TCREUR_Public/100108.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, January 8, 2010, Vol. 11, No. 005

                            Headlines



C Z E C H   R E P U B L I C

KBC GROEP: May Sell CSOB Minority Stake in Prague IPO

* CZECH REPUBLIC: Insolvency Proposals Filed in 2009 Reach 9,492


D E N M A R K

* DENMARK: Corporate Bankruptcies Up 50% to 5,900 in 2009


F R A N C E

THEOLIA SA: Restructuring Plan, Capital Increase Likely to Succeed


G E R M A N Y

CONTINENTAL AG: To Raise EUR1.1BB in Stock Sale to Refinance Debt


H U N G A R Y

* HUNGARY: Corporate Bankruptcies Up 31.5% to 15,066 in 2009


I R E L A N D

CLOVERIE PLC: S&P Withdraws 'CCC-' Rating on EUR5 Mil. Notes
EP MOONEY: Liquidation Auction Scheduled for January 16
WATERFORD WEDGWOOD: Deloitte to Sell Crystal Manufacturing Plant


K A Z A K H S T A N

ALMATY CASPIAN: Creditors Must File Claims by January 20
ASIA PIPE: Creditors Must File Claims by January 20
CASPIYSKAYA STROITELNAYA: Creditors Must File Claims by January 20
CENTRE OF PSYCHOLOGICAL: Creditors Must File Claims by January 20
ELECTRONIC SERVICE: Creditors Must File Claims by January 20
IFK ASPECT: Creditors Must File Claims by January 20

TECHNO PARK: Creditors Must File Claims by January 20
TURKESTAN OIL: Creditors Must File Claims by January 20


K Y R G Y Z S T A N

IDEAL STROY: Creditors Must File Claims by February 4
ROSE JEWELLERY: Creditors Must File Claims by February 4


L I T H U A N I A

LEO LT: Liquidation Resolution Takes Effect


N E T H E R L A N D S

SCEPTRE CAPITAL: S&P Raises Rating on EUR25 Mil. Notes to 'BB-'


R U S S I A

ATLANTIC FISH: Murmanskaya Bankruptcy Hearing Set February 15
RIK CONSTRUCTION: Moskovskaya Bankruptcy Hearing Set February 24


S W E D E N

GENERAL MOTORS: Spyker Submits New Bid for Saab Unit
GENERAL MOTORS: Ecclestone, Genii Capital to Make Joint Saab Bid


S W I T Z E R L A N D

* SWITZERLAND: Corporate Bankruptcies Total 5,105 in 2009


T U R K E Y

* TURKEY: Fitch Assigns 'BB+' Rating on US$2 Bil. Eurobond


U K R A I N E

VECTOR OIL: Odessa Court Commences Liquidation Procedure


U N I T E D   K I N G D O M

BRENVILLE CONSTRUCTION: In Administration; KPMG Appointed
BRITISH AIRWAYS: To Hold Fresh Talks with Cabin Crew Union
DUBAI WORLD: Unit Seeks Secondary Listing on London Stock Exchange
GRAPHIC ARTS: Goes Into Administration
HELIX CAPITAL: S&P Raises Rating on EUR77 Mil. Notes to 'BB-'

INEOS GROUP: Delays IPO Plan; Mulls Asset Sale to Cut Debts
LEHMAN BROTHERS: PwC's UK Plan Garners Support From Creditors
LEHMAN BROTHERS: UK Issues Ruling on Pre-Admin. Client Money
LEHMAN BROTHERS: UK Sets March 18 as True Assets Claims Bar Date
MANCHESTER CITY: Owner Converts GBP305 Million Debt Into Equity

* UK: More Legal Firms to Face Insolvency This Year, Glithero Says


X X X X X X X X

* BOOK REVIEW: Taking America - How We Got from the First Hostile




                         *********



===========================
C Z E C H   R E P U B L I C
===========================


KBC GROEP: May Sell CSOB Minority Stake in Prague IPO
-----------------------------------------------------
KBC Groep NV may sell a minority stake in Czech bank CSOB AS in an
initial public offering on the Prague Stock Exchange in April or
May, Krystof Chamonikolas and Lenka Ponikelska at Bloomberg News
report, citing bourse Chief Executive Officer Petr Koblic.

According to Bloomberg, Mr. Koblic said that timing is an
estimate, adding that he hasn't received confirmation from KBC or
its Czech unit, Ceskoslovenska Obchodni Banka.

Bloomberg recalls KBC said in November it would float as much as
40% of CSOB in Prague this year and sell other assets in Europe in
an attempt to repay EUR7 billion (US$10 billion) of taxpayer funds
by 2013.  Prague-based brokerage Wood & Co.'s wrote in a report in
November that CSOB may have a market capitalization of about
CZK132 billion (US$7.2 billion), Bloomberg notes.

                     Restructuring Agreement

As reported by the Troubled Company Reporter-Europe on Nov. 20,
2009, The Financial Times said the KBC Groep reached an agreement
with the European Commission on its restructuring.  According to
the FT, KBC will slim its balance sheet by nearly a fifth and
reimburse EUR7 billion (US$10.5 billion) of state aid by 2013
through the winding down of its businesses and through asset
disposals.  The FT noted that while KBC will sell its merchant
banking and private banking arms, float part of its Czech banking
operation and forgo any acquisitions in the medium term, the group
will retain banking and insurance operations in its core markets.
The KBC restructuring will cut the bank's risk-weighted assets by
25% and entail no capital increase, the FT said.  The group will
pay back the EUR7 billion of state aid it received from the
Belgian and Flemish governments through retained earnings, and by
paying no dividend until 2011 at the earliest, the FT disclosed.

                        About KBC Groep NV

Headquartered in Brussels, Belgium, KBC Groep NV a.k.a KBC Group
NV (EBR:KBC) -- http://www.kbc.com/-- is engaged in banking,
insurance and wealth management for private banking clients,
retail customers and medium-sized enterprises.  It has expertise
in asset management and the financial markets.  The company's
activity is composed of five divisions: the Belgium, the Central &
Eastern Europe and Russia (CEER), the Merchant Banking, the
European Private Banking, and the Shared Services & Operations
business units.  Each of these units has its own management
committee and oversees both the banking and the insurance
activities.  The company is active in Belgium and in other
selected countries, including Hungary, Poland, Slovakia, Czech
Republic, Bulgaria, Romania, Serbia and Russia.  KBC Groep NV also
operates to a less extent in the United States and in Southeast
Asia.  The company has three subsidiaries: KBC Bank, KBC Insurance
and KBL European Private Bankers.


* CZECH REPUBLIC: Insolvency Proposals Filed in 2009 Reach 9,492
----------------------------------------------------------------
CTK, citing a survey by Creditreform, reports that as many as
9,492 insolvency proposals were filed last year, 77% more than in
2008, and the number of proposals filed for companies grew by 54%
to 5,255.

The solution to insolvency proposals of companies is either
bankruptcy or reorganization, the report says.  According to the
report, reorganization was allowed to 16 companies.

A total of 1,553 bankruptcies were declared last year, the highest
number since 2005 and 412 more than in 2008, the report discloses.

The report relates a further 1,721 insolvency proposals were
turned down last year, 90% of them due to very low assets.
Debtors are being erased from the register of companies in such
cases, the report says.  The figures again show the disproportion
between the use of bankruptcies and reorganization, the report
notes.

"Creditors rather tend to distrust reorganization and prefer the
fast sale of property and the payment of at least part of their
claims.  A recent amendment [to law] has attempted to support the
use of reorganization.  We can see that interest in this solution
is slowly growing," the report quoted Jiri Markvart of law office
Ambruz & Dark as saying.

Creditreform ascribes the growth in the number of insolvencies to
the economic crisis whose impacts started to be felt in the Czech
Republic in a significant way in the last quarter of 2008 already,
the report states.


=============
D E N M A R K
=============


* DENMARK: Corporate Bankruptcies Up 50% to 5,900 in 2009
---------------------------------------------------------
Xinhua reports that nearly 5,900 companies went bankrupt in
Denmark in 2009, a 50% increase over 2008.

According to Xinhua, the Danish daily Politiken said in a report
agriculture, fisheries, financial institutions, production
companies and the health sector were worst hit by the economic
crisis, with the highest increases in bankruptcies.

Xinhua, citing the Politiken report, notes the bankruptcy rising
rate declined in December 2009, with 564 companies having been
bankrupt, compared with 596 in December 2008.

Gerd Buchhave at borsen.dk reports December had 5.4% fewer
bankruptcies than December 2008. Seasonally adjusted, this was the
second month running with a decreasing number of bankruptcies,
borsen.dk states.

According borsen.dk, Christian Hilligsoe Heinig, chief analyst at
Sydbank, expects that 2009 will remain the record year of
bankruptcies, although a high level of bankruptcies is also
expected in 2010.


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


THEOLIA SA: Restructuring Plan, Capital Increase Likely to Succeed
------------------------------------------------------------------
Tara Patel at Bloomberg News reports that Theolia SA said there's
a "high" probability that a plan to restructure bonds and raise as
much as EUR100 million (US$144 million) in capital will succeed.

"We are making an extremely attractive offer to current
shareholders which gives me reason to believe the probability for
success is fairly high," Bloomberg quoted Theolia Chief Executive
Officer Marc van't Noordende as saying Tuesday on a conference
call.  According to Bloomberg, Mr. van't Noordende said the
company plans to sell new shares at EUR1 apiece, less than the
current stock price of about EUR3.

Bloomberg relates Theolia, which suffered from tighter project
financing for the wind industry during the recession, has
announced plans to sell assets, save costs and halt operations in
some countries to regain investor confidence.  The company's
restructuring proposal includes a partial debt write-off and
improved terms for share conversion for bondholders, Bloomberg
notes.

As reported by the Troubled Company Reporter-Europe on Jan. 4,
2010, Bloomberg News said more than 65% of Oceanes bondholders
agreed to the restructuring proposal.  Bloomberg disclosed the
plan still needs final approval at a bondholders meeting, to be
held before March 15, and is contingent on the capital increase,
targeted for April or May.  "A failure of the convertible-bond
restructuring would increase the risk of no access to financing
wind projects in development and could force the company to
consider creditor protection available under French law," Theolia
said, according to Bloomberg.  The plan "should ensure both the
continuity of its operations beyond 2011 and continuation of its
new strategy."

Theolia SA (EPA:TEO) -- http://www.theolia.com/-- is a
France-based energy company that develops and manages renewable
energy sources.  It specializes in the production of electricity
using wind power, as well as in the construction of wind power
plants and turbines, based notably in France and Germany.
Additionally, the Company is engaged in non-wind turbine
activities, such as the utilization of biomass, cogeneration and
biogas techniques for the production of electricity, through its
subsidiary, THENERGO.  Theolia SA operates several subsidiaries,
including Ventura, Natenco SAS, Meastrale Green Energy and Theolia
Iberica.  The Company is operational in such countries as Germany,
Spain, Brazil, Greece, Italy, India and Morocco.


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


CONTINENTAL AG: To Raise EUR1.1BB in Stock Sale to Refinance Debt
-----------------------------------------------------------------
Aaron Kirchfeld and Chris Reiter at Bloomberg News report that
Continental AG plans to raise EUR1.1 billion (US$1.6 billion) in a
stock sale to help refinance debt after receiving approval from
its supervisory board.

Bloomberg relates Continental said in a statement Wednesday a
group of banks led by Deutsche Bank AG, Goldman Sachs Group Inc.
and JPMorgan Chase & Co. agreed to underwrite the sale of 31
million new shares at EUR35 each.

Bloomberg recalls Continental's lenders last month agreed to
extend the company a EUR2.5-billion loan on condition that it
raises EUR1 billion in fresh capital by selling new shares.  The
two-year loan and stock sale will go toward refinancing a
EUR3.5-billion loan due in August, Bloomberg says.

According to Bloomberg, pending regulatory approval, the
subscription will take place from Jan. 12 to Jan. 25.

Continental, Europe's second-largest tiremaker, has recorded
losses for four consecutive quarters as it struggles with the
worst auto-industry crisis in decades, Bloomberg discloses.  The
company is laden with EUR9.5 billion in debt after acquiring the
VDO auto-parts unit from Siemens AG in 2007, Bloomberg notes.

                       About Continental AG

Hanover, Germany-based Continental AG (OTC:CTTAY) --
http://www.conti-online.com/-- is an automotive industry
supplier.  The Company focuses its activities on the development,
production and distribution of products that improve driving
safety, driving dynamics and ride comfort.  It operates in six
divisions.  Chassis and Safety provides active and passive driving
safety, safety and chassis sensor systems, as well as chassis
components.  Powertrain focuses on engine systems, hybrid electric
drives, injection technology, and sensors and actuators, among
others.  Interior manufactures information management modules and
wireless mobile devices.  Passenger and Light Truck Tires provides
tires for passenger cars, motorcycles and bicycles.  Commercial
Vehicle Tires offers tires for trucks, as well as industrial and
off-the-road vehicles.  ContiTech specializes in the rubber and
plastics technology, offering parts, components and systems for
the automotive industry and other sectors.  In January 2009,
Schaeffler KG acquired 49.9% interest in the Company.


=============
H U N G A R Y
=============


* HUNGARY: Corporate Bankruptcies Up 31.5% to 15,066 in 2009
------------------------------------------------------------
MTI-Econews, citing Opten, reports that the number of Hungarian
companies that collapsed rose 31.5% to 15,066 in 2009.

According to the report, the number of voluntary liquidations
jumped 44% to 14,000 in 2009.  The report notes Opten strategic
director Hajnalka Csorbai said the trend is not likely to improve
markedly in the first half of 2010.


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


CLOVERIE PLC: S&P Withdraws 'CCC-' Rating on EUR5 Mil. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' rating on
Cloverie PLC's EUR5 million class B floating-rate portfolio
credit-linked notes series 2005-24.

The withdrawal follows notification to us that the issuer has
repurchased the notes.


EP MOONEY: Liquidation Auction Scheduled for January 16
-------------------------------------------------------
RTE News reports that more than 250 cars are to be auctioned off
later this month as part of the liquidation of the EP Mooney car
dealership by Paul McCann at Grant Thornton.

According to the report, the cars being sold include Jaguars, BMWs
and Volvos and have a total value of more than EUR3 million.

The report says all cars are to be auctioned off on January 16 and
can be viewed beforehand at the EP Mooney dealership on the Naas
Road in Dublin.

The report recalls EP Mooney, one of the country's best known car
dealerships, was put into liquidation in November with the loss of
around 90 jobs.


WATERFORD WEDGWOOD: Deloitte to Sell Crystal Manufacturing Plant
----------------------------------------------------------------
Louisa Fahy at Bloomberg News reports that Deloitte LLP,
administrators to Waterford Wedgwood Plc, plans to sell the
company's crystal manufacturing plant, a year after the crystal
maker went into receivership.

Bloomberg relates a spokesman for Deloitte on Tuesday said the
sale of the 36-acre site in Kilbarry, southeast Ireland, will be
handled by Savills real-estate agent in the Irish city of Cork.

The Kilbarry site is likely to be sold for EUR10 million
(US$14.4 million) to EUR20 million, Bloomberg says citing the
Irish Times.  According to Bloomberg, the Times said at least one
overseas buyer is interested in bidding for the plant.

Waterford Wedgwood plc -- http://www.waterfordwedgwood.com/-- is
an Ireland-based holding company.  The Company, along with its
subsidiaries, is engaged in the manufacture, marketing and
distribution of luxury lifestyle products through four
international brands, Waterford Crystal, Wedgwood, Royal Doulton
and Rosenthal.  The Company is organized into three segments:
Waterford Crystal, Ceramics Group and W-C Designs & Spring.
Waterford Crystal includes the manufacture and distribution of
Waterford Crystal Stuart Crystal, Edinburgh Crystal and Cashs Mail
Order products.  Ceramics Group includes the manufacture and
distribution of ceramics products by Wedgwood, Royal Doulton and
Rosenthal, and the distribution of crystal products in certain
markets.  W-C Designs & Spring consists of Spring, a distributor
of a range of cookware products and W-C Designs, a distributor of
linen products including Waterford linens under a license from
Waterford Crystal.


===================
K A Z A K H S T A N
===================


ALMATY CASPIAN: Creditors Must File Claims by January 20
--------------------------------------------------------
LLP Almaty Caspian Sea International Logistics Limited is
currently undergoing liquidation.  Creditors have until January
20, 2010, to submit proofs of claim to:

         Makataev Str. 47
         Almaty
         Kazakhstan


ASIA PIPE: Creditors Must File Claims by January 20
---------------------------------------------------
LLP Asia Pipe Company is currently undergoing liquidation.
Creditors have until January 20, 2010, to submit proofs of claim
to:

         Micro District 1, 73b
         Almaty
         Kazakhstan


CASPIYSKAYA STROITELNAYA: Creditors Must File Claims by January 20
------------------------------------------------------------------
Creditors of LLP Caspian Construction Company Caspiyskaya
Stroitelnaya Companiya have until January 20, 2010, to submit
proofs of claim to:

         Abai Str. 10a
         Atyrau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on October 27, 2009,
after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Satpaev Str. 3
         Atyrau
         Kazakhstan


CENTRE OF PSYCHOLOGICAL: Creditors Must File Claims by January 20
-----------------------------------------------------------------
JSC Center of Social Psychological Rehabilitation of Drug Users
Tsentr Sotsialno Psihologicheskoy Reabilitatsiyi Narkozavisimyh
Lits is currently undergoing liquidation. Creditors have until
January 20, 2010, to submit proofs of claim to:

         Razdolnoye
         Zerendinsky District
         Kokshetau
         Kazakhstan


ELECTRONIC SERVICE: Creditors Must File Claims by January 20
------------------------------------------------------------
Creditors of LLP Electronic Service have until January 20, 2010,
to submit proofs of claim to:

         Almaty-9
         Post office Box 22
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on October 28, 2009,
after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan


IFK ASPECT: Creditors Must File Claims by January 20
----------------------------------------------------
JSC IFK Aspect is currently undergoing liquidation.  Creditors
have until January 20, 2010, to submit proofs of claim to:

         Mailin Str. 2/2-55
         Kostanai
         Kazakhstan


TECHNO PARK: Creditors Must File Claims by January 20
-----------------------------------------------------
Creditors of LLP Regional Innovation Center Techno Park Ug have
until January 20, 2010, to submit proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on
October 21, 2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan


TURKESTAN OIL: Creditors Must File Claims by January 20
-------------------------------------------------------
Creditors of LLP Turkestan Oil Product have until January 20,
2010, to submit proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on
October 26, 2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan


===================
K Y R G Y Z S T A N
===================


IDEAL STROY: Creditors Must File Claims by February 4
-----------------------------------------------------
LLC Ideal Stroy Ltd. is currently undergoing liquidation.
Creditors have until February 4, 2010, to submit proofs of claim
to:

         Unusaliev Str. 142
         Bishkek
         Kyrgyzstan


ROSE JEWELLERY: Creditors Must File Claims by February 4
--------------------------------------------------------
LLC Rose Jewellery And Silver is currently undergoing liquidation.
Creditors have until February 4, 2010, to submit proofs of claim
to:

         Gorky Str. 27/1
         Bishkek
         Kyrgyzstan


=================
L I T H U A N I A
=================


LEO LT: Liquidation Resolution Takes Effect
-------------------------------------------
LEO LT, AB, which owns 351 316 161 shares of Rytu skirstomieji
tinklai, AB, on January 6, 2010, announced that on December 31,
2009 a resolution, taken on December 30, 2009 by the sole
shareholder of LEO LT (the Government of the Republic of
Lithuania) to liquidation LEO LT took force.

As reported by the Troubled Company Reporter-Europe on Dec. 9,
2009, the Lithuanian Government and NDX Energija UAB on Dec. 4
signed an agreement regarding the liquidation of LEO LT and
cancellation of agreement for the establishment of a national
investment company.

As a result, the Lithuanian Government essentially became the sole
shareholder of LEO LT.

LEO LT owns 98.2% of VST AB shares.  Headquartered in Vilnius,
Lithuania, LEO LT AB -- http://www.leolt.lt-- is an energy
holding company in Lithuania.


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


SCEPTRE CAPITAL: S&P Raises Rating on EUR25 Mil. Notes to 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB-' from 'CCC-' its
credit rating on Sceptre Capital B.V.'s EUR25 million floating-
rate repackaged "PowerTranche" notes series 2006-6.

S&P raised the rating following its upgrade of the rating on the
charged securities in this series.


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


ATLANTIC FISH: Murmanskaya Bankruptcy Hearing Set February 15
-------------------------------------------------------------
The Arbitration Court of Murmanskaya will convene at 11:00 a.m. on
February 15, 2010, to hear bankruptcy supervision procedure on LLC
Atlantic Fish Company (TIN 5190159250, PSRN 1065190102559). The
case is docketed under Case No. ?42?8368/2009.

The Temporary Insolvency Manager is:

         O.Temchura
         183049 Murmansk
         Russia

The Debtor can be reached at:

         LLC Atlantic Fish Company
         Tralovaya Str. 14
         183001 Murmansk
         Russia


RIK CONSTRUCTION: Moskovskaya Bankruptcy Hearing Set February 24
----------------------------------------------------------------
The Arbitration Court of Moskovskaya will convene at 10:10 a.m. on
February 24, 2010, to hear bankruptcy supervision procedure on
CJSC RIK Construction Invest (TIN 5027115294, PSRN 1065027011653).
The case is docketed under Case No. ?41-36793/09.

The Temporary Insolvency Manager is:

         V.Desyatskov
         Post User Box 21
         125368 Moscow
         Russia

The Debtor can be reached at:

         CJSC RIK Construction Invest
         Novaya Str. 3A
         Oktyabrskiy
         Lyuberetskiy
         140060 Moskovskaya
         Russia


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


GENERAL MOTORS: Spyker Submits New Bid for Saab Unit
----------------------------------------------------
Ola Kinnander at Bloomberg News reports that Spyker Cars NV Chief
Executive Officer Victor Muller said the company has submitted its
bid for General Motors Co.'s Saab unit in Sweden.

"Now there's nothing more we can do, we just have to wait and
see," Bloomberg quoted Mr. Muller as saying.  "Whoever is the
shepherd of Saab, the main thing is that it survives."

Bloomberg recalls negotiations to sell Saab to Spyker, headed by
Mr. Muller, collapsed Dec. 18 and Spyker submitted a second offer
Dec. 20, which it revised yesterday.

Bloomberg notes Mr. Muller said the Dutch super-car maker hasn't
yet heard back from GM.

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


GENERAL MOTORS: Ecclestone, Genii Capital to Make Joint Saab Bid
----------------------------------------------------------------
Adam Ewing and Ola Kinnander at Bloomberg News reports that
Formula One tycoon Bernie Ecclestone and partner Genii Capital are
among bidders that are making last-ditch efforts to buy General
Motors Co.'s Saab unit as the sale deadline passed.

Genii Capital plans to hand in a cash offer, Bloomberg says,
citing Lars Carlstroem, the Swedish investor who is working with
Genii.

Bloomberg relates Genii Capital said in an e-mailed statement
yesterday that the company "has decided that given an adequate and
short timeframe for finalizing its offer, it will aggressively
work towards a successful closing of the transaction with all the
relevant stakeholders of the company."

According to Bloomberg, Genii said it will bid for a majority
stake in Saab together with Ecclestone.

"It's a good brand," Bloomberg quoted Mr. Ecclestone as saying in
a phone interview.  "It's a good brand that has probably been
neglected by the current owners.  We don?t own it yet, so let's
see what happens."

Bloomberg recalls GM Chief Executive Officer Ed Whitacre told a
roundtable of reporters Jan. 6 that it is proceeding with its
decision to close Saab.  According to Bloomberg, Mr. Whitacre said
no qualified buyer has emerged and GM doesn?t foresee a sale.

"It's real easy -- show up with the money and you can have it,"
Mr. Whitacre said when asked whether GM had made a good-faith
effort to sell Saab, according to Bloomberg.

Bloomberg notes Saab board member Haakan Danielsson said an
interview the unit is expected to hold a board meeting today,
Jan. 8, where it will examine if it can restart production Jan. 11
after a four-week break.  Mr. Danielsson, as cited by Bloomberg,
said board members may also discuss any possible new bids for
Saab.

                       About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


=====================
S W I T Z E R L A N D
=====================


* SWITZERLAND: Corporate Bankruptcies Total 5,105 in 2009
---------------------------------------------------------
Xinhua, citing Swissinfo.ch news Web site, reports that a record
number of 5,105 bankruptcies were filed by Swiss firms in 2009, an
increase of 26.7% from the previous year.

According to Xinhua, the Web site, citing credit information firm
Dun & Bradstreet, disclosed that December alone saw 558
bankruptcies, the highest monthly total in the last decade.


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


* TURKEY: Fitch Assigns 'BB+' Rating on US$2 Bil. Eurobond
----------------------------------------------------------
Fitch Ratings has assigned the Republic of Turkey's US$2 billion
eurobond, due on 30 May 2040, a 'BB+' rating.  The eurobond has a
coupon rate of 6.75%, with a yield to investors of 6.85% and a
spread over US Treasury bonds of 225 basis points.  The rating is
in line with Turkey's Long-term foreign currency Issuer Default
Rating, which has a Stable Outlook.

"The 30-year maturity and moderate yield on Turkey's sovereign
eurobond highlights its creditworthiness and strong international
capital market access," said Edward Parker, Head of Emerging
Europe in Fitch's Sovereigns team.  "The issue realizes a
substantial part of the Treasury's 2010 annual eurobond issuance
target of around US$5.5bn, as set out in its 2010 financing
program."

On December 3, 2009, Fitch upgraded Turkey's Long-term foreign
currency IDR to 'BB+' from 'BB-', reflecting Turkey's relative
resilience to the global financial crisis and some easing in prior
acute constraints related to inflation, external finances and
political risk.


=============
U K R A I N E
=============


VECTOR OIL: Odessa Court Commences Liquidation Procedure
--------------------------------------------------------
The Financial reports that the economic court of Odessa oblast in
Ukraine issued a decree and started the procedure for "liquidation
of recognition the bankruptcy" of Vector Oil Trade Ltd. and Vector
Oil Agroinvestments Ltd. (Odessa).

According to the report, the court will accept claims of creditors
during 30 days from Dec. 31, the day of the official promulgation.

In 2008, the net income of Vector Oil Trade totaled UAH115.46
million, while Vector Oil Agroinvestments' net income stood at
UAH29.25 million, the report discloses.

Vector Oil Trade was engaged in wholesale purchasing of
agricultural products with the average volumes of 150-170 thsd
tonnes in the seasonal period and exporting to far-abroad
countries.


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


BRENVILLE CONSTRUCTION: In Administration; KPMG Appointed
---------------------------------------------------------
Rhiannon Hoyle at Construction News reports that Brenville
Construction has been placed into administration, resulting in the
loss of more than 20 jobs.

The report relates KPMG's Mark Firmin and Howard Smith have been
appointed as joint administrators.

According to the report, administrator KPMG said the Bradford-
based company went under "after experiencing cashflow
difficulties".

The report recalls company ceased trading last month, leaving a
GBP7.5 million development of 111 apartments in the center of
Scunthorpe unfinished.


BRITISH AIRWAYS: To Hold Fresh Talks with Cabin Crew Union
----------------------------------------------------------
BBC News reports that British Airways plc is to hold fresh talks
with its main union in an attempt to avert the renewed threat of a
strike by the cabin crew.

According to BBC, Unite said it and the airline had agreed to meet
in the coming days to try to find a negotiated settlement to the
row over jobs, pay and conditions.

"We have said all along that this dispute could only be resolved
through negotiation, rather than imposition or litigation, so we
are delighted to be joining BA management in talks at the TUC,"
BBC quoted Unite joint general secretaries Derek Simpson and Tony
Woodley as saying.  "We will be approaching those talks in a
constructive spirit, seeking to find a settlement that meets the
real concerns of BA's skilled, loyal and professional cabin crew,
while keeping the airline flying."

As reported by the Troubled Company Reporter-Europe on Dec. 18,
2009, The Financial Times said the High Court ruled that a union
ballot for a 12-day British Airways cabin crew strike over
Christmas was invalid.  The FT disclosed Judge Laura Cox ruled the
92.5% vote in favor of a strike that Unite union used to justify
one of the longest walk-outs BA has ever faced had included people
who had already agreed to take voluntary redundancy.

The ruling prompted Unite to say it would hold a fresh ballot on
strike action, BBC notes.

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services.  The Company's principal
place of business is Heathrow.  It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services.  The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide.  During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers.  It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world.  In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,
L'Avion.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 12,
2009, Moody's placed the Ba3 Corporate Family and Probability of
Default Ratings of British Airways plc and the senior unsecured
and subordinate ratings of B1 and B2 under review for possible
downgrade.


DUBAI WORLD: Unit Seeks Secondary Listing on London Stock Exchange
------------------------------------------------------------------
Simeon Kerr at The Financial Times reports that DP World, a unit
of Dubai World but outside of the holding company's US$22 billion
debt restructuring, has decided to seek a secondary listing on the
London Stock Exchange in an overdue attempt to boost trading in
its shares.

According to the FT, DP World said it will start the listing
process after the publication of its preliminary results in March,
hoping to finalize the listing by the end of the second quarter.

The FT relates DP World has been considering its options for some
time, disappointed at the levels of liquidity achieved on Nasdaq
Dubai.

"DP World needs to list shares on a liquid market -- listing them
on DIFX [Nasdaq Dubai's predecessor] was a mistake," the FT quoted
Majd Shafiq of United Advisors as saying, arguing that access to
greater liquidity generally translates into higher valuations.
"London has always been and will continue to be the hub as far as
Middle East capital markets are concerned and the LSE is the
gravity center within that hub."

                        6-Month Standstill

The Troubled Company Reporter, citing The Wall Street Journal and
Bloomberg News, ran a story about Dubai World seeking a six-month
standstill on its debt obligations.  In a statement obtained by
the Journal and Bloomberg, the government of Dubai said it would
restructure Dubai World and has appointed Deloitte LLP to lead the
restructuring effort, naming an executive at the consultancy as
the group's "chief restructuring officer."

The standstill will immediately affect US$3.52 billion of Islamic
bonds due December 14 from the Company's property unit Nakheel.

Bloomberg News' Arif Sharif and Laura Cochrane said Dubai World
has US$59 billion in liabilities.  Bloomberg said Dubai
accumulated US$80 billion of debt by expanding in banking, real
estate and transportation before credit markets seized up last
year.

The Journal said Standard & Poor's in an October report estimated
Dubai World could be responsible for as much as 50% of Dubai's
total government and corporate debt load of some US$80 billion to
US$90 billion.

                          Large Exposure

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2009, The Wall Street Journal's Chip Cummins, Dana Cimilluca and
Sara Schaefer Munoz, citing a person familiar with the matter,
said that U.K.'s Royal Bank of Scotland Group PLC, HSBC Holdings
PLC, Barclays PLC, Lloyds Banking Group PLC, Standard Chartered
PLC and ING Groep NV of the Netherlands, are among the
international banks that have large exposure in Dubai World.

RBS has lent roughly US$1 billion to Dubai World, another person
said, according to the Journal.  Sources also told the Journal
Barclays's exposure to Dubai World is roughly US$200 million, and
that exposure is effectively hedged.

David Robertson at The (U.K) Times reported Credit Suisse has
estimated that European banks could have EUR40 billion
(GBP36 billion) in loans to Dubai and much of this could be at
risk if the Gulf emirate defaults.

The Journal, citing people familiar with the matter, said the
banks with the greatest exposure to Dubai World are Abu Dhabi
Commercial Bank and Emirate NBD PJSC, people familiar with the
matter said.

Dow Jones Newswires' Margot Patrick related that a report by the
Emirates Banks Association said the top eight foreign banks in the
United Arab Emirates by lending volume -- HSBC, Standard
Chartered, Barclays, HSBC, Royal Bank of Scotland's ABN Amro,
Citigroup Inc., BNP Paribas SA, Lloyds and Credit Agricole SA's
Calyon, -- extended about US$36 billion in loans in 2008
throughout the federation, without breaking down the loans by
emirate or type of borrower.

                        About Dubai World

Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer
in global investments.  As a holding company it operates a highly
diversified spectrum of industrial segments and plays a major role
in the emirate's rapid economic growth.  Dubai World's investment
spans four strategic growth areas of 21st Century commerce namely,
Transport & Logistics, Drydocks & Maritime, Urban Development and
Investment & Financial Services.  Dubai World's portfolio includes
DP World, one of the largest marine terminal operators in the
world; Drydocks World & Dubai Maritime City designed to turn Dubai
into a major ship-building and maritime hub; Economic Zones World
which operates several free zones around the world including Jafza
and TechnoPark in Dubai; Nakheel the property developer behind
iconic projects such as The Palm Islands and The World among
others; Limitless the international real estate master planner
with current development projects in various parts of the world;
Leisurecorp a global sports and leisure investment group,
reshaping the industry by unlocking value across investment,
development and brand opportunities; Dubai World Africa which
oversees the regional development and portfolio of investments in
the African continent; and Istithmar World, the group's investment
arm that has a global footprint in finance, capital, leisure,
aviation and various other business ventures.

The Sun Never Sets on Dubai World, its Web site says.


GRAPHIC ARTS: Goes Into Administration
--------------------------------------
Adam Hooker at PrintWeek reports that Graphic Arts Equipment, a
subsidiary of Litho Supplies, has gone into administration.

PrintWeek relates Phil Duffy and David Whitehouse at MCR were
appointed to the 44-staff business as administrators on Jan. 5,
which had an estimated turnover of GBP5.88 million.

Mr. Duffy told PrintWeek Tuesday that "the decision to enter
administration follows the administration of Litho Supplies on
December 22, 2009.  The business will continue to trade with the
full support of its manufacturers, suppliers and staff.  The
priority is to identify and negotiate a going concern sale of the
business."

At this stage, no redundancies have been made at the business, the
report notes.

Perivale-based Graphic Arts Equipment handles equipment from a
large number of finishing companies in the UK.  Its flagship
business is Japanese equipment manufacturer Horizon.


HELIX CAPITAL: S&P Raises Rating on EUR77 Mil. Notes to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB-' from 'CCC-' its
credit rating on Helix Capital (Jersey) Ltd.'s EUR77 million
PowerTranche partial kicker floating-rate managed synthetic CDO
notes series 2006-15.

This rating action follows an upward revision to the credit
enhancement for these notes following the restructuring of the
transaction.  In S&P's opinion, the credit enhancement is now
sufficient to support a 'BB-' rating.  The synthetic rated
overcollateralization level achieved at the 'BB-' rating level is
100.4224%.


INEOS GROUP: Delays IPO Plan; Mulls Asset Sale to Cut Debts
-----------------------------------------------------------
Anousha Sakoui and Ed Crooks at The Financial Times report that
Ineos Group Holdings plc has delayed its plans for an initial
public offering.

According to the FT, the IPO was one of a range of options that
had been considered by the company to strengthen its balance
sheet, which was burdened with more than EUR7 billion
(US$10 billion) of debt.

The FT notes that while Ineos has looked into an IPO with Barclays
Capital, one of its main lending banks, the company now has no
imminent plans for a listing.

Ineos, the FT says, is now looking at full or partial sales of
operating businesses to help reduce its debts.

The FT relates Ineos expected turnover of EUR15.2 billion and
EUR1.1 billion in ebitda earnings over the course of 2009.  Ineos'
net debt, which was EUR7.49 billion at the end of 2008, is roughly
seven times last year's expected ebitda, the FT discloses.

"I think Ineos would find it hard to make valuations work to pay
off sufficient debt [through an IPO]," the FT quoted one person
familiar with the situation as saying.

The FT recalls the company in the summer agreed with banks a
resetting of the covenants on its credit facilities.  It has to
repay EUR250 million of debt in January and EUR450 million in
July 2011, the FT states.

                        About INEOS Group

INEOS Group is a diversified chemical company consisting of
several businesses.  Product lines include ethylene oxide-based
specialty and intermediate chemicals, fluorochemicals used as
refrigerants and propellants, and phenol and acetate products.
INEOS Chlor makes chlor-alkali chemicals, and INEOS Films and
Compounds manufactures PVC and PET films.  INEOS Group was formed
in 1998 after a management buyout led by CEO Jim Ratcliffe, who
controls the group.  Mr. Ratcliffe has placed INEOS among the
world's top chemical companies (with ExxonMobil, Dow, and BASF)
through his many and varied acquisitions.


LEHMAN BROTHERS: PwC's UK Plan Garners Support From Creditors
-------------------------------------------------------------
PricewaterhouseCooper's claim resolution agreement has garnered
support from most of the 1,300 creditors and is expected to win
approval of the United Kingdom High Court by the December 29,
2009, from the 90% majority the firm needs for the deal to push
through, the Telegraph U.K. reported on December 26, 2009.

However, if the votes fall short, PwC is expected to ask for a
three-week extension or request that creditors accept the deal
with a smaller majority and move forward with a reduced group,
the report said.

Steven Pearson, joint administrator and partner at PwC, said:
"This deal represents the last opportunity to find a one-size-
fits-all solution to the problem.  After this, it is a very slow
and difficult process to get people's assets back to them."

According to the report, the plan now on the table is a
contractual agreement rather than a court-driven process, which
the U.K. Court rejected early this year.  The current plan uses
specific valuation dates to count up how much is owed to hedge
funds on their derivative positions.  On aggregate, the dates and
formula selected benefit more hedge funds than they disadvantage.

The current plan aims to thaw about US$11 billion in assets and
return them to creditors before April 2010.

PwC hopes to set a deadline with the U.K. court for further
claims on the assets by the end of February 2010, with a goal of
returning assets before the end of the first quarter.

The creditors' committee in the U.K. bankruptcy case includes
hedge-fund managers Ramius LLC, GLG Partners LP and Oceanwood
Capital Management LLP.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: UK Issues Ruling on Pre-Admin. Client Money
------------------------------------------------------------
The United Kingdom High Court, on December 15, 2009, handed down
judgment on an application brought by the joint administrators of
Lehman Brothers International (Europe) seeking directions
relating to the client money held by LBIE prior to its
administration.

The judgment follows the joint administrators' directions
application issued on 1 May 2009 which sought to address a number
of uncertainties in the FSA's client money rules.  LBIE's records
identified client money claims of some US$2.1 billion.  The
Administrators hold some US$1 billion in segregated pre-
administration
client money.

Mr. Justice Briggs noted in his judgment that the FSA's rules
were unclear in a number of important respects but found that:

  1. The pool of pre-administration client money consists of
     those bank accounts and transaction accounts used by LBIE
     in order to segregate client money.  The balances of the
     bank accounts at the time of LBIE's administration totaled
     approximately US$2.1 billion.  The Joint Administrators may
     not recover all of these balances.

  2. LBIE is not required to top up or adjust the client money
     pool, whether:

        -- for clients for whom no or insufficient money was
           segregated at the time of administration;

        -- for movements between the time of last segregation,
           being the morning of 12 September 2008, based on
           figures at as close of business on 11 September 2008,
           and the time of administration; or

        -- to make good any credit loss shortfall including, for
           example, the shortfall arising by reason of the
           insolvency of Lehman Brothers Bankhaus AG, with which
           LBIE had deposited US$1 billion of client money on 12
           September for repayment on 15 September 2008).

  3. The client money pool is to be distributed to those clients
     for whom LBIE had segregated client money at the time of
     its administration.  These will generally be those clients
     who have already received information from the Joint
     Administrators advising them how much client money LBIE's
     books and records indicate was segregated for them by LBIE
     at the time of administration. Mr. Justice Briggs said that
     if the creditors have not received any information, it is
     likely LBIE did not segregate any client money for the
     creditors at the time of administration.  Mr. Justice said
     his judgment does not permit the creditors to claim against
     the client money pool.

  4. Clients' client money entitlements are to be calculated at
     the time of administration by reference to what was
     segregated by LBIE for them at that time.  For many
     clients, this will be the same as that which was segregated
     for them at the time when LBIE last conducted its
     reconciliation and segregation of client money on the
     morning of 12 September 2008, which it did using data as at
     close of business on 11 September 2008.  However, for some
     futures clients, the amount segregated for them in respect
     of certain of their futures' positions was adjusted between
     close of business on 11 September 2008 and the time of
     administration to reflect fluctuations in the value of
     those futures' positions.  Those clients' client money
     entitlements will therefore reflect that adjustment.
     Mr. Justice Briggs noted that the judgment does not address
     whether clients for whom LBIE segregated sums in respect of
     depot breaks or unapplied credits have a client money
     entitlement in respect of those amounts.  That issue is
     expected to be dealt with by way of a short addendum to the
     judgment.

  5. Clients will be required to give credit for client money
     paid to them by LBIE (or its affiliates on LBIE's behalf)
     prior to the time of administration.  Where LBIE segregated
     money for clients in respect of fails and those clients
     have subsequently received the relevant securities, clients
     will also be required to give credit accordingly.

  6. In the absence of an agreement to the contrary, LBIE may
     not exercise any right of set-off or retention against
     clients' distributions from the client money pool in
     respect of debts owed by those clients to LBIE.

  7. Mr. Justice further noted that the judgment does not decide
     whether particular clients may or may not be able to bring
     claims against the general estate in relation to
     pre-administration client money, whether as unsecured
     creditors or for the return of identifiable client money
     held by LBIE outside the client money pool.  However, the
     Court did address some of the principles that would apply
     to any of those claims.

Andrew Clark, partner at PricewaterhouseCoopers leading the team
managing the client money matters, said, "[t]here has been a
significant uncertainty over who is entitled to claim the client
money which LBIE is holding.  This decision provides clarity and
enables us to confirm client entitlements."

The judgment affirms the outcome expected by the joint
administrators and their legal advisers, Linklaters.  Stephen
Fletcher, partner at Linklaters, commented, "[t]he court has
provided much needed clarity on a cornerstone of the UK
regulatory regime protecting clients."

"Whilst this decision is welcome, the breadth of the issues
likely to be appealed will impact on the progress towards
distribution that the joint administrators had been hoping to
make," Mr. Fletcher added.

Steven Pearson, joint administrator and partner at
PricewaterhouseCoopers LLP, commented, "[t]he judgment
confirms the way we have determined clients' entitlements to the
client money we hold.  We are keen to return client money as soon
as possible and I hope that any appeal can be dealt with swiftly.
I understand that the way in which LBIE determined entitlements
to client money were market practice -- this judgment could have
wider market consequences if other market participants need to
reappraise whether further amounts now need to be segregated.

At the handing down of the judgment on 15 December 2009, six
respondents to the application sought and have been granted
permission to appeal the judgment.  Those respondents are Lehman
Brothers Inc., Lehman Brothers Holdings Inc. and Lehman Brothers
Finance AG (all of whom are affiliates of LBIE's), CRC Credit
Fund, Limited (one of the representative respondents for
unsegregated client money claimants), and Goldman Sachs GSIP
Master Company (Ireland) Limited and Paragon Capital Management
Fund Limited (two of the representative respondents for
segregated client money claimants).  If any or all of these
respondents decide to appeal, they are required to file their
appeal notice on or before 15 January 2010.

If the judgment is appealed, the breadth of the issues that may
be the subject of that appeal is so that the appeal is likely to
impact on the Joint Administrators' progress towards making a
distribution of client money.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: UK Sets March 18 as True Assets Claims Bar Date
----------------------------------------------------------------
On 15 December 2009, following an application of the Joint
Administrators of Lehman Brothers International (Europe) (in
administration), the High Court of England and Wales made a Bar
Date Order in relation to claims to "Trust Assets."

The granting of the Order satisfies one of the conditions to the
Claims Resolution Agreement between LBIE and claimants to Trust
Assets.  The CRA is currently on offer to certain claimants to
Trust Assets for their acceptance.  If sufficient acceptances are
obtained before the closing date of the offer (currently 29th
December 2009) the CRA will become effective as between LBIE and
the signatories.

Steven Pearson, Joint Administrator and partner at
PricewaterhouseCoopers LLP said:

"The Bar Date Order marks an important milestone in the process of
returning assets to customers.  We remain on timetable to commence
the systemic return of customer property to LBIE's customers under
the Claims Resolution Agreement within Q1 2010.  I would encourage
all affected clients to sign up to the CRA to ensure they are able
to participate in the Trust Asset distribution process."

Assuming that the CRA does become effective, the Joint
Administrators anticipate commencing distributions under it
shortly after the Bar Date.  The Bar Date is binding on all
claimants to Trust Assets whether or not they are signatories to
the CRA.

The Order allows LBIE and the Joint Administrators to distribute
assets held for clients and protects them from claims in respect
of any breach of trust which arises in circumstances where LBIE
distributes (or retains for itself pursuant to its legal rights)
Trust Assets to clients and counterparties of LBIE after 19 March
2010 on the basis of the information then available to them.

Trust Asset claimants have recently been provided with statements
setting out an estimate of the assets LBIE holds on their behalf
and all affected clients were invited to attend meetings in London
and New York last week.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


MANCHESTER CITY: Owner Converts GBP305 Million Debt Into Equity
---------------------------------------------------------------
Roger Blitz at The Financial Times reports that Manchester City
Football Club on Wednesday said that its Abu Dhabi owner Sheikh
Mansour bin Zayed Al-Nahyan had converted his GBP305 million loans
into equity.

According to the FT, Manchester City, which lies fifth in the
Premier League, said the club's aim was "to create a sustainable
business in the future", and it was "now on a secure financial
foundation".

Sheikh Mansour has also bought an extra GBP90 million of shares, a
move the club said underlined his long-term commitment, the FT
notes.

The FT says the sheik's loans-to-equity conversion is further
indication of Uefa gaining the upper hand in its long-term
campaign to coerce highly leveraged clubs, weighed down by soaring
transfer fees and player wages, to inject realism into their
finances and live within their means.

The FT recalls Uefa agreed in September to adopt a "financial fair
play" strategy, which will lead to concrete measures requiring
clubs to balance their books and guidance on transfer fees and
wage bills.

The FT relates since the end of the financial period, Manchester
City has spent about GBP120 million on new players, including
Emmanuel Adebayor, Carlos Tevez and Kolo Toure.  The club will
also have a compensation bill following the sacking of manager
Mark Hughes last month, the FT states.

The net loss after amortization of player contracts and financing
contracts nearly trebled to GBP92.6 million, the FT discloses.

Manchester City Football Club -- http://www.mcfc.co.uk/-- is one
of the oldest soccer teams in the UK Premier League.  The club was
founded in 1880 as St. Marks and changed its name to Ardwick
before settling on Manchester City in 1894. Known to supporters as
The Citizens, the team boasts two league championships and four FA
Cups.  Abu Dhabi United Group, an investment concern owned by the
government of the United Arab Emirates, acquired the club in 2008
from Thaksin Shinawatra, formerly the prime minister of Thailand.
Mr. Shinawatra had acquired control of Manchester City in 2007
after being ousted from Thailand in a coup d'etat.


* UK: More Legal Firms to Face Insolvency This Year, Glithero Says
------------------------------------------------------------------
Debt Management Today reports that Richard Glithero, the head of
insolvency at Manchester solicitors Pannone, has told the
Manchester Evening News that a record number of legal firms in the
North, as well as across the UK, are predicted to become insolvent
this year.

The report relates Mr. Glithero warned that smaller businesses
will be most at risk of failing, as larger household names become
more dominant in the sector.  He has attributed this problem to
the huge increase in fraud since the onset of the credit crunch,
the report notes.  He explained that during the years of loose
credit, a number of smaller solicitors were found to be colluding
with unscrupulous surveyors and buyers in order to commit fraud
against lenders, the report recounts.

Mr. Glithero told the paper "As a result, many banks and building
societies believe smaller practices can't be relied upon to
protect their interests and therefore do not want them on their
panels for conveyancing work."

Citing figures from the Solicitors Regulation Authority, the
report says 98 legal firms folded in the second quarter of 2009,
up 21% on the same period the year before.  According to the
report, Mr. Glithero said it would be likely to see a similar jump
in 2010.


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


* BOOK REVIEW: Taking America - How We Got from the First Hostile
-----------------------------------------------------------------
Author: Jeff Madrick
Publisher: BeardBooks
Softcover: 310 pages
Review by Henry Berry

Taking America connotes the indiscriminate buying up of the
nation's assets of large corporations by investment bankers,
insider stock traders, arbitrageurs, and the like. This occurred
in the mid-1970s, when low stock prices made many large
corporations attractive as takeover targets. At the time, they
were not ready for what was going to hit them. This was the
business era when the term "hostile takeover" came into use. Ivan
Boesky, Carl Icahn, and T. Boone Pickens became household names
for their inconceivable, bold attempts to buy out corporations. In
doing so, they would stand to make hundreds of millions of dollars
as the stock of the acquired company rose. But in most cases, such
a stock rise would come at the cost of breaking up the newly-
acquired company by selling off its most prized and valuable
operations and assets or by drastically reducing its work force to
save on wage and benefits costs. In many ways, this wave of
buyouts and mergers fundamentally changed the way corporations did
business; and it changed the way corporations were seen by
businesspersons and the public. Corporations came to be seen not
mainly as businesses relating to a particular business sector or
making a particular product or product line.

Such considerations as operations and growth within a particular
or closely-related sector, employee security, and long-term
strategic planning were swept aside by the single-minded aim of
using a corporation's cash and other assets as leverage to
takeover vulnerable, and often unsuspecting, corporations for
quick, huge profit. Running a corporation became like playing the
stock market. Madrick's Taking America was originally published in
1987, just after this wave of takeovers and mergers waned. But it
waned not from any restoration of rationality or temperance, but
mainly from having succeeded so well. There were scarcely any big
companies worth taking over left after the takeover frenzy, as it
was described by many.

Madrick follows this unprecedented, transformational takeover
spree occurring over the decade of the mid 1970s to the mid 1980s
mainly by following the activities of the key individuals driving
it, and as much as possible getting into their thinking, the
scheming, and the strategies. Most of the participants in the
takeover movement who are referred to in this book were
interviewed by the author. Most of the book's content is based on
these interviews. Other recognizable names in the author's long
listing of individuals he interviewed are Peter Drucker, Richard
Cheney, Robert Rubin, and Felix Rohatyn.

Looking back over this period, Madrick sees a takeover movement
that lost touch with business's first principles. These principles
take into consideration broad economic well-being for employees
and the public, not quickly-gained riches for a few. Although
Boesky and others were heavily fined or imprisoned for illegal
conduct, their view of business and business activity was taken in
by the business field. The "dot-com bubble" of the 1990's, when
many young entrepreneurs in the field of computer technology tried
to create businesses with the hope of soon being taken over by
larger companies, is one instance of the legacy of this takeover
era. The Enron approach to business is another; as are the
business activities, particularly the financial legerdemain, of
WestCom, Tyco, and Adelphia, to name a few. In Taking America,
Madrick sheds much light on the origins of widespread problems in
today's business world.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors.

Copyright 2010.  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$625 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 Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *