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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, September 10, 2021, Vol. 22, No. 176

                           Headlines



C R O A T I A

TZV GREDELJ: Exits Bankruptcy Procedure with Partner's Help


I C E L A N D

ORKUVEITA REYKJAVIKUR: Moody's Withdraws Ba1 CFR, Outlook Stable


I R E L A N D

AVONDALE PARK: Moody's Assigns B3 Rating to EUR12MM Class F Notes
AVONDALE PARK: S&P Assigns B- (sf) Rating to Class F-R Notes
NIELSEN NV: Egan-Jones Hikes Sr. Unsecured Debt Ratings to B
TCS FINANCE: Fitch Rates Upcoming USD AT1 Notes 'B-(EXP)'


I T A L Y

ALITALIA SPA: Italy Breached EU State-Aid Rules, Brussels Rules
MONTE DEI PASCHI: UniCredit Set to Extend Sale Talks with Italy


L U X E M B O U R G

ORION ENGINEERED: Moody's Affirms Ba2 CFR, Alters Outlook to Stable


R O M A N I A

CITY INSURANCE: Fails to Meet Solvency Capital Requirement


R U S S I A

TINKOFF BANK: Moody's Rates New Loan Participation Notes 'B3(hyb)'


U N I T E D   K I N G D O M

ARCADIA: Ikea to Take on Topshop's Oxford Street Flagship Store
JTF: Poundstretcher Buys Business Out of Administration
TWIN BRIDGES 2021-2: S&P Assigns Prelim BB (sf) Rating to X1 Notes


X X X X X X X X

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

                           - - - - -


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C R O A T I A
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TZV GREDELJ: Exits Bankruptcy Procedure with Partner's Help
-----------------------------------------------------------
Annie Tsoneva at SeeNews reports that Croatian rolling stock maker
TZV Gredelj says it is getting out of its bankruptcy procedure
helped by its strategic partner -- Slovak manufacturer of freight
railcars and bogies Tatravagonka.

As all necessary conditions have been met, the strategic partner
made a payment and in this way a time period started in which the
debtor has to make payments to each of its creditors, TZV Gredelj
said in an e-mailed statement sent to SeeNews late on Sept. 7,
SeeNews relates.  It did not elaborate on the amount of the payment
made by Tatravagonka.

TZV Gredelj has been in bankruptcy since 2012 over more than HRK900
million (US$142.3 million/EUR120.3 million) claims by 2,004
creditors but has maintained production since then and has 400
employees, SeeNews notes.

In September last year, Tatravagonka proposed to invest EUR45
million (US$53.2 million) in TZV Gredelj, SeeNews recounts.

At a court hearing on June 15, the creditors accepted the company's
bankruptcy plan and the proposed models for repayment of debt owed
to them, SeeNews discloses.

The statement said the preconditions to enable the payment by the
strategic partner were a final decision by the Commercial Court
confirming the company's bankruptcy plan and a statement by the
receiver that all liabilities arising from the insolvency estate
had been met and the company has no other outstanding liabilities
except those set by the bankruptcy plan, according to SeeNews.




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ORKUVEITA REYKJAVIKUR: Moody's Withdraws Ba1 CFR, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has assigned a Baa3 long-term issuer
rating to Orkuveita Reykjavikur (OR) and concurrently withdrawn the
Ba1 corporate family rating, following the rating agency's practice
for corporates transitioning to investment grade. The outlook on
the rating remains stable.

The upgrade to Baa3 principally reflects an improvement in the
company's underlying credit quality, as represented by a ba1
baseline credit assessment (BCA), upgraded from ba2, which in turn
reflects the company's strong operating performance, significant
improvements in aluminium prices, and an improved balance between
earnings and liabilities denominated in foreign currencies.
Financial strategy and risk management, including the management of
foreign exchange risks, is a governance consideration under Moody's
methodology for assessing ESG risks.

RATINGS RATIONALE

OR's ba1 BCA reflects (1) the company's strong market position and
strategic importance to Reykjavik and Iceland (A2 stable) as the
provider of essential utility services to around 75% of Iceland's
population; (2) the low business risk profile associated with
regulated activities, which account for around 55% of the company's
EBITDA and provide a good degree of cash flow predictability; and
(3) low and predictable levels of capital expenditure.

The company achieved resilient operating performance in 2020,
despite headwinds associated with the with coronavirus pandemic,
and strong cash flow in the twelve months to June 2021 attributable
to lower borrowing costs and a 7% reduction in operating
expenditures compared to the prior year. OR has also benefited from
significant improvements in aluminium prices since the start of
2020, which directly benefit revenues through aluminium-linked
contracts. As a result, OR's ratio of Funds From Operations (FFO)
to net debt increased to 19.2% in the twelve months to June 2021.
Stronger aluminium prices have also contributed to an improvement
in the credit quality of Century Aluminum Company (B3 stable),
which owns Nordural, OR's largest single customer.

OR has significantly improved its exposure to foreign exchange
risks by reducing its debt denominated in foreign currencies
relative to US dollar-denominated earnings. Borrowings in foreign
currencies, mainly the US dollar, have declined from 63% of debt in
December 2016 to around 40%, and Moody's expects this to continue
to fall. US dollar revenue was equivalent to 21% of 2020 EBITDA.

OR benefits from a transparent and supportive regulatory framework
in its electricity distribution segment. Iceland's National Energy
Authority (NEA) followed a well-established methodology to set
allowed revenues for the 2021-26 regulatory period, which includes
a post-tax real allowed return of 5.21% in 2021 that will decline
gradually over the period. The real allowed equity return, 7.25% in
2021, is higher than comparable regimes in Europe and globally, in
part reflecting high interest rates following Iceland's financial
crisis. The regulatory framework for the hot water segment, which
is significantly larger than electricity distribution, is less
developed, but tariff-setting in recent years has followed the
NEA's analytical approach. Tariffs for cold water and sewage have
increased steadily in recent years, and in Moody's opinion allow OR
to achieve a reasonable return on invested capital.

Liquidity is very strong, with ISK36.0 billion of cash and
equivalents and access to ISK10.0 billion of undrawn credit
facilities as of June 2021.

OR is considered a government-related issuer under Moody's
methodology because of its ownership by municipal authorities,
which include the City of Reykjavik (93.5%), the Town of Akranes
(5.5%) and the Municipality of Borgarbyggd (1%). OR's Baa3 rating
incorporates one notch of uplift for potential extraordinary
support to the company's ba1 BCA. This recognises that, despite
strong incentives for the owners to provide timely financial
support to OR, their ability to do so may be constrained by OR's
significant debt burden relative to the financial resources of its
shareholders. Moody's would expect the central government to
coordinate with the local governments to arrange timely
intervention, if necessary. On August 20, Moody's affirmed the A2
rating and stable outlook of the Government of Iceland, reflecting
expectations of a solid economic recovery and significantly
stronger and more credible institutions, offset by limited
diversification of the economy.

ESG CONSIDERATIONS

Orkuveita Reykjavikur's ESG Credit Impact Score is low/neutral
(CIS-2), an improvement from its previous score of moderately
negative (CIS-3), reflecting improved financial risk management.
The effect of ESG risks to the rating is mitigated by the
expectation that its government shareholder would support the
company, if this were to become necessary.

OR's low/neutral environmental risk (E-2 issuer profile score)
reflects the company's fully renewable generation portfolio. Heat
and electricity from geothermal energy, which accounts for
substantially all of OR's output, is highly reliable and
dispatchable, and is unaffected by climactic variability that
affects other renewable technologies. Despite Iceland's extreme
weather, which creates risk of physical damage to OR's assets and
those of Landsnet, the transmission network owner, OR has
maintained consistently high network reliability since 2015 and has
not faced material storm-related costs. Emissions of carbon and
hydrogen sulphide from OR's geothermal plants are within permitted
limits and have fallen over time as OR has reinjected an increasing
share of these gases. In 2019, the company established a subsidiary
to commercialise it carbon capture technology.

OR's social risk is moderately negative (S-3), reflecting the risk,
common to all regulated utilities, that public concern over
environmental, social or affordability issues could lead to adverse
regulatory or political intervention. These risks are balanced by
neutral to low risks to health and safety, human capital, customer
relationships and responsible production.

Governance risks are low/neutral (G-2), a change from the previous
score of moderately negative (G-3), reflecting reductions in OR's
foreign exchange risk. Because Reykjavik City owns the company and
appoints five of six directors, Moody's view the independence of
OR's board as relatively weak. However, a published "ownership
strategy" and well-defined financial policies, and the
shareholders' track record of appointing non-political external
experts to the board, moderate the risk of political interference
in the company's operations.

RATIONALE FOR STABLE OUTLOOK

The stable outlook on the rating reflects Moody's expectation that
OR will maintain FFO/net debt in the high teens, in percentage
terms, with prudent liquidity.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

There could be upward pressure on the rating if OR demonstrated
further reductions in foreign currency risk, further improvement in
the predictability of its key regulatory frameworks, or FFO/net
debt trending toward the mid-20s in percentage terms.

These ratings could be downgraded if OR's FFO/net debt falls
persistently below the high teens, if liquidity is insufficient to
insulate the company from market risks (particularly in relation to
exchange rates or aluminium prices), or if the supportiveness of
OR's regulatory frameworks diminishes.

The methodologies used in these ratings were Regulated Electric and
Gas Utilities published in June 2017.

Orkuveita Reykjavíkur (OR) is Iceland's largest multi-utility,
operating its own power plants, electricity distribution system,
geothermal district heating system and providing cold water and
waste services in 22 communities in the southwest of the country,
covering approximately 75% of the Icelandic population. The company
is also a fibre-optic service provider, offering internet access to
businesses and households. More than 95% of the company's installed
generation capacity is based on geothermal sources, while the
remainder comes from hydro. OR is the second largest electricity
producer in Iceland. with a share of around 18% in total
electricity output. The company services mainly the Reykjavik city
area, but is also present in southern and western parts of
Iceland.

Orkuveita Reykjavíkur is a partnership between three
municipalities: the City of Reykjavik (93.5%), the Town of Akranes
(5.5%) and the Municipality of Borgabyggd (1%).



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AVONDALE PARK: Moody's Assigns B3 Rating to EUR12MM Class F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by
Avondale Park CLO DAC (the "Issuer"):

EUR244,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR32,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR26,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR27,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR22,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

As part of this reset, the Issuer has increased the target par
amount by EUR100 million to EUR400 million. In addition, the Issuer
has amended the base matrix and modifiers which Moody's has taken
into account for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is 96% ramped as of the closing
date.

Blackstone Ireland Limited ("Blackstone") will continue to 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, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations and credit improved obligations.

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
December 2020.

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. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using 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 December 2020.

Moody's used the following base-case modeling assumptions:

Target Par Amount: EUR400m

Defaulted Par: EUR0 as of June 2021

Diversity Score: 50

Weighted Average Rating Factor (WARF): 2985

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 3.95%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 9.0 years

AVONDALE PARK: S&P Assigns B- (sf) Rating to Class F-R Notes
------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Avondale Park CLO
DAC's class A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R notes. At
closing, the issuer also issued additional subordinated notes to
bring the total issuance to EUR36.05 million.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
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 is bankruptcy remote.

-- The transaction's counterparty risks, which is in line with our
counterparty rating framework.

  Portfolio Benchmarks
                                                        CURRENT
  S&P weighted-average rating factor                   2,630.45
  Default rate dispersion                                673.08
  Weighted-average life (years)                            5.16
  Obligor diversity measure                              163.62
  Industry diversity measure                              19.35
  Regional diversity measure                               1.21

  Transaction Key Metrics
                                                        CURRENT
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                        'B'
  'CCC' category rated assets (%)                          3.24
  Covenanted 'AAA' weighted-average recovery (%)          36.92
  Covenanted weighted-average spread (%)                   3.58
  Covenanted weighted-average coupon (%)                   3.95

Workout obligations

Under the transaction documents, the issuer can purchase workout
obligations, which are assets of an existing collateral obligation
held by the issuer offered in connection with bankruptcy, workout,
or restructuring of the obligation, to improve the related
collateral obligation's recovery value.

Workout obligations allow the issuer to participate in potential
new financing initiatives by the borrower in default. This feature
aims to mitigate the risk of other market participants taking
advantage of CLO restrictions, which typically do not allow the CLO
to participate in a defaulted entity's new financing request.
Hence, this feature increases the chance of a higher recovery for
the CLO. While the objective is positive, it can also lead to par
erosion, as additional funds will be placed with an entity that is
under distress or in default. This may cause greater volatility in
our ratings if the positive effect of the obligations does not
materialize. In S&P's view, the presence of a bucket for workout
obligations, the restrictions on the use of interest and principal
proceeds to purchase these assets, and the limitations in
reclassifying proceeds received from the assets from principal to
interest help to mitigate the risk.

The purchase of workout obligations is not subject to the
reinvestment criteria or the eligibility criteria. The issuer may
purchase workout obligations using interest proceeds, principal
proceeds, or amounts in the supplemental reserve account. The use
of interest proceeds to purchase workout obligations is subject
to:

-- The manager determining that after such purchase there are
sufficient interest proceeds to pay interest on all the rated notes
on the upcoming payment date.

-- The coverage tests passing after such purchase.

The use of principal proceeds is subject to:

-- Passing par value tests and reinvestment test.

-- The manager having built sufficient excess par in the
transaction so that the aggregate collateral balance is equal to or
exceeds the portfolio's reinvestment target par balance after the
reinvestment.

-- The relevant loss mitigation loan being a debt obligation, not
subordinate to the collateral obligation restructured and not
having a maturity date that exceeds the maturity date of the rated
notes.

-- Workout obligations purchased with principal proceeds, which
have limited deviation from the eligibility criteria, will receive
collateral value credit for overcollateralization carrying value
purposes. Workout obligations purchased with interest or
supplemental reserve proceeds will receive zero credit. Any
distributions received from workout obligations purchased with the
use of principal proceeds will form part of the issuer's principal
account proceeds and cannot be recharacterized as interest. Any
other amounts can form part of the issuer's interest account
proceeds. The manager may, at their sole discretion, elect to
classify amounts received from any workout obligations as principal
proceeds.

-- The cumulative exposure to workout obligations purchased with
principal is limited to 5% of the target par amount. The cumulative
exposure to workout obligations purchased with principal and
interest is limited to 10% of the target par amount.

Rating rationale

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.5 years after
closing.

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, S&P has conducted its credit and
cash flow analysis by applying its criteria for corporate cash flow
CDOs.

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the actual weighted-average spread (3.58%), the
actual weighted-average coupon (3.95%), and the identified
portfolio's weighted-average recovery rates. 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.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.

"Until the end of the reinvestment period on March 20, 2026, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"The transaction's legal structure and framework are bankruptcy
remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class
A-R to E-R notes. Our credit and cash flow analysis indicates that
the available credit enhancement for the class B-1-R, B-2-R, C-R,
and D-R notes could withstand stresses commensurate with higher
ratings than those we have assigned. However, as the CLO will be in
its reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings assigned to the notes.

"For the class F-R notes, our credit and cash flow analysis
indicates that the available credit enhancement could withstand
stresses that are commensurate with a lower rating. However, after
applying our 'CCC' criteria we have assigned a 'B-' rating to this
class of notes." The uplift to 'B-' reflects several key factors,
including:

-- The available credit enhancement for this class of notes is in
the same range as other CLOs that we rate, and that have recently
been issued in Europe.

-- The portfolio's average credit quality is similar to other
recent CLOs.

-- S&P's model generated breakeven default rate (BDR) at the 'B-'
rating level of 22.49% (for a portfolio with a weighted-average
life of 5.25 years), versus if we were to consider a long-term
sustainable default rate of 3.1% for 5.25 years, which would result
in a target default rate of 16.26%.

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class
A-R to E-R notes to five of the 10 hypothetical scenarios we looked
at in our publication "How Credit Distress Due To COVID-19 Could
Affect European CLO Ratings," published on April 2, 2020.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F-R notes."

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following obligors that
derive more than 50% its revenues from (non-exhaustive list):
biological, nuclear, chemical or similar controversial weapons,
hazardous chemicals, pesticides and wastes, ozone-depleting
substances, pornography or prostitution, predatory or payday
lending activities, weapons or firearms, tobacco, thermal coal, and
violations of UNGC Ten Principles. Accordingly, since the exclusion
of assets from these industries does not result in material
differences between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and managed by Blackstone/GSO Debt Funds
Management Europe Ltd.

  Ratings List

  CLASS   RATING     AMOUNT    INTEREST RATE    CREDIT
                   (MIL. EUR)      (%)          ENHANCEMENT (%)
  A-R     AAA (sf)   244.00     3mE + 0.99       39.00
  B-1-R   AA (sf)     32.00     3mE + 1.80       28.50
  B-2-R   AA (sf)     10.00           2.10       28.50
  C-R     A (sf)      26.00     3mE + 2.20       22.00
  D-R     BBB (sf)    27.00     3mE + 3.15       15.25
  E-R     BB- (sf)    22.00     3mE + 6.06        9.75
  F-R     B- (sf)     12.00     3mE + 8.65        6.75
  Sub     NR          36.05            N/A         N/A

  NR--Not rated.
  N/A--Not applicable.
  3mE--Three-month Euro Interbank Offered Rate.


NIELSEN NV: Egan-Jones Hikes Sr. Unsecured Debt Ratings to B
------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Nielsen N.V. to B from B-.

Earlier, on Aug. 24, 2021, EJR retained the 'B-' foreign currency
and local currency senior unsecured ratings on debt issued by
Nielsen NV. EJR also maintained its 'B' rating on commercial paper
issued by the Company.

Nielsen N.V. is a global information and measurement company. It
has customers in Ireland.

TCS FINANCE: Fitch Rates Upcoming USD AT1 Notes 'B-(EXP)'
---------------------------------------------------------
Fitch Ratings has assigned TCS Finance DAC's upcoming issue of US
dollar-denominated perpetual Additional Tier 1 (AT1) notes an
expected long-term rating of 'B-(EXP)'. TCS Finance DAC, registered
in Ireland, is a financing special purpose entity of Russia-based
Tinkoff Bank (BB/Stable/bb). The proceeds from the issue will be
used solely for financing a perpetual subordinated loan to Tinkoff
Bank, which will count as regulatory Tier 1 capital at the bank.

The amount of the issue is not yet defined. The notes will have no
established redemption date. However, Tinkoff Bank will have an
option to repay the notes every five years starting from 2026
subject to the Central Bank of Russia's (CBR) approval.

The final rating is contingent upon the receipt of final documents
conforming to information already received.

KEY RATING DRIVERS

The notes are rated four notches below Tinkoff Bank's 'bb'
Viability Rating (VR). According to Fitch's Bank Rating Criteria,
this is the highest possible rating that can be assigned to deeply
subordinated notes with fully discretionary coupon omission issued
by banks with a VR anchor of 'bb'. The notching reflects the notes'
higher loss severity in light of their deep subordination and
additional non-performance risk relative to the VR given a high
write-down trigger and fully discretionary coupons.

The upcoming notes should qualify as AT1 capital in Tinkoff Bank's
regulatory accounts due to a full coupon omission option at the
bank's discretion and full or partial write-down if either (i) the
bank's core Tier 1 capital ratio falls below 5.125% (versus a 4.5%
regulatory minimum) for six or more operational days in aggregate
during any consecutive period of 30 operational days; or (ii) the
CBR approves a plan for the participation of the CBR in
bankruptcy-prevention measures in respect of the bank, or the
Banking Supervision Committee of the CBR approves a plan for the
participation of the Deposit Insurance Agency in
bankruptcy-prevention measures in respect of the bank.

Fitch expects any coupon omission to occur before the bank breaches
the notes' 5.125% core Tier 1 trigger. There is no specific trigger
that would oblige Tinkoff Bank to omit coupons before hitting the
5.125% trigger. However, if the bank's capital ratios fell below
minimum levels including buffers (ie 7% for core Tier 1) then the
bank would be required to submit a capital-recovery plan to the
CBR. Fitch sees at least a moderate risk that any such plan would
include the omission of coupons on the AT1 securities.

The risk of coupon omission is reasonably mitigated by Tinkoff
Bank's stable financial profile, healthy profitability, and
reasonable headroom over capital minimums, including buffers (the
bank's regulatory CET1 ratio was 10.2% at end-2Q21, comparing
favorably with the minimum requirement).

ESG CONSIDERATIONS

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

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to positive
rating action/upgrade:

-- The issue rating could be upgraded if Tinkoff Bank's VR is
    upgraded.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- The issue rating could be downgraded if Tinkoff Bank's VR is
    downgraded.

-- The issue ratings could also be downgraded if Fitch takes a
    view that non-performance risk has increased and widens the
    notching between Tinkoff Bank's VR and the issue's ratings.
    For example, this could arise if the bank fails to maintain
    reasonable headroom over the minimum capital adequacy ratios
    (including buffers) or if the instrument becomes non
    performing, ie if the bank cancels any coupon payment or at
    least partially writes off the principal. In that case, the
    AT1's rating will be downgraded based on Fitch's expectations
    about the form and duration of non-performance.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.



=========
I T A L Y
=========

ALITALIA SPA: Italy Breached EU State-Aid Rules, Brussels Rules
---------------------------------------------------------------
Javier Espinoza and Miles Johnson at The Financial Times report
that Italy's government breached EU state-aid rules when it gave
EUR900 million in rescue loans to Alitalia in 2017, according to a
verdict set to be announced by Brussels.

According to the FT, the decision by EU competition authorities,
which two people with direct knowledge of the matter said was set
to be made public Thursday, Sept. 9, though that timing may slip,
comes after a three-year investigation into whether bridge loans to
Alitalia illegally distorted competition in the bloc.

Brussels is still to rule on a separate EUR400 million government
loan given to Alitalia to help it streamline its operations as it
tried to sell assets in 2019, the FT relates.

Opening that inquiry last year, the commission raised "serious
doubts" about whether the aid was in line with state-aid rules, the
FT notes.


MONTE DEI PASCHI: UniCredit Set to Extend Sale Talks with Italy
---------------------------------------------------------------
Valentina Za and Giuseppe Fonte at Reuters report that UniCredit
and Italy's Treasury are set to extend discussions over the sale of
state-owned bank Monte dei Paschi di Siena beyond an exclusivity
deadline on Wednesday (Sept. 15), two people close to the matter
said.

Italy's second-largest bank agreed at the end of July to start
exclusive talks to evaluate buying "selected parts" of Monte dei
Paschi (MPS), which is 64% owned by the Treasury following a 2017
bailout, Reuters recounts.

According to Reuters, the two parties agreed to guidelines for an
accord at the time stating a deal must leave UniCredit's capital
reserves unaffected and boost its earnings per share by at least
10%.

They did not set any formal deadline for an agreement and sources
had said talks would likely drag on beyond the 40-day exclusivity
period and possibly extend beyond a by-election in Siena slated for
Oct. 3-4, Reuters notes.

The two people said talks would continue in the coming weeks
regardless of whether the exclusivity period was extended, Reuters
relates.

UniCredit Chief Executive Andrea Orcel said in July both his bank
and the Treasury were eager to reach a decision as early as
possible, according to Reuters.

An accord would allow Italy to meet re-privatization commitments
taken with European Union authorities at the time of MPS' bailout,
Reuters states.  But the cost of the deal for Italian taxpayers,
including cash to fund job cuts that may affect up to a third of
MPS' current workforce, complicate matters, Reuters discloses.

MPS is the biggest private employer in Siena, where Enrico Letta,
the leader of the PD party -- part of Prime Minister Mario Draghi's
coalition government -- is running for a seat in parliament.

UniCredit bankers led by veteran executive Andrea Maffezzoni and
new hire Giacomo Marino have poured over MPS' books in the past few
weeks to decide which assets to take on, Reuters relates.

UniCredit will leave behind all of MPS' problem loans and any loans
it deems likely to turn sour, Reuters states.  The bank will also
be shielded from legal risks stemming from mismanagement, Reuters
notes.




===================
L U X E M B O U R G
===================

ORION ENGINEERED: Moody's Affirms Ba2 CFR, Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service has changed the outlook on Orion
Engineered Carbons S.A.'s (Orion or the company) ratings to stable
from negative. Concurrently, Moody's has affirmed Orion's Ba2
corporate family rating and Ba2-PD probability of default rating as
well as the rating on the existing guaranteed senior secured term
loans due 2024 and on the guaranteed senior secured revolving
credit facility, both borrowed by Orion Engineered Carbons GmbH.

Moody's has also assigned a Ba2 rating to proposed guaranteed
senior secured term loans due 2028, the proposed term loan will
refinance the existing guaranteed senior secured term loans due
2024. Concurrently, Moody's expects to withdraw the Ba2 of the
existing guaranteed senior secured term loans once the refinancing
transaction closes.

RATINGS RATIONALE

The change of the outlook on Orion's rating to stable from
previously negative reflects the marked demand recovery for the
company's rubber and specialty carbon black products. Increasing
volumes and higher oil prices have supported an expansion of the
company's defined EBITDA to $271 million in the twelve months
ending June-21 (LTM June-21) up from $200 million in 2020. This has
resulted in a decrease of Moody's adjusted gross leverage to 3.5x
as of LTM June-21 from 5x in 2020. Against the backdrop of
currently strong demand in both of the company's segments, Moody's
forecasts further deleveraging towards 3x by the end of 2021 and
further deleveraging in 2022. EBITDA growth in 2022 should be
supported by a continued demand recovery in particular in rubber
carbon black as well as the ramp up of additional specialty carbon
black volumes during the year.

The rating action also takes into account the additional financial
flexibility the company has gained through a $79 million settlement
payment it has received from its former owner Evonik Industries AG
(Baa2 stable) during Q2-21. In June 2018, Orion and the EPA agreed
on a so-called consent decree, under which the company will install
pollution control technology at its four US facilities. The company
expects that total EPA related capex will be in the range of
$270-$290 million, of which the company has spent around $155
million as of Q2-21. Remaining EPA capex and expansion capex in
relation with the planned capacity expansions in Ravenna and
Huaibei will burden FCF in the remainder of 2021 and 2022, a factor
which continues to constitute a rating constraint. However, Moody's
expect the company to be in position to generate significant
positive FCF in 2023, supported by lower capital expenditures and
volume growth from its capacity expansions.

Orion's rating continues to reflect its position as the largest
producer of specialty carbon black and its leading position in the
rubber carbon black market. The rating also positively reflects the
company's globally diversified footprint and its solid liquidity
profile. The rating, however, is constrained by a moderate business
size, earnings volatility and some degree of customer and product
concentration in its carbon black segments.

STRUCTURAL CONSIDERATIONS

The Ba2 rating on the guaranteed senior secured bank credit
facilities (the proposed senior secured term loan facility and
revolving credit facility) is in line with the CFR and reflects the
dominant position of these debt instruments in Orion's current
capital structure.

LIQUIDITY PROFILE

Orion's liquidity profile is solid. As of June 2021 the company
reported $74 million of cash on balance sheet and around $252
million of availability under its committed RCF and ancillary
facilities as well as $38 million of availability under various
local committed credit facilities. In combination with expected FFO
generation of around $220-$240 million in the next 12 month these
sources are sufficient to comfortably cover scheduled debt
amortization, capital expenditures in the range $180 million to
$200 million in the same period and swings in working capital.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could consider upgrading Orion's rating if the company
grows the share of the specialty segment in its product mix and
further extends its track record of resilient performance, such
that its Moody's adjusted debt EBITDA trends towards 2.5x. An
upgrade would also be supported if Orion's Engineered Carbons
RCF/Debt remains above 20% and the company maintains strong
liquidity underpinned by consistently positive FCF.

Conversely Moody's could downgrade Orion's rating, if Moody's
adjusted debt / EBITDA rises above 3.5x on a sustained basis or its
RCF/debt declines to below 15% or its FCF remains negative for
several years and the company losses its headroom under its
revolving credit facility financial covenant.

LIST OF AFFECTED RATINGS:

Issuer: Orion Engineered Carbons GmbH

Assignments:

BACKED Senior Secured Bank Credit Facility, Assigned Ba2

Affirmations:

BACKED Senior Secured Bank Credit Facility, Affirmed Ba2

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: Orion Engineered Carbons S.A.

Affirmations:

LT Corporate Family Rating, Affirmed Ba2

Probability of Default Rating, Affirmed Ba2-PD

Outlook Actions:

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

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



=============
R O M A N I A
=============

CITY INSURANCE: Fails to Meet Solvency Capital Requirement
----------------------------------------------------------
Nicoleta Banila at SeeNews reports that the Netherlands-based I3CP
Holdings has failed to cover a capital increase of Romania's
leading insurer City Insurance within the legally prescribed
period, Romania's financial regulator ASF said on Sept. 8.

"ASF was informed by the Insurance Guarantee Fund (FGA), as
temporary administrator of City Insurance, that by September 6,
2021, at 24:00, no payment related to the value of the shares
subscribed by minority shareholder I3CP Holdings BV had been
received in the company's accounts," SeeNews quotes ASF as saying
in a press release.

The regulator added that it will analyze the situation and enforce
a decision, SeeNews relates.

On August 25, I3CP announced that it has subscribed all of the new
shares issued to increase the company's capital by EUR150 million
(US$177 million), SeeNews recounts.

City Insurance approved in July the issuance of 738 million new
shares of 1 leu ($0.24/ 0.2 euro) in par value each in order to
comply with the obligation to restore its own funds required by law
to cover both the solvency capital requirement (SCR) and the
minimum capital requirement (MCR), SeeNews discloses.

According to local media reports, failure by City Insurance to do
so could lead to bankruptcy, SeeNews notes.

In April, local investment firm Vivendi International reached an
agreement with I3CP Holdings to sell its entire majority stake in
City Insurance, SeeNews relays.  

City Insurance said at the time the deal is expected to be
completed in the third quarter of 2021, subject to approval by
Romania's relevant authorities, City Insurance said at the time
notes.

Vivendi owns 85.23% of City Insurance, while the remainder is held
by individuals and legal entities, SeeNews says, citing data
published on the insurer's website.




===========
R U S S I A
===========

TINKOFF BANK: Moody's Rates New Loan Participation Notes 'B3(hyb)'
------------------------------------------------------------------
Moody's Investors Service has assigned a B3(hyb) rating to Tinkoff
Bank's proposed perpetual callable loan participation notes (LPN)
denominated in US dollars.

The notes are to be issued by a special purpose vehicle, TCS
Finance D.A.C., for the sole purpose of financing a subordinated
loan to Tinkoff Bank. The notes are classified as additional Tier 1
capital under Russian regulation.

RATINGS RATIONALE

The B3(hyb) rating assigned to the notes is based on Tinkoff Bank's
standalone creditworthiness and is positioned three notches below
the bank's ba3 Adjusted Baseline Credit Assessment (Adjusted BCA).
According to Moody's framework for rating non-viability securities
under its Banks rating methodology, the agency typically positions
the rating of additional Tier 1 securities three notches below the
bank's Adjusted BCA. One notch reflects the high loss-given-failure
that these securities are likely to face in a resolution scenario,
due to their subordination and limited protection from residual
equity. Moody's also incorporates two additional notches to reflect
the higher risk associated with the non-cumulative coupon skip
mechanism, which could precede the bank reaching the point of
non-viability.

The notes are perpetual, rank at least pari passu with the claims
of all other unsecured subordinated creditors, and senior to
ordinary shares. They have a non-cumulative optional coupon-skip
mechanism. A full or partial write down event is triggered if the
bank's Common Equity Tier 1 ratio falls below 5.125% for six or
more operational days in aggregate during any consecutive period of
30 operational days, which Moody's views as close to the point of
non-viability, or the Central Bank of Russia (CBR) approves a plan
for the participation of the Deposit Insurance Agency or the CBR in
bankruptcy prevention measures in respect of the bank. As of August
1, 2021, Tinkoff Bank's Common Equity Tier 1 ratio (N 1.1) stood at
9.7%.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Any changes in the ba3 Adjusted BCA of the bank would result in
changes to the B3(hyb) rating assigned to these securities.

Upward pressure on Tinkoff Bank's BCA could be driven by further
improvement in business diversification or strengthening of its
credit profile with a reduction of asset risk and higher capital
adequacy. A downgrade of Tinkoff's ratings is unlikely given the
positive outlook. Downward pressure on the bank's BCA could arise
if Tinkoff Bank's credit profile weakens as a consequence of an
unexpected deterioration of any of its financial fundamentals.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks Methodology
published in July 2021.



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

ARCADIA: Ikea to Take on Topshop's Oxford Street Flagship Store
---------------------------------------------------------------
Emily Hawkins at City A.M. reports that Ikea has reportedly agreed
a deal to take on Topshop's flagship store on Oxford Street for
around GBP385 million.

According to City A.M., Ikea is thought to be planning a fresh
flagship store at the 214 Oxford Street site, which once saw
400,000 customers each week before the fashion brand's collapse.

The property is the largest asset owned by Topshop's parent company
Arcadia, which collapsed into administration after the pandemic was
the final nail in the coffin for several high-street fashion
businesses, City A.M. discloses.

Earlier this year, administrators appointed liquidators to oversee
the liquidation of 21 companies within the group, City A.M.
recounts.

Mazars was tasked with the liquidation of 21 companies within the
group and with repaying roughly GBP30 million to creditors, City
A.M. states.

Proceeds from the property sale will reportedly be used to pay
senior lender Apollo Global Management the GBP311.6 million it is
owed with the remainder going to the Arcadia pension fund, City
A.M. notes.


JTF: Poundstretcher Buys Business Out of Administration
-------------------------------------------------------
Sam Metcalf at The BusinessDesk.com reports that
Nottinghamshire-based discount retailer JTF has been bought out of
administration, saving 230 jobs.

According to The BusinessDesk.com, Poundstretcher boss Aziz Tayub
has bought the stricken chain and has revealed plans to expand the
JTF brand by opening 15 new branches.

BusinessLive says the deal to buy JTF was sealed last week, with
the new owners planning to open the first new JTF outlet in
Tamworth today, Sept. 10, The BusinessDesk.com relates.

Tuxford-based JTF Mega Discount Warehouse collapsed into
administration in July after a deal to sell the company fell
through at the last minute, The BusinessDesk.com recounts.


TWIN BRIDGES 2021-2: S&P Assigns Prelim BB (sf) Rating to X1 Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Twin
Bridges 2021-2 PLC's (TB 2021-2) class A and B notes, and class
C-Dfrd to X1-Dfrd interest deferrable notes. At the same time, TB
2021-2 will issue unrated class X2-Dfrd, X3-Dfrd, Z1-Dfrd, and
Z2-Dfrd notes.

TB 2021-2 is a static RMBS transaction that securitizes a portfolio
of buy-to-let (BTL) mortgage loans secured on properties in the
U.K.

The loans in the pool were originated between 2016 and 2021 by
Paratus AMC Ltd., a non-bank specialist lender, under the brand of
Foundation Home Loans.

The collateral comprises first-lien U.K. BTL residential mortgage
loans made to both commercial and individual borrowers.

The first interest payment date will be in March 2022.

The transaction benefits from liquidity support provided by a
nonamortizing reserve fund (broken down into a liquidity reserve
fund and a credit reserve), and principal can also be used to pay
senior fees and interest on the notes, subject to certain
conditions.

Credit enhancement for the rated notes will consist of
subordination and the credit reserve from the closing date and
overcollateralization following the step-up date. The
overcollateralization will result from the release of the excess
amount from the revenue priority of payments to the principal
priority of payments.

The transaction incorporates two swaps 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 a fixed-rate interest before reversion.

At closing, the issuer will use 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.

S&P said, "Our preliminary ratings on the class A and B notes
address the timely payment of interest and ultimate payment of
principal, although the terms and conditions of the class B notes
allow for the deferral of interest until they are the most senior
class outstanding. Our preliminary ratings on the class C-Dfrd,
D-Dfrd, and X1-Dfrd notes address ultimate payment of principal and
interest while they are not the most senior class outstanding. No
further interest will accrue on the class X1-Dfrd notes after the
optional redemption date, in line with the notes' coupon. TB 2021-2
will also issue unrated class X2-Dfrd, X3-Dfrd, Z1-Dfrd and Z2-Dfrd
notes.

"Our cash flow analysis indicates that the available credit
enhancement for the class C-Dfrd is commensurate with a higher
rating than that currently assigned. The preliminary rating
assigned to the class C-Dfrd notes reflects the sensitivity to an
increase in defaults, their relative positions in the capital
structure, and potential increased exposure to tail-end risk.

Repayment of interest and principal on the class X1-Dfrd, X2-Dfrd,
and X3-Dfrd notes relies on excess spread. Upon the optional
redemption date, excess spread will be diverted to the principal
priority of payments until the class D-Dfrd notes are fully
redeemed. Therefore, any remaining interest and principal on any of
the class X1-Dfrd notes will only be paid once the class A to
D-Dfrd notes have been fully redeemed. Upon redemption of the
unrated class Z1 and Z2 notes, principal inflows will also be used
to pay down interest and principal on class X notes.

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

The key changes from the Twin Bridges 2021-1 PLC (TB 2021-1)
transaction are the removal of the prefunding feature and lower
levels of liquidity and credit reserve.

  Ratings Assigned

  CLASS   PRELIM. RATING   CLASS SIZE (%)
  A        AAA (sf)         86.00
  B        AA (sf)           6.75
  C-Dfrd   A (sf)            4.00
  D-Dfrd   BBB (sf)          3.00
  X1-Dfrd  BB (sf)           3.00
  X2-Dfrd  NR                2.00
  X3-Dfrd  NR                2.50
  Z1-Dfrd  NR                0.25
  Z2-Dfrd  NR                1.00
  Certs    NR                 N/A

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




===============
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 2021.  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 * * *