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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

         Thursday, September 20, 2018, Vol. 19, No. 187


                            Headlines


C R O A T I A

AGROKOR DD: Seeks Investment Bank to Help Refinance $1-Bil. Loan


F R A N C E

FINANCIERE LULLY: Moody's Withdraws B2 Corporate Family Rating


G E R M A N Y

SMALL PLANET: Administrator Optimistic on Rescue Talks


I R E L A N D

HARVEST CLO XVI: Moody's Assigns (P)B2 Rating to Class F-R Notes


I T A L Y

COOPERATIVA MURATORI: Moody's Cuts CFR to B3, Outlook Negative
FIRE SPA: Moody's Assigns B3 Corp. Family Rating, Outlook Stable
SUNRISE 2017-2: DBRS Confirms B (sf) Rating on Class E Notes


N E T H E R L A N D S

KETER GROUP: S&P Alters Outlook to Negative & Affirms 'B' ICR
KOOS HOLDING: S&P Assigns 'B' Long-Term Issuer Credit Rating


T U R K E Y

TURKEY: Set to Unveil Measures to Help Banks Tackle Bad Loans
VESTEL ELEKTRONIK: S&P Lowers ICR to 'CCC+', Outlook Stable


U N I T E D   K I N G D O M

AVON PRODUCTS: Egan-Jones Cuts Sr. Unsecured Debt Ratings to B-
CARILLION PLC: Collapse Hits JJ Hennebry's Business
CHARLES STREET: DBRS Assigns BB (high) Rating to Class C Notes
VIKING TRAILERS: Enters Administration, Seeks Buyer for Business


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C R O A T I A
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AGROKOR DD: Seeks Investment Bank to Help Refinance $1-Bil. Loan
----------------------------------------------------------------
Jasmina Kuzmanovic at Bloomberg News reports that Agrokor
d.d. will start its search this week for an investment bank to
help find lenders willing to refinance a EUR1 billion (US$1.16
billion) roll-up loan, the last major step in its rehabilitation
after a settlement agreement by creditors in July, a top company
executive said.

The one-year rescue loan, arranged in 2017, helped the largest
retail and food producer in the former Yugoslavia prop up
finances after it teetered on bankruptcy, Bloomberg notes.
Following an extension in June, the interest rate climbed to 8%
and will increase gradually to 14% in September 2019. Securing
banks to refinance the loan would strengthen Agrokor's balance
sheet, Bloomberg states.

Several foreign banks have expressed interest and the plan that
may be in place by the end of January, or earlier, Bloomberg
relays.

"Once the creditors' settlement is finalized by the court, we
expect that we will certainly lower the interest rate on the loan
and refinance it with a classically structured bank
loan," Bloomberg quotes Irena Weber, Agrokor's deputy
commissioner, as saying in an interview in Zagreb.  "We are
capable of that as the company is stable and our results are
above expectations, increasing our attractiveness of our debt for
future investors."

Following 18 months of state-run restructuring, Agrokor's
creditors in July approved the settlement plan, which after
debt-for-equity swaps gives Russian banks Sberbank PJSC and VTB
Group the biggest stake in the Zagreb-based company, Bloomberg
relates.  The agreement was approved by Croatia's Commercial
Court, Bloomberg recounts.  Ms. Weber, as cited by Bloomberg,
said the High Commercial Court is weighing more than 90
complaints before issuing a final ruling, which may come by the
end of November.

"We expect the court will confirm the settlement as it was
approved by the majority of creditors," Bloomberg quotes
Ms. Weber as saying.

The implementation of the settlement plan could then start before
the end of the year, Bloomberg states.  Ms. Weber said the new
owners, which also include Knighthead Capital Management
LLC, Zagrebacka Banka d.d. and other banks and bondholders, could
take charge of the company in the first quarter of 2019,
Bloomberg notes.

Before the settlement, Agrokor faced multiple lawsuits in the
region and abroad over the legality of the Croatian insolvency
procedure, Bloomberg discloses.  Ms. Weber said meanwhile, the
procedure was recognized by courts in the U.K., the U.S. and
Switzerland. Future owner Sberbank, which had contested decisions
of Agrokor's crisis management, has temporarily stopped legal
actions against the company in Slovenia, Serbia and Bosnia-
Herzegovina, Bloomberg relates.



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F R A N C E
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FINANCIERE LULLY: Moody's Withdraws B2 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn Financiere Lully C's B2
corporate family rating and B2-PD probability of default rating.
Concurrently, Moody's has withdrawn the B1 instrument ratings on
the USD544.9 million First Lien Term Loan B-3 raised by Lully
Finance LLC, and EUR440 million First Lien Term Loan B-4 and
EUR125 million revolving credit facility raised by Lully Finance
S.A.R.L. The rating agency has also withdrawn the Caa1 instrument
ratings on the USD200.6 million Second Lien Term Loan B-1 raised
by Lully Finance LLC and the EUR35 million Second Lien Term Loan
B-2 raised by Lully Finance S.A.R.L. Prior to withdrawal the
outlook was negative on all the ratings.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because of
insufficent information to monitor the ratings, due to the
issuer's decision to cease participation in the rating process.

Based in Levallois-Perret, France, Linxens is the world's leading
manufacturer of connectors for smart cards and has gained a
global leading position in radio frequency identification (RFID)
antennas and inlays following the acquisition of the Secured ID &
Transactions division of Smartrac N.A. (Smartrac SIT) in 2017.
The company's key clients include smartcard manufacturers,
chipmakers and module manufacturers serving a wide range of end-
applications, including Payment, Telecom, eGovernment, and
Transport & Access. The company employs c.3,000 employees and
manufactures its products across 9 production facilities spread
over Europe, the US, and Asia.


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G E R M A N Y
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SMALL PLANET: Administrator Optimistic on Rescue Talks
------------------------------------------------------
Klaus Lauer at Reuters reports that insolvent German charter
carrier Small Planet Airlines hopes to attract a buyer following
a debt restructuring.

According to Reuters, the company's administrator on Sept. 19
said he saw good a chance of a deal.

Small Planet, which employs 400 staff and has nine aircraft,
mainly flies tourists to Mediterranean destinations, Reuters
discloses.  The company filed for insolvency this week in a bid
to stay in the air while a buyer is found, Reuters relates.

"Talks are going on with investors, and they are now being
intensified under new conditions," court-appointed administrator
Joachim Voigt-Salus told Reuters.

Potential suitors had been deterred by Small Planet's sizable
debts, Mr. Voigt-Salus, as cited by Reuters, said: "Now the
question is whether we can cut these liabilities through the
insolvency process so that a new investor can take off again with
Small Planet."

Small Planet hit financial trouble after launching an expansion
drive when Air Berlin collapsed last year, Reuters states.

"I'm optimistic that the talks will resume and can reach a
concrete result in the coming weeks," Reuters quotes Mr. Voigt-
Salus as saying. "All are welcome -- Niki Lauda is welcome too."


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I R E L A N D
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HARVEST CLO XVI: Moody's Assigns (P)B2 Rating to Class F-R Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Harvest
CLO XVI DAC:

EUR 3,000,000 Class X Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)

EUR 273,000,000 Class A-R Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)

EUR 22,000,000 Class B-1R Senior Secured Floating Rate Notes due
2031, Assigned (P)Aa2 (sf)

EUR 20,000,000 Class B-2R Senior Secured Fixed Rate Notes due
2031, Assigned (P)Aa2 (sf)

EUR 31,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)A2 (sf)

EUR 27,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Baa3 (sf)

EUR 24,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Ba2 (sf)

EUR 12,500,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)B2 (sf)

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

RATINGS RATIONALE

Moody's provisional ratings of the rated notes reflect the risks
due to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, Investcorp Credit
Management EU Limited, has sufficient experience and operational
capacity and is capable of managing this CLO.

The Issuer will issue the refinancing notes in connection with
the refinancing of the following classes of notes: Class A Notes,
Class B Notes, Class C Notes, Class D Notes, Class E Notes and
Class F Notes due 2029, previously issued on September 14, 2016.
On the refinancing date, the Issuer will use the proceeds from
the issuance of the refinancing notes to redeem in full its
respective Original Notes. On the Original Closing Date, the
Issuer also issued EUR 45 million of subordinated notes, which
will remain outstanding.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-R Notes.
Class X Notes amortise by EUR 375,000 over the first eight
payment dates, starting on the first payment date.

As part of this reset, the Issuer has increased the target par
amount by EUR 1 million to EUR 441 million, has set the
reinvestment period to 4.5 years and the weighted average life to
8.5 years. In addition, the Issuer will amend the base matrix and
modifiers that Moody's will take into account for the assignment
of the definitive ratings.

Harvest XVI is a managed cash flow CLO. At least 96% of the
portfolio must consist of senior secured loans and senior secured
bonds and up to 4% of the portfolio may consist of unsecured
senior loans, second-lien loans, mezzanine obligations and high
yield bonds. The portfolio is expected to be at fully ramped up
as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.

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

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

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.

Factors that would lead to an upgrade or downgrade of the
ratings:

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

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. Moody's used the following base-case modeling
assumptions:

Par amount: EUR 441,000,000

Diversity Score: 44

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 5.0%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8.50 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
government bond ratings of A1 or below. According to the
portfolio constraints, the total exposure to countries with a
local currency country risk bond ceiling ("LCC") below Aa3 shall
not exceed 10% and per Eligibility Criteria obligors domiciled in
countries with a LCC below A3 is not allowed.


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I T A L Y
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COOPERATIVA MURATORI: Moody's Cuts CFR to B3, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Italian construction company Cooperativa Muratori e
Cementisti C.M.C. to B3 from B2 and its probability of default
rating to B3-PD from B2-PD. Concurrently, Moody's downgraded the
instrument ratings on the group's EUR250 million and EUR325
million senior unsecured notes (due 2022 and 2023, respectively)
to B3 from B2. The outlook on all ratings has been changed to
negative from stable.

RATINGS RATIONALE

The downgrade to B3 reflects the deterioration in CMC's liquidity
during the first half of 2018 (H1-18), when the group reported an
unexpected substantial increase in its working capital due to a
delay in the collection of certain key receivables and advance
payments. As a result, the group's free cash flow (FCF)
generation weakened to about negative EUR220 million (as
reported) for the 12 months ended June 30, 2018 from EUR89
million negative in fiscal year 2017. Although the group
maintains its guidance to markedly improve its cash flow during
the second half of this year, Moody's believes that this may be
insufficient to achieve positive FCF and to sufficiently
strengthen its stretched liquidity. The downgrade therefore
considers CMC's now overall weak liquidity, which not only
reflects the recent substantial cash drain, but also the group's
contractual requirement to undertake the 'clean down' of its
EUR165 million committed revolving credit facility (EUR154
million utilized at June-end 2018) at some point during the
remainder of this year and pressure on financial covenants which
are tested annually as of December 31. Moody's understands that
CMC plans to complete the refinancing of the revolving credit
facility (RCF) before year-end and will monitor the progress in
this regard with particular focus on the capacity of the facility
to meet future needs. Moody's further notes the considerable
amplitude in working capital movements during H1-18 and CMC's
substantially increased order backlog of EUR4.7 billion as of
June 30, 2018 (covering 4.4x construction revenues, compared with
about 3.5x in the last two years). The increase in the backlog
might pose a challenge for the group to properly manage the
projected strong growth should they decide to accelerate the
current rate of project execution. The negative outlook therefore
captures the risk of a further downgrade, if CMC was unable to
monetise its delayed advances and receivables during H2-18 and to
successfully renegotiate its RCF, including amending covenant
levels with adequate headroom.

In addition to its weak FCF, Moody's regards CMC's credit metrics
as more appropriate with a B3 rating. Moody's-adjusted
debt/EBITDA, for instance, increased to 5.3x for the 12 months
ended June 2018 (4.9x at year-end 2017) on account of both higher
drawings under the RCF to fund working capital as well as reduced
earnings. Although the group has affirmed its guidance to improve
profits during H2-18, Moody's considers it unlikely that leverage
will fall back consistently below 5x in the near-term.

OUTLOOK

The negative outlook reflects the recent deterioration of CMC's
liquidity, including increasing pressure on financial covenants.
Accordingly, any indication of the group being unable to
successfully refinance its RCF and/or FCF failing to improve
during H2-18 as expected by management could lead to a downgrade.

WHAT COULD CHANGE THE RATING DOWN / UP

Moody's would consider to downgrade CMC, if its liquidity were to
deteriorate further, including the heightening risk of a covenant
breach by year-end 2018.

Positive pressure on the ratings would build, if CMC's (1)
liquidity were to improve to an adequate level, (2) free cash
flow turned positive, (3) Moody's-adjusted leverage reduced below
5x debt/EBITDA, and (4) interest coverage of above 1.5x Moody's-
adjusted EBITA/interest expense could be maintained.

RATING METHODOLOGY

The principal methodology used in these ratings was Construction
Industry published in March 2017.

COMPANY PROFILE

Cooperativa Muratori e Cementisti, headquartered in Ravenna,
Italy, is a cooperative construction company with consolidated
revenues of approximately EUR1.2 billion in 2017. Projects
include highways, railways, water dams, tunnels, subways, ports,
commercial as well as mining and industrial facilities. CMC is
the fourth largest construction company in Italy by revenue and
has long developed an international presence. Established in
1901, CMC is a mutually-owned entity with around 470 current
members.


FIRE SPA: Moody's Assigns B3 Corp. Family Rating, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating,
a B3-PD probability of default rating to Fire S.p.A and a B3
instrument rating to the proposed EUR410 million Senior Secured
Floating Rate Notes. The outlook is stable. This is the first
time that Moody's rates Fire. Fire is the ultimate parent of
companies trading under the name Italmatch.

RATINGS RATIONALE

Italmatch's B3 CFR reflects the company's diversification in
specialty additives for water treatment, lubricants and flame
retardants and its long-standing relationships with blue-chip
customers such as BASF (SE) (A1 stable), Lubrizol and Ecolab Inc.
(Baa1 stable). Some of its entrenched relationships are bolstered
by joint product/formula development and long-term offtake
agreements, which adds certainty around revenue generation. The
strong positioning in oligopolistic niche markets allows the
company to generate solid EBITDA margins of 15-16%. Margins have
been diluted by previous acquisitions, but management intends to
lift margins by implementing synergy measures.

The B3 ratings also take into account the relatively small size
(EUR448.7 million of annual pro-forma revenues for LTM June 2018)
which has grown from EUR60 million in 2007 mainly through 13
acquisitions. Moody's expects the company to remain acquisitive
in order to grow its portfolio of applications, to add
technological expertise and to extent its geographical footprint
outside of Europe. The company has disclosed in its draft
offering memorandum that it is bidding for a chemical additives
producer with a strong operating footprint in the U.S. If
Italmatch wins the bid, the transaction could close in Q4 2018
and would in Moody's view be transformational. The target would
add minimum revenues of EUR100 million and Moody's-estimated
EUR23 million of EBITDA. Italmatch intends to fund the potential
acquisition with a mix of shareholder equity or debt as well as
additional secured debt resulting in company-defined net leverage
of 5.35x. Even if the transaction were not to materialize it
indicates in the rating agency's view the appetitive for
inorganic growth and transformational transactions.

As part of the company's organic growth plans, Italmatch has
currently two capacity ramp-up projects in China underway. These
investments initially constrain the company's free cash flow
(FCF) generation that Moody's estimates to be negative EUR17
million in 2018, reach high single digit EUR million levels in
2019 and turn positive from 2020 onwards (FCF EUR 19 million).

The starting leverage of 6.2x adjusted debt/EBITDA (pro-forma LTM
June 2018) is high, but the deleveraging trajectory of Italmatch
is supported by (1) expected organic EBITDA growth; (2)
incremental EBITDA from expansion projects; and (3) margin
stability supported by the ability to pass on input costs, which
consists of a variety of inputs with the top 10 accounting for
56% of its raw material exposure. The margin stability is also
supported by the low fixed cost base which accounts for around
26-27% of total costs. Moody's expects leverage to be at 5.9x in
2019 (and excluding the potential acquisition).

Italmatch's liquidity is adequate. It is supported by EUR10
million starting cash on hand at time of closing of the
transaction. Moody's expects Italmatch to return to positive FCF
generation once its expansion projects come to conclusion and
generate incremental EBITDA from 2020 onwards. FCF in 2018 is
constrained by project-related capex, but is expected to turn
positive from 2019 onwards.. While the RCF includes a "springing
financial covenant" if drawings exceed 35% of the total
availability, the expected headroom against the covenant will be
ample. The proposed RCF (5.5-year maturity) and FRNs (6.0-year
maturity) both mature in 2024.


RATIONALE FOR STABLE OUTLOOK

The stable outlook assumes Italmatch to keep EBITDA margins
around 15-16% in the next 12-18 months. The stable outlook also
factors in the successful execution of the capital expenditure
plans with an incremental EBITDA contribution from 2021 of
minimum EUR13 million.

STRUCTURAL CONSIDERATIONS

Moody's has aligned the B3 rating for the EUR410 million FRNs
with the CFR. This reflects the relative ranking of the FRNs
behind the EUR70 million RCF (unrated) and the size of the FRNs
in relation to the overall amount of debt raised. The RCF is
super senior to the FRNs. The security package of senior FRNs
comprises a pledge over the company's bank accounts and
intercompany receivables as well as upstream guarantees from most
of the group's operating subsidiaries, representing 80% of
aggregate assets and around 70% of EBITDA.

WHAT COULD CHANGE THE RATING UP / DOWN

Moody's could upgrade the ratings if debt/EBITDA were to be below
5.5x and when the company returns to consistent positive FCF
generation.

Moody's could downgrade the ratings if Italmatch's leverage
increased to above 7.0x debt/EBITDA. Ratings could also be
downgraded if FCF were to remain sustainably negative and
liquidity deteriorated.

Fire (BC) S.p.A is the parent company of operating companies that
trade under the name Italmatch Chemicals, with head offices in
Genova, Italy. Italmatch is a global chemical additives
manufacturer, with leadership in lubricants, water & oil
treatments, detergents and plastics additives. The company
operates through four distinct business divisions: Water & Oil
Performance Additives, Lubricant Performance Additives; Flame
Retardants and Plastic Additives and Performance Products and
Personal Care. In LTM June 2018, pro-forma revenue for Italmatch
amounted to EUR448.7 million. In June 2018, Bain Capital Private
Equity agreed to acquire Italmatch from Ardian, a private equity
fund.

The principal methodology used in these ratings was Chemical
Industry published in January 2018.


SUNRISE 2017-2: DBRS Confirms B (sf) Rating on Class E Notes
------------------------------------------------------------
DBRS Ratings Limited confirmed the following ratings of the bonds
issued by Sunrise SPV 20 S.r.l.- Sunrise 2017-2 (the Issuer):

-- Class A Notes at AA (high) (sf)
-- Class B Notes at A (sf)
-- Class C Notes at BBB (sf)
-- Class D Notes at BB (sf)
-- Class E Notes at B (sf)

The ratings of the aforementioned notes address the timely
payment of interest and ultimate payment of principal on or
before the legal final maturity date.

The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults
and losses.

-- No revolving termination events have occurred.

-- Current available credit enhancement to the notes to cover
the expected losses at their respective rating levels.

The Issuer is a securitization of unsecured Italian consumer loan
receivables underwritten to retail clients and originated by Agos
Ducato S.p.A. (Agos). The EUR 894.4 million portfolio, as of the
August 2018 payment date, comprised loans for new autos, used
autos, personal loans, furniture loans and loans for other
purposes. Of the loans in the portfolio, 66.3% are flexible loans
that allow the borrower the option to skip one monthly
installment per year (up to a maximum of five times during the
life of the loan) and to modify the amount of the monthly
installments.

PORTFOLIO PERFORMANCE

The gross cumulative default ratio (as a percentage of the
aggregated original portfolio) was 0.3% as of August 2018, of
which 2.4% has been recovered so far. The 90+ delinquency ratio
was 0.5%.

REVOLVING PERIOD

The transaction envisages an initial 12-month revolving period
that is expected to mature on November 27, 2018, after which the
transaction will begin to amortize. Concentration limits are in
place to mitigate against any negative evolution of the
portfolio, and performance triggers are included in the Revolving
Period Termination Events. To date, all triggers are being met.

CREDIT ENHANCEMENT

As of the August 2018 payment date, credit enhancement to the
Class A Notes was 38.0%, up from 35.5% at the DBRS initial
rating; to the Class B Notes it was 20.1%, up from 17.6% at the
DBRS initial rating; to the Class C Notes it was 13.4%, up from
10.9% at the DBRS initial rating; to the Class D Notes it was
10.2%, up from 7.7% at the DBRS initial rating and to the Class E
Notes it was 6.9%, up from 4.4% at the DBRS initial rating.

The transaction benefits from credit and liquidity support in the
form of two reserves. The Payment Interruption Risk Reserve
Account is available to cover senior expenses and missed interest
payments on the notes and has a required balance of EUR 4.5
million. The amortizing cash reserve can additionally be used to
offset the principal losses of defaulted receivables and had an
initial required balance of EUR 4.5 million that increased to EUR
26.8 million to an amount equal to 3% of the initial portfolio. A
commingling reserve is also available and will become part of the
Interest Available Funds in the event of servicer insolvency. All
three reserves are currently at their target levels.

The structure also includes a Rata Posticipata Cash Reserve that
mitigates the liquidity risk arising from flexible loans. This
reserve is only funded if, for two consecutive payment dates, the
outstanding balance of the flexible loans in relation to which
the debtors have exercised the contractual right to postpone the
payments is higher than 5% of the outstanding balance of all
flexible loans. As of the August 2018 payment date, this
condition had not been breached.

Credit Agricole Corporate and Investment Bank SA, Milan Branch
(Credit Agricole CIB, Milan) acts as the Account Bank for the
transaction. On the basis of the DBRS private rating of Credit
Agricole CIB, Milan Branch and the mitigants outlined in the
transaction documents, DBRS considers the risk arising from the
exposure to Credit Agricole CIB, Milan to be consistent with the
ratings assigned to the notes.

Credit Agricole Corporate and Investment Bank S.A. (Credit
Agricole CIB) acts as the Swap Counterparty for the transaction.
On the basis of the DBRS private rating of Credit Agricole CIB
and the mitigants outlined in the transaction documents, DBRS
considers the risk arising from the exposure to Credit Agricole
CIB to be consistent with the ratings assigned to the notes.

Notes: All figures are in euros unless otherwise noted.


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N E T H E R L A N D S
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KETER GROUP: S&P Alters Outlook to Negative & Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings said that it has revised its outlook on Dutch
consumer plastics producer, Keter Group B.V., to negative from
stable. At the same time, S&P affirmed its 'B' long-term issuer
credit rating.

S&P said, "We also affirmed our 'B' issue rating on the existing
EUR1,010 million term loan B due 2023 and the EUR110 million
revolving credit facility (RCF). Keter's proposed EUR95 million
tap of the term loan B does not affect the 'B' rating on the
existing term loan B.

"The recovery rating on all issue ratings is '3', reflecting our
expectation of meaningful (50%-70%; rounded estimate: 50%)
recovery in the event of a payment default."

Since Keter was taken over by BC Partners and PSP Investments in
October 2016, the group has been transforming to become a fully
integrated global operation. S&P said, "The group's profitability
and cash flow generation however are no longer consistent with
our expectations mainly due to restructuring and acquisition
costs.

The group recorded S&P Global Ratings-adjusted EBITDA of about
EUR148 million in 2017 compared with our forecast of EUR210
million-EUR230 million and is expected to miss our 2018 estimates
of EUR240 million-EUR260 million. Our outlook revision therefore,
reflects this underperformance and the resulting weakening of
cash interest cover and FOCF generation, which we view as
commensurate with the rating level."

S&P said, "The negative outlook reflects our view that Keter has
faced operational challenges, which has significantly hit the
group's earnings and FOCF generation. While we see the potential
for improved production capacity and a more diverse product
offering following the recent acquisitions, we also see this as
another priority to be managed while trying to implement its
turnaround plans. We anticipate moderate improvement in the
group's profitability over the next 12-18 months as exceptional
costs diminishes, which should allow the company to record S&P
Global Ratings-adjusted leverage of 6x-7x (isolating NCE
instruments) and FFO cash interest cover above 2.5x in 2019.
Stronger cash conversion, however, will require notable
improvements in working capital management. Any further
operational underperformance would hinder a significant
strengthening of the group's debt protection metrics in our view,
and given the seasonal swings in the business, could also affect
its liquidity profile if not carefully managed.

"We could lower the rating if Keter generates earnings such that
its FFO to cash interest coverage remains around 2.0x for the
foreseeable future. The group would most likely record negative
FOCF under these circumstances, thus further pressuring the
group's liquidity position. This could be driven by falling top-
line growth or higher than expected exceptional costs as the
latest acquisitions are integrated. A substantial reduction in
consumer demand due to changing tastes and preferences or
operational disruptions, including adverse weather conditions,
could lead to underperformance of financial metrics.

"We could raise the ratings if the group's EBITDA improved to FFO
cash interest coverage comfortably above 2.5x and substantially
positive FOCF generation. Underlying volume growth across the
group's product categories and the smooth integration of recent
acquisitions is vital. We would most likely see falling
exceptional costs under these circumstances. A clear deleveraging
path toward 5.0x, isolating NCE instruments, in our forecast and
the maintenance of an adequate liquidity assessment would also
need to be necessary for an upgrade.


KOOS HOLDING: S&P Assigns 'B' Long-Term Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings said that it assigned its 'B' long-term issuer
credit rating to Koos Holding Cooperatief U.A., the parent of
Netherlands-based holiday park operator Roompot. The outlook is
stable.

S&P said, "At the same time, we assigned our 'B+' issue rating
with a recovery rating of '2' to the EUR30 million revolving
credit facility (RCF) and EUR266 million term loan B (TLB) issued
by Rouge Beachhouse, a 100%-owned subsidiary of Koos Holding
Cooperatief U.A. The recovery rating reflects our expectation of
substantial recovery (70%-90%; rounded estimate: 70%) in a
default scenario.

"The ratings are in line with the preliminary ratings we assigned
on July 18, 2018.

"Our rating reflects Roompot's position as the leading Dutch
value-for-money holiday park operator with a strong presence in
the coastal area, which has high barriers to entry. The rating
also captures its highly leveraged capital structure, relatively
small scale, and limited geographic and segment diversification.
However, we value Roompot's ability to generate material and
positive free operating cash flow (FOCF), supported by
flexibility in adjusting capital expenditures (capex) if
operating performance becomes weaker than we currently expect."

Roompot generates more than 70% of its revenues from operating 32
holiday parks (30 in the Netherlands and two in Germany), with
around 20% coming from third-party booking partnerships with
about 130 parks throughout Europe (mostly Dutch), for which
Roompot acts as an agent by selling stays on partnership parks
mostly through its website.

With an over 50-year history, Roompot has a long-established
position in the competitive but resilient Dutch holiday park
market. It is the second-largest player after Landal GreenParks
(part of Wyndham Vacation Rental Europe), with about a 19% market
share. S&P particularly values its leading position on the Dutch
coastal area, which has high barriers to entry because the number
of attractive locations is limited and the government regulates
new openings there.

In addition, S&P believes that Roompot benefits from solid brand
awareness, since about 84% of the bookings are through
proprietary channels and it records high occupancy rates--above
90% during the summer months.

The business model is highly seasonal, with about 70% EBITDA
generated in the summer months. However, Roompot has good
visibility over revenues and cash flow generation as holidays are
booked and paid for in advance and the capex cycle is relatively
short. S&P believes this provides flexibility to adjust capex in
a scenario of weak operating performance or any unexpected
external events.

With reported revenues of around EUR340 million and reported
EBITDA of EUR57 million in 2017, Roompot is however, relatively
small compared to peers in the broader lodging space. Moreover,
the company's geographic and segment diversification is limited,
with about 80% of revenues and EBITDA generated in the
Netherlands by Roompot-branded holiday parks. S&P said, "We
factor in our analysis the lodging sector's inherent cyclicality
and competitiveness, including new disruptive business models
such as private rental accommodations and the travel and leisure
industry's exposure to global security and financial events.
Hence, we believe Roompot's lack of scale and diversification
provides limited headroom for any unexpected underperformance or
event risk."

In 2016, the private equity firm PAI acquired Roompot. Since
then, management has initiated a broad refurbishment program to
enhance its offerings and grow revenue per available room
(RevPAR) to benefit from Roompot's scalable business model,
developed new premium park ownerships, and entered into new park
partnerships to improve the Roompot brand. In addition, the
financial sponsor identified an opportunity to optimize the
group's complex opco (operating companies)-propco (property
companies) corporate structure, lowering the interest costs.

S&P bases its analysis and assessment approach for deriving its
issuer credit rating on the consolidated financials of Koos
Hoolding Cooperatief U.A., the parent of Roompot. This group
includes properties outside of the restricted group involved in
the refinancing. Roompot refers to this consolidated group, while
opco refers to the restricted group and propco refers to the
entity owning the real estate assets outside of the restricted
group.

The opco's new capital structure includes a EUR30 million RCF and
EUR266 million TLB. It allowed for a refinancing of the EUR135
million unitranche debt facility at the opco, partial refinancing
for EUR92 million of propco debt (with embedded real estate
assets moving to the opco), and the acquisition of real estate
assets from third parties for EUR39 million.

S&P said, "We view Roompot's new capital structure as highly
leveraged and we expect S&P Global Ratings-adjusted debt to
EBITDA will be about 6.0x-6.4x in the next 12 months. Our debt
calculation includes about EUR394 million of consolidated
financial debt and is adjusted for about EUR123 million in
operating lease obligations. We anticipate that the company will
show moderate deleveraging in the short- to medium-term. We
forecast conservative earnings growth largely driven by the
premiumization initiative, including the development of the
luxury brand Largo resorts and its expected positive impact on
RevPAR, as well as an increase in the number of accommodations.

"Nonetheless, we anticipate healthy adjusted EBITDA interest
coverage of above 2.0x over the medium term. We believe Roompot's
refurbishment plan will support at least a stable adjusted EBITDA
margin of above 20%, and materially positive FOCF thanks to its
relatively limited capex needs, and favorable working capital
dynamics."

S&P's base case assumes:

-- Positive outlook for the travel and tourism industry in the
    Netherlands supported by a sound GDP growth expectation of
    2.7% in 2018 and 2.3% in 2019.

-- Revenue growth of about 4%-6% in fiscal 2018 and 2019, driven
     essentially by RevPAR growth following the broad
     refurbishment plan.

-- Margins to remain at least stable at around 19% in 2018 and
    2019, on a reported basis.

-- Capex of about EUR20 million in 2018 and 2019, including
     growth investments. Maintenance capex to remain at about 2%
     of revenues.

-- No debt-funded acquisitions or dividend payments to PAI.

-- The shareholder loans meet S&P's criteria for equity
    treatment.

Based on these assumptions, we arrive at the following credit
measures:

-- Adjusted debt to EBITDA of about 6.0x-6.4x in 2018, declining
    to around 6.0x by 2019.

-- Healthy adjusted EBITDA interest coverage of about 3.0x in
    2018 and 2019.

-- Positive FOCF generation of about EUR20 million-EUR25 million
    in the next two years.

S&P said, "The stable outlook on Roompot reflects our expectation
of good operating performance following the ongoing refurbishment
of its park portfolio. We expect RevPAR to grow, which will
support revenue increases by about 4%-6% annually, margins
remaining at least stable, and materially positive FOCF in the
medium term. The stable outlook also hinges on our anticipation
that Roompot would maintain adequate liquidity by reducing its
capex spending if operating performance is worse than we
currently expect.

"We could lower the rating over the next 12 months if the
company's FOCF generation weakened and turned neutral or
negative, and liquidity weakened. This would likely occur if
operating performance deteriorated or through overinvesting in
capex. Rating pressure could also arise if adjusted debt to
EBITDA increased toward 7.0x as a result of underperformance or
leveraging transactions to pursue acquisitions or to return cash
to shareholders.

"We see rating upside as remote over the next 12 months, given
that the rating is currently constrained by its highly leveraged
capital structure and financial sponsor ownership. We could take
a positive rating action if the company's leverage declined below
5.0x on a sustainable basis, supported by a conservative
financial policy. Ratings upside would also depend on Roompot
generating sustainably robust FOCF and no material debt-funded
acquisitions or exceptional shareholder distributions."


===========
T U R K E Y
===========


TURKEY: Set to Unveil Measures to Help Banks Tackle Bad Loans
-------------------------------------------------------------
Kerim Karakaya, Ercan Ersoy, Taylan Bilgic and Asli Kandemir at
Bloomberg News report that the Turkish government will unveil
measures to help banks tackle the expected pile-up of bad loans
resulting from the lira's plunge and soaring interest rates,
according to people with knowledge of the matter.

The plan will seek to mitigate the need for capital injections
and propose transferring non-performing loans to a state-
designated entity, said the people, who asked not to be
identified because the deliberations are confidential, Bloomberg
discloses.  According to Bloomberg, one of the people said the
measures are likely to be announced today, Sept. 20.

Lenders have been struggling to deal with a rising number of
restructurings after the lira dropped 40% against the dollar this
year, second only to the Argentine peso as the world's worst-
performing currency, and hurting firms' ability to repay foreign-
currency loans, Bloomberg relates.  The energy industry alone
owes US$51 billion to the nation's banks, Bloomberg states.

"The creation of a so-called bad bank to absorb all of the debts,
which are bound to start non-performing, may dilute some of the
risks associated with the Turkish banking sector," Bloomberg
quotes Julian Rimmer, a trader at Investec Bank Plc in London, as
saying.  "But the subsequent lack of transparency will concern
bond investors and there is no way of avoiding a general decline
in Turkey's overall creditworthiness, no matter where you park
the NPLs."

The new measures were discussed in a series of meetings between
bank executives and senior government officials last week,
Bloomberg relays, citing one of the people.  According to
Bloomberg, the person said that today, Sept. 20, Treasury and
Finance Minister Berat Albayrak is expected to announce a
medium-term economic program with fiscal and macroeconomic
targets for the next three years, and the help for banks will
likely be unveiled then.  The people didn't elaborate further on
the details of the plan, Bloomberg notes.

About half of the US$331 billion owed by Turkish companies was to
banks based in the country, double the ratio in 2008, Bloomberg
relays, citing central bank data.  Non-performing loans increased
to 3% of total liabilities, figures from the Banking Regulation
and Supervisory Agency show, and Moody's Investors Service said
in May this could deteriorate to 4% by year-end, Bloomberg
recounts.


VESTEL ELEKTRONIK: S&P Lowers ICR to 'CCC+', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings said that it has lowered its long-term issuer
credit rating on Turkey-based TV, electronics, and household
appliances manufacturer Vestel Elektronik Sanayi Ve Ticaret A.S.
(Vestel) to 'CCC+' from 'B-'. The outlook is stable.

The downgrade stems from Vestel's deteriorated liquidity position
and higher debt, combined with Turkey's overall weaker
macroeconomic environment.

Vestel's liquidity has weakened further in 2018 compared with
2017, as demonstrated by an increase in short-term debt
maturities. S&P said, "We calculate that the company's liquidity
sources represented about 0.42x its liquidity uses in the 12
months to June 30, 2018, down from 0.54x the previous year. We
understand that reliance on short-term financing is a common
feature in Turkey, since short-term debt is less costly than
longer-term financing. However, Vestel remains exposed to banks'
willingness to continuously roll over its debt."

Furthermore, the company's S&P Global Ratings-adjusted debt
increased to Turkish lira (TRY) 8.4 billion (about $1.9 billion)
in June 2018, from TRY6.7 billion in December 2017. This was
partly due to the weaker lira, since 42.5% of the debt is
denominated in hard currency, resulting in a reported debt
increase of about TRY1.2 billion; and Vestel's acquisition of 50%
of nickel and cobalt producer META for TRY1.1 billion (about $250
million) on June 29, 2018, from its parent Zorlu. This
acquisition could increase Vestel's diversification in the
automotive business by securing the raw materials for the
production of electric vehicle batteries. However, S&P thinks
execution risks are high, given Vestel's limited track record in
the automotive space.

S&P said, "More importantly, we view Vestel's continued
intracompany lending to Zorlu as a further source of concern
regarding liquidity and debt. We don't expect Vestel's
intracompany lending will increase significantly beyond the
TRY1.6 billion reported in second-quarter 2018 (TRY1.2 billion at
year-end 2017), given that the level of debt is capped in the
loan documentation. However, the META transaction resulted in
Vestel increasing its external debt to finance Zorlu.

"We also think the overall macroeconomic environment in Turkey
could result in weaker consumer purchasing power, translating
into slower domestic demand. In addition, we believe the
country's accumulated imbalances, domestic policy, and
geopolitical risks could push up the cost of funding, weaken the
lending environment, and increase refinancing risk for corporate
entities. As a result, refinancing or rolling over debt could
become challenging for Vestel as interest rates remain high. We
estimate Vestel's average cost of debt at about 20% over the next
12 months. However, we acknowledge that Vestel enjoys solid
relationships with a wide network of lenders, predominantly
Turkish banks, but also international banks. Vestel also has a
long track record of consistently rolling over its short-term
facilities."

Vestel manufactures brown (household appliances and TVs) and
white goods (such as electrical appliances, refrigerators,
washing machines, and dryers). S&P said, "Our assessment of
Vestel's business risk profile continues to reflect the company's
volatile operating margins and cash flow generation, largely
because of fierce competition, more recently from Asian
competitors, and uneven demand in the consumer electronics
sector, in addition to volatile raw material prices. However,
Vestel has had a leading domestic market position in liquid
crystal display (LCD) TV sales since 2014 and, over the past
several years, has increased its market share in Europe, becoming
the largest original design manufacturer of LCD TVs on the
continent. Vestel also increased its market share in the domestic
white goods market to 20% as of June 30, 2018, from about 15% in
2015. Nevertheless, the company still depends heavily on its key
suppliers in the consumer electronics specifically, which we see
as a key weakness. Although we think Vestel's margins can be
volatile, we believe they are relatively protected against
currency movements, given that both revenues and the cost of
goods sold are predominantly denominated in euros and U.S.
dollars. We also note that the company is pursuing hedging
efforts to mitigate the exposure."

S&P said, "Our assessment of Vestel's financial risk profile
primarily incorporates its high S&P Global Ratings-adjusted debt
to EBITDA and volatile free operating cash flow. We project that
Vestel's adjusted leverage will remain high, at 9x-10x, in 2018-
2019 as the increase in EBITDA is offset by higher debt stemming
from the Turkish lira's depreciation, working capital needs, and
some impact from the META acquisition. We expect the company's
credit ratios and cash flow generation will remain highly
volatile because of its exposure to demand swings and its
margins' vulnerability to raw material and cell prices. However,
we anticipate relatively stronger cash interest coverage ratios
of between 2.5x and 2.8x.

"The stable outlook reflects our expectation that Vestel should
meet its financial obligations in the next 12 months, supported
by continued solid operational performance, with an adjusted
EBITDA margin higher than 6% in 2018-2019. We also expect that
Vestel will manage to roll over its short-term debt, given that
the maturities are evenly spread out over the next 12 months.

"We could take a negative rating action if Vestel was unable to
refinance its upcoming short-term maturities on time. This could
result from unanticipated liquidity concerns in the Turkish
banking system, higher-than-expected funding costs, weaker-than-
expected operational performance due to lower demand in the TV
segment, or increased competition in international markets.

"We could upgrade Vestel if its liquidity position improved and
the company was able to extend its debt maturity profile, such
that liquidity sources sustainably approached liquidity uses,
while operating performance remains solid."


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


AVON PRODUCTS: Egan-Jones Cuts Sr. Unsecured Debt Ratings to B-
----------------------------------------------------------------
Egan-Jones Ratings Company, on September 11, 2018, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Avon Products Incorporated to B- from B.

Headquartered in London, United Kingdom, Avon Products, Inc.,
known as Avon, founded by David H. McConnell in 1886 is a direct
selling company in beauty, household, and personal care
categories. Avon had annual sales of $5.7 billion worldwide in
2016.


CARILLION PLC: Collapse Hits JJ Hennebry's Business
---------------------------------------------------
Ciara Quinn at Belfast Media Group reports that the owners of a
West Belfast family-run business say they remain hopeful they can
obtain restitution on thousands of outstanding euros they are
owed after they fell victim to the collapse of construction giant
Carillion and the subsequent liquidation of a southern building
contractor.

According to Belfast Media Group, Stockman's Way based commercial
flooring contractors JJ Hennebry and Sons, which has contracts
throughout Ireland and across the water, are owed in excess of
EUR320,000 for work carried out in Carlow and Kells at schools
and further education sites.

Carillion collapsed back in February of this year and its knock-
on effect is set to cost the taxpayer at least GBP148 million,
Belfast Media Group recounts.  The UK firm had hundreds of public
sector contracts and its collapse led to devastating ripple
effects across Ireland, Belfast Media Group notes.

Partner and contracts manager John Hennebry Jnr said the company,
which has been trading 50 years, has seen its workforce which
employed 90 staff, now stand at 30, as the result of the
Carillion collapse and its crippling knock-on effects has "wiped
the last four to five years of trading for us", Belfast Media
Group relates.

"We were dealing with Sammon Contracting Ireland -- their
contract was with Carillion and now the two companies are
bankrupt.  We had been working up until last November on school
projects down south across a number of sites but around that time
applications started being knocked back, our work reduced and
payments were not being made," Belfast Media Group quotes
Mr. Hennebry as saying.


CHARLES STREET: DBRS Assigns BB (high) Rating to Class C Notes
--------------------------------------------------------------
DBRS Ratings Limited assigned ratings to the newly issued Class
A1 and Class A2 Notes (together, the Class A Notes), Class B
Notes, and Class C Notes issued by Charles Street Conduit Asset
Backed Securitization 1 Limited (the Issuer, or CABS1) as
follows:

-- Class A Notes assigned a rating of AA (sf)
-- Class B Notes assigned a rating of BBB (high) (sf)
-- Class C Notes assigned a rating of BB (high) (sf)

The ratings of the Notes address the timely payment of interest
and the ultimate payment of principal at the final maturity date.
DBRS also discontinued the rating on the Senior Variable Funding
Notes (VFN). Prior to the discontinuation, the rating of the
Senior VFN was AA (sf) with an outstanding balance of GBP
910,800,000 as of the payment date on September 7, 2018.

The rating actions follow amendments to the transaction, which
took place on September 13, 018 (the 2018 Amendment Date). The
Class A1 Notes and Class A2 Notes are pro rata pari passu and
interchangeable following switches. The Senior VFN was replaced
and re-designated as the Class A2 Notes. In addition, the Class
A1, Class B and Class C Notes were issued on the 2018 Amendment
Date. The Class A1, Class B and Class C Notes were listed and
cleared via clearing systems, while the Class A2 Notes remain in
the form of an VFN.

Subordination of the Notes continues to be provided by the
Subordinated Notes and is determined by the Required Level, based
on the Class A, B or C Advance Rate subject to outstanding notes.
The portfolio covenants have been amended and commercial mortgage
products are no longer eligible to be purchased by the Issuer.
The transaction includes a 48-month revolving period from the
2018 Amendment Date.

The ratings are based upon a review by DBRS of the following
analytical considerations:

   -- Transaction capital structure and sufficiency of credit
enhancement in the form of excess spread.

   -- Relevant credit enhancement in the form of subordination
and reserve funds available from the 2018 Amendment Date.

   -- Credit enhancement levels are sufficient to support the
expected cumulative net loss assumption projected under various
stress scenarios at the AA (sf), BBB (high) (sf) and BB (high)
(sf) rating levels, respectively, for the Class A Notes, Class B
Notes, and the Class C Notes.

   -- The ability of the transaction to withstand stressed cash
flow assumptions and repay investors according to the terms under
which they have invested.

   -- Together Financial Services Limited and its subsidiaries'
experience as an originator underwriter and servicer as well as
its financial strength.

   -- The credit quality of the underlying collateral and the
ability of the servicer to perform collection activities on the
collateral. DBRS conducted an operational risk review on Together
Financial Services Limited and deems Together Financial Services
Limited to be an acceptable servicer.

   -- The consistency of the transaction's legal structure with
DBRS's "Legal Criteria of European Structured Finance
Transactions" methodology and presence of legal opinions
addressing the assignment of the assets to the Issuer.

Notes: All figures are in British pound sterling unless otherwise
noted.


VIKING TRAILERS: Enters Administration, Seeks Buyer for Business
----------------------------------------------------------------
Business Sale reports that specialist manufacturing company
Viking Trailers has fallen into administration and is actively
seeking interested parties to buy the business and the assets.

According to Business Sale, Viking Trailers cited financial
difficulties and significant cashflow issues as a result for its
downfall.  In recent months, the company has faced a number of
challenges in the form of lost or damaged orders from its most
prominent customers which has consequently put a financial strain
on the business, Business Sale relates.

Partners Anthony Collier -- anthony.collier@frpadvisory.com --
and Ben Woolrych -- ben.woolrych@frpadvisory.com -- from FRP
Advisory have been appointed as joint administrators, who are in
the process of accessing their ability to continue trading
operations as they place the business and its assets on the
market for sale, Business Sale discloses.

All 39 employees of Viking Trailers have been retained to date,
Business Sale notes.

Established in 1972 and based in Bacup, Lancashire, very near
Rossendale, Viking Trailers' business model specializes in
storage goods and materials handling equipment.  Its primary
focus is in the air cargo industry, but also caters to numerous
blue-chip clients.



                            *********

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 2018.  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.


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