/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/171117.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, November 17, 2017, Vol. 18, No. 229 Headlines C R O A T I A AGROKOR DD: Court Upholds Sberbank's Appeal in Insolvency Dispute G R E E C E GREECE: Announces Bond Swap to Help Ease Staggering Debt Burden P O L A N D VERTE SA: Creditors Approve Agreement with Company R U S S I A SOVCOMBANK: S&P Raises Issuer Credit Ratings to 'BB-' T U R K E Y OGER: BDDK Asks Creditors Not to Classify Debt as Non-Performing * TURKEY: Euler Hermes Expects 12,800 Corp. Bankruptcies in 2017 U N I T E D K I N G D O M PREMIER OIL: To Resume Debt Payments by New Year After Crude Boom SOUTHERN PACIFIC 05-1: S&P Affirms B- Rating on Class E Notes U Z B E K I S T A N ORIENT FINANS: S&P Affirms 'B-/B' Issuer Credit Ratings X X X X X X X X * BOOK REVIEW: Landmarks in Medicine - Laity Lectures ********* ============= C R O A T I A ============= AGROKOR DD: Court Upholds Sberbank's Appeal in Insolvency Dispute ----------------------------------------------------------------- STA reports that the Ljubljana District Court has upheld an appeal by the Russian bank Sberbank and rejected the motion to recognize the solvency procedure of retailer Mercator's parent company, Croatia's Agrokor. According to STA, Sberbank will now be able to seek to seize Agrokor's assets in Slovenia, including Mercator shares. About Agrokor DD Founded in 1976 and based in Zagreb, Crotia, Agrokor DD is the biggest food producer and retailer in the Balkans, employing almost 60,000 people across the region with annual revenue of some HRK50 billion (US$7 billion). On April 10, 2017, the Zagreb Commercial Court allowed the initiation of the procedure for extraordinary administration over Agrokor and some of its affiliated or subsidiary companies. This comes on the heels of an April 7, 2017 proposal submitted by the management board of Agrokor Group for the administration proceedings for the Company pursuant to the Law of Extraordinary Administration for Companies with Systemic Importance for the Republic of Croatia. Mr. Ante Ramljak was simultaneously appointed extraordinary commissioner/trustee for Agrokor on April 10. In May 2017, Agrokor dd, in close cooperation with its advisors, established that as of March 31, 2017, it had total liabilities of HRK40.409 billion. The company racked up debts during a rapid expansion, notably in Croatia, Slovenia, Bosnia and Serbia, a Reuters report noted. On June 2, 2017, Moody's Investors Service downgraded Agrokor D.D.'s corporate family rating (CFR) to Ca from Caa2 and the probability of default rating (PDR) to D-PD from Ca-PD. The outlook on the company's ratings remains negative. Moody's also downgraded the senior unsecured rating assigned to the notes issued by Agrokor due in 2019 and 2020 to C from Caa2. The rating actions reflect Agrokor's decision not to pay the coupon scheduled on May 1, 2017 on its EUR300 million notes due May 2019 at the end of the 30-day grace period. It also factors in Moody's understanding that the company is not paying interest on any of the debt in place prior to Agrokor's decision in April 2017 to file for restructuring under Croatia's law for the Extraordinary Administration for Companies with Systemic Importance. On June 8, 2017, Agrokor's Agrarian Administration signed an agreement on a financial arrangement agreement worth EUR480 million, including EUR80 million of loans granted to Agrokor by domestic banks in April. In addition to this amount, additional buffers are also provided with additional EUR50 million of potential refinancing credit. The total loan arrangement amounts to EUR1,060 million, of which a new debt totaling EUR530 million and the remainder is intended to refinance old debt. =========== G R E E C E =========== GREECE: Announces Bond Swap to Help Ease Staggering Debt Burden --------------------------------------------------------------- Liz Alderman at The New York Times reports that Greece, long the problem child of the eurozone, took a major step on Nov. 15 toward securing financial independence as it prepares to wean itself off the international bailouts that have kept it afloat for the last eight years. The government's announcement of a bond swap could help ease a staggering debt burden that at one point threatened to push Greece out of the eurozone, The New York Times relates. According to The New York Times, the swap is intended to shore up confidence for next summer, when the country at long last stops receiving international financial aid that will by then total EUR326 billion, or about US$380 billion. The announcement came after Greece successfully sold bonds on the international markets in July, The New York Times recounts. "The return to capital markets is part of the belated success story narrative that the Greek government together with the European Central Bank and the European Commission are trying to create," The New York Times quotes Jens Bastian, an economics consultant based in Athens and a former member of the European Commission's task force on Greece, as saying. The government's announcement on Nov. 15 concerned an offer to convert 20 Greek bonds worth EUR30 billion into five new debt issues with long maturities, The New York Times states. The initial bonds were issued after a 2012 restructuring of Greek debt that forced private investors to take significant losses, The New York Times recounts. The new bonds will most likely be more liquid -- and easier to buy and sell -- creating more incentive for big Wall Street investors like Pimco and Franklin Templeton to buy them, The New York Times notes. The swap will only work, however, if the existing bondholders agree to sell, according to The New York Times. The Greek government set a deadline of Nov. 28 for offers, The New York Times discloses. Yet despite interest by international investors in the possibility of reaping rich rewards from investing in Greek debt, the country's economy continues to struggle, Mr. Bastian, as cited by The New York Times, said, adding that the success story narrative is "overstated." =========== P O L A N D =========== VERTE SA: Creditors Approve Agreement with Company -------------------------------------------------- Reuters reports that Verte SA said on Nov. 15 the assembly of creditors approved its agreements with the company. As reported by the Troubled Company Reporter-Europe on July 20, 2017, Reuters related that Verte on July 17 said that it filed a motion for accelerated arrangement proceedings to the court in Warsaw. Verte SA is based in Poland. =========== R U S S I A =========== SOVCOMBANK: S&P Raises Issuer Credit Ratings to 'BB-' ----------------------------------------------------- S&P Global Ratings said that it raised its foreign and local currency long-term issuer credit ratings on Russia-based Sovcombank to 'BB-' from 'B+' and affirmed its 'B' short-term rating. The outlook is stable. The upgrade acknowledges Sovcombank's continuous solid financial performance and its transformation into a universal bank, with more diversified earnings sources and an improved and more balanced credit risk profile. S&P thinks that the bank's financial standing is in line with the 'bb-' anchor for Russia, the starting point for assigning an issuer credit rating to a bank operating predominantly in Russia. The rating action reflects S&P's view that management has achieved notable success in diversifying away from a retail monoline business that proved to be unsustainable in Russia during a time of economic turmoil in 2014-2015, which saw a deterioration in disposable income. Through a series of recent acquisitions and following strong growth in 2015-2016, the bank has diversified its lending activity and grown its fee and commission business substantially. The bank acquisitions include GEMB in 2014, ICICI Eurasia in 2015, Metcombank (mainly car loans) in 2016, and Nordea Bank's retail business (predominantly seasoned mortgages) in 2017. So far, the execution of all of these transactions has been successful, reinforcing the business diversity and the bank's capacity to generate more stable revenues. As a result, the corporate loan book grew to Russian rubles (RUB) 130 billion as of end-June 2017 (including RUB43 billion of government, municipal, and corporate bonds classified by the auditor as loan exposures, assuming the bank will hold these securities until maturity). The bank's corporate portfolio accounted for almost 58% of total loans as of the same date (versus 32% as of end-2014). Due to the aforementioned acquisitions, the bank now has a more diversified retail portfolio with a larger share of secured lending. In addition to unsecured loans that account for 51% of total loans (versus almost 100% two years ago), car loans account for 30% and mortgage loans account for 19% of retail loans as of June 2017. In addition to lending, the bank has been successfully growing its bond underwriting business as well as its bank guarantee franchise, which reached a 30% market share in Russia with rather low funding requirements. As a result, despite the negative consequences of the 2014-2015 financial crisis, the bank has been reporting better asset quality and stronger profitability compared to other Russian banks. S&P said, "We note that the bank continues to demonstrate better asset quality dynamics than those observed among retail lending- focused banks. Credit costs, which reached a peak in 2014 at 11.6%, have been steadily decreasing, falling to 2.4% as of June 2017, which is better than the sector average. We expect the bank to maintain a good quality loan book due to well-developed loan underwriting and risk management systems. "We expect the bank to retain net interest margins at 5.5%-5.7%. Under our base-case scenario, we expect the bank to continue reporting relatively strong financial results in 2017-2018 and therefore strengthen its capitalization levels. However, we note that capital constraints remain, stemming from rapid changes to the business model and challenging macroeconomic conditions that are out of the bank's control. There is also a possibility that the bank could struggle to balance growing its business while maintaining a sustainable risk profile and capitalization. The upgrade also reflects management's ability to efficiently run this now more diversified, and much bigger bank. We do not rule out other acquisitions but expect the bank to keep its long- standing selective approach to inorganic growth. "The stable outlook reflects our opinion that the bank should maintain its credit metrics in the next 12-18 months, including good portfolio quality indicators and strong profitability despite the challenging, albeit recovering, economic environment in Russia. We do not anticipate any negative developments stemming from recent acquisitions. "We could consider a negative rating action if, contrary to our current expectations, we observed that Sovcombank's portfolio quality had substantially deteriorated and the bank had to create new provisions substantially above sector average levels. An inability to manage the larger and now more-complex banking group, from a strategic or operational point of view, could also result in a negative rating action. A significant acquisition of new assets not supported by adequate capital buffers might result in a reassessment of the capital position that could lead to a downgrade. "An upgrade is unlikely over our outlook horizon given the challenging macroeconomic environment in Russia, especially as long as capital remains a rating weakness." =========== T U R K E Y =========== OGER: BDDK Asks Creditors Not to Classify Debt as Non-Performing ---------------------------------------------------------------- Ezgi Erkoyun at Reuters reports that BDDK head Mehmet Ali Akben on Nov. 16 said Turkey's banking regulator has asked creditors of Oger Telecom to not classify the struggling firm's debt as "non- performing", after it missed a third straight repayment. The request by the BDDK comes after Reuters reported last month that Turkey's Treasury opted not to grant a request from Oger's Saudi shareholders to extend a deadline in debt talks. Oger took out a US$4.75 billion syndicated loan in 2013 as part of a debt refinancing, Reuters discloses. It has struggled to repay the dollar-denominated debt as a tumbling lira currency has driven up the cost of servicing the loan, Reuters notes. Oger Telekom owns 55% of Turkish fixed-line operator Turk Telekom. * TURKEY: Euler Hermes Expects 12,800 Corp. Bankruptcies in 2017 ---------------------------------------------------------------- Asli Kandemir at Bloomberg News reports that Euler Hermes sees 12,800 corporate bankruptcies in Turkey this year, according to statement distributed at a press conference in Istanbul. Euler Hermes sees a 4% decline in corporate bankruptcies next year to 12,300, Bloomberg discloses. =========================== U N I T E D K I N G D O M =========================== PREMIER OIL: To Resume Debt Payments by New Year After Crude Boom ----------------------------------------------------------------- Jillian Ambrose at The Telegraph reports that Premier Oil will resume the battle to pay off its debts by the new year following a Christmas crude boom from its cornerstone North Sea oil project. According to The Telegraph, the oil producer said it is on track to start up its Catcher oil project next month which at higher oil prices will help to bring cash flow back into the business to help erode its heavy debts. The late summer North Sea maintenance season brought a production slowdown in which Premier's debt inched back up from US$2.7 billion (GBP2.05 billion) in June to US$2.8 billion at the end of September, The Telegraph relates. But Premier's chief executive Tony Durrant, as cited by The Telegraph, said the project start-up will allow the group to continue repayments from early next year, before a strong pipeline of projects adds momentum to its efforts in the medium and long term. As reported by the Troubled Company Reporter-Europe on July 20, 2017, Energy Voice related that the Court of Session in Scotland approved North Sea operator Premier Oil's debt restructuring plans. The company, as cited by Energy Voice, said the court had given final sanction for the schemes of arrangement. Premier Oil is a London-based oil and gas explorer. SOUTHERN PACIFIC 05-1: S&P Affirms B- Rating on Class E Notes ------------------------------------------------------------- S&P Global Ratings raised its credit ratings on Southern Pacific Securities 05-1 PLC's class C1c and D1c notes. At the same time, S&P has affirmed its rating on the class E notes. The rating actions follow S&P's credit and cash flow analysis of the most recent information that S&P has received for this transaction (as of September 2017) and the application of its relevant criteria. In the December 2012 investor report, the servicer (Acenden Ltd.) updated how it reports arrears to include amounts outstanding, delinquencies, and other amounts owed. The servicer's definition of other amounts owed include (among other items), arrears of fees, charges, costs, ground rent, and insurance. Delinquencies include principal and interest arrears on the mortgages, based on the borrowers' monthly installments. Amounts outstanding are principal and interest arrears, after payments from borrowers are first allocated to other amounts owed. In this transaction, the servicer first allocates any arrears payments to other amounts owed, then to interest amounts, and subsequently to principal. From a borrower's perspective, the servicer first allocates any arrears payments to interest and principal amounts, and secondly to other amounts owed. This difference in the servicer's allocation of payments for the transaction and the borrower results in amounts outstanding being greater than delinquencies. S&P has refined its analysis of these other amounts owed by using the available reported loan-level data. The new approach results in a minor increase in the weighted-average foreclosure frequency (WAFF) and a decrease in the weighted-average loss severity (WALS). The transaction documentation references the level of amounts outstanding to arrive at the 90+ days arrears. The transaction pays principal sequentially because the 90+ days arrears trigger of 22.5% remains breached (the current level is 44.4%). Total delinquencies, currently 30.60%, are higher than our U.K. nonconforming residential mortgage-backed securities (RMBS) index. S&P said, "While arrears in this transaction are reducing, they are doing so slowly, in our view. The transaction has a low pool factor (the outstanding collateral balance as a proportion of the original collateral balance), which may expose the transaction to tail-end risk. We have therefore projected arrears of 1.3% in our credit analysis. Overall, we have lowered our WAFF assumptions since our previous review, due to greater seasoning and, lower overall modelled arrears." Rating WAFF WALS level (%) (%) AAA 45.36 34.34 AA 39.88 27.10 A 34.24 15.68 BBB 29.42 10.00 BB 24.01 6.56 B 21.51 4.31 S&P said, "Our current counterparty criteria cap the maximum achievable ratings in this transaction at our long-term 'A' issuer credit rating on Barclays Bank PLC as the guaranteed investment contract (GIC) account provider. We have therefore raised to 'A (sf)' from 'A- (sf)' our rating on the class C1c notes. "The combination of lower credit coverage and transaction deleveraging has resulted in improved cash flow results. Consequently, following the decrease in our WAFF and WALS assumptions and the results of our cash flow analysis, we have raised to 'A- (sf)' from 'BBB (sf)' our rating on the class D1c notes. "We consider the available credit enhancement for the class E notes to be commensurate with the currently assigned rating. Available credit enhancement for the class E notes is 7.84% and continues to increase as the notes are paid sequentially. The collateral performance has been stable, as delinquencies have been trending down since Q3 2012 and excess spread remains robust. Furthermore, we do not expect this class of notes to experience interest shortfalls in the next 12 to 18 months as the reserve fund is at its required amount and the liquidity facility would also be available to cover potential interest shortfalls. We have therefore affirmed our 'B- (sf)' rating on the class E notes." Southern Pacific Securities 05-1 is a securitization of nonconforming U.K. residential mortgages originated by Southern Pacific Mortgages Ltd. and Southern Pacific Personal Loans Ltd. RATINGS LIST Class Rating To From Southern Pacific Securities 05-1 PLC EUR306 Million, GBP489.7 Million Mortgage-Backed Floating-Rate Notes Ratings Raised C1c A (sf) A- (sf) D1c A- (sf) BBB (sf) Rating Affirmed E B- (sf) =================== U Z B E K I S T A N =================== ORIENT FINANS: S&P Affirms 'B-/B' Issuer Credit Ratings ------------------------------------------------------- S&P Global Ratings said that it has affirmed its 'B-' long-term and 'B' short-term issuer credit ratings on Uzbekistan-based Orient Finans Bank (OFB). The outlook is stable. The affirmation reflects S&P's base-case assumption that, over the next several months, OFB will minimize the risk of violation of regulatory requirements on its open currency position and consequently also the risk of regulatory sanctions. S&P said, "Following the liberalization of the foreign currency regime in Uzbekistan on Sept. 5, 2017, when the Uzbek sum weakened by 48%, we've observed OFB breaching regulatory open currency position requirements from time to time. In our view, such breaches stem from the bank's historical balance-sheet structure, which featured substantial long currency positions. Despite an already significant mismatch between assets and liabilities denominated in foreign currency, we observe the bank occasionally acquiring large amounts of foreign currency from its clients, thereby further distorting its balance-sheet structure and regulatory ratios. We view such practices as opportunistic and the result of poor risk management. At the same time, under our base-case scenario, we do not expect any regulatory sanctions, such as restrictions on OFB's active operations, that would impair OFB's liquidity and funding position. We expect the Central Bank of Uzbekistan to remain tolerant of such violations until the banking system and regulatory framework adjust to the new exchange rate environment. "We also note that OFB's regulatory capital buffers have diminished as a result of the revaluation of its foreign currency-denominated assets. In our view, low capital buffers put OFB at risk of breaching the minimum regulatory capital adequacy requirements in the event of higher-than-expected growth of risk- weighted assets, or unexpected losses. We have therefore revised our capital and earnings assessment to weak from moderate, but this has a neutral impact on the rating. "We factor into our base-case scenario an anticipated improvement of the bank's regulatory ratio to satisfactory levels in January 2018, when OFB includes the full amount of income earned during 2017 in its regulatory capital. Due to local regulation, until an auditor confirms the current year's earnings, only 50% of earned income can be included in regulatory capital. We project an average return on equity of 70%-80% for 2017, supported by almost Uzbek sum (UZS) 80 billion (about $9.9 million as of Nov. 13, 2017) of one-time revaluation profits resulting from the exchange rate liberalization on Sept. 5, 2017. We expect such earnings to be sufficient to improve the bank's capital buffers to satisfactory levels. "The stable outlook reflects our expectation that OFB's business and financial profiles will remain broadly unchanged over the next 12 months, and it will gradually improve its regulatory ratios while maintaining strong profitability. "We might consider a negative rating action if we saw no improvement in OFB's regulatory ratios over the next 12 months, with clear signs that the Central Bank of Uzbekistan intended to impose sanctions on OFB. "We consider a positive rating action on OFB to be unlikely in the next 12 months." =============== X X X X X X X X =============== * BOOK REVIEW: Landmarks in Medicine - Laity Lectures ----------------------------------------------------- Introduction by James Alexander Miller, M.D. Publisher: Beard Books Softcover: 355 pages List Price: $34.95 Review by Henry Berry Order your own personal copy today at http://bit.ly/1sTKOm6 As the subtitle points out, the seven lectures reproduced in this collection are meant especially for general readers with an interest in medicine, including its history and the cultural context it works within. James Miller, president of the New York Academy of Medicine which sponsored the lectures, states in his brief "Introduction" that this leading medical organization "has long recognized as an obligation the interpretation of the progress of medical knowledge to the public." The lectures collected here succeed admirably in fulfilling this obligation. The authors are all doctors, most specialists in different areas of medicine. Lewis Gregory Cole, whose lecture is "X-ray Within the Memory of Man," is a consulting roentgenologist at New York's Fifth Avenue Hospital. Harrison Stanford Martland is a professor of forensic medicine at New York University College of Medicine. Many readers will undoubtedly find his lecture titled "Dr. Watson and Mr. Sherlock Holmes" the most engrossing one. Other doctor authors are more involved in academic areas of medicine and teaching. Reginald Burbank is the chairman of the Section of Historical and Cultural Medicine at the New York Academy of Medicine. He lectured on "Medicine and the Progress of Civilization." Raymond Pearl, whose selection is "The Search for Longevity," is a professor of biology at Johns Hopkins University. The authors' high professional standing and involvement in specialized areas do not get in the way of their aim to speak to a general audience. They are all skilled writers and effective communicators. As the titles of some of the lectures noted in the previous paragraph indicate, the seven selections of "Landmarks in Medicine" focus on the human-interest side of medicine rather than the scientific or technological. Even the two with titles which seem to suggest concern with technical aspects of medicine show when read to take up the human-interest nature of these topics. "The Meaning of Medical Research", by Dr. Alfred E. Cohn of the Rockefeller Institute for Medical Research, is not so much about methods, techniques, and equipment of medical research, but is mostly about the interinvolvement of medical research, the perennial concern of individuals with keeping and recovering good health, and social concerns and pressures of the day. "The meaning of medical research must regard these various social and personal aspects," Cohn writes. In this essay, the doctor does answer the questions of what is studied in medical research and how it is studied. And he answers the related question of who does the research. But his discussion of these questions leads to the final and most significant question "for what reason does the study take place?" His answer is "to understand the mechanisms at play and to be concerned with their alleviation and cure." By "mechanisms," Cohn means the natural -- i. e., biological -- causes of disease and illness. The lay person may take it for granted that medical research is always principally concerned with finding cures for medical problems. But as Cohn goes into in part of his lecture, competition for government grants or professional or public notoriety, the lure of novel experimentation, or research mainly to justify a university or government agency can, and often do, distract medical researchers and their associates from what Cohn specifies should be the constant purpose of medical research. Such purpose gives medicine meaning to humankind. The second lecture with a title sounding as if it might be about a technical feature of medicine, "X-ray Within the Memory of Man," is a historical perspective on the beginnings of the use of x-ray in medicine. Its author Lewis Cole was a pioneer in the development of x-rays in the late 1800s and early1900s. He mostly talks about the development of x-ray within his memory. In doing so, he also covers the work of other pioneers, notably William Konrad Roentgen and Thomas Edison. Roentgen was a "pure scientist" who discovered x-rays almost by accident and at first resented the application of his discovery to practical uses such as medical diagnosis. Edison, the prodigious inventor who was interested only in the practical application of scientific discoveries, and his co-worker Clarence Dally enthusiastically investigated the practical possibilities of the discoveries in the new field of radiation. Dally became so committed to his work in this field that he shortly developed an illness and died. At the time, no one knew about the dangers of prolonged exposure to x-rays. But sensing some connection between his co-worker's untimely death and his work with x-rays, Edison stopped his own investigations. Cole himself became involved in work with x-rays during his internship at Roosevelt Hospital in New York City in 1898 and 1899. His contribution to this important field was in the area of interpretation of what were at the time primitive x-rays and diagnosis of ailments such as tuberculosis and kidney stones. Cole writes in such a way that the reader feels she or he is right with him in the steps he makes in improving the use of x- rays. He adds drama and human interest to the origins of this important medical technology. The lecture "Dr. Watson and Mr. Sherlock Holmes" uses the popular mystery stories of Arthur Conan Doyle to explore the role of medicine in solving crimes, particularly murder. In some cases, medical tests are required to figure out if a crime was even committed. This lecture in particular demonstrates the fundamental role played by medicine in nearly all major areas of society throughout history. The seven collected lectures have broad appeal. All of them are informative and educational in an engaging way. Each is on an always interesting topic taken up by a professional in the field of medicine obviously skilled in communicating to the general reader. The authors seem almost mind readers in picking out the most fascinating aspects of their subjects which will appeal to the lay readers who are their intended audience. While meant mainly for lay persons, the lectures will appeal as well to doctors, nurses, and other professionals in the field of medicine for putting their work in a broader social context and bringing more clearly to mind the interests, as well as the stake, of the public in medicine. ********* 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. 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 publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268. * * * End of Transmission * * *