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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

          Friday, November 8, 2024, Vol. 25, No. 225

                           Headlines



F R A N C E

ELSAN SAS: S&P Affirms 'B+' ICR & Alters Outlook to Stable


G E R M A N Y

ASK CHEMICALS: S&P Upgrades LongTerm ICR to 'B-', Outlook Stable


N E T H E R L A N D S

VTR FINANCE: S&P Raises ICR to 'CCC+' Following Ownership Change


T U R K E Y

MILLI REASURANS: S&P Assigns 'B' ICR, Outlook Stable


U N I T E D   K I N G D O M

MORTIMER 2024-MIX: S&P Assigns B+(sf) Rating on Cl. X-Dfrd Notes


X X X X X X X X

[*] BOOK REVIEW: The Turnaround Manager's Handbook
[^] BOOK REVIEW: The First Junk Bond

                           - - - - -


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F R A N C E
===========

ELSAN SAS: S&P Affirms 'B+' ICR & Alters Outlook to Stable
----------------------------------------------------------
S&P Global Ratings revised its outlook on French private hospital
operator Elsan SAS to stable from negative and affirmed its 'B+'
long-term ratings on the issuer and its senior secured debt.

The stable outlook indicates that S&P expects Elsan to benefit from
progressive reforms to the French health care system and a more
stable operating environment.

Elsan's credit metrics are forecast to gradually strengthen as the
group's operating environment improves, giving it increased
visibility.   Adjusted debt to EBITDA is forecast to be about 7.0x
in 2024 and to approach 6.7x by the end of 2025. In S&P's base
case, it projects solid top-line growth of about 5.0%-5.5% over
2024-2025, based on strong volume growth in medicine, surgery, and
obstetrics (MSO) and complementary activities. Revenue growth
benefits from rising activity levels, as well as the higher tariffs
and other supportive measures recently announced by the French
government, which aim to partly offset inflation.

S&P said, "Despite strong top-line growth, we estimate adjusted
EBITDA margins for 2024 of 16.2%-16.3%, down from 16.8% in 2023.  
Elsan's 2024 profitability was depressed by the minimal tariff
increase awarded to private hospital operators by the French
government from March 1, 2024. Profitability also suffered from
inflationary pressures, the reduction in government support as
pandemic subsidies wound down, and reductions in the minimum
revenue guarantee scheme. In addition, Elsan continues to incur
restructuring costs due to its ongoing portfolio optimization
strategy. We now estimate that annual restructuring costs will
amount to EUR30 million-EUR35 million in 2024-2025. That said, we
expect profitability to rise as the revised tariff takes full
effect, and that the adjusted EBITDA margin will reach 16.6%-16.7%
by 2025.

"In May 2024, the former French government made concessions that
should benefit Elsan--it implemented measures to improve the
financial framework for 2024 and 2025 and has committed to improve
regulatory stability for the entire sector.   We consider a more
stable regulatory environment to be credit supportive because it
will make the group's operating environment more predictable."

Under the French system, the government grants an annual increase
in tariffs for public and private hospitals.   The difference
between the public and private sector tariffs announced in March
2024 was particularly striking; public hospitals were granted a
4.3% increase in tariffs, while private players were granted an
increase of only 0.3%. The Federation of French Private Hospitals
(FHP) immediately highlighted the inequality and entered
negotiations, threatening that all private hospitals would go on
strike at the beginning of June if no agreement could be reached.
In the subsequent negotiations, private players obtained a series
of preliminary concessions that could help operators of private
hospitals remain competitive.

On May 24, 2024, the FHP signed an agreement with the government,
signifying their intent to create a stronger relationship based on
equal treatment for public and private hospitals.   S&P said, "We
expect the French government will continue to support the French
private hospital sector, although there is potential for further
instability. Our base case and assumptions for Elsan incorporate
the supportive measures enacted to establish regulatory stability
and provide financial support to private hospital operators. For
example, the removal of the Competitiveness and Employment Tax
Credit (CICE) reduction coefficient, starting July 1, 2024, had an
effective impact equivalent to a 2.3% increase in tariffs. Other
measures included increasing the salaries of medical staff who
worked night and weekend shifts. That said, the political situation
in France, combined with France's budgetary constraints, creates a
degree of uncertainty that could affect the outcome of the ongoing
discussions between the sector and the French government. We
incorporate this uncertainty in our credit metrics and do not rule
out the possibility of future changes to the legislation."

S&P said, "Given that we consider Elsan's asset base to be well
invested, we expect its capital expenditure (capex) to be
contained.   We forecast that capex will remain about EUR175
million-EUR190 million in 2024 and 2025 (EUR185 million in 2023).
This, combined with working capital improvements, should support
free operating cash flow (FOCF) generation before leasing of about
EUR150 million a year in 2024 and 2025. We are not expecting any
transformational debt-financed acquisitions, nor any substantial
dividend payments that could create a drag on cash flows; instead,
we understand the group's priority is to reduce leverage. Failure
to maintain leverage in line with our base case, or a
more-aggressive financial policy, could cause us to lower the
rating.

"The stable outlook indicates that Elsan is likely to benefit from
progressive reforms to the French health care system and a more
stable operating environment. We expect the group to maintain
adjusted debt to EBITDA below 7.0x over the next 12-18 months and a
fixed-charge coverage ratio of above 1.5x, while maintaining
healthy FOCF generation.

"We could consider lowering the rating if the group's operating
performance weakens, such that its cash flow generation is hampered
by substantial working capital outflows or higher capex, or its
profitability deteriorates by more than we assume in our base
case." A downgrade could occur if:

-- Adjusted debt to EBITDA remains above 7.0x;

-- Adjusted FOCF before finance lease payments is negative; or

-- The fixed-charge coverage ratio is below 1.5x.

S&P could raise the rating if the group significantly expanded its
network outside of France, bringing about geographic
diversification and improving its overall profitability, while
revising its financial policy and committing to sustaining leverage
below 5.0x.




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

ASK CHEMICALS: S&P Upgrades LongTerm ICR to 'B-', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on ASK
Chemicals International Holdings to 'B-' from 'CCC+' and removed
the rating from CreditWatch, where S&P had placed it with positive
implications Oct. 18, 2024. At the same time, S&P assigned its 'B-'
issue rating and '3' recovery rating to the group's new senior
secured notes.

The stable outlook reflects S&P views that the refinancing has
improved the group's capital structure and liquidity position
thanks to a longer-dated debt-maturity profile.

ASK Chemicals has issued EUR325 million senior secured notes due
Nov. 15, 2029, with a 10% coupon, which it used to redeem the
EUR225 million TLB due January 2026.   The proposed transaction
includes raising a EUR40 million super senior revolving credit
facility (RCF) maturing in 2029, thereby strengthening the
company's liquidity. The notes' proceeds are also earmarked to
partially repay EUR90 million of the PIK instrument and EUR10
million in financing notes, alongside the TLB. After the
refinancing, ASK's capital structure will include EUR325 million of
notes, EUR40 million of undrawn RCF, EUR45 million of HoldCo PIK
debt, and about EUR11 million in other debt (mainly short-term
local credit lines). Gross financial debt outstanding will increase
to about EUR382 million in 2024 from EUR306 million in 2023.

In S&P's view, ASK's divestiture of its metallurgy business,
completed Sept. 2, 2024, marks progress on the company's turnaround
plan.  This business line is a single-plant operation that had
historically been noncore with limited growth potential. The sale
was motivated by several factors, including high energy intensity,
reliance on governmental subsidies, and significant capital
expenditure (capex) requirements needed to sustain the business.
The transaction implied an enterprise value of approximately EUR48
million, with net proceeds totaling about EUR14 million, which
included the release of working capital. Balance-sheet adjustments
included the release of pensions (EUR14 million), lease liabilities
(EUR3 million), and factoring (EUR4 million). Although the
metallurgy business accounted for about 13% of ASK's 2023 revenue,
it only contributed approximately 4% to EBITDA, as it was
margin-dilutive. S&P expects that following the disposal, the
company's margin will improve by 1%-2%.

ASK's turnaround plan has led to a notable improvement in
profitability for 2024, despite a drop in sales volumes.  S&P
expects net sales to decline by approximately 1.6% in 2024 (pro
forma, excluding the metallurgy business in 2023 and 2024) amid
subdued demand and challenging economic conditions, as seen in the
7% year-on-year revenue decrease to EUR424 million as of end-July
2024. However, effective cost controls and lower raw material
prices enabled ASK to maintain a strong company-reported EBITDA
margin of about 14.4%, from 9.7% for 2024 through July. By July,
ASK-reported EBITDA had risen 38% year on year to about EUR61
million, thanks to savings from operational efficiencies,
management changes, and operational streamlining. The company aims
for EUR15 million in run-rate savings in 2024 (with EUR8.4 million
realized as of July 2024) and about EUR23 million by end-2025,
thereby boosting profitability, with projected S&P Global
Ratings-adjusted EBITDA reaching EUR80 million in 2024 and EUR92
million in 2025. These run-rate savings are because of various
initiatives on the organization's cost structure and operations.
This should help maintain significantly improved margins of
12%-14%.

S&P said, "We expect ASK's improved profitability to significantly
enhance its free operating cash flow (FOCF).  This will be further
underpinned by about 3% top-line growth from 2025 onward as the
company benefits from expansions in China, Mexico, and North
America, alongside strong price management. Consequently, we
forecast S&P Global Ratings-adjusted free operating cash flow
(FOCF) to rise to about EUR30 million in 2024 before decreasing to
about EUR20 million in 2025, due to the increase in interest
expense linked to the new capital structure and the full-year
effect of the bonds' expected interest; this compares with adjusted
FOCF of EUR5 million in 2023. Lower nonrecurring costs and
additional cost savings will also support stronger FOCF."
Additional factors underpinning FOCF include the company's
restructuring; improved cash management, with a slightly negative
change in working capital and prudent capital expenditure (capex)
management; and the sale of the metallurgy business.

S&P said, "We anticipate significant gains in EBITDA and FOCF will
substantially improve ASK's credit metrics.  S&P Global
Ratings-adjusted leverage will likely decline to 5.4x in 2024 from
6.1x at end-2023, giving the company ample headroom under the
rating. Furthermore, as EBITDA continues to rise, we project
leverage will further decrease to 4.7x in 2025. The strong EBITDA
growth will help ASK maintain its EBITDA interest coverage at
1.5x-2.0x in 2025. Additionally, while we assume the company will
be managed at a prudent level of leverage, the rating includes the
risks associated with financial policy given the private equity
ownership.

"The stable outlook reflects our view that the refinancing's
completion has improved the group's capital structure and liquidity
position via a longer-dated debt-maturity profile. In addition, the
cost efficiency plan, improved cash management, and sound operating
performance will help the company maintain EBITDA margins at
12%-14% with positive FOCF, maintaining leverage well below 6.0x.

"We could lower our ratings on ASK if the liquidity position
deteriorates and the company generates material negative FOCF such
that it is unable to finance its operations and leverage reduces
below 6.5x. This could occur due to margin pressure from sustained
weak operating performance, a strong increase in raw material
prices, or an inability to pass through inflationary and energy
cost pressures.

"We could raise our rating if ASK demonstrated a track record of
double-digit margins in line with other specialty chemical peers,
while generating sustainably positive FOCF and maintaining leverage
below 6.0x. In addition, a strong commitment from the
private-equity sponsor to maintain leverage at a level commensurate
with a higher rating would be important to any upgrade
considerations."




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

VTR FINANCE: S&P Raises ICR to 'CCC+' Following Ownership Change
----------------------------------------------------------------
S&P Global Ratings raised the issuer credit rating on VTR Finance
N.V. to 'CCC+' from 'CCC' and its issue rating on its senior
unsecured notes to 'CCC' from 'CCC-'. In addition, S&P raised its
rating on VTR Comunicaciones SpA's senior secured bonds to 'CCC+'
from 'CCC'.

On Oct. 31, America Movil S.A.B de C.V. (AMX) announced the
consolidation of ClaroVTR, a joint venture (JV) between VTR Finance
N.V. and Claro Chile SpA, into its operations following the
conversion into equity of its convertible notes.

Over the past year, AMX showed a willingness to provide financial
support to the JV, and indirectly to VTR through intercompany loans
coming from the JV, to meet interest payments and support its
operations. We expect support to persist.

S&P said, "The positive outlook reflects our view that we could
potentially raise the ratings if there's a clear trend of revenue
and margin growth pointing to long-term business sustainability,
and evidence that the group will continue addressing VTR's
liquidity needs.

"We apply one notch of rating uplift to reflect this potential
support. On Oct. 31, 2024, AMX announced it consolidated ClaroVTR
through the conversion of all outstanding convertible notes held by
AMX in ClaroVTR into equity. This resulted in AMX holding a 91.62%
majority stake in ClaroVTR, while Liberty Latin America Ltd.
retains a 8.38% minority stake.

"Therefore, AMX is now also the controlling shareholder of VTR
Finance. We believe that following the acquisition, AMX's efforts
will concentrate on consolidating its Chilean operations and
reversing the weaker performance of recent years. As of June 2024,
VTR received shareholder support of around Chilean peso (CLP) 155
billion in the form of intercompany loans from Claro Chile,
intended to support the business, including financial obligations.
We expect AMX to continue addressing VTR's short-term liquidity
needs; however, it has not publicly disclosed a commitment to
address its longer-term capital structure sustainability."




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

MILLI REASURANS: S&P Assigns 'B' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit and insurer
financial strength ratings to Milli Reasurans T.A.S. (Milli Re).
The outlook is stable.

S&P said, "We consider Milli Re to be moderately strategically
important to its parent IsBank (not rated).  IsBank is one of the
largest commercial banks in Turkiye and owns a 87.6% stake in Milli
Re. We think IsBank has capacity to provide financial support to
Milli Re, if needed. Consequently, our 'B' ratings on Milli Re
incorporate a one-notch uplift from the 'b-' stand-alone credit
profile (SACP).

"Milli Re's status as Turkiye's leading national reinsurer is a key
rating strength.  We expect the experienced management team will
continue to maintain the company's market position. Although Milli
Re's premium generation is still concentrated in Turkiye, its
international division provides some geographic and business line
diversification.

"We anticipate that Milli Re will maintain its positive net income,
despite weak underwriting performance.  High inflation, the
weakening Turkish lira (TRY), and exposure to natural catastrophe
losses have depressed Milli Re's underwriting performance, such
that net combined ratios often exceed 100%. (Lower combined ratios
indicate better profitability. A combined ratio of greater than
100% signifies an underwriting loss.) This is offset by the
company's high investment income, supported by high interest rates
and the revaluation of invested assets and affiliates. Therefore,
on a net income basis, Milli Re has consistently reported positive
net income over the past five years, and we expect this to continue
for the next two years.

"Our forecasts indicate that capital adequacy and liquidity are
likely to remain at the current levels for the next two years.
Turkiye's rampant inflation and the weakness of the lira have
created additional insurance liability reserves on Milli Re's
balance sheet. In addition, the Feb. 6 earthquakes made 2023 an
exceptionally bad year for Turkish insurers, in terms of losses.
Nevertheless, Milli Re improved its shareholders' equity for the
year on an absolute basis, as well as its capital adequacy,
measured according to our models. We consider that the company has
adequate retrocession protection, backed by highly rated
international reinsurers. This covered most of the earthquake
claims. We therefore expect that, over 2024-2026, Milli Re's
capital adequacy will remain above the 99.50% level, as per our
risk-based capital model.

Milli Re's concentration of investments in Turkiye heightens its
risk exposure.  The company holds most of its investments in local
financial institutions, the credit quality of which is
predominantly 'BB+' or below. As a result, the average asset
quality of its portfolio is low. In addition, while Milli Re's
management aims to manage foreign-exchange-volatility risk by
holding some long positions in foreign-currency-denominated assets
that match its liabilities, the rampant depreciation of the lira in
recent years continues to affect underwriting performance.
Foreign-exchange risks remain high.

The stable outlook reflects S&P's expectation that Milli Re will
maintain its competitive position and capital adequacy at current
levels over the next two years, while gradually improving its
operating performance and focusing on profitable business growth.

S&P could lower the ratings over the next 12 months if:

-- There is a significant deterioration in Milli Re's SACP due to
weak capital and earnings, or its competitive position; or

-- S&P's view of IsBank's creditworthiness weakens or Milli Re's
strategic importance to the parent diminishes.

S&P could raise its ratings over the next 12 months if it observes
an improvement in IsBank's creditworthiness and in Milli Re's
SACP.




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

MORTIMER 2024-MIX: S&P Assigns B+(sf) Rating on Cl. X-Dfrd Notes
----------------------------------------------------------------
S&P Global Ratings has assigned credit ratings to Mortimer 2024-Mix
PLC's class A notes and class B-Dfrd to X-Dfrd interest deferrable
notes. At closing, the issuer also issued unrated certificates.

Mortimer 2024-Mix is a static RMBS transaction that securitizes a
GBP285.5 million portfolio of first-lien buy-to-let (BTL) and
owner-occupied residential mortgage loans located in the U.K.

The loans in the pool were originated by LendInvest BTL Ltd. and
LendInvest Loans Ltd. Both are wholly-owned subsidiaries of
LendInvest PLC, a nonbank specialist lender in the U.K. The pool
comprises 67.0% BTL loans and 33.0% owner-occupied properties.

At closing, the issuer used the issuance proceeds to purchase the
full beneficial interest in the mortgage loans from the seller. The
issuer grants security over all of its assets in favor of the
security trustee.

A liquidity reserve fund provides support to the class A notes
which will be initially funded from the principal waterfall after
closing.

The transaction incorporates a swap to hedge the mismatch between
the notes, which pay a coupon based on the compounded daily
Sterling Overnight Index Average (SONIA), and the loans, which
primarily pay fixed-rate interest before reversion.

Further advances or product switches are not allowed. The
transaction structure is a static pool with no revolving or
prefunding features.

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria. It considers the issuer to be bankruptcy remote.

  Ratings

  Class    Rating    Amount (mil. GBP)

  A        AAA (sf)    246.97
  B-Dfrd   AA- (sf)     18.56
  C-Dfrd   A- (sf)     9.99
  D-Dfrd   BBB (sf) 4.28
  E-Dfrd   BB- (sf) 5.71
  X-Dfrd   B+ (sf) 3.57
  Certs    NR            N/A

  NR--Not rated.
  N/A--Not applicable.




===============
X X X X X X X X
===============

[*] BOOK REVIEW: The Turnaround Manager's Handbook
--------------------------------------------------
Author:  Richard S. Sloma
Publisher:  Beard Books
Soft cover:  226 pages
List Price:  $34.95

Review by Gail Owens Hoelscher

In the introduction to this book, the author suggests that an
accurate subtitle could be "How to Become a Successful Company
Doctor."  Using everyday medical analogies throughout, he targets
"corporate general practitioners" charged with the fiscal health of
their companies.  

As with many human diseases, early detection of turnaround
situations is critical. The author describes turnaround situations
as a continuum differentiated by length of time to disaster: "Cash
Crunch," "Cash Shortfall," "Quantity of Profit," and "Quality of
Profit."  

The book centers on 13 steps to a successful turnaround. The steps
are presented in a flowchart form that relates one to another.
Extensive data collection and analysis are required, including the
quantification of 28 symptoms, the use of 48 diagnostic and
analytical tools, and up to 31 remedial actions.  (In case the
reader balks at the effort called for, the author points out that
companies that collect and analyze such data on a regular basis
generally don't find themselves in a turnaround situation to begin
with!)

The first step is to determine which of 28 symptoms are plaguing
the company. The symptoms generally pertain to manufacturing firms,
but can be applied to service or retail companies as well.  Most of
the symptoms should be familiar to the reader, but the author lays
them out systematically, and relates them to the analytical tools
and remedial actions found in subsequent chapters. The first seven
involve the inability to make various payments, from debt service
to purchase commitments.  Others include excessive debt/equity
ratio; eroding gross margin; increasing unit overhead expenses;
decreasing product line profitability; decreasing unit sales; and
decreasing customer  profitability.

Step 2 employs 48 diagnostic and analytical tools to derive
inferences from the symptom data and to judge the effectiveness of
any proposed remedy.  The author begins by saying ". . . if the
only tool you have is a hammer, you will view every problem only as
a nail!"  He then proceeds to lay out all 48 tools in his medical
bag, which he sorts into two kinds, macro- and micro- tools.
Macro-tools require data from several symptoms or assess and
evaluate more than a single symptom, whereas micro-tools more
general-purpose in function. The 12 macro-tools run from "The Art
of Approximation" to "Forward-Aged Margin Dollar Content in Order
Backlog."   The 36 micro-tools include "Product Line Gross Margin
Percent Profitability," Finance/Administration People-Related
Expenses As Percent Of Sales," and "Cumulative Gross $ by Region."

Next, managers are directed to 31 possible remedial actions,
categorized by the four stage turnaround continuum described above.
The first six actions are to be considered at the Cash Crunch
stage, and range from a fire-sale of inventory to factoring
accounts receivable.  The next six deal with reducing
people-related expenses, followed by 13 actions aimed at reducing
product- and plant-related expenses.  The subsequent five actions
include eliminating unprofitable products, customers, channels,
regions, and reps.  Finally, managers are advised on increasing
sales and improving gross margin by cost reduction in various
ways.

The remaining steps involve devising the actual turnaround plan,
ensuring management and employee ownership of the plan, and
implementing and monitoring the plan. The advice is comprehensive,
sensible and encouraging, but doesn't stoop to clich, or empty
motivational babble.  The author has clearly operated on patients
before and his therapeutics have no doubt restored many a firm's
financial health.


[^] BOOK REVIEW: The First Junk Bond
------------------------------------
Author: Harlan D. Platt
Publisher: Beard Books
Softcover: 236 pages
List Price: $34.95
http://www.beardbooks.com/beardbooks/the_first_junk_bond.html   

Only one in ten failed businesses is equal to the task of
reorganizing itself and satisfying its prior debts in some
fashion.

This engrossing book follows the extraordinary journey of Texas
International, Inc. (known by its New York Stock Exchange stock
symbol, TEI), through its corporate growth and decline, debt
exchange offers, and corporate renaissance as Phoenix Resource
Companies, Inc. As Harlan Platt puts it, TEI "flourished for a
brief luminous moment but then crashed to earth and was consumed."

TEI's story features attention-grabbing characters, petroleum
exploration innovations, financial innovations, and lots of risk
taking.

The First Junk Bond was originally published in 1994 and received
solidly favorable reviews. The then-managing director of High Yield
Securities Research and Economics for Merrill Lynch said that the
book "is a richly detailed case study. Platt integrates corporate
history, industry fundamentals, financial analysis and bankruptcy
law on a scale that has rarely, if ever, been attempted." A retired
U.S. Bankruptcy Court judge noted, "[i]t should appeal as
supplementary reading to students in both business schools and law
schools. Even those who practice.in the areas of business law,
accounting and investments can obtain a greater understanding and
perspective of their professional expertise."

"TEI's saga is noteworthy because of the company's resilience and
ingenuity in coping with the changing environment of the 1980s, its
execution of innovative corporate strategies that were widely
imitated and its extraordinary trading history," says the author.

TEI issued the first junk bond. In 1986 it achieved the largest
percentage gain on the NYSE, and in 1987 suffered the largest
percentage loss. It issued one of the first bonds secured by a
physical commodity and then later issued one of the first PIK
(payment in kind) bonds. It was one of the first vulture investors,
to be targeted by vulture investors later on. Its president was
involved in an insider trading scandal. It innovated strip
financing. It engaged in several workouts to sell off operations
and raise cash to reduce debt. It completed three exchange offers
that converted debt in to equity.

In 1977, TEI, primarily an oil production outfit, had had a
reprieve from bankruptcy through Michael Milken's first ever junk
bond. The fresh capital had allowed TEI to acquire a controlling
interest of Phoenix Resources Company, a part of King Resources
Company. TEI purchased creditors' claims against King that were
subsequently converted into stock under the terms of King's
reorganization plan. Only two years later, cash deficiencies forced
Phoenix to sell off its non-energy businesses. Vulture investors
tried to buy up outstanding TEI stock. TEI sold off its own
non-energy businesses, and focused on oil and gas exploration. An
enormous oil discovery in Egypt made the future look grand. The
value of TEI stock soared. Somehow, however, less than two years
later, TEI was in bankruptcy. What a ride!

All told, the book has 63 tables and 32 figures on all aspects of
TEI's rise, fall, and renaissance. Businesspeople will find
especially absorbing the details of how the company's bankruptcy
filing affected various stakeholders, the bankruptcy negotiation
process, and the alternative post-bankruptcy financial structures
that were considered. Those interested in the oil and gas industry
will find the book a primer on the subject, with an appendix
devoted to exploration and drilling, and another on oil and gas
accounting.

Dr. Harlan D. Platt is a professor of Finance at D'Amore-McKim
School of Business at Northeastern University. He is a member of
the Board of Directors of Millennium Chemicals Inc. and is on the
advisory board of the Millennium Liquidating Trust. He served as
the Associate Editor-Finance for the Journal of Business Research.
He received a Ph.D. from the University of Michigan, and holds a
B.A. degree from Northwestern University.

This book may be ordered by calling 888-563-4573 or by visiting
www.beardbooks.com or through your favorite Internet or local
bookseller.



                           *********


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 2024.  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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