TCREUR_Public/170512.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, May 12, 2017, Vol. 18, No. 94



DAGROFA: To Close Kiwi Discount Chain


SOLARWORLD AG: To File for Insolvency Due to Overindebtedness


ALITALIA: Files for Amministrazione Straordinaria


SWISSPORT GROUP: S&P Puts 'B' CCR on CreditWatch Negative


EMF-NL PRIME 2008-A: Fitch Corrects April 28 Rating Release
* NETHERLANDS: Number of Company Bankruptcies Up in March 2017


HIPOCAT 8: S&P Lowers Rating on Class D Notes to CCC- (sf)


VOLVO CAR: S&P Raises CCR to 'BB+' on New Models


WEATHERFORD INT'L: Egan-Jones Lifts Commercial Paper Ratings to B


ODESA PORT-SIDE: Appeals Court Ruling May Prompt Bankruptcy

U N I T E D   K I N G D O M

CORNER BLOK: Director Banned for Six Years Over Collapse
LIFESTYLE LIVING: Sells Two Holiday Parks Ff. Administration
NEMUS II: Fitch Affirms CC Rating on GBP1.0MM Class F Notes
STORE TWENTY ONE: Pre-Tax Losses Widen to GBP9.3 Million

* UK: Insolvencies Expected in Consumer Durables Retail Sector


* BOOK REVIEW: Transnational Mergers and Acquisitions



DAGROFA: To Close Kiwi Discount Chain
European Supermarket Magazine reports that Danish retailer
Dagrofa has disclosed it is to close its Kiwi discount chain in
Denmark, as it feels it can 'no longer be turned into a
profitable business', the retailer said in a statement.

Dagrofa Chief Executive Per Thau said that the retailer, which
also operates the Meny, Spar, Min Kobmand and Let-Kob banners in
Denmark, will close Kiwi after "several years of losses", in
order to enable the business to "focus on what we do best,"
according to European Supermarket Magazine.

The report discloses that Dagrofa will convert around 30 of its
103 Kiwi outlets to Spar and Meny stores in the coming months,
with the remainder of the stores set to close.

                         Impact of Closure

The report notes that the move will reduce Dagrofa's consolidated
revenue by around 9%, but Thau added that in Meny and Spar, the
group operates chains where there is "progress, potential and
earnings.  Those forces we are now expanding with some of the
closed Kiwi stores."

The store closures will affect around 2,400 employees including
shop assistants, warehouse staff and staff in support functions,
the report relays.  Around a third of these will continue to work
in the converted stores, while Dagrofa has said that it has
initiated a 'number of initiatives' to help those made redundant
to find work elsewhere, the report discloses.

"The decision to close the Kiwi chain has not been easy to take,"
said Thau, the report notes. "The entire organisation has done a
tremendous job with the development of Kiwi. But we just have to
recognise that it has not managed to really get a foothold in the
discount market, which is characterised by fierce competition and
lack of earnings."


SOLARWORLD AG: To File for Insolvency Due to Overindebtedness
Christoph Steit at Reuters reports that Germany's SolarWorld,
once Europe's biggest solar power equipment group, said on May 10
it would file for insolvency, overwhelmed by Chinese rivals who
had long been a thorn in the side of founder and CEO Frank
Asbeck, once known as "the Sun King".

SolarWorld was one of the few German solar power companies to
survive a major crisis at the turn of the decade, caused by a
glut in production of panels that led prices to fall and peers to
collapse, including Q-Cells, Solon and Conergy, Reuters notes.

SolarWorld was forced to restructure and avoided insolvency
thanks to a debt-for-equity swap and the support of Qatar, which
took a 29% stake in the group four years ago through Qatar Solar
S.P.C., Reuters recounts.

According to Reuters, a renewed wave of cheap Chinese exports,
caused by reduced ambitions in China to expand solar power
generation, was too much to bear for the group, which made its
last net profit in 2014.

"Due to the ongoing price erosion and the development of the
business, the company no longer has a positive going concern
prognosis, is therefore over-indebted and thus obliged to file
for insolvency proceedings," Reuters quotes SolarWorld as saying
in a statement on May 10.

SolarWorld, which earlier this year announced staff cuts after
reporting increased losses, said it would immediately file for
insolvency and that it was assessing whether affiliated companies
would also have to do the same, Reuters relates.

SolarWorld AG is Germany's biggest solar-panel maker.  The
company is based in Bonn.


ALITALIA: Files for Amministrazione Straordinaria
Ch-Aviation reports that following a shareholders meeting on
Tuesday, May 2, the Board of Directors of Alitalia (AZ, Rome
Fiumicino) has voted in favour of filing for "amministrazione
straordinaria" (Extraordinary Administration) as required by
Italian law.

The carrier said in a separate statement issued shortly after the
board meeting that the vote was unanimous, according to Ch-

The report notes that as previously reported, the carrier's labor
force voted against a restructuring plan reached between
management and unions. Employee acceptance of the plan was key to
shareholders including Italian banks as well as Etihad Airways
(EY, Abu Dhabi Int'l) availing EUR2 billion (USD2.12 billion)
worth of fresh capital.

"We have done all we could to support Alitalia, as a minority
shareholder, but it is clear this business requires fundamental
and far-reaching restructuring to survive and grow in future,"
James Hogan, President and Chief Executive Officer of Etihad
Aviation Group, said, the report relays.  "Without the support of
all stakeholders for that restructuring, we are not prepared to
continue to invest. We, therefore, support the necessary decision
of the Alitalia Board to apply for extraordinary administration,"
he added.

Extraordinary Administration is an insolvency procedure which
aims to restructure large scale firms burdened with significant
debts. It is supervised by the Italian Ministry of Economic

                      About Alitalia

Alitalia-Compagnia Aerea Italiana has navigated its way through
a successful restructuring.  After filing for bankruptcy
protection in 2008, Alitalia found additional investors, acquired
rival airline Air One, and re-emerged as Italy's leading airline
in early 2009.  Operating a fleet of about 150 aircraft, the
airline now serves more than 75 national and international
destinations from hubs in Fiumicino (Rome), Milan, Turin, Venice,
Naples, and Catania.  Alitalia extends its network as a member of
the SkyTeam code-sharing and marketing alliance, which also
includes Air France, Delta Air Lines, and KLM.  An Italian
investor group owns a majority of the company, while Air France-
KLM owns 25%.

                      *     *     *

Alitalia was the subject of a bail-out in 2014 by means of a
significant capital injection from Etihad Airways, with goals of
achieving profitability during 2017.  However, increased
competition on routes operated by U.K.-based carriers and
significantly higher labor costs led to the ultimate failure of
Etihad Airways' profitability goals for Alitalia.  During late
April 2017, labor unions representing Alitalia workers rejected a
plan that called for job reductions and pay cuts for workers.
Following the failure of these negotiations, Etihad Airways
signaled an unwillingness to invest additional capital into the
company and shareholders ultimately agreed to file for
extraordinary administration proceedings on May 2, 2017.


SWISSPORT GROUP: S&P Puts 'B' CCR on CreditWatch Negative
S&P Global Ratings placed its 'B' long-term corporate credit
rating on Luxembourg-based airport services provider Swissport
Group S.a.r.l and the group's related entities on CreditWatch
with negative implications.

At the same time, S&P also placed on CreditWatch with negative
implications its 'B' issue ratings on the CHF110 million senior
secured revolving credit facility (RCF) by Swissport
International Ltd., as well as the EUR660 million term loan B,
and the EUR400 million senior secured notes issued by Swissport
Investment S.A. The recovery rating on these instruments is '3',
reflecting S&P's expectation of meaningful recovery (50%-60%;
rounded estimate 60%).

S&P also placed on CreditWatch with negative implications its
'CCC+' issue rating on the EUR290 million senior unsecured notes
issued by Swissport Investment S.A.  The recovery rating on the
notes is '6', reflecting S&P's expectation of negligible recovery
(0%-10%; rounded estimate 0%).

The negative CreditWatch placement follows Swissport's
announcement of a technical breach of certain non-financial
covenants in its credit facility agreement and its intention to
complete debt-restructuring solutions in the next 90 days.

The covenant breach occurred when shares of three holding
companies within Swissport's restricted group were used as
security for a debt facility for Swissport's parent, HNA Group
Co. Ltd. In concrete terms, the securities were pledged for a
subsidiary of HNA Group before the acquisition of Swissport was

The abovementioned shares of Swissport, Swissport Investments
S.A., and Aguila 2 S.A. were prohibited from being pledged under
certain provisions including the negative pledge clause of the
credit facility, which includes the EUR660 million term loan B
and the CHF110 million RCF.  However, the shares subject to such
pledges do not include any shares that are included in the
collateral intended to secure the credit facilities or the senior
secured high-yield bonds.

S&P understands that the bond documentation does not include a
cross-default clause.  However, as Swissport will delay
publication of its 2016 fiscal results, it cannot access its RCF.
That said, S&P understands that HNA Group has injected EUR718
million of cash as pure equity into the company to maintain
sufficient liquidity for ongoing operations and to redeem the
EUR660 million term loan B, if needed, and to prevent a cross
acceleration of the bonds.  S&P considers this to be a strong
commitment from the HNA Group.

S&P understands that Swissport's trading performance is in line
with expectations and that Swissport will continue to pay all of
its debt obligations as they fall due and that the possible 90-
day forbearance period Swissport referenced in its recent
announcement primarily relates to the delay of the publication of
its 2016 fiscal results, and does not allow Swissport to defer
debt payments.

S&P has revised its assessment of Swissport's stand-alone credit
profile (SACP) to 'b-', following S&P's reassessment of
Swissport's financial policy assessment to negative, due to high
event risk regarding management's financial policy and a lower
degree of predictability in credit ratios.

"We assess the creditworthiness of the combined diversified but
highly leveraged HNA Group to be commensurate with a 'b+' group
credit profile (GCP).  Following a number of acquisitions in
recent years, HNA Group is a large Chinese conglomerate operating
in the aviation, infrastructure, real estate, financial services,
tourism, and logistics sectors.  In our view, the group benefits
from broad scale and diversification of operations.  However, we
view the group's financial policy as aggressive based on its
acquisition strategy and high debt leverage," S&P said.

S&P views Swissport as a moderately strategic subsidiary of HNA
Group.  S&P considers it unlikely that HNA Group would sell
Swissport in the near-to-medium term, given that the company
provides backward integration to the group's aviation business
through its ground handling and cargo business.  S&P also sees
some potential for support from the group if Swissport falls into
financial difficulty, as it has demonstrated by injecting cash in
this case.

S&P will review the implications of Swissport's recent
announcement and seek clarifications from Swissport's management
team, parent (HNA Group), and banking group regarding the nature
of the intended debt restructuring and the measures that they
will take to cure the technical covenant breach.

S&P currently understands that Swissport's trading performance is
in line with expectations, and that if any outstanding debt is
repaid as part of a debt restructuring, investors will receive
value at least equal to the promise of the original securities.
However, if this is not the case, or if the information provided
is insufficient, S&P could downgrade Swissport by several

S&P expects to resolve its CreditWatch in the next 30 days.


EMF-NL PRIME 2008-A: Fitch Corrects April 28 Rating Release
This announcement corrects the version published on April 28,
which incorrectly stated the class A2 and A3 notes' ratings in
EMF-NL Prime 2008-A B.V.

Fitch Ratings has taken rating actions on 18 tranches of four
Dutch non-conforming transactions. Fitch has downgraded six
tranches, upgraded one tranche and affirmed 11 tranches. The
notes have been removed from Rating Watch Negative (RWN). A full
list of rating actions is at the end of this rating action

The transactions are Eurosail-NL 2007-1 B.V. (Eurosail 2007-1),
Eurosail-NL 2007-2 B.V. (Eurosail 2007-2), EMF-NL Prime 2008-A
B.V. (EMF 2008-A) and Principal Investment Mortgages 1 SA (PRIM).
Except for PRIM they are securitisations of Dutch residential
mortgages all jointly originated by ELQ Portefeuille I BV (ELQ)
and Quion 50. PRIM is a RMBS originated by Sparck Hypotheken..


Resolution of RWN
We placed the notes on RWN in November 2016 reflecting the
maturity concentration of the underlying loans close to the
maturity of the respective notes.

Interest-only loans account for between 90% and 99% of the
portfolio across the four transactions. Approximately 83%-92% of
the current balance is interest-only loans that mature within a
three-year period, close to the notes' maturity.

In its cash flow analysis, Fitch's back-loaded default
distribution assumes defaults occur in the first 17 years from
the date of analysis. Given the distribution of maturity dates of
interest-only loans in these portfolios, defaults could take
place only a few years prior to note maturity, in which case
there may not be sufficient excess spread to make whole any
losses incurred. This creates the potential for a shortfall in
the repayment of the notes at their maturity.

Fitch has assessed the resilience of the ratings by adjusting the
timing of defaults to within two years of note maturity.
Additionally, Fitch has considered the effect of increasing the
recovery timing by three months, given the clustering of
projected defaults. The negative rating actions reflect the
sensitivity of the transactions to this risk.

Credit Enhancement
Relatively high credit enhancement (CE), when measured against
the other three deals as well as the broader market, have driven
the upgrade of PRIM's class C notes. The transaction is resilient
to the additional back-loaded defaults stress applied.

The combination of the outstanding principal deficiency ledger,
drawn reserve fund, interest deferrals and outstanding amounts
due to the Lehman Brothers bankruptcy estate have together
contributed to the downgrade of EMF 2008-A below investment

Asset Performance
In the EMF and Eurosail transactions late-stage arrears (loans
that have been delinquent for over three months) have decreased
over the last year by up to 4.5 percentage points (EMF 2008-A).
This mirrors improvements in the Dutch economy, housing market,
and employment market. However, the absolute level of these late-
stage arrears (between 5.5% and 7.5%) is still well above the
equivalent measure in Fitch Netherlands All Deals Index (at

In PRIM, late-stage arrears have increased by 70bp in the 12
months to February 2017, to 4.7%. These delinquencies have been
broadly stable around 4% in this transaction since issuance.

The performance adjustment factor (PAF) of 2x applied to all
transactions is a key rating driver of the downgrades. The PAF
compares the foreclosures to date (as well as current arrears) to
the 'Bsf' foreclosure frequency modelled based on the current
portfolio. Foreclosures are measured against the back-loaded
default distribution, which is a reasonable assumption for these
transactions with a high proportion of interest-only loans
maturing towards the end of the transactions' life.

Lender Adjustment
At transaction close, for the EMF and Eurosail transactions a
lender adjustment of 1.3x was applied while an adjustment of 1.8x
was applied for PRIM. In line with criteria, Fitch applied the
same lender adjustments used at closing for this rating action.

Risk of Commingling Loss
Mortgage payments in PRIM are made to a collection account at ABN
AMRO (A+/Stable/F1) held in the name of the servicer (Vesting
Finance Servicer B.V.). As Vesting is an unrated entity, Fitch
has sized for one month's worth of commingling loss. This
reflects the loss the transaction may incur should Vesting
default and the amounts standing to the credit of the collection
account be commingled in its insolvency estate. This stress has
had no rating impact.

Adverse Credit
With the exception of EMF 2008-A, all the transactions comprise
borrowers with a registration at the Bureau Kredietregistratie
(Dutch Credit Office) at closing. In line with criteria for non-
prime transactions, a 35% foreclosure frequency adjustment has
been made for these borrowers in Fitch analysis.

Claims Settlements
The Lehman Brothers bankruptcy estate has entered into a
settlement agreement with the EMF and Eurosail issuers over a
derivative-related dispute. Outstanding settlement payments due
by the issuers have been factored into the analysis.


The rating actions reflect the effect of applying a customised
back-loaded default curve in these transactions, as well as an
increase in the time to recovery post-foreclosure.

The transactions have a geographical concentration to either
Flevoland or Zeeland (where the current balance of the
transaction is more than twice the population proportion in that
region). In these cases, the agency has applied a 15% foreclosure
frequency increase to the portion of the portfolio in excess of
the population proportion in the region. This adjustment is not
specified in the Dutch addendum to the EMEA RMBS Criteria..


A reduction in the asset maturity concentration may reduce the
transactions' exposure to the timing of foreclosures and lead to
positive rating action.

The weighted average margins of the loans in PRIM are subject to
a minimum rate as per the interest rate policy entered into by
the issuer at closing. Should the weighted average rate fall
below this minimum, it may lead to negative rating action.

Additionally, non-performing borrowers in PRIM may remain
delinquent for extended periods of time as they negotiate
refinancing or enter into foreclosure. This may result in payment
interruption risk, especially for the class C notes, which may be
locked out of the liquidity facility. Reductions in delinquency
periods, in the agency's opinion, would reduce this risk and may
result in positive rating action on these notes.


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

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

Prior to PRIM's closing, Fitch reviewed the results of a third
party assessment conducted on the asset portfolio information and
concluded that there were no findings that affected the rating

Prior to PRIM's closing, Fitch conducted a review of a small
targeted sample of the originator's
origination files and found the information contained in the
reviewed files to be adequately consistent with the originator's
policies and practices and the other information provided to the
agency about the asset portfolio.

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


The information below was used in the analysis.
- Loan-by-loan data provided by Adaxio B.V. and the European
   Warehouse as at December 31, 2016 and January 1 2017

- Transaction reporting provided by Adaxio B.V. and Vesting
   Finance B.V. as at January 17, 2017, January 30, 2017, and
   February 28, 2017

- Discussions and updates from Adaxio and Vesting Finance as at
   April 21, 2017 and April 25, 2017

Fitch has taken the following rating actions:

Eurosail-NL 2007-1 B.V.
Class A (XS0307254259) downgraded to 'A+sf' from 'AA sf'; off
RWN; Outlook Stable
Class B (XS0307256114) downgraded to 'BBBsf' from 'BBB+ sf'; off
RWN; Outlook Stable
Class C (XS0307257435) downgraded to 'BBsf' from 'BB+ sf'; off
RWN; Outlook Stable
Class D (XS0307260496) affirmed at 'CCC sf'; Recovery Estimate
(RE) revised from 90% to 60%
Class E1 (XS0307265370) affirmed at 'CCC sf'; RE 0%

Eurosail-NL 2007-2 B.V.
Class A (XS0327216569) affirmed at 'A+sf'; off RWN; Outlook
Class M (XS0330526772) affirmed at 'BBB+ sf'; off RWN; Outlook
Class B (XS0327217880) affirmed at 'B+ sf'; Outlook revised to
Stable from Negative
Class C (XS0327218425) affirmed at 'CCC sf'; RE revised to 90%
from 40%
Class D1 (XS0327219159) affirmed at 'CCC sf'; RE 0%

EMF-NL Prime 2008-A B.V.
Class A2 (XS0362465535) downgraded to 'BBsf' from 'BBB-sf'; off
RWN; Outlook Stable
Class A3 (XS0362465881) downgraded to 'BBsf' from 'BBB-sf'; off
RWN; Outlook Stable
Class B (XS0362466186) affirmed at 'CCC sf'; RE 90%
Class C (XS0362466269) downgraded to 'CCsf' from 'CCC sf'; RE 0%
Class D (XS0362466772) affirmed at 'CC sf'; RE 0%

Principal Residential Investment Mortgages 1 SA
A (XS0736639112) affirmed at 'AAA sf'; off RWN; Outlook Stable
B (XS0736642686) affirmed at 'AAA sf'; off RWN; Outlook Stable
C (XS0736644203) upgraded to 'A+sf' from 'Asf'; off RWN; Outlook

* NETHERLANDS: Number of Company Bankruptcies Up in March 2017
Statistics Netherlands reports that the number of company
bankruptcies has risen marginally.

In March 2017, the number of bankruptcies was 11 up from the
preceding month, Statistics Netherlands discloses.

Most bankruptcies were recorded in the trade sector, Statistics
Netherlands notes.

If the number of court session days is not taken into account,
293 businesses and institutions (excluding one-man businesses)
were declared bankrupt in March 2017, Statistics Netherlands
relates.  With a total of 60, the trade sector took the hardest
hit, Statistics Netherlands states.  In the sector financial
institutions and the construction sector 40 bankruptcies were
filed, according to Statistics Netherlands.

Proportionally, the number of bankruptcies was high in the sector
hotels and restaurants in March, Statistics Netherlands states.


HIPOCAT 8: S&P Lowers Rating on Class D Notes to CCC- (sf)
S&P Global Ratings has raised its credit ratings on Hipocat 8,
Fondo de Titulizacion de Activos' class A2 and B notes.  At the
same time, S&P has affirmed its rating on the class C notes and
lowered its rating on the class D notes.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received as
of the March 2017 investor report.  S&P's analysis reflects the
application of its European residential loans criteria, S&P's
structured finance ratings above the sovereign (RAS) criteria,
and its current counterparty criteria.

Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final

S&P's RAS criteria designate the country risk sensitivity for
residential mortgage-backed securities (RMBS) as moderate.  S&P's
credit and cash flow analysis indicates that the class A2 and B
notes now have sufficient credit enhancement to withstand its
stresses at the 'AA+' and 'A+' rating levels, respectively.
S&P's RAS criteria cap its ratings in this transaction at six
notches above S&P's 'BBB+' foreign currency long-term sovereign
rating on the Kingdom of Spain for the class A2 notes and at two
notches above our rating on Spain for the class B notes.  S&P has
therefore raised to 'AA+ (sf)' from 'BBB- (sf)' and to 'A (sf)'
from 'BB (sf)' its ratings on the class A2 and B notes,

Under S&P's current counterparty criteria, Cecabank S.A., as the
swap provider, cannot support a rating on the notes that is
higher than our 'BBB' long-term issuer credit rating on Cecabank.
S&P has therefore performed its credit and cash flow analysis
without giving benefit to the swap provider, to determine if the
class A2 and B notes could achieve a higher rating when giving no
benefit to the swap provider.  S&P's ratings on both the class A2
and B notes are de-linked from its rating on the swap provider,

The transaction features an interest deferral trigger for the
class B to D notes.  If breached, the interest payments are
subordinated below principal in the priority of payments.  These
triggers are based on the difference between the available funds
and the outstanding balance of the notes.  None of these triggers
has been breached to date.  However, given the trend in defaults,
the class D trigger may be breached in the near future, in S&P's

The class C and D notes are not able to pass S&P's cash flow
stresses at the 'B' rating level.  S&P's cash flow analysis for
the class C notes shows that it do not expect a default to occur
in the next 12 months.  In line with paragraphs 92 and 93 of
S&P's European residential loans criteria, and its criteria for
assigning 'CCC' category ratings, S&P has affirmed its 'B- (sf)'
rating on the class C notes.  At the same time, the class D notes
are undercollateralized, the credit enhancement has decreased
since our previous review, S&P estimates that the interest
deferral trigger will be breached in the near term, and S&P's
cash flow analysis shows interest shortfalls in the next 12
month. Therefore, in line with S&P's criteria for assigning 'CCC'
category ratings and given the degree of financial stress for
class D notes, S&P has lowered to 'CCC- (sf)' from 'CCC (sf)its
rating on the class D notes.

Available credit enhancement for the class A2 and B notes has
increased since S&P's previous review due to the amortization of
the class A2 notes.  At the same time, available credit
enhancement for the class C and D notes has decreased due to the
full depletion of the reserve fund, limited prepayments, and
uncured defaults, which have led to the class D notes being

Class      Available credit enhancement,
           excluding defaulted loans (%)

A2           20.90
B            13.39
C             3.20
D            (6.16)

Hipocat 8 features a reserve fund, which can amortize to a target
amount.  However, it is now depleted as it was used to provision
for defaulted assets.

Severe delinquencies of more than 90 days, excluding defaults,
are 1.84%, which is below S&P's Spanish residential mortgage-
backed securities (RMBS) index, although they have been above the
index in the past.

Mortgage loans in arrears for more than 18 months are classified
as default in this transaction and, consequently, artificially
written off.  As of December 2016, defaults at 9.75% were higher
than in other Spanish RMBS transactions that S&P rates.
Prepayment levels remain low and the transaction is unlikely to
pay down significantly in the near term, in S&P's opinion.

After applying S&P's European residential loans criteria to this
transaction, its credit analysis results show a decrease in the
weighted-average foreclosure frequency (WAFF) and a decrease in
the weighted-average loss severity (WALS) for each rating level.

Rating level     WAFF     WALS     CC
                  (%)      (%)     (%)
AAA             22.88    21.42    4.90
AA              16.97    18.04    3.06
A               13.65    12.21    1.67
BBB             10.12     9.38    0.95
BB               6.48     7.51    0.49
B                5.30     5.89    0.31

CC--Credit coverage.

S&P's European residential loans criteria set the minimum
projected losses at 0.35% at the 'B' rating level.  The projected
losses that S&P compares with these credit coverage floors
include the negative carry resulting from interest due on the
rated liabilities during the foreclosure period.  Projected
losses with interest meet the minimum floor level at the 'B'
rating level.

In S&P's opinion, the outlook for the Spanish residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when S&P applies its European
residential loans criteria, to reflect this view.  S&P bases
these assumptions on its expectation of modest economic growth,
continuing high unemployment, and house prices stabilization
during 2017.

Hipocat 8 is a Spanish RMBS transaction, which closed in May 2005
and securitizes first-ranking mortgage loans. Catalunya Banc
(formerly named Caixa Catalunya) originated the pool, which
comprises loans secured over owner-occupied properties, mainly
located in Catalonia.


Class             Rating
            To              From

Hipocat 8, Fondo de Titulizacion de Activos
EUR1.5 Billion Mortgage-Backed Notes

Ratings Raised

A2          AA+ (sf)        BBB- (sf)
B           A (sf)          BB (sf)

Rating Affirmed

C           B- (sf)

Rating Lowered

D           CCC- (sf)       CCC (sf)


VOLVO CAR: S&P Raises CCR to 'BB+' on New Models
S&P Global Ratings raised to 'BB+' from 'BB' its long-term
corporate credit rating on automotive manufacturer Volvo Car AB.
The outlook is stable.

At the same time, S&P raised its issue ratings on Volvo's senior
unsecured bonds to 'BB+' from 'BB', which is in line with the
corporate credit rating.  S&P's recovery rating of '3' is
unchanged and indicates its expectations of meaningful (50%-70%;
rounded estimate: 65%) recovery in the event of a payment

The upgrade reflects S&P's view that Volvo is making good
progress in strengthening its competitive position and business
profile through successful model launches, which are replacing
its model line-up and enabling the company to reposition itself
as a premium car manufacturer.  Also supportive is Volvo's
progress in strengthening its profitability.

Volvo posted volume growth in 2016 of 6% to about 534,000 cars,
and during the four months to April 30, 2017 of 8% to about
176,000.  Growth in 2016 was driven by higher SUV sales, notably
the all-new XC90, launched in 2014.  This was partly offset by
slightly lower volumes in the sedan and estate segments.  In mid-
2016, replacement models were launched for the S90 sedan and V90
estate and production has just started of Volvo's new XC60 mid-
size SUV.  Further new models can be expected to complete the
revamp of the portfolio, and the company plans to significantly
increase volumes further to 800,000 during the next few years.

Profitability is also strengthening, as seen in S&P Global
Ratings-adjusted EBITDA margins of 9.4% in 2016 compared with
7.7% during 2015, and 9.5% during the last-12-months to March 31,
2017, compared with 9.0% during the same period to March 31,
2016.  This is despite launch costs related to new model
launches.  Other favorable trends include the transition to more
flexible and cost-efficient manufacturing platforms, which is
currently underway, and investments being made in
electrification, autonomous driving, and connectivity.

S&P continues to view these strengths as being partly offset by
Volvo's limited scale and scope by global standards, and a degree
of execution risk related to significant capacity expansion --
notably a new plant being built in the U.S. due to start
production in 2018, and the continued rollout of new models.
Volvo also has a quite limited track-record of improving
profitability, and will continue to face highly competitive
market conditions from long-established premium car peers.  While
underway, Volvo could be challenged to fully reposition the brand
into the premium segment.  A slower pace of new car demand growth
in China is a further risk factor.  Cyclical demand for premium
cars, sizable research and development expenses, and the need for
automakers to meet stringent environmental standards, are also
constraining factors.  As with peers, the company has invested in
this area to meet the required standards.

S&P no longer includes a one-notch negative comparable rating
analysis modifier as Volvo continues to successfully launch new
models according to its business plan and strengthen
profitability, while avoiding execution risks.

S&P's assessment of Volvo's financial risk profile remains
supported by S&P's expectation of continued zero or low adjusted
debt levels and strong leverage metrics.  This is underpinned by
continued volume growth from new models.  S&P also expects EBITDA
profit margins to remain stable.  Constraining factors are
ongoing levels of high capital expenditures (capex), including
investments in new models and capacity additions, which may lead
to broadly neutral free operating cash flow (FOCF) in 2017
becoming positive in 2018.

Although adjusted debt is zero, which is strong for the rating
and which S&P expects to continue, S&P factors in the risk of
potential high volatility in cash flow and leverage metrics.
This is because S&P views Volvo as being more exposed than peers
to the risk that its investments in new models and expansion of
production could experience operational delays or challenges,
which make S&P's forecasts and leverage metrics more vulnerable
to execution risks.

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

   -- Global auto sales to increase by about 1%-2% in 2017 and
      2%-3% in 2018, which is similar to trends in global GDP
      growth. S&P sees volume growth mostly in Asia-Pacific and
      Europe, although S&P expects slower auto sales growth in
      China because of reduced tax incentives.

   -- Moderate volume growth for Volvo to around 560,000 in 2017,
      and 600,000 in 2018, driven by volumes from new models.

   -- S&P Global Ratings-adjusted EBITDA margins to remain stable
      at around 9%, helped by positive pricing and volume mix.

   -- Investments in working capital as volumes grow.

   -- Capex (including intangibles) of Swedish krona (SEK) 19
      billion per year in 2017 and 2018.

   -- Broadly neutral FOCF in 2017, becoming positive in 2018.

   -- S&P do not factor any dividend payments.  Nor do S&P
      factors in any potential isting of the company.

Based on these assumptions, S&P expects these credit measures for
2016 and 2017:

   -- Adjusted debt to remain zero or at low levels.
   -- Funds from operations (FFO) to debt of well above 100%.
   -- Adjusted debt to EBITDA of well below 0.5x.
   -- S&P regards metrics of above 60% and below 1.5x,
      respectively, as being in line with the ratings.  This
      indicates a significant degree of headroom compared with
      S&P's forecasts, but is intended to capture execution and
      volatility risks.

As of Dec. 31, 2016, S&P Global Ratings-adjusted debt was zero.
To the reported gross debt of Swedish krona (SEK) 24.4 billion,
S&P adds SEK3.9 billion for operating leases, SEK5.1 billion for
pensions, SEK5 billion of preferred equity, which S&P treats as
debt, and deduct SEK42.3 billion of surplus cash (after deducting
SEK1.0 billion of cash balances, which S&P treats as not
immediately available).  On this basis, leverage ratios were not
meaningful.  S&P also lowers reported EBITDA by capitalized
development costs, which in 2016 were SEK6.2 billion.

S&P views Volvo as a highly strategic entity of Geely Holding,
which has a group credit profile (GCP) of 'bb+'.  Geely Holding
owns 99% of Volvo.  S&P's assessment implies that Volvo is
virtually integral to the group's current identity and future
strategy, and the group would support Volvo under almost all
foreseeable circumstances.  On this basis, the long-term credit
ratings on Volvo are in line with the company's own stand-alone
credit profile (SACP) of 'bb+' and are not constrained by Geely
Holding's GCP.

Volvo is a Sweden-based car manufacturer, which in 2016 produced
about 534,000 cars.  It produces cars across SUV/crossover (XC),
estate/hatchback (V), and sedan (S) body types.  Key markets are
Western Europe, China, and the U.S. Volvo is 99%-owned by Chinese
automotive manufacturer Geely Holding.  In 2016, Volvo's revenues
were SEK180.7 billion (approximately E19.1 billion).

The stable outlook reflects S&P's expectation that Volvo will
continue its successful roll-out of new car models while
maintaining profitability and zero or low levels of adjusted debt
and avoiding execution risks.

S&P could raise its ratings on Volvo if S&P revised upward Geely
Holding's GCP and Volvo's SACP.  Key factors affecting Geely
Holding's GCP include stronger product competitiveness, group
consolidated EBITDA margin of more than 10%, and a ratio of debt
to EBITDA below 1.5x through business cycles.  For Volvo itself,
S&P would need to see continued successful business plan
execution leading to further improvements in the competitive
position; sustained EBITDA margins; and maintained leverage
metrics of FFO to adjusted debt above 60% and adjusted debt to
EBITDA below 1.5x.

S&P could lower its ratings on Volvo if S&P revised down Geely
Holding's GCP or Volvo's SACP.  For Geely Holdings, key factors
include lower market share and cost competitiveness and eroding
profitability with an EBITDA margin below 6x.  A ratio of debt to
EBITDA consistently above 2x would also be a negative factor.
For Volvo, factors include lower profitability or material delays
in new model launches or other operational setbacks.  Other
factors would be negative FOCF, and leverage metrics weaker than
FFO-to-adjusted debt of 60%, or adjusted debt to EBITDA of 1.5x,
on a sustained basis.


WEATHERFORD INT'L: Egan-Jones Lifts Commercial Paper Ratings to B
Egan-Jones Ratings, on April 19, 2017, raised the local currency
and foreign currency ratings on commercial paper issued by
Weatherford International PLC to B from C.

Weatherford International public limited company, together with
its subsidiaries, operates as a multinational oilfield service
company worldwide. The Company was founded in 1972 and is
headquartered in Baar, Switzerland.  The Company's segments
include North America, Latin America, Europe/Sub-Sahara Africa
(SSA)/Russia, Middle East/North Africa (MENA)/Asia Pacific and
Land Drilling Rigs.


ODESA PORT-SIDE: Appeals Court Ruling May Prompt Bankruptcy
Interfax-Ukraine reports that the Odesa region's appeals court on
May 10 upheld the decision of the Yuzhne city court on satisfying
a motion by Ostchem, owned by Dmytro Firtash, on implementing the
ruling of the Stockholm Arbitration Court to collect US$193
million in debts from the Odesa Port-Side Chemical Plant (OPP),
not including fines and penalties, according to acting head of
Ukraine's State Property Fund (SPF) Dmytro Parfenenko.

"The Odesa region's appeals court [Wednes]day declined all our
appeals and motions and left in force the ruling of the Yuzhne
city court . . . This opens the door to the potential bankruptcy
of the OPP, a key enterprise in the region," Interfax-Ukraine
quotes Mr. Parfenenko as saying during a Cabinet of Ministers
meeting in Kyiv on May 11.

Ukrainian Prime Minister Volodymyr Groysman tallied the total
debt at around US$300 million, Interfax-Ukraine discloses.

According to Interfax-Ukraine, Mr. Parfenenko said the SPF is
preparing to appeal the ruling and seeking a stay of the
decision, as well as taking a number of legal steps to prevent
OPP's bankruptcy.

"This all creates the impression of some kind of deliberate
campaign to destroy the investment potential of the enterprise.
One conclusion is as follows: this shows that OPP's privatization
is required as quickly as possible . . . and the need to conduct
a search for an effective owner of the plant," Mr. Parfenenko, as
cited by Interfax-Ukraine, said.

U N I T E D   K I N G D O M

CORNER BLOK: Director Banned for Six Years Over Collapse
Belfast Telegraph reports that Colin John Conn, the director of
Corner Blok Limited, has been banned from the boardroom for six
years after racking up debts of GBP2 million.

Corner Blok restored a building on the junction of Waring Street
and Donegall Street to create the Four Corners Hotel, which
opened in 2008, Belfast Telegraph discloses.  The hotel is leased
to Premier Inns, remains open and continues to trade as normal,
Belfast Telegraph notes.

Corner Blok operated in the property development industry from
Upper Newtownards Road, Belfast, and went into administration on
March 30, 2011, Belfast Telegraph recounts.

It had liabilities to unsecured creditors of GBP2,650,000 and an
estimated deficiency as regards creditors of GBP2,150,000,
Belfast Telegraph discloses.

The department said it accepted the disqualification from
Mr. Conn for a number of reasons, Belfast Telegraph relays.

That included causing and permitting the company to retain a
total of GBP981,529 in VAT, failing to "maintain and/or preserve
and/or deliver up accounting records for the company from
December 31, 2008 to the date of administration", and failing to
file annual accounts for the company with Companies House,
according to Belfast Telegraph.

LIFESTYLE LIVING: Sells Two Holiday Parks Ff. Administration
Duncan Bick at In-Cimbria reports that two Cumbrian holiday parks
have been sold to an experienced operator after their former
owner went into administration.

Lakeland View Residential Park at Nethertown, near Egremont, and
Silecroft Holiday Park, near Millom, have been sold to a group
owned by Leicester-based businessman Tony Barney, who runs parks
throughout the UK under the Countrywide Park Homes and Lifestyle
Homes NI (Northern Ireland) brands, according to In-Cimbria.

The report discloses both were part of Lifestyle Living UK along
with other sites in Norfolk and Suffolk.

This company -- which was owned by Mr Barney until 2014 -- went
into administration in December.

Joint administrators Jason Baker and Miles Needham of FRP
Advisory though have announced that the business and assets of
Lifestyle Living have been bought by Mr. Barney, who will
maintain the brand name, saving 30 jobs across the UK, the report

The report notes that Mr. Baker said: "We are pleased to have
secured a sale of the entire business and all the sites of
Lifestyle Living to experienced caravan and leisure site operator
Tony Barney, who has a sound understanding of each site's unique
geography and customer base thanks to his years of prior
ownership and solid stewardship of the group. We wish Lifestyle
Living the very best under new ownership."

The report relays that he also said that bookings at the park had
remained strong and that this is expected to continue as the
falling pound encourages more people to holiday in the UK.

The report discloses Mr. Barney, said: "It is great to be back in
at Lifestyle Living and I look forward to re-invigorating the
sites so that they can serve another generation of holiday-users
and lodge owners with the high standards they have come to
expect. With more than 30 years of experience in the holiday and
residential parks sector, I could see an opportunity to come back
to a business which I helped build up and take it on to a new

"I remain committed to investing in locations which, like those
of Lifestyle Living, offer tranquility for residents, yet remain
within easy access to towns or villages with essential amenities.
I welcome approaches from other park owners who are looking to
secure a confidential sale of their park."

NEMUS II: Fitch Affirms CC Rating on GBP1.0MM Class F Notes
Fitch Ratings has affirmed Nemus II (Arden) plc's floating-rate
notes due February 2020:

GBP4.7 million Class A (XS0278300487) affirmed at 'AAsf'; Outlook
revised to Stable from Negative
GBP11.3 million Class B (XS0278300560) affirmed at 'Asf'; Outlook
revised to Negative from Stable
GBP7.7 million Class C (XS0278300727) affirmed at 'BBBsf';
Outlook Stable
GBP7.1 million Class D (XS0278301295) affirmed at 'BBsf'; Outlook
GBP13.9 million Class E (XS0278301378) affirmed at 'CCCsf';
Recovery Estimate (RE) revised to 100% from 80%
GBP1.0 million Class F (XS0278301535) affirmed at 'CCsf'; RE
revised to 50% from 0%.

The transaction closed in December 2006 and was originally the
securitisation of six loans secured on 22 properties located
throughout the UK and Jersey. Four of the loans were tranched but
the subordinated B-notes do not form part of the securitisation.
In May 2017, only one loan remained - GBP34.9 million Buchanan


The affirmations reflect the full repayment of the GBP10.7
million Carlton House loan, which once the corresponding
principal amounts are applied on the May interest payment date
(IPD), will fully repay the class A notes in full and
approximately 50% of the class B notes. The Negative Outlook on
the class B notes addresses the likelihood of a 'BBBsf' rating
cap being applied in August 2018 (18 months prior to bond
maturity) should the loan remain outstanding.

Fitch has affirmed the class C and D notes despite them being
subject to an interest shortfall on the February 2017 IPD. Fitch
believes this shortfall is temporary and will be repaid through
increased interest receipts as a result of the announced
application of default interest (at 1%).

Finally, Fitch has affirmed the class E and F notes at distressed
levels due to a higher likelihood of ongoing interest deferral
and ultimate principal losses, should ongoing collateral remedial
works be unduly delayed.

Since the last rating action in May 2016, two loans repaid in
line with expectations: GBP124.6 million Victoria in October
2016, almost entirely repaying the class A notes, followed by the
Carlton House loan in April 2017.

The remaining loan (Buchanan House) entered special servicing in
April 2013, when in addition to an ongoing loan-to-value (LTV)
covenant breach, a structural defect requiring substantial
remedial work was detected in the underlying collateral, an
office property located in Glasgow let to three tenants.

Since the last rating action in May 2016 and following the
settlement of the dispute between the borrower and contractor
deemed responsible for the defect, the contractor commenced
remedial works at no cost to the borrower. Fitch understands that
the works are approximately one month behind schedule (due to
weather dependency), with completion targeted for summer 2018.

Fitch also understands that the incumbent tenants have no right
to terminate or reduce the rent payable under their leases as a
result of the remedial works being undertaken. Meanwhile the
special servicer released GBP4.3 million of funds trapped prior
to the settlement, contributing to an overall GBP6.3 million
redemption of the senior Buchanan House loan over the last 12

Since the last rating action, surplus income has been used to
amortise the loan by GBP0.6 million quarterly. However, the
application of default interest is expected to reduce future
amortisation funds and will likely result in the class B notes
being outstanding until repayment of the Buchanan House loan.

Fitch estimates 'Bsf' recoveries of approximately GBP45.3m.


A 'Asf' rating cap will apply to the notes from February 2018,
becoming a 'BBBsf' rating cap in August 2018. Any outstanding
notes will be subject to these caps.

STORE TWENTY ONE: Pre-Tax Losses Widen to GBP9.3 Million
Storm Rannard at Insider Media reports that pre-tax losses have
edged toward the GBP10 million mark at Store Twenty One, the
troubled fashion chain's much-delayed financial results have

The figures come amid reports that the business has filed a
notice of intention to appoint administrators almost a year after
it agreed a company voluntary arrangement (CVA) as part of a
restructure, Insider Media relays.

The financial results for Solihull-based Grabal Alok (UK) Ltd,
which trades as Store Twenty One, revealed pre-tax losses widened
to GBP9.3 million in the year to March 26, 2016 compared to
GBP6.7 million a year earlier, Insider Media discloses.

In July 2016, 90% of Store Twenty One's creditors approved a
restructuring plan for the business, which comprised a CVA,
Insider Media recounts.  At the time the company had about 222
branches across the UK, according to Insider Media.

Between July and September, 93 loss-making shops were closed,
leaving Store Twenty One with 128 outlets, Insider Media relates.

According to Insider Media, a statement filed with the accounts
said a "considerable amount of work" has gone into enhancing the
"value proposition" of the business.

However, Retail Week reported earlier this month that
administration looms for Store Twenty One after it defaulted on
rent payments, Insider Media notes.  It is understood the
business is now seeking additional investment, Insider Media

* UK: Insolvencies Expected in Consumer Durables Retail Sector
Payment delays and insolvencies are predicted to rise in the
consumer durables retail sector this year, reveals a new economic
report from trade credit insurer Atradius.

While payment delays and insolvencies have remained relatively
stable over the last six months, the Atradius Consumer Durables
Market Monitor reports a weaker picture for the six months ahead.
Growing economic uncertainty, expected to impact consumer
spending, and higher import costs are the primary factors behind
the deteriorating outlook and Atradius is warning manufacturers,
suppliers and retailers to take extra measures to protect

The predicted decline follows a relatively robust performance in
the British non-food retail sector in 2016.  However, 2017 will
be a more challenging year with the weaker British pound putting
upward pressure on prices and uncertainty surrounding the UK's
future relationship with the EU weighing on investment spending.
This is likely to cause businesses to reduce hiring with real
wages expected to start decreasing over the next six months,
reducing disposable income.  Meanwhile, higher inflation --
forecast to be 2.6% up in 2017 -- will make consumer goods more
expensive, both hurting consumer spending and impacting GDP
growth.  Private consumption is expected to grow 1.6% in 2017 --
down from 2.8% year on year -- and UK retail sales growth is
expected to slow down to 0.6%, down from 2.5% in 2016.
Simon Rockett of Atradius, which protects businesses from the
risks of trading by paying out claims in the event of non-payment
and providing real-time analysis on the risks and opportunities
of domestic and international trade, said: "Higher costs for
imported materials have already begun to force retailers to
reconsider their sources for raw materials and their pricing of
goods.  Retailers' biggest challenge ahead will be achieving real
growth while contending with increased prices as import costs are
passed on to customers.  Margins have already been hit by
unseasonable weather which forced lengthy discount periods and
this is expected to continue well into 2017.  In addition, the
increase in labour costs caused by the rise in National Living
Wage could force retailers to reconsider their cost base and
store portfolios, closing outlets that are not sufficiently
profitable to keep open."

"The British retail market remains highly competitive and faces a
number of key challenges; increasing costs, changing shopping
behaviour and lower consumer spending.  Insolvencies are expected
to increase slightly along with the rising economic uncertainty
and with a probable increase in payment delays.  However, even in
a challenging market there are opportunities for growth and with
the right protection and strategy in place, successful trade
relationships can flourish and the pitfalls of potential non-
payment avoided."

"Looking forward, the success and resilience of consumer durables
businesses increasingly depend on their ability to adopt new
strategies such as building-up and expanding their online
business or offering additional services.  However, this requires
the willingness to change as well as financial investments; it
remains to be seen if many of the smaller, already struggling
retailers have those means to realign their businesses in order
to remain competitive."

For more information on Atradius and a suite of free economic
reports, export guides and trading advice, visit


* BOOK REVIEW: Transnational Mergers and Acquisitions
Author: Sarkis J. Khoury
Publisher: Beard Books
Softcover: 292 pages
List Price: $34.95

Review by Gail Owens Hoelscher
Order your personal copy today at

Transnational Mergers and Acquisitions in the United States will
appeal to a wide range of readers. Dr. Khoury's analysis is
valuable for managers involved in transnational acquisitions,
whether they are acquiring companies or being acquired

At the same time, he provides a comprehensive and large-scale
look at the industrial sector of the U.S. economy that proves
very useful for policy makers even today. With its nearly 100
tables of data and numerous examples, Khoury provides a wealth of
information for business historians and researchers as well.
Until the late 1960s, we Americans were confident (some might say
smug) in our belief that U.S. direct investment abroad would
continue to grow as it had in the 1950s and 1960s, and that we
would dominate the other large world economies in foreign
investment for some time to come. And then came the 1970s, U.S.
investment abroad stood at $78 billion, in contrast to only $13
billion in foreign investment in the U.S. In 1978, however, only
eight years later, foreign investment in the U.S. had skyrocketed
to nearly #41 billion, about half of it in acquisition of U.S.
firms. Foreign acquisitions of U.S. companies grew from 20 in
1970 to 188 in 1978. The tables had turned an Americans were
worried. Acquisitions in the banking and insurance sectors were
increasing sharply, which in particular alarmed many analysts.
Thus, when it was first published in 1980, this book met a
growing need for analytical and empirical data on this rapidly
increasing flow of foreign investment money into the U.S., much
of it in acquisitions. Khoury answers many of the questions
arising from the situation as it stood in 1980, many of which are
applicable today: What are the motives for transnational
acquisitions? How do foreign firms plans, evaluate, and negotiate
mergers in the U.S.?

What are the effects of these acquisitions on competition, money
and capital markets; relative technological position; balance of
payments and economic policy in the U.S.?

To begin to answer these questions, Khoury researched foreign
investment in the U.S. from 1790 to 1979. His historical review
includes foreign firms' industry preferences, choice of location
in the U.S., and methods for penetrating the U.S. market. He
notes the importance of foreign investment to growth in the U.S.,
particularly until the early 20th century, and that prior to the
1970s, foreign investment had grown steadily throughout U.S.
history, with lapses during and after the world wars.

Khoury found that rates of return to foreign companies were not
excessive. He determined that the effect on the U.S. economy was
generally positive and concluded that restricting the inflow of
direct and indirect foreign investment would hinder U.S. economic
growth both in the short term and long term. Further, he found no
compelling reason to restrict the activities of multinational
corporations in the U.S. from a policy perspective. Khoury's
research broke new ground and provided input for economic policy
at just the right time.

Sarkis J. Khoury holds a Ph.D. in International Finance from
Wharton. He teaches finance and international finance at the
University of California, Riverside, and serves as the Executive
Director of International Programs at the Anderson Graduate
School of Business.


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, Julie Anne L. Toledo, Ivy B. Magdadaro, and
Peter A. Chapman, Editors.

Copyright 2017.  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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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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                 * * * End of Transmission * * *