pizza and retail frozen food in Italy).  Nestle and PAI
will have equal equity in the joint venture.  Nestle's over the
past two years, R&R has demonstrated improving operating
performance and high cash generation.  For the fiscal year ending
December 2015, R&R achieved a record S&P Global Ratings-adjusted
EBITDA of EUR181 million and free operating cash flow (FOCF) of
EUR107 million.  S&P understands that this momentum has been
fueled by a centralized structure with lean overhead functions,
efficient centralized procurement, and an ongoing focus on
increasing productivity in manufacturing.  R&R also has a good
track record of improving the profitability of earlier
acquisitions, such as Peters in Australia (bought in 2014) and
Nestle's South African business (bought in 2015).  R&R has been
making ice cream under Nestle's brand licenses for more than 15
years and has a brand licensing deal with Mondelez.

The joint venture will derive close to 50% of its revenue from the
core markets of Germany, the U.K., France, and Italy.  About
three-quarters of its revenue will come from sales of ice cream
under recognized consumer brands and one quarter from sales under
retailer brands, primarily in the U.K. and Germany.  Nestle's
legacy frozen food business is expected to contribute about 15% or
less of the joint venture's revenue.

The ice cream businesses Nestle is contributing to the joint
venture are locally managed and produce a mix of local and
regional brands, such as Movenpick, Extreme, Maxibon, and Pirulo.
The profitability of these businesses is currently low, with an
EBITDA margin of close to 7% (on an estimated stand-alone basis)
compared with R&R's EBITDA margin of nearly 18%.  In order to
increase operating margins in the joint venture, management aims
to capitalize on a leaner overhead structure, purchasing and
operational synergies between the two businesses, as well as to
extend R&R's focused approach to new product development, sales,
and marketing of ice cream.

S&P views Froneri's capital structure as highly leveraged.
Besides the EUR800 million first-lien term loan, S&P's calculation
of Froneri's adjusted debt includes the EUR800 million shareholder
loan provided by Nestle due to its cash interest feature.  S&P
calculates that Froneri's adjusted debt-to-EBITDA ratio will be
5.7x (2.9x without the shareholder loan) and its EBITDA interest
coverage approximately 4.1x as of Dec. 31, 2016.  Mainly due to a
higher costs related to the integration of both businesses, S&P
projects these metrics to be 5.8x and 4.1x, respectively, by the
end of 2017.  Given the challenge of executing a near-term
operational turnaround to set the joint venture on a long-term
growth path, S&P estimates that it will generate modest free
operating cash flows in 2016 and 2017.

Under S&P's group rating methodology, it assess Froneri to be of
moderately strategic importance to Nestle.  The rating therefore
incorporates one notch of extraordinary credit support and is
above the 'b' stand-alone credit profile (SACP).  S&P's assessment
reflects its views that Nestle is unlikely to sell Froneri, that
Nestle remains strategically committed to ice cream products, and
that Froneri is likely to be operationally successful.  S&P also
considers it is likely that Froneri would receive some
extraordinary support from Nestle should it fall into financial
difficulty.

S&P's pro forma base case, given the successful completion of the
joint venture, assumes:

   -- Economic growth in Europe remaining stable, with Germany
      (which makes up 15% of group sales) growing 1.6% in 2016
      and France and Italy somewhat slower, supporting 1%-2%
      market growth for Froneri.  These factors, combined with
      relatively stable trends in disposable incomes and consumer
      sentiment, should support overall demand in the ice cream
      category across the whole range of consumption channels and
      price points.

   -- Flat revenue growth in 2016 and 2017 due to a slight
      contraction in sales for the former Nestle businesses.
      Slightly decreasing adjusted EBITDA margin due to business
      integration and reorganization measures, which will result
      in higher costs in the next two years.  Capital
      expenditures (capex) of GBP98 million in 2016 and about
      GBP157 million in 2017.

   -- No dividend payments.

   -- No significant debt-funded mergers or acquisitions.

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

   -- Adjusted debt to EBITDA of 5.7x at the end of 2016 and 5.8x
      at the end of 2017.

   -- EBITDA cash interest coverage of about 4.1x in 2016 and
      2017.

   -- FOCF of close to EUR10 million in 2017.

The stable outlook on Froneri reflects S&P's view that the group
should successfully integrate Nestle's ice cream manufacturing
assets and restore margins over the medium term.  Over the next
12-to-18 months, S&P estimates adjusted leverage to remain above
5x and EBITDA interest coverage to be close to 4x, benefiting from
a favorable blended average interest rate across the senior loan
and the loan extended by Nestle.

S&P could lower the rating if Froneri's performance deteriorates,
and margins become more volatile such that the FOCF becomes
negative.  This could result from intensified competition with the
market leader Unilever at the premium end or from price-based
competition on a regional basis.  Additionally, a spike in primary
food costs or large unanticipated expenses related to the
integration of the Nestle business units could hold back
profitability and depress free cash flow generation.  S&P would
also review the rating if Nestle's stance toward the joint venture
became less supportive or if a large debt-financed acquisition
negatively affected credit metrics, although such developments are
not part of S&P's base case.

S&P could raise the rating if Froneri achieves debt to EBITDA
below 5x on a fully adjusted basis and commits to maintaining this
leverage level over the medium term.  In S&P's view, such a
scenario would likely depend on Froneri's ability to complete the
business integration and accelerate profitable growth ahead of
S&P's current base case.  S&P considers that the most likely
operational trigger for such accelerated growth would be the rapid
implementation of efficient manufacturing into the Nestle
businesses.


* UK: 101 Real Estate Firms Enter Insolvency in 1st Qtr. 2016
-------------------------------------------------------------
Tom Belger at Development Finance Today reports that over 100
companies offering real estate activities in England and Wales
entered insolvency in the first quarter of 2016.

Figures from the Insolvency Service revealed that there were 18
insolvencies for firms buying and selling real estate, 44 for
companies renting and operation owned or leased real estate and 39
who provide real estate activities on a fee or contract basis,
Development Finance Today relates.

Last year in total there were 417 real estate insolvencies with
141 taking place in Q1, meaning the latest figure shows a
significant drop in Q1 insolvencies (down 28.4%), Development
Finance Today discloses.

Of the 101 insolvencies, 23 were compulsory liquidations, which
was the lowest amount in the past six years, and half the number
recorded in Q1 2015, Development Finance Today notes.

The number of voluntary liquidations from real estate companies
grew to 64 compared to the previous quarter's 42 figure, but the
number was lower than the 77 reported in Q1 2015, Development
Finance Today relays.

There were 10 administrations by real estate firms, the same as
the previous quarter, and again lower than the 18 recorded in Q1
2015, Development Finance Today states.

According to Development Finance Today, speaking of the reasons
behind the fall in real estate insolvencies, Bob Sturges, head of
PR and communications at Fortwell Capital, stated: "From 2010
until the end of Q1 2016, the UK real estate sector enjoyed
something of a mini-boom.

"The reasons are varied, but include high levels of confidence,
rising demand (from both residential and commercial clients),
robust pricing, favorable margins and ample funding provided
through an expanding and innovative alternative lending channel."


                            *********

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 Amazon.com.  Go to
http://www.bankrupt.com/booksto 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, Julie Anne L. Toledo, Ivy B. Magdadaro, and
Peter A. Chapman, Editors.

Copyright 2016.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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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,
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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
202-362-8552.


                 * * * End of Transmission * * *