#15 Central European Media Enterprises (CETV)

Market cap: $1.5 billion

Bankruptcy probability: 0.8%

A major European media provider (based in Bermuda) reported disappointing Q1 earnings of $800,000, while analysts were expecting $16-million. The company attributed the figure to a poor ad market, but it's hard to take seriously the statement of a company that was named one of the least transparent by Corporate Responsibility Magazine. CME clearly lost money in its $400-million February purchase of a Bulgarian channel.

CME is 31% owned by Time Warner.

One of CME's properties, TV Nova, features a late-night weather service in which the weather girl wears (or doesn't) clothes in relation to the forecast. We're not sure how that's losing money.

Bankruptcy odds come from Audit Integrity in mid-May.