/raid1/www/Hosts/bankrupt/TCREUR_Public/200228.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, February 28, 2020, Vol. 21, No. 43

                           Headlines



A Z E R B A I J A N

AZERBAIJAN MORTGAGE FUND: Fitch Affirms BB+ LongTerm IDRs


B U L G A R I A

CORPORATE COMMERCIAL: Sells Entire Stake in Bulgartabac Holding


I R E L A N D

AVOCA CLO XXI: Fitch Assigns B-(EXP) Rating on Class F Debt
AVOCA CLO XXI: S&P Assigns Prelim B-(sf) Rating on Cl. F Notes


K O S O V O

KOSOVO TELEKOM: Faces Financial Crisis, Gov't Dismisses Board


N E T H E R L A N D S

NOSTRUM OIL: Moody's Lowers CFR to Caa3, Outlook Negative


S E R B I A

BRODOGRADILISTE MCI: Bankruptcy Receiver Offers Assets for Sale


S L O V E N I A

LITOSTROJ STEEL: Ljubljana Court Launches Bankruptcy Proceedings


S P A I N

AYT HIPOTECARIO V: Moody's Raises Rating on Cl. C Notes to B3


S W E D E N

PERSTORP HOLDING: Moody's Alters Outlook on B2 CFR to Negative


T U R K E Y

ATLASGLOBAL: Files for Bankruptcy After Halting Operations


U N I T E D   K I N G D O M

CMF PLC 2020-1: Fitch Assigns BB+sf Rating on Class X Notes
CMF PLC 2020-1: Moody's Assigns Ba1 Rating on GBP1.6MM Cl. E Notes
NMC HEALTH: Trading in Shares Suspended After CEO Fired


X X X X X X X X

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace

                           - - - - -


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

AZERBAIJAN MORTGAGE FUND: Fitch Affirms BB+ LongTerm IDRs
---------------------------------------------------------
Fitch Ratings has affirmed Mortgage and Credit Guarantee Fund of
the Republic of Azerbaijan's Long-Term Foreign- and Local-Currency
Issuer Default Ratings at 'BB+' with Stable Outlook.

The affirmation reflects Fitch's unchanged view on the fund's
strong link with the Republic of Azerbaijan (BB+/Stable). Under its
Government-Related Entities Criteria, Fitch applies a top-down
approach and views the government's ability and willingness to
provide support to the fund as very high. Based on the assessment
of strength of linkage and incentive to support Fitch has equalised
the fund's IDRs with those of Azerbaijan irrespective of the
standalone credit profile (SCP).

KEY RATING DRIVERS

Status, Ownership and Control Assessed as Very Strong

The fund is a non-for-profit organisation, which is fully owned by
the state. Its operations are tightly controlled by the central
government through a trustee board, whose members are appointed by
the President. The trustee board approves the fund's annual
borrowings within the limits defined by the government. The fund
cannot go bankrupt and can only be liquidated by presidential
decree.

The state-initiated expansion of the fund's activity beyond
mortgage operations to supporting small and medium-sized
enterprises (SMEs) further enhanced the fund's strategic importance
in implementing the state's socio-economic objectives.

Support Track Record Assessed as Very Strong

Since its inception the fund has continuously received different
kinds of support from the state. This includes annual capital
injections, transfers from the state and central bank's buy-back
guarantee on its bonds. The latter implies central bank's
obligation to buy back the fund's bonds from bondholders on their
request. The fund also enjoys indirect support, which includes
low-cost funding, exemption from income tax starting from 2019 and
use of profits gained from the operations at its disposal.

Fitch expects the fund will continue to benefit from ongoing state
support over the medium term, given expansion of its activity both
in its traditional segment of providing affordable housing and in
new operations covering guarantees and subsidies on loans to SMEs.
In 2019, the scale of support expanded, which was evident in AZN100
million of capital injections (2015-2018: AZN50 million annually)
to finance social mortgages and in further regulatory support of
the fund's operations.

Socio-Political Implications of Default Assessed as Very Strong

Fitch views the fund as a strategically important entity in
implementing the state's policy of providing affordable housing to
the population. The fund is the only state entity that provides
subsidised mortgages in the republic, and has no substitutes for
provision of mortgages in a weak national banking sector. According
to management's estimates, the fund's share in the country's
real-estate loans to households in Azerbaijan currently comprises
more than 70%. In 2018-2019, 100% of mortgage loans in the country
were issued by the fund.

Being a state agent in implementing the national housing policy, it
channels low-cost funding to the mortgage market, thus making
mortgage loans affordable to the population. It makes the fund
dependent on regular access to financing. Therefore, potential
financial distress of the fund, in its view, would materially
impact its core operations, leading to negative socio-political
repercussions.

Financial Implications of Default Assessed as Strong

The fund is the third-largest participant of the domestic bond
market after the Finance Ministry and the central bank. Thus, in
its view, a default of the fund would materially impair confidence
in the national financial system and undermine credibility of the
central government. This is to some extent offset by the modest
size of the Azerbaijani financial market with no exposure of the
fund to external capital markets.

Operational Profile

The fund plays a critical role in state housing policy by providing
the republic's population with affordable housing through long-term
mortgage loans at below-market rates. In 2018-2019, the fund worked
on implementing a rent-to-own programme, which is aimed at buyers
with insufficient funds for down-payment or those who are not
eligible for a mortgage loan. The programme will be available to
the public later in 2020.

Although the fund is a non-for-profit organisation, it has been
profitable since its establishment. Profitability metrics remained
stable in 2017-2018: Fitch-calculated net interest
income-to-earning assets was 2.44% (2015-2016: average 1.6%), while
net operating income-to-total assets was close to 2% (2015-2016:
average 1.04%). This is supported by low-cost funding, adequate
quality of its mortgage portfolio and strict requirements set for
SMEs loans with the fund's guarantee. Management estimates a return
on equity of 3.61% and a return on assets of 1.39% in 2019.

The fund's new role as a credit guarantee provider to local
entrepreneurs could place a strain on the fund's loss absorption
capacity as the operating model has yet to be tested. These
operations remained small in 2019 due to the new system being
fine-tuned and stringent requirements set for borrowers, but
management expects the fund's role as a credit guarantee provider
to expand over the medium-term.

DERIVATION SUMMARY

The fund has a score of 50 points under its GRE criteria, which
irrespective of the fund's SCP, leads to the fund's rating
equalisation with those of the Republic of Azerbaijan.

RATING SENSITIVITIES

A rating change would be triggered by changes to the sovereign
ratings.

A weakening of linkage with the government through changes to the
fund's legal status leading to a dilution of public control or
weakened incentives to support could result in the ratings being
notched down from the sovereign ratings.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or to the way in which they are being
managed by the entity.




===============
B U L G A R I A
===============

CORPORATE COMMERCIAL: Sells Entire Stake in Bulgartabac Holding
---------------------------------------------------------------
SeeNews reports that Bulgarian diversified group Bulgartabac
Holding said on Feb. 13 that insolvent lender Corporate Commercial
Bank (Corpbank) sold on Feb. 7 its entire 443,497 shares in the
company, representing a 6.02% interest in the group.

Bulgartabac Holding said in a bourse filing that also on Feb. 7,
local company Nord Ve acquired 436,986 shares in Bulgartabac
Holding, and now owns 5.93%, SeeNews relates.

According to SeeNews, as deal settlement on the Bulgarian Stock
Exchange takes two days, the shares likely traded on Feb. 5, when a
total of 444,242 Bulgartabac Holding shares changed hands at a
weighted average price per share of BGN4.5016 (US$2.50/EUR2.30 ).

                   About Corporate Commercial

Corporate Commercial Bank AD is the fourth largest bank in Bulgaria
in terms of assets, third in terms of net profit, and first in
terms of deposit growth.

Bulgaria's central bank placed Corpbank under its administration
and suspended shareholders' rights in June 2014 after a run drained
the bank of cash to meet client demands.




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

AVOCA CLO XXI: Fitch Assigns B-(EXP) Rating on Class F Debt
-----------------------------------------------------------
Fitch Ratings assigned Avoca CLO XXI Designated Activity Company
expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

RATING ACTIONS

Avoca CLO XXI DAC

Class X;      LT AAA(EXP)sf;  Expected Rating  

Class A-1;    LT AAA(EXP)sf;  Expected Rating  

Class A-2;    LT AAA(EXP)sf;  Expected Rating  

Class B-1;    LT AA(EXP)sf;   Expected Rating  

Class B-2;    LT AA(EXP)sf;   Expected Rating  

Class C;      LT A(EXP)sf;    Expected Rating  

Class D;      LT BBB-(EXP)sf; Expected Rating  

Class E;      LT BB-(EXP)sf;  Expected Rating  

Class F;      LT B-(EXP)sf;   Expected Rating  

Subordinated; LT NR(EXP)sf;   Expected Rating  

TRANSACTION SUMMARY

Avoca CLO XXI Designated Activity Company is a cash flow
collateralised loan obligation (CLO).

Net proceeds from the notes issue will be used to purchase a
portfolio of EUR450 million of mostly European leveraged loans and
bonds. The portfolio is actively managed by KKR Credit Advisors
(Ireland) Unlimited Company. The CLO envisages a 4.5 year
reinvestment period and an 8.5 year weighted average life (WAL).

KEY RATING DRIVERS

'B' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B'
range. The Fitch-weighted average rating factor (WARF) of the
identified portfolio is 33.42, below the indicative covenanted
maximum Fitch WARF of 34.

High Recovery Expectations

At least 90% of the portfolio comprises senior secured obligations.
Fitch views the recovery prospects for these assets as more
favourable than for second-lien, unsecured and mezzanine assets.
The Fitch-weighted average recovery rate (WARR) of the identified
portfolio is 66.35%, above the indicative covenanted minimum Fitch
WARR of 64.25%.

Limited Interest Rate Exposure

Up to 10% of the portfolio can be invested in fixed-rate assets,
while fixed-rate liabilities represent 3.3% of the target par.
Fitch modelled both 0% and 10% fixed-rate buckets and found that
the rated notes can withstand the interest-rate mismatch associated
with each scenario.

Diversified Asset Portfolio

The covenanted maximum exposure to the top 10 obligors for
assigning the expected ratings is 20% of the portfolio balance. The
transaction also includes limits on maximum industry exposure based
on Fitch's industry definitions. The maximum exposure to the
three-largest (Fitch-defined) industries in the portfolio is
covenanted at 40%. These covenants ensure that the asset portfolio
will not be exposed to excessive concentration.

Portfolio Management

The transaction features a 4.5-year reinvestment period and
includes reinvestment criteria similar to other European
transactions'. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests.

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated notes.
A 25% reduction in recovery rates would lead to a downgrade of up
to four notches for the rated notes.


AVOCA CLO XXI: S&P Assigns Prelim B-(sf) Rating on Cl. F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Avoca
CLO XXI DAC's class X, A-1, A-2, B-1, B-2, C, D, E, and F notes. At
closing, the issuer will also issue unrated subordinated notes.

Avoca CLO XXI is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by sub-investment grade borrowers. KKR
Credit Advisors LLC will manage the transaction.

Under the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

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

The preliminary ratings assigned to the notes reflect S&P's
assessment of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio Benchmarks
                                                      Current
  S&P weighted-average rating factor                  2,739.30
  Default rate dispersion                               482.79
  Weighted-average life (years)                           5.49
  Obligor diversity measure                             125.79
  Industry diversity measure                             17.55
  Regional diversity measure                              1.25

  Transaction Key Metrics
                                                      Current
  Portfolio weighted-average rating
    derived from our CDO evaluator                         'B'
  'CCC' category rated assets (%)                            0
  Covenanted 'AAA' weighted-average recovery (%)         38.01
  Covenanted weighted-average spread (%)                  3.65
  Covenanted weighted-average coupon (%)                  5.00

S&P said, "Our preliminary ratings reflect our assessment of the
preliminary collateral portfolio's credit quality, which has a
weighted-average rating of 'B'. We consider that the portfolio will
be well-diversified on the effective date, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
senior secured bonds. Therefore, we conducted our credit and cash
flow analysis by applying our criteria for corporate cash flow
collateralized debt obligations.

"In our cash flow analysis, we used the EUR450 million par amount,
the covenanted weighted-average spread of 3.65%, the covenanted
weighted-average coupon of 5.00%, and the covenanted
weighted-average recovery rates for all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category. Our cash flow
analysis also considers scenarios where the underlying pool
comprises 100% of floating-rate assets (i.e., the fixed-rate bucket
is 0%) and where the fixed-rate bucket is fully utilized (in this
case 10%).

"We expect that the transaction's documented counterparty
replacement and remedy mechanisms will adequately mitigate its
exposure to counterparty risk under our current counterparty
criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes.

"In our view, the portfolio is granular in nature, and
well-diversified across obligors, industries, and asset
characteristics when compared to other CLO transactions we have
rated recently. As such, we have not applied any additional
scenario and sensitivity analysis when assigning ratings on any
classes of notes in this transaction.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class X, A-1, A-2, B-1, B-2, C, D, E, and F notes."

  Ratings List

  Class   Prelim.   Prelim. amount   Credit      Interest rate*   

          rating     (mil. EUR)     enhancement (%)

  X       AAA (sf)    2.00       N/A      Three/six-month EURIBOR
                                            plus 0.33%
  A-1     AAA (sf)    123.00     38.00    Three/six-month EURIBOR
                                            plus 0.89%
  A-2     AAA (sf)    156.00     38.00    Three/six-month EURIBOR
                                            plus 0.89%
  B-1     AA (sf)     30.00      28.00    Three/six-month EURIBOR
                                            plus 1.50%
  B-2     AA (sf)     15.00      28.00    1.85%
  C       A (sf)      32.50      20.78    Three/six-month EURIBOR
                                            plus 2.10%
  D       BBB (sf)    28.00      14.56    Three/six-month EURIBOR
                                            plus 3.15%
  E       BB- (sf)    23.75      9.28     Three/six-month EURIBOR

                                            plus 5.10%
  F       B- (sf)     12.50      6.50     Three/six-month EURIBOR
                                            plus 7.48%
  Sub     NR          35.60      N/A      N/A

* The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.




===========
K O S O V O
===========

KOSOVO TELEKOM: Faces Financial Crisis, Gov't Dismisses Board
-------------------------------------------------------------
SeeNews reports that Kosovo's government said it has dismissed the
board of directors of state-owned Kosovo Telekom as the company is
facing a deep financial and operational crisis.

According to SeeNews, the government said in a statement on Feb. 19
after a cabinet meeting the decision was based on the law on
state-owned enterprises and aims to change the company's management
concept in order to exit the current situation.

Kosovo Telekom is on the verge of bankruptcy, economy minister
Rozeta Hajdari has said, as quoted by local news provider Koha.net,
SeeNews discloses.

Since 2015, the financial losses of Kosovo Telekom vary from EUR8
million to EUR51 million (US$55.1 million) per year, seriously
jeopardizing its liquidity despite the measures for a turnaround
taken by its management, SeeNews relays, citing a report by the
country's national audit office published in mid-2019.




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

NOSTRUM OIL: Moody's Lowers CFR to Caa3, Outlook Negative
---------------------------------------------------------
Moody's Investors Service downgraded Nostrum Oil & Gas Plc's
corporate family rating to Caa3 from Caa2 and probability of
default rating to Caa3-PD from Caa2-PD. Concurrently, Moody's has
downgraded to Caa3 from Caa2 the ratings of guaranteed senior
unsecured notes issued by Nostrum's wholly owned subsidiary Nostrum
Oil & Gas Finance B.V. The outlooks of Nostrum and Nostrum Oil &
Gas Finance B.V. remain negative.

RATINGS RATIONALE

The downgrade of Nostrum's rating to Caa3 reflects the continuing
decline in the company's hydrocarbon production volumes, with no
clear path for the company to materially increase its cash flow
generation, which further increases the refinancing risk and the
probability of default (including distressed exchange) on its $725
million notes due July 2022.

Nostrum's production has been declining since 2017, when it lost
two production wells because of an uncontrollable water influx.
Since then, the company has not been able to fully offset the
natural output decline with new wells, because of continuing
geological challenges. In 2020, the company expects its hydrocarbon
production to decline to around 20,000 barrels of oil equivalent
per day (boepd), compared with 28,587 boepd produced in 2019.

Nostrum announced that it will now focus on monetising the spare
capacity of its underutilised gas treatment facilities by
processing third-party gas. The company already has a contract with
Urals Oil and Gas which will deliver 0.5 billion cubic metres (bcm)
of raw gas annually (compared with 4.2 bcmpa of Nostrum's total gas
treatment capacity and around 0.8 bcmpa of its own processed
volume), and is in discussions with other parties potentially
interested in supplying raw gas for processing, to boost
utilisation of the company's spare processing capacity.

Moody's expects that Nostrum's cash inflow from processing Urals
Oil and Gas' gas will not be sufficient to compensate for the lost
hydrocarbon production volumes, while the likelihood and timing of
new contracts for gas processing with other third parties are
uncertain for the next 12-18 months. As a result, Moody's expects
Nostrum's Moody's-adjusted EBITDA to decline below $170 million in
2020 under the rating agency's oil price scenario of $60 per barrel
of Brent, from $194 million in the 12 months ended September 30,
2019 and $235 million in 2018. Moody's also expects the company's
Moody's-adjusted retained cash flow (RCF) to decline to below $80
million in 2020, from $91 million in the 12 months ended September
30,  2019 and $127 million in 2018.

Consequently, Nostrum's leverage, measured as Moody's-adjusted
debt/EBITDA, will likely increase above 6.5x as of year-end 2020,
compared with 5.8x as of September 30,  2019 and 4.9x as of
year-end 2018, and Moody's-adjusted RCF/debt will likely decline
below 7.0% as of year-end 2020, compared with 8.0% as of September
30,  2019 and 11.0% as of year-end 2018.

As of September 30,  2019, Nostrum's cash balance of $91 million
and operating cash flow after interest payments, which Moody's
expects the company to generate over the following 12 months, were
sufficient to cover its Moody's-estimated maintenance capital
spending over the same period, while it has no debt maturities
until July 2022 when its $725 million notes are due. However, the
weak cash flow generation will not enable Nostrum to accumulate
cash to repay the notes and will make refinancing the notes
challenging, significantly increasing the probability of default.

Nostrum continues its strategic review process. Should the company
take any strategic decisions as a result, Moody's would assess
their effect on the company's credit quality accordingly, although
the rating agency views the company's potential for a major
improvement in its cash flow generation over the next 12-18 months
as low, given the magnitude of the decline in production and the
uncertainty regarding new contracts for third-party gas
processing.

Nostrum's rating also factors in the company's (1) small scale of
operations, with only 46 operating wells as of year-end 2019; (2)
the expected material reduction in proved reserves; and (3) high
operational concentration, with only Chinarevskoye field currently
producing, and more than 90% of sales volumes coming from wells
located in the field's northeastern part.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Nostrum's rating factors in its exposure to carbon transition risk
in the long term, which is mitigated by a high share of gas in the
company's production. According to the company, it is committed to
operating in a safe and environmentally sustainable manner, and
complies with all legal and regulatory environmental requirements.
Corporate governance risk is mitigated by the fact that Nostrum is
a listed company with no controlling shareholder.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Moody's expectation that Nostrum's
cash flow generation will continue to weaken over the next 12-18
months, exerting pressure on its credit metrics and significantly
increasing the refinancing risk and the probability of default on
its notes due July 2022.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's could change Nostrum's rating outlook to stable or upgrade
the rating if (1) there is a major improvement in the company's
cash flow generation, materially lowering the probability of
default; and (2) the company refinances its 2022 notes or procures
available committed liquidity sources sufficient to refinance the
notes.

Moody's could downgrade the rating if there is no clear path for
the company to materially increase its cash flow generation over
the next 12-18 months.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

Registered in England and Wales, Nostrum Oil & Gas Plc, via its
indirect subsidiary Zhaikmunai LLP, is engaged in the exploration,
development and production of oil and gas in Kazakhstan under the
framework of production-sharing agreements related to the
Chinarevskoye field and three subsoil use contracts. Nostrum's
principal shareholders are Mayfair Investments B.V. (25. 68%), ICU
Investment Management Ltd (23.83%) and Baring Vostok Capital
Partners Ltd (17.91%). In the first nine months of 2019, Nostrum
generated revenue of $250 million and Moody's-adjusted EBITDA of
$155 million. In 2019, the company's average daily hydrocarbon
production was 28,587 boepd. Its proved reserves were 98.4 mmboe as
of January 1, 2019.




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S E R B I A
===========

BRODOGRADILISTE MCI: Bankruptcy Receiver Offers Assets for Sale
---------------------------------------------------------------
SeeNews reports that the bankruptcy receiver of Serbian shipyard
Brodogradiliste MCI has offered its assets for sale at a starting
price of RSD24 million (US$221,000/EUR204,000), the country's
Bankruptcy Supervision Agency said.

According to SeeNews, the agency said in a statement on Feb. 20 the
sale will be carried out via a public auction scheduled for March
31.

The assets on sale include an office building, boat ramp, two
warehouses and waterworks station, among others, SeeNews
discloses.

The bankruptcy proceedings against Novi Becej-based MCI were opened
in October 2018, after the company spent more than 3 years with
blocked accounts over unpaid claims of RSD35.7 million, SeeNews
relates.




===============
S L O V E N I A
===============

LITOSTROJ STEEL: Ljubljana Court Launches Bankruptcy Proceedings
----------------------------------------------------------------
SeeNews reports that a Ljubljana court has launched bankruptcy
proceedings against Slovenian steel castings manufacturer Litostroj
Steel upon request of the company.

According to SeeNews, state news agency STA reported on Feb. 18 the
proceedings were launched following two compulsory settlement
processes and after the company has sold out most of its assets.

The report said the court appointed Blazo Poljanski as bankruptcy
manager and called on creditors to submit their claims against the
company, also known as Litostroj Jeklo, by May 18, SeeNews
relates.

Litostroj Steel is a unit of Litostroj Group manufacturing steel
castings for gas, hydro and steam turbines.




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

AYT HIPOTECARIO V: Moody's Raises Rating on Cl. C Notes to B3
-------------------------------------------------------------
Moody's Investors Service upgraded the ratings of four Notes in two
Spanish RMBS deals. The rating action reflects:

  - Better than expected collateral performance on HIPOCAT 7,
    FTA ("HIPOCAT 7") and

  - The increased levels of credit enhancement for the affected
    Notes on AyT HIPOTECARIO MIXTO V, FTA

Moody's affirmed the ratings of the Notes that had sufficient
credit enhancement to maintain the current rating on the affected
Notes.

Issuer: AyT HIPOTECARIO MIXTO V, FTA

EUR649.4 million Class A Notes, Upgraded to Aa1 (sf); previously on
Jun 29, 2018 Upgraded to Aa2 (sf)

EUR12.2 million Class B Notes, Upgraded to A3 (sf); previously on
Jun 29, 2018 Upgraded to Baa2 (sf)

EUR13.4 million Class C Notes, Upgraded to B3 (sf); previously on
Jun 29, 2018 Affirmed Caa1 (sf)

Issuer: HIPOCAT 7, FTA

EUR1148.3 million Class A2 Notes, Affirmed Aa1 (sf); previously on
Apr 29, 2019 Affirmed Aa1 (sf)

EUR21.7 million Class B Notes, Affirmed Aa1 (sf); previously on Apr
29, 2019 Affirmed Aa1 (sf)

EUR42.0 million Class C Notes, Affirmed Aa1 (sf); previously on Apr
29, 2019 Upgraded to Aa1 (sf)

EUR28 million Class D Notes, Upgraded to A3 (sf); previously on Apr
29, 2019 Upgraded to Baa3 (sf)

Maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The rating action is prompted by:

  - Decreased key collateral assumptions, namely the portfolio
    Expected Loss (EL) and MILAN CE assumptions due to better
    than expected collateral performance on HIPOCAT 7, FTA

  - An increase in credit enhancement for the affected tranches
    in AyT HIPOTECARIO MIXTO V, FTA

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio backing HIPOCAT 7 to reflect the
collateral performance to date.

The performance of the HIPOCAT 7 transaction has continued to
improve since the last rating action. Despite some recent slight
increase in 30-90 delinquencies, total delinquencies have decreased
since the last rating action, with 90 days plus arrears currently
standing at 0.36% of current pool balance. Cumulative defaults
currently stand at 3.86% of original pool balance, only marginally
up from 3.82% a year earlier.

Moody's decreased the expected loss assumption to 2.36% as a
percentage of original pool balance from 2.45% due to the improving
performance.

Moody's updated the MILAN CE due to the Minimum Expected Loss
Multiple, a floor defined in Moody's methodology for rating EMEA
RMBS transactions. As a result, Moody's has decreased the MILAN CE
assumption to 13%.

Increase in Available Credit Enhancement

Sequential amortization and non-amortizing reserve funds led to the
increase in the credit enhancement available in the AYT HIPOTECARIO
MIXTO V transaction.

For instance, the credit enhancement for the most senior tranche
affected by the rating action on AYT HIPOTECARIO MIXTO V increased
to 21.17% from 16.57% since the last rating action.

Reserve fund in HIPOCAT 7 is now at its floor level following
replenishment in July 2019 and subsequent reduction in October 2019
after unexpected receipt of recoveries from previously defaulted
collateral in addition to standard recoveries. Classes B, C and D
have been amortising pro-rata since July 2019 after reserve fund
replenished to its target level.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2019.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected; (2) an increase in available
credit enhancement; (3) improvements in the credit quality of the
transaction counterparties; and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the Notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.



===========
S W E D E N
===========

PERSTORP HOLDING: Moody's Alters Outlook on B2 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service changed the outlook on Perstorp Holding
AB to negative from stable. At the same time the rating agency has
affirmed Perstorp's B2 corporate family rating, B2-PD probability
of default rating and the B2 rating of the EUR850 million
equivalent senior secured term loan B and the EUR100 senior secured
revolving credit facility.

RATINGS RATIONALE

The negative outlook on the rating reflects Perstorp's rising
financial leverage, reflected by a Moody's adjusted gross leverage
of around 7.4x in 2019, based on Moody's preliminary calculations.
In the context of a continued soft demand and pricing environment
it will be challenging for the company to return to metrics deemed
to be adequate for the B2 rating category within a reasonable
timeframe.

The company's revenue and profitability has been under pressure
throughout 2019, reflecting a challenging price and demand
environment for some of the company's products. The pressure on the
company's EBITDA generation exacerbated during Q4-2019. The
company's continued high leverage falls into a time when the
company is executing on a strategic greenfield project in India,
adding additional Penta capacities with initial EBITDA contribution
earliest in late 2021. This project will result in capital
expenditures of around SEK800 million over the 2020/21 period.
Although the company is expecting to finance the additional Penta
capacities entirely from internal sources, against the backdrop of
continued weak EBITDA generation, the company might not be able to
entierly finance capital expenditure outlays from internal sources.
Perstorp is indeed in the process of evaluating a debt financing of
its green field project which could result in additional gross debt
of up to around SEK 400 million. Perstorp's weak 2019 performance
is reflected by a decrease of Moody's adjusted EBITDA margins to
around 12.2% from around 14.9% in 2018. During 2019, the company
reported 7% lower sales volumes due to softer demand but also due
to several production outages. Furthermore the company's results
were negatively affected by increasing price pressure on the one
hand reflecting lower raw material prices but also additional
capacity in TMP, Neo and plasticizers driving down pricing and
Perstorp's gross margin.

Moody's does not expect the company to meaningfully deleverage
during 2020 and forecasts leverage to remain close to 7x in 2020,
as Perstorp will continue to navigate a challenging demand &
pricing environment. In the context of the company's sizeable capex
program, resulting in moderately negative FCF in 2020, this
leverage level is not deemed to be in line with the B2 rating.
However, the rating agency would expect Perstorp's results to
stabilize at absolute EBITDA and EBITDA margin levels generated
during H1-19 and anticipates a moderate improvement during the
second half of 2020.

Perstorp's rating positively reflects that Perstorp has generated
positive adjusted FCF of around SEK400 million during 2019, if
accrued interest and fees related to the previous capital structure
were excluded. This has been supported by a release of working
capital and lower than previously expected capital expenditures,
which to some degree demonstrates the company's ability to modulate
growth capital spending if needed.

STRUCTURAL CONSIDERATIONS

Perstorp's probability of default rating is in line with its
corporate family rating, implying a recovery rate of 50%. The
EUR850 senior secured term loan B and the senior secured EUR100
million revolving credit facility are borrowed by Perstorp Holding
AB. The B2 rating on both facilities reflects their pari passu
ranking and the fact that they share the same security package and
benefit from the same guarantor group.

LIQUIDITY

The company's liquidity profile is adequate. Internal sources
consist of SEK432million of cash on balance sheet as of Q4 2019, of
which SEK137 million are located in jurisdictions where
repatriation can be more challenging and access to a EUR100 million
(around SEK1 billion) revolving credit facility drawn by around 10%
as of Q4 2019. In combination with forecasted FFO generation of
SEK760 million Moody's forecasts those sources to be sufficient to
cover maintenance capital expenditures of around 3% of sales and
strategic capital expenditures, day to day cash needs (estimated to
be around 3% of annual sales) and to accommodate unexpected swings
in working capital.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook on Perstorp's rating reflects Moody's concerns
that Perstorp's performance will not stabilize during the course of
2020 and that the company will not be able to restore credit
metrics in a reasonable timeframe. This in Moody's view could
materialize if there was no stabilization of the company's
performance during the first half of 2020 and no moderate
improvements during the second half. Moody's expects to resolve the
outlook on the rating during the course of 2020.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's could downgrade Perstorp's rating if Moody's adjusted
Debt/EBITDA would remain above 6x for a prolonged period of time or
consistently generates negative FCF, which leading to a weakening
of the company's liquidity profile. Moody's furthermore would
consider downgrading Perstorp's rating if increasing competitive or
price pressure would lead to EBITDA margins trending below 12%.

Although currently unlikely, Moody's would consider upgrading
Perstorp's rating, if Moody's adjusted EBITDA would fall below 4.5x
on a sustainable basis and the company maintains a solid liquidity
position supported by positive FCF generation. Furthermore an
upgrade would require a track record of maintaining EBITDA margins
of above 15% through the cycle.

GOVERNANCE CONSIDERATIONS

The company has been owned by funds managed by PAI Partners SAS
since 2005. In September 2018 PAI announced that the ownership in
Perstorp was transferred to another fund managed by PAI with
Landmark partners as lead investor. In general companies owned by
PE sponsors tend to have tolerance for higher leverage and have a
tendency for more aggressive financial policies. However, there
have been no dividends or shareholder distributions under PAI's
ownership. It remains to be seen how financial policies under the
new ownership structure will evolve. Moody's takes some comfort
from an equity committed of EUR130 million, which is available to
finance future EBITDA growth. However Moody's assumes that these
fund would rather be available to finance external growth than
capital spending.

LIST OF AFFECTED RATINGS

Issuer: Perstorp Holding AB

Affirmations:

LT Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured Bank Credit Facility, Affirmed B2

Outlook Action:

Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemical
Industry published in March 2019.




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

ATLASGLOBAL: Files for Bankruptcy After Halting Operations
----------------------------------------------------------
SeeNews reports that Turkish carrier Atlasglobal has filed for
bankruptcy.

According to SeeNews, Sabah Daily reported on Feb. 15 Atlasglobal
has declared bankruptcy because it could not continue operations.

The airline previously stopped operations between Nov. 26 and Dec.
21 to carry out a restructuring process, SeeNews discloses.

Set up in 2001, Atlasglobal has a fleet of 16 aircraft.  It
operated scheduled flights within Turkey, as well as to Asia,
Russia, the CIS region, the Middle East and Europe, according to
data published on the company's website.




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

CMF PLC 2020-1: Fitch Assigns BB+sf Rating on Class X Notes
-----------------------------------------------------------
Fitch Ratings assigned CMF 2020-1 PLC's notes final ratings.

RATING ACTIONS

CMF 2020-1 PLC

Class A; LT AAAsf New Rating;  previously at AAA(EXP)sf

Class B; LT AA+sf New Rating;  previously at AA+(EXP)sf

Class C; LT A+sf New Rating;   previously at A+(EXP)sf

Class D; LT BBB+sf New Rating; previously at BBB(EXP)sf

Class E; LT BBB-sf New Rating; previously at BB+(EXP)sf

Class X; LT BB+sf New Rating;  previously at BB+(EXP)sf

TRANSACTION SUMMARY

This transaction is a securitisation of owner-occupied (OO)
mortgages originated by Charter Court Financial Services (CCFS),
trading as Precise Mortgages, and acquired by Broadlands Finance
Limited (the seller), which is fully owned by the CCFS Group, a
public limited company. The loans are secured by properties in
England, Wales and Scotland. The loans are serviced by Charter
Mortgages Limited, a CCFS group company.

The class D and class E notes have been assigned higher ratings
than their expected ratings of 'BBB(EXP)sf' and 'BB+(EXP)sf',
respectively. This is due to the improved economics of the
transaction on pricing compared with the information provided to
Fitch at the time of assigning expected ratings.

KEY RATING DRIVERS

Prime Underwriting

All loans are drawn from CCFS's 'Tier 1' and 'Tier 2' prime OO
originations and are selected based on prior adverse credit history
characteristics that are more stringent than the standard 'Tier 1'
and 'Tier 2' requirements. Fitch has therefore used its prime
foreclosure frequency (FF) matrix.

The loans have been granted to borrowers with full income
verification, full property valuations and with a clear lending
policy in place. A lender adjustment of 1.05x has been applied due
to the limited data history in OO securitisations and the recent
slightly below-market average performance of the originator's
residential book.

Help-to-Buy Equity Loans

Nearly 30% of the pool comprises loans in which the UK government
has lent up to 40% inside London and 20% outside London of the
property purchase price in the form of an equity loan. This allows
borrowers to fund a 5% cash deposit and mortgage the remaining
balance.

Fitch has taken the balances of both the mortgage loan and equity
loan into account when calculating the borrower's FF, in line with
its UK RMBS Rating Criteria.

Given this impact on the FF, accessibility to affordable housing
through the Help-to-Buy Government Scheme is a factor affecting
Fitch's ESG scores.

Self-employed Borrowers

CCFS may choose to lend to self-employed individuals with only one
year's income verification completed. Fitch believes that this
practice is less conservative than other prime lenders'.

Self-employed borrowers represent 34.2% of the pool. Fitch applied
an increase of 30% to the FF for self-employed borrowers with
verified income instead of the 20% increase, as per its criteria.

WAFFs Higher Than Peers'

The weighted average (WA) LTV and debt-to-income ratios for this
pool are higher than other comparable transactions'. Together with
the higher share of self-employed borrowers, this is reflected in
the higher WAFFs Fitch has applied to the portfolio, which
ultimately drives the ratings.

RATING SENSITIVITIES

Material increases in the frequency of defaults and loss severity
on defaulted receivables producing losses greater than Fitch's base
case expectations may result in negative rating action on the
notes. Fitch's analysis revealed that a 30% increase in the WAFF,
along with a 30% decrease in the WA recovery rate, would imply a
downgrade of the class A notes to 'A+'sf from 'AAA'sf.

CRITERIA VARIATION

The adjustments applied to self-employed borrowers as described
above represents a variation from Fitch's published criteria. This
variation has no impact on the ratings.

DATA ADEQUACY

Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

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

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

ESG CONSIDERATIONS

The transaction has an ESG Relevance Score of '4' for Exposure to
Social Impacts in relation to accessibility to affordable housing
due to the significant proportion of loans in the pool that
accessed the Help-to-Buy government scheme, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

The remaining ESG scores are '3' or lower, as issues are
credit-neutral or have only a minimal credit impact, either due to
their nature or to the way in which they are being managed.


CMF PLC 2020-1: Moody's Assigns Ba1 Rating on GBP1.6MM Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to Notes
issued by CMF 2020-1 PLC:

GBP301,722,000 Class A Mortgage Backed Floating Rate Notes due
January 2057, Definitive Rating Assigned Aaa (sf)

GBP9,893,000 Class B Mortgage Backed Floating Rate Notes due
January 2057, Definitive Rating Assigned Aa2 (sf)

GBP8,244,000 Class C Mortgage Backed Floating Rate Notes due
January 2057, Definitive Rating Assigned Aa3 (sf)

GBP8,244,000 Class D Mortgage Backed Floating Rate Notes due
January 2057, Definitive Rating Assigned Baa1 (sf)

GBP1,649,000 Class E Mortgage Backed Floating Rate Notes due
January 2057, Definitive Rating Assigned Ba1 (sf)

GBP6,595,000 Class X Mortgage Backed Floating Rate Notes due
January 2057, Definitive Rating Assigned Baa2 (sf)

The class X notes are not backed by collateral and are repaid from
available excess spread after payments of interest and PDL on all
other notes.

RATINGS RATIONALE

The portfolio backing this transaction consists of first ranking
prime mortgage loans advanced to prime borrowers and secured by
properties located in England, Wales and Scotland which were
originated by Charter Court Financial Services Ltd owned by CCFSG
plc (Not Rated).

On the closing date Broadlands Finance Limited will sell the
portfolio to CMF 2020-1 PLC.

The ratings take into account the credit quality of the underlying
mortgage loan pool, from which Moody's determined the MILAN Credit
Enhancement and the portfolio expected loss, as well as the
transaction structure and legal considerations. The expected
portfolio loss of 1.3% and the MILAN required credit enhancement of
9.0% serve as input parameters for Moody's cash flow model and
tranching model, which is based on a probabilistic lognormal
distribution. Class C, D, E and X definitive ratings are different
than the provisional ratings given the higher than anticipated
available excess spread in the transaction. This is due to a lower
coupon on the notes compared to what Moody's had assume to assign
provisional ratings.

The portfolio expected loss is 1.3% which is marginally higher than
other comparable prime transactions in the UK mainly due to: (i)
the originators' limited historical performance, (ii) the current
macroeconomic environment in the UK, (iii) the low weighted-average
seasoning of the collateral of 0.9 years; and (iv) benchmarking
with similar UK prime transactions.

The portfolio MILAN CE is 9.0%: which is marginally higher than
other comparable prime transactions in the UK mainly due to: (i) a
weighted average current LTV of 69.8%; (ii) the originators'
limited historical performance (iii) benchmarking with other UK
prime transactions. In particular the portfolio has a relatively
high concentration 29.3% of "help-to-buy" loans versus other prime
portfolios.

At closing the mortgage pool balance will consist of GBP 329.8
million of loans. Two amortising reserve funds will be funded. The
first is a liquidity reserve funded to 1.5% of the aggregate
principal amount outstanding of the Class A and B Notes; while the
second is funded to 1.5% of the Classes C, D and E Notes as of the
closing date. The second reserve fund benefits all the Notes, while
the first reserve fund is only available to cover interest payments
on Class A and B Notes. Moreover, there is a principal to pay
interest mechanism.

Operational Risk Analysis: Charter Mortgages Limited will be acting
as servicer. In order to mitigate the operational risk, there will
be a back-up servicer facilitator, CSC Capital Markets UK Limited
(not rated), and U.S. Bank Global Corporate Trust Limited (not
rated) will be acting as an independent cash manager from close. To
ensure payment continuity over the transaction's lifetime the
transaction documents incorporate estimation language whereby the
cash manager can use the three most recent servicer reports to
determine the cash allocation in case no servicer report is
available.

Interest Rate Risk Analysis: The transaction will benefit from a
swap provided by Lloyds Bank Corporate Markets plc (A1/P-1,
A1(cr)/P-1(cr)). Under the swap agreement during the term of the
life of the fixed rate loans the issuer will pay a fixed swap rate
of 0.85% and on the other side the swap counterparty will pay
SONIA.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2019.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

FACTORS THAT WOULD LEAD AN UPGRADE OR DOWNGRADE OF THE RATINGS

Factors that may cause an upgrade of the ratings of the notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of servicing or cash management interruptions (ii) economic
conditions being worse than forecast resulting in higher arrears
and losses and (iii) weaker collateral performance.


NMC HEALTH: Trading in Shares Suspended After CEO Fired
-------------------------------------------------------
Michael O'Dwyer at The Telegraph reports that trading in shares of
crisis-hit NMC Health was suspended after the company fired its
chief executive and revealed US$335 million (GBP255 million) of
secret guarantees for the benefit of companies owned by two major
shareholders.

According to The Telegraph, the suspension prevents shareholders
from buying or selling shares in the private hospital operator,
trapping their investments.

The Abu-Dhabi-based company said the City regulator had agreed to
its request for the temporary suspension of its shares "to ensure
the smooth operation of the market", The Telegraph relates.

"The company is focused on providing additional clarity to the
market as to its financial position and to restoring its admission
to trading," The Telegraph quotes the company as saying.   

The FTSE 100 firm, as cited by The Telegraph, said it will continue
to be bound by listing rules.  Its announcement on Feb. 26 raised
questions over whether it breached the rules, The Telegraph notes.

As reported by the Troubled Company Reporter-Europe on Feb. 14,
2020, The Financial Times related that NMC has lost about
two-thirds of its value since a report by short-seller Muddy Waters
in December raised questioned over its finances and management.

NMC Health is a healthcare chain and distribution business in the
United Arab Emirates.  The company is headquartered in Abu Dhabi
and has branch offices in Dubai, Ajman, Al Ain and Northern
Emirates.  NMC Health is listed on the London Stock Exchange and is
a constituent of the FTSE 100 Index.




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

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace
-------------------------------------------------------------
Author: Warren E. Agin
Publisher: Bowne Publishing Co.
List price: $225.00
Review by Gail Owens Hoelscher

Red Hat Inc. finds itself with a high of 151 5/8 and low of 20 over
the last 12 months! Microstrategy Inc. has roller-coasted from a
high of 333 to a low of 7 over the same period! Just when the IPO
boom is imploding and high-technology companies are running out of
cash, Warren Agin comes out with a guide to the legal issues of the
cyberage.

The word "cyberspace" did not appear in the Merriam-Webster
Dictionary until 1986, defined as "the on-line world of computer
networks." The word "Internet" showed up that year as well, as "an
electronic communications network that connects computer networks
and organizational computer facilities around the world."

Cyberspace has been leading a kaleidoscopic parade ever since, with
the legal profession striding smartly in rhythm. There is no
definition for the word "cyberassets" in the current
Merriam-Webster. Fortunately, Bankruptcy and Secured Lending in
Cyberspace tells us what cyberassets are and lays out in meticulous
detail how to address them, not only for troubled technology
companies, but for all companies with websites and domain names.
Cyberassets are primarily websites and domain names, but also
include technology contracts and licenses. There are four types of
assets embodied in a website: content, hardware, the Internet
connection, and software. The website's content is its fundamental
asset and may include databases, text, pictures, and video and
sound clips. The value of a website depends largely on the traffic
it generates.

A domain name provides the mechanism to reach the information
provided by a company on its website, or find the products or
services the company is selling over the Internet. Examples are
Amazon.com, bankrupt.com, and "swiggartagin.com." Determining the
value of a domain name is comparable to valuing trademark rights.
Domain names can come at a high price! Compaq Computer Corp. paid
Alta Vista Technology Inc. more than $3 million for "Altavista.com"
when it developed its AltaVista search engine.

The subject matter covered in this book falls into three groups:
the Internet's effect on the practice of bankruptcy law; the ways
substantive bankruptcy law handles the impact of cyberspace on
basic concepts and procedures; and issues related to cyberassets as
secured lending collateral.

The book includes point-by-point treatment of the effect of
cyberassets on venue and jurisdiction in bankruptcy proceedings;
electronic filing and access to official records and pleadings in
bankruptcy cases; using the Internet for communications and
noticing in bankruptcy cases; administration of bankruptcy estates
with cyberassets; selling bankruptcy estate assets over the
Internet; trading in bankruptcy claims over the Internet; and
technology contracts and licenses under the bankruptcy codes. The
chapters on secured lending detail technology escrow agreements for
cyberassets; obtaining and perfecting security interests for
cyberassets; enforcing rights against collateral for cyberassets;
and bankruptcy concerns for the secured lender with regard to
cyberassets.

The book concludes with chapters on Y2K and bankruptcy; revisions
in the Uniform Commercial Code in the electronic age; and a
compendium of bankruptcy and secured lending resources on the
Internet. The appendix consists of a comprehensive set of forms for
cyberspace-related bankruptcy issues and cyberasset lending
transactions. The forms include bankruptcy orders authorizing a
domain name sale; forms for electronic filing of documents;
bankruptcy motions related to domain names; and security agreements
for Web sites.

Bankruptcy and Secured Lending in Cyberspace is a well-written,
succinct, and comprehensive reference for lending against
cyberassets and treating cyberassets in bankruptcy cases.



                           *********


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 2020.  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.


                * * * End of Transmission * * *