TCREUR_Public/101105.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, November 5, 2010, Vol. 11, No. 219



A-TEC INDUSTRIES: AE&E Lenders Seek Stake as Bridge Loan Security


CELANDER EHITUS: Creditor Banks Plan to Appeal Restructuring


HELLA KGAA: Moody's Affirms Corporate Family Rating at 'Ba1'


EBS BUILDING: IL&P Offers Government 10% Stake for Merger Approval
* IRELAND: NAMA May Liquidate Development Firms as Arrears Rise


BTA BANK: KazMunaiGaz Withdrew Deposit on Limited Access Concerns
LIFE INSURANCE: Fitch Withdraws 'BB' Insurer Strength Rating


PHI DATA: Zetes Industries Buys Assets Out of Bankruptcy


BORAAS WAEFVERI: Files for Bankruptcy; Likely to Be Broken Up


MRIYA AGRO: S&P Assigns 'B-' Long-Term Corporate Credit Rating
RISE GROUP: Fitch Assigns 'B-' Long-Term Issuer Default Rating
SYNTEZ BANK: National Bank Initiates Liquidation Procedure

U N I T E D   K I N G D O M

AER ARANN: High Court Accepts Rescue Plan
BELFAST CLINIC: Owes Almost GBP10 Million
BINGHAM DAVIS: Curtins Buys Assets & IP Out of Liquidation
CRUSADERS: Goes Into Administration

EMI GROUP: Jury Set to Decide on Terra Firma Case v. Citi Today
ENGLISH & AMERICAN: Scheme Creditors' Claims Due by April 11
EXCALIBUR FUNDING: S&P Lowers Rating on Class A Notes to 'B- (sf)'
LEHMAN BROTHERS: LBIE's Report on 2 Years of Administration
LEHMAN BROTHERS: Asks Court to Allow Lloyd's to Pay US$10MM

MUMFORDS: Assets Sold Following Administration
S&V NAYLOR: Goes Into Liquidation
SKY DEVELOPMENTS: Collapse to Cost Creditor Banks GBP1.2 Million
STOKES LTD: Martingate Centre Reopens
* SCOTLAND: Distressed Property Sales Up 126% in H1 of 2010


* BOOK REVIEW: Harvest Moon - Portrait of a Nursing Home



A-TEC INDUSTRIES: AE&E Lenders Seek Stake as Bridge Loan Security
Lenders to A-Tec Industries AG's power plant AE&E unit asked for a
stake as collateral in exchange for a bridge loan intended to keep
the unit operating, Boris Groendahl at Bloomberg News reports,
citing a member of A-Tec's creditor committee.

"The banks would like to have 40% of AE&E as a security for the
loan," Wolfgang Hrobar of creditor protection association
Alpenlaendischer Kreditorenverband said on the phone from Vienna,
according to Bloomberg.  Mr. Hrobar, as cited by Bloomberg, said
A-Tec Chief Executive Mirko Kovats and the committee agreed to
this plan "in principle," and a deal could be finalized by Nov. 4.

Bloomberg relates two groups of creditors are in talks about
restructuring A-Tec's debt since the group filed for insolvency on
Oct. 20.  One includes holders of A-Tec's three outstanding bonds,
worth EUR302 million, and other creditors such as suppliers and
the tax authorities, Bloomberg discloses.  The other consists of
banks that had given A-Tec's non-insolvent AE&E unit a EUR798
million credit line, Bloomberg notes.

Bloomberg relates rescuing AE&E is crucial for A-Tec and its
creditors.  The unit, which builds power plants for clients such
as utilities or steel makers, is A-Tec's biggest unit with 60% of
the group's revenue and 83 percent of pretax profit in 2009,
Bloomberg states.  Failure to keep it afloat would diminish the
funds for creditors, Bloomberg notes.

"If AE&E goes down the drain, there will be nothing left to
distribute for A-Tec's creditors," Mr. Hrobar said on Oct. 28,
according to Bloomberg.

Bloomberg relates A-Tec failed to repay a bond on Tuesday because
its refinancing efforts failed when AE&E lost access to the EUR798
million credit line.


Separately, Zoe Schneeweiss at Bloomberg News, citing
Wirtschaftsblatt, reports A-Tec's AE&E unit has 16 "syndicated
guarantee lenders."

According to Bloomberg, the Vienna-based paper said the group
consists of Banco Bilbao Vizcaya Argentaria S.A.'s Belgian branch;
BNP Paribas Fortis SA; Commerzbank AG; Erste Group Bank AG; Europe
Arab Bank plc; GE Artesia Bank; KBC Bank N.V.; Raiffeisen Bank
International AG; Raiffeisenlandesban Oberoesterreich AG; Royal
Bank of Scotland; Societe Generale; UBS AG; WestLB AG; Westpac
Banking Corp.; Westpac Europe Ltd.; and Zurich Versicherung.

Bloomberg relates the paper said AE&E also has 23 "bilateral
lenders," eight banks which are "hedge providers" and four credit

The bilateral lenders are Deutsche Bank AG; Credit Suisse;
Winterthur; Raiffeisen Landesbank Steiermark; Euler-Hermes;
Volksbank CZ; Privredna + Splitska; Barclays; Credit du Nord; CIC-
Lyonnaise de Banque; St. Galler Kantonalbank; Commerzbank
(Dresdner Bank); CEGI (Natixis); KBC Bank N.V.'s Spanish unit;
SCICC; Coface; Bank of Nanjing Huaihal; China Industrial and
Commercial Bank, Nanhu Branch; Natixis; CIC; DnB NOR ASA;
Investkredit Bank AG; and Axis Bank (former HDFC), the paper, as
cited by Bloomberg, said.

The credit insurers are Euler-Hermes; Coface; Atradius and Prisma,
Bloomberg says, citing the paper.

As reported by the Troubled Company Reporter-Europe on Nov. 4,
2010, Bloomberg News, citing Wirtschaftsblatt, said that creditors
of A-Tec's AE&E unit offered a EUR97 million (US$136 million)
bridge financing facility until Jan. 31.  Bloomberg disclosed the
newspaper said A-Tec's creditor committee had asked for EUR140

On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
Bloomberg disclosed A-Tec said in a statement on Oct. 20 that the
company filed for self-administered reorganization proceedings at
the Vienna Commercial Court and appointed trustees for
bondholders.  The company has a EUR798 million (US$1.11 billion)
revolving credit facility and EUR302 million of outstanding bonds,
according to Bloomberg data.

A-Tec Industries AG is an engineering company based in Vienna,


CELANDER EHITUS: Creditor Banks Plan to Appeal Restructuring
Ott Ummelas at Bloomberg News, citing Aeripaeev, reports that the
Estonian units of Swedbank AB and SEB AB plan to appeal a court
ruling that allowed the restructuring of OU Celander Ehitus.  The
banks are the company's biggest creditors.

Bloomberg relates Lars Nilsson, the head of Swedbank's Baltic
Financial Restructuring and Recovery division, told the newspaper
in an interview that restructuring of Celander Ehitus should have
been started "much earlier" to be successful.

Bloomberg notes Silver Vohu, SEB's spokesman in Estonia, as cited
by the newspaper, said restructuring is "impossible considering
the company's present state of business."

According to Bloomberg, the newspaper said Celander's debts amount
to EEK247 million (US$22 million), with assets at EEK108 million.

Harju County Court last week approved a restructuring plan
of Celander, citing an expert opinion that the company may cover
liabilities from future profits, the newspaper said, according to

OU Celander Ehitus -- is a building
company.  The company has been active in Estonia ever since 1997
and has mainly dealt with the restoration and redesign of
buildings of high cultural and historical value.  It also carries
out general contracting activities of medium-sized building
projects and provides services of project management and
consultations with regard to the financing of construction sites.


HELLA KGAA: Moody's Affirms Corporate Family Rating at 'Ba1'
Moody's Investors Service affirmed the debt ratings of Hella KGaA
Hueck&CO., Corporate Family and Probability of Default Rating at
Ba1, and revised the rating outlook to positive.

The change in Hella's rating outlook to positive acknowledges the
significant recovery in Hella's operating performance during
fiscal year 2009/2010 compared to the previous year supported by
increasing automotive productions volumes as well as the group's
reshaped cost structure.  This lead to credit metrics beyond the
expectation for the Ba1 rating category, evidenced by EBIT margin
of 5%, Debt/EBITDA of 2.7x and RCF/Net Debt of 60.7%.

While Hella remains exposed to the cyclicality of automotive
production, the positive outlook reflects Moody's increased
confidence that Hella should be able to sustain reasonable credit
metrics throughout the cycle.  The agency derives this comfort
from the group's improved cost structure and management's
commitment to increase operating efficiency which should mitigate
concerns in case the car industry would weaken again.

In addition, the positive outlook incorporates Moody's view, that
the group will preserve a balanced capital structure and the
adequacy of its liquidity profile going forward.

Moody's would consider to upgrade Hella's ratings within the next
12 months should the company demonstrate the ability to sustain
positive free cash flow generation and profitability improvement
evidenced by sustainability of Debt/EBITDA markedly below 3x as
well as EBIT/interest above 3x..

Hella's Ba1 rating continues to benefit from the group's leading
market positions in lighting technology, in the European
independent aftermarket as well as in original equipment
electronics.  The company's sizeable aftermarket segment (approx.
30% of revenues) supported revenue and profitability stability
during the downturn as it is subject to less cyclicality and
higher margins.  Hella's rating benefits further from the group's
track record in adjusting its cost structure and improving
profitability at all divisions.  In addition, Moody's notes
positively the group's recent efforts to diversify both its
customer base and its geographical spread by focusing on growth in
emerging markets.  Nonetheless, with about 70% of revenues coming
from Europe, where the recovery in automotive production has
lagged other regions in 2010, continued margin improvements could
be challenging.

The rating remains constrained by the company's continuous need to
adjust its cost base in order to counterbalance price reductions
demanded by OE customers; its exposure to the volatility of raw
material prices; as well as material R&D needs in order to
maintain technological leadership.


Issuer: Hella KGaA Hueck&Co

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to LGD4,
     51% from LGD3, 47%

Outlook Actions:

Issuer: Hella KGaA Hueck&Co

  -- Outlook, Changed To Positive From Stable

The last rating action on Hella was on November 13, 2009 when a
Ba1 rating with a stable outlook was assigned to Hella's EUR300
million senior unsecured note.

Headquartered in Lippstadt, Germany, Hella KGaA Hueck & Co. is one
of the leading automotive suppliers in automotive lighting and
electronics components, and holds a strong position in the
aftermarket (approx. 30% of revenues).  The Group is family owned
and revenues in fiscal 2009/10 were EUR3.5 billion (fiscal year
ends on May 31).  The company employs approximately 23,000 people
at more than 70 manufacturing facilities, production subsidiaries
and joint ventures worldwide.


EBS BUILDING: IL&P Offers Government 10% Stake for Merger Approval
Simon Carswell at The Irish Times reports that Irish Life &
Permanent has offered to give the government a potential 10% stake
in the company in return for accepting an offer to merge its
banking division Permanent TSB with state-owned EBS Building

According to The Irish Times, the company, one of two final
bidders in the EBS sale process, is offering the government
warrants on a 10% stake in Irish Life & Permanent Group Holdings.
The Irish Times says this would give the state a share in the
upside value of the parent group if it were to off-load Permanent
TSB banking division into a merged bank with EBS.

The other final bidder in the EBS sale process, a private-equity
consortium of international investors led by Cardinal Capital
Group, has proposed taking full control of the building society in
return for injecting the additional EUR500 million of capital
required by the lender, The Irish Times discloses.

Under Irish Life & Permanent's proposal, the government would have
to inject the additional capital at EBS and the state would end up
with a stake of more than 40% in the merged bank, The Irish Times

Last month, the Department of Finance narrowed the race for EBS to
Cardinal and Irish Life & Permanent, The Irish Times recounts.
The building society was taken into state control by the
government following the commitment of EUR350 million in capital
to the lender earlier this year, The Irish Times recalls.

Discussions have commenced with the two bidders with a view to
preparing final, third-stage bids over the coming weeks, The Irish
Times notes.

EBS requires the additional EUR500 million to meet the Financial
Regulator's target of EUR875 million, The Irish Times states.
This is to cover losses incurred on the transfer of EUR1 billion
of loans to developers to the National Asset Management Agency
(Nama) at discounts of up to 60%, according to The Irish Times.

EBS Building Society is Ireland's largest building society.
Servicing more than 400,000 members, it distributes its products
through a branch and franchised agency network as well as handling
direct business both over the telephone and via the Internet.
EBS Building Society provides mortgage lending, savings,
investments, and insurance products in Ireland.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on June 7,
2010, Moody's Investors Service downgraded the non-cumulative Tier
1 instruments of EBS Building Society to Ca from Caa1 (issued
through EBS Capital No1 S.A.), and the dated subordinated debt one
notch to Baa1 from A3.  These rating actions follow the issuance
of a "Special Investment Share" to the Irish government that is
similar in scope to a nationalization, and the forthcoming
issuance of a Promissory Note to the government that would provide
capital to the society.  The other ratings of the society
including the D BFSR, the A2 long-term bank deposit and senior
debt rating and the Aa1-rated government guaranteed debt were all

* IRELAND: NAMA May Liquidate Development Firms as Arrears Rise
Emmet Oliver at Irish Independent reports that the National Asset
Management Agency is moving towards major action against
developers as the amount of loans now in arrears tops EUR11.7
billion with no sign of improvement in most of the assets.  These
loans were bought by NAMA for EUR4.9 billion, Irish Independent

According to Irish Independent, about EUR5.1 billion of NAMA loans
are now in arrears for 120 days or more, bringing the agency to a
crossroads where it must decide to either liquidate certain
development companies or refinance them.

Irish Independent says NAMA's quarterly report to the end of June
shows that most of the impaired loans have overdue interest for
several months, with hundreds of loans now in the 90-day and 120-
day arrears profile.

The report disclosed that NAMA, as of June 2010, had not taken any
action against developers, although there has been some action
subsequent to the report, Irish Independent notes.  Irish
Independent says the agency is obliged to provide details each
quarter on the number of foreclosure actions it has taken.

Meanwhile, a report by the Comptroller & Auditor General on NAMA
said the agency will need additional insolvency experts, Irish
Independent relates.


BTA BANK: KazMunaiGaz Withdrew Deposit on Limited Access Concerns
Nariman Gizitdinov at Bloomberg News reports that KazMunaiGaz
National Co., a Kazakh state-owned oil and gas producer, withdrew
US$1 billion from BTA Bank in September on concerns that access to
its deposit was "limited," and used the money to redeem bonds and
make loans.

Although KazMunaiGaz bank deposits "were not at any time legally
frozen, the company's management believed that the access to the
deposits was limited in practice," KazMunaiGaz said Wednesday in a
prospectus for a US$7.5 billion bond program published on the
Kazakhstan Stock exchange Web site, according to Bloomberg.

Bloomberg relates KazMunaiGaz reduced its deposits as of Sept. 30
to US$7.2 billion, including US$2.6 billion with Kazkommertsbank,
US$2.4 billion with Halyk and nothing at BTA.  The National
Wellbeing Fund Samruk-Kazyna took control of BTA, the nation's
largest lender at the time, and bought stakes in Kazkommertsbank
and Halyk Savings Bank in early 2009 after credit markets froze
and Kazakhstan's property bubble burst, Bloomberg recounts.

"The restructured banks are in the early stages of their post-
restructuring operations, however, and there can be no assurance
that the restructuring efforts in respect of the Kazakhstan
financial sector will ultimately be wholly successful and that the
banks with which the company has deposits, and possibly others,
will, accordingly, not become bankrupt," Bloomberg quoted
KazMunaiGaz as saying.

Bloomberg notes Milena Ivanova-Venturini, head of research for
Central Asia at the Almaty unit of Moscow-based Renaissance
Capital, said KazMunaiGaz's withdrawals from BTA have been offset
by an inflow of corporate deposits from other companies.

                          About BTA Bank

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO -- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.

The BTA Group is one of the leading banking groups in the
Commonwealth of Independent States and has affiliated banks in
Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey.
In addition, the Bank maintains representative offices in Russia,
Ukraine, China, the United Arab Emirates and the United Kingdom.
The Bank has no branch or agency in the United States, and its
primary assets in the United States consist of balances in
accounts with correspondent banks in New York City.

As of November 30, 2009, the Bank employed 5,043 people inside
and 4 people outside Kazakhstan.  It has no employees in the
United States.  Most of the Bank's assets, and nearly all its
tangible assets, are located in Kazakhstan.

JSC BTA Bank, also known as BTA Bank of Kazakhstan, commenced
insolvency proceedings in the Specialized Financial Court of
Almaty City, Republic of Kazakhstan.  Anvar Galimullaevich
Saidenov, the Chairman of the Management Board of BTA Bank, then
filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No. 10-10638) on
Feb. 4, 2010, estimating more than US$1 billion in assets and

On March 9, 2010, the Troubled Company Reporter-Europe reported
that JSC BTA Bank was granted relief in the U.S. under Chapter 15
when the bankruptcy judge in New York recognized the Kazakh
proceeding as the "foreign main proceeding."  Consequently,
creditor actions in the U.S. were permanently halted, forcing
creditors to prosecute their claims and receive distributions
in Kazakhstan.

In the U.S., the Foreign Representative is represented by Evan C.
Hollander, Esq., Douglas P. Baumstein, Esq., and Richard A.
Graham, Esq. -- -- at White & Case LLP in
New York City.

Bloomberg News reports that the Specialized Financial Court of
Almaty approved BTA Bank's debt restructuring on Aug. 31, 2010,
trimming its obligations from US$16.7 billion to US$4.2 billion,
and extending its longest maturity dates to 20 year from eight.
Creditors who hold 92 percent of BTA's debt approved the
restructuring plan in May.  BTA reportedly distributed
US$945 million in cash to creditors and new debt securities
including US$5.2 billion of recovery units (representing an 18.5%
equity stake) and US$2.3 billion of senior notes on Sept. 1, 2010.
BTA forecasts profit of slightly more than US$100 million in 2011,
Chief Executive Officer Anvar Saidenov told reporters in Almaty.

LIFE INSURANCE: Fitch Withdraws 'BB' Insurer Strength Rating
Fitch Ratings has withdrawn Kazakhstan-based Life Insurance
Company State Annuity Company JSC's 'BB' Insurer Financial
Strength rating with Stable Outlook and National IFS 'A(kaz)'
rating with Stable Outlook.

The agency will no longer provide ratings or analytical coverage
of State Annuity Company.  The ratings were withdrawn due to
insufficient information being provided.


PHI DATA: Zetes Industries Buys Assets Out of Bankruptcy
John Martens at Bloomberg News reports that Zetes Industries SA
said on its Web site that it bought the assets of PHI Data BV out
of bankruptcy and took over part of its staff.

According to Bloomberg, the statement said the transaction won't
have a "significant" impact on Zetes' balance sheet and will
expand its business in the Netherlands.

PHI Data BV is a Dutch maker of automatic identification and data
capture solutions.


BORAAS WAEFVERI: Files for Bankruptcy; Likely to Be Broken Up
Janina Pfalzer at Bloomberg News reports that Boraas Waefveri AB
said it filed for bankruptcy as the rising cost of cotton and a
lack of sales contracts at the Krenholm Valduse division in
Estonia prevented the Swedish company from returning to profit.

Bloomberg relates Chairman Stig-Arne Blom said Wednesday in a
phone interview the company, which made the filing at Gothenburg
district court, is likely to be broken up under an administrator.

Bloomberg notes Boraas Waefveri said the board of Boraas Waefveri
decided to apply for bankruptcy for the parent company and its
Estonian unit.

Boraas Waefveri said Wednesday in a statement Krenholm's order
books for the current quarter and first three months of 2011
weren't enough to sustain operations, and the rising cost of
cotton was leading to continued losses.

"Massive attempts to save Krenholm have been made through cost
cuts in the form of staff reductions and payment plans with some
of the bigger creditors," the company said, according to
Bloomberg.  "Despite all these actions, we haven't been able to
save Krenholm."

Boraas Waefveri was halted from trading on the Stockholm exchange
on Wednesday, Bloomberg discloses.  The shares have fallen 67%
this year, valuing the company at SEK15.4 million (US$2.3
million), according to Bloomberg.

Boraas Waefveri AB is a Swedish textile maker.


MRIYA AGRO: S&P Assigns 'B-' Long-Term Corporate Credit Rating
Standard & Poor's Ratings Services said that it had assigned its
'B-' long-term corporate credit rating to large Ukrainian farming
company Mriya Agro Holding PLC.  The rating was placed on
CreditWatch with positive implications.

S&P also assigned its 'B' long-term debt rating to Mriya's
proposed US$300 million senior unsecured bond issue with an
expected tenor of five years.  S&P has assigned a recovery rating
of '4' to the bond, indicating S&P's expectation of "average"
(30%-50%) recovery for bondholders in the event of a payment

S&P understand that the bond is not underwritten by the arrangers.
The ratings on the pending bond issue are subject to the
successful issuance of this instrument and S&P's review of final
documentation.  Any change in the amount, terms, or conditions of
the bond issue would have to be reviewed by Standard & Poor's and
could affect the current ratings on the bond.

"The 'B-' long-term rating is based on S&P's assessment of Mriya's
business risk profile as "weak" and its financial risk profile as
"highly leveraged"," said Standard & Poor's credit analyst Anton

Mriya's credit quality is constrained by the company's aggressive
expansion strategy and liquidity risks stemming from the
substantial investment program, which requires external financing.
The inadequate availability of medium-term financing in Ukraine,
exposure to the volatile agribusiness industry, and geographic
earnings and revenue concentration on Ukraine also limit Mriya's
credit quality.

Mriya's credit quality is supported by the company's modest debt
burden and its position as a large player in the Ukrainian farming
industry with a track record of profitable growth.  Mriya boasts
high margins of more than 50% benefiting from high-quality
farmland and equipment, low labor and lease costs, and advanced
crop cultivation and harvesting processes.  The company's
profitability exceeded 50% in 2007-2009.

Mriya cultivates sugar beets, wheat, rapeseed, potatoes, and corn
in four regions of western Ukraine, including the Ternopil Oblast,
where the company has its headquarters.  Its land under
cultivation exceeded 218,000 hectares in 2010.  Mriya leases the
land it grows agricultural produce on, because Ukrainian
regulations prevent wholesale ownership of agricultural land.  The
moratorium on land sales expires in 2012, but is subject to

Mriya is a family-owned company listed on the Frankfurt stock
exchange.  The Huta family, which dominates Mriya's board of
directors, controls 80% of the shares in the company.  Mriya is
involved in related-party transactions with sugar factories also
owned by the Huta family, to which it sells its sugar beet

"The CreditWatch placement indicates that S&P will likely raise
the long-term rating to 'B' if the bond issuance is completed
under the preliminary terms and conditions that S&P has reviewed,"
said Mr. Geyze.

In S&P's view, the pending refinancing, if successful, will likely
improve Mriya's debt maturity profile and support its liquidity
position.  S&P expects to resolve the CreditWatch placement upon
completion of the pending bond issue or, if the issue is delayed,
within the next three months.

S&P believes that Mriya's stated plans to use bond proceeds for
its investment program are credible, based on its track record of
profitable growth and improving corporate governance.  The company
has recently introduced new independent directors into the board.
Further rating upside potential would hinge on the company's
continuing its financial policy of maintaining a modest debt
burden and managing liquidity prudently.

RISE GROUP: Fitch Assigns 'B-' Long-Term Issuer Default Rating
Fitch Ratings has assigned Rise Group N.V. Long-term foreign and
local currency Issuer Default Ratings of 'B-' respectively and a
National Long-term rating of 'BBB' (ukr).  The ratings are all on
Rating Watch Negative, reflecting an immediate need to procure
longer-dated debt which a successful issue of the proposed bond is
expected to address.

Fitch has also assigned Rise's planned notes an expected unsecured
rating of 'B-', also on RWN and a recovery rating of 'RR4'.  The
final rating on the notes is contingent upon the receipt of final
documents conforming to information already received by Fitch.
Failure to raise unsecured bond proceeds of at least US$150
million to reduce existing secured debt accordingly would lead to
amounts of prior-ranking debt remaining in place which could
adversely affect the unsecured rating.

The ratings reflect Rise's above-average business risks, due to
the strong cyclicality and seasonality of agricultural
commodities, its reliance on Ukraine, its relative small size and
execution risk stemming from the management's business plan based
on an improvement in production yield and increased demand.  These
factors are, however, mitigated by the long-term growth prospects
for the agricultural sector in Ukraine, Rise's comparatively high
output yields relative to Ukrainian agricultural peers and its
nationwide coverage with its distribution arm.

Rise's liquidity was severely constrained as of June 2010 as
refinancing of existing debt and funding of Q4 working capital
relies on uncommitted overdraft facilities.  However, the company
expects to obtain working capital and pre-export finance
facilities for a total amount of US$35 million to improve its
liquidity situation.  Fitch also notes that the company is in
restructuring negotiations with its lending banks following
certain violations of some of its loan financial covenants.  Fitch
understands that the proceeds of the planned notes will be used to
refinance the majority of existing secured debt and help term-out
substantial short-term maturities.  Given over half of Rise's
outstanding debt is due or will mature by FYE 2011, liquidity risk
is high and the ratings could be downgraded if the company is not
able to obtain longer dated funding from international capital
markets or alternative debt providers to refinance its debt.
Conversely, a successful procurement of funding including the
planned unsecured bond issuance would lead to the ratings being
affirmed at the existing level.

The planned notes are unsecured, unsubordinated obligations of
Rise and benefit from guarantees (which are suretyships under
Ukrainian law) from three of its subsidiaries, namely PJSC Rise,
PJSC Rise Maksymko and Achrani Limited (Cyprus).  These account
for at least 90% of the aggregate combined EBITDA, net assets and
net income of the group respectively.  The terms of the notes
contain limitations for the issuer and its restricted subsidiaries
on incurring additional indebtedness based on a net debt/EBITDA
ratio of less than 3.5x.  The draft bond indenture also includes
restrictions on dividends and asset disposals.  Note holders also
benefit from a put option at 101 (1% over par) upon a change of
control event.

Management's commitment to deleverage and not exceed an unadjusted
net debt/EBITDA ratio of 2.5x, together with uncommitted (as
customary for the Ukraine) US$10 million and US$25 milion pre-
export facilities, should provide further support to the group's
liquidity intra-year and to the ratings.  The company's lease
adjusted leverage at FYE09 was at 3.9x based on EBITDAR excluding
gains from changes in fair value.

Rise is a privately owned leading agricultural producer and
distributor in Ukraine, focused on the distribution of seeds and
corn, crop protection facilities and fertilizers, agricultural
machinery and spare parts, as well as the growing and trading of
various grain crops and the production and trading of sugar.  As
of end-June 2010, Rise had approximately 168,000 hectares of land
under management.  In 2009, Rise generated operating revenues and
EBITDA (excluding gains arising from changes in fair value on
agricultural produce and biological assets net of cost of sales)
of equivalent US$320.6 million and US$82.3 million respectively
(25.7% EBITDA margin).

SYNTEZ BANK: National Bank Initiates Liquidation Procedure
Ukrainian News Agency reports that the National Bank said it has
decided to close Syntez Bank.

Ukrainian News relates the regulator recalled the license of the
bank and initiated the procedure of its liquidation from Nov. 3.

According to Ukrainian News, on Nov. 3, authorities of provisional
administrator of the bank Yevhen Chechil were terminated.  Besides
the board, supervisory board and general assembly of the
stockholders of the financial institution were also disbanded,
Ukrainian News notes.

Ukrainian News says the bankruptcy commissioner of Syntez is
Oleksandra Boldyreva.

Ukrainian News earlier reported that Syntez ended April-June with
losses of UAH 62.118 million.

Kyiv-based Syntez is one of Ukraine's small-sized banks.
Oleksandr Loifenfeld owns 74.92% of the shares in the Syntez Bank
PJSC, while limited liability company Premium Plus holds 24.96%.

U N I T E D   K I N G D O M

AER ARANN: High Court Accepts Rescue Plan
The Irish Examiner reports that the High Court has approved a
rescue plan for Aer Arann, allowing the airline to come out of

The Irish Examiner relates Justice Mary Finlay Geoghegan said
November 3 she was satisfied to approve the scheme of arrangement
prepared by the airline's examiner, Michael McAteer of Grant
Thornton, once certain modifications are made to the scheme.

The scheme had been approved by the majority of the airline's
creditors, the Irish Examiner notes.

According to the Irish Examiner, the court also heard the Revenue
Commissioner was prepared to drop its initial objections to the
scheme being approved.

Under the modified proposals, the Irish Examiner notes, Revenue
will receive 22% of what it is owed within 29 days, with the
remaining 78% to be paid within 18 months.

The Irish Examiner reports that the judge said she was satisfied
the modified scheme allowed the court form the view that the
airline had a reasonable prospect of survival as a going concern.
Those modifications include clarifying which classes of the
airline's creditors come within the scheme and which do not, the
Irish Examiner adds.

According to the Irish Examiner, the judge also heard an
additional EUR2.2 million outside the scheme of arrangement is to
be invested.  That new investment is to be provided by businessman
Timothy Kilroe Jnr. and was dependent on the scheme getting
approval from the court, the Irish Examiner notes.

The survival plan has secured the support of nine out of the 12
classes of creditors, including AIB, the Irish Examiner relates.

As reported by the Troubled Company Reporter-Europe on Oct. 21,
2010, The Irish Times said Aer Arann, which was placed into
examinership in August, are set to receive EUR2.2 million from the
airline's new investors in settlement for their debts.  This is
part of the scheme of arrangement that has been put together by
Aer Arann's examiner, according to The Irish Times.  The Irish
Times noted some creditors -- notably the Dublin Airport Authority
-- are set to receive all of the money they are owed under the
terms of the scheme, but others will get back just 2%.  In all,
there are 18 classes of creditor at the airline who are owed some
EUR29.5 million between them, The Irish Times disclosed.
Mr. McAteer has agreed an investment deal of EUR3.5 million with a
group comprising UK transport company Stobart and Galway
businessman Padraig O'Ceidigh, who owns the airline, The Irish
Times said.  The investors will purchase Aer Arann for EUR1, The
Irish Times disclosed.

Aer Arann operates 13 aircraft.  It employs 320 people at its
bases in Dublin and Galway, as well as in Shannon, Cork, Waterford
and the Isle of Man.

BELFAST CLINIC: Owes Almost GBP10 Million
The Belfast Clinic that went into administration in August had
debts of almost GBP10 million, it has emerged, BBC News reports.

According to the report, its biggest debt is to its sole secured
creditor Barclays Bank which is owed GBP8.6 million.  BBC relates
that the taxpayer and a number of doctors are owed several hundred
thousand pounds in total.  The Belfast Trust has said it is due
about GBP84,500, and it is taking steps to recover the money, the
report notes.

However, BBC relates, Barclays, as a secured creditor, will have
its debt paid off in full before any unsecured creditors get any
money back.

As well as the Belfast Trust, the unsecured creditors include Land
and Property Services, HM Revenue and Customs and the Southern
Health Trust, the report adds.

When it went into administration in August, 26 out of 31 employees
were made redundant, BBC discloses.

BBC adds that a buyer is now being sought for the building to go
some way towards paying the company's debts.

The Belfast Clinic is a private medical clinic on the Lisburn

BINGHAM DAVIS: Curtins Buys Assets & IP Out of Liquidation
Curtins Group, the national consulting engineering business, has
bought some of the assets and intellectual property of Liverpool-
based Bingham Davis Limited, which went into liquidation in early

The purchase will see former director Tim Bingham join the Curtins
Group, which has 11 offices nationwide and is itself headquartered
in Liverpool.

Rob Melling, chief executive of Curtins, says the move will ensure
continuity of service for a number of key clients.

"Tim has an outstanding reputation in the private developer market
and will strengthen that part of our business.  It's good that a
Liverpool business has been able to provide the solution to this
issue," said Mr. Melling.

"We've held our own during the recession," said Mr. Melling, "and
this acquisition is part of our strategy of reducing exposure to
public sector markets.  We've got a healthy mix of projects going
forward in what remains a challenging market."

Gary Lee, partner at Begbies Traynor and Liquidator of Bingham
Davis said: "In what is a very challenging market this is a
positive outcome for the clients of Bingham Davis and the
company's creditors.  When liquidation is the only alternative, a
deal that preserves expertise and intellectual property must be
considered a success."

CRUSADERS: Goes Into Administration
The Crusaders has gone into administration on November 3, 2010,
after former owner Leighton Samuel served a writ on the Welsh club
for GBP360,000, The Sun reports.

According to the report, the news came hours after the Rugby
League Players' Association threatened legal action over missed
pension payments.  The Sun relates that the Super Leaguers will
lose a minimum of nine points before the new season starts in

An unnamed spokesman said: "We have been constantly firefighting
the debts and just couldn't go on once this writ came in," The Sun

Last week, The Sun revealed how Crusaders had slashed their
coaching wage bill and that only Iestyn Harris remained on the

The Crusaders (formerly the Canterbury Crusaders) are a New
Zealand professional Rugby union team based in Christchurch that
competes in the Super 14.  They are the most successful team in
Super Rugby history with seven titles (1998, 1999, 2000, 2002,
2005, 2006 and 2008).

Key Edinburgh fringe venue, the Roxy Art House, has closed and two
further venues have been put up for sale after its owner Edinburgh
University Settlement went into administration, The Stage News

According to the report, Edinburgh University Settlement first put
the Roxy up for sale in October, together with the Forest Cafe on
Bristo Place and the GRV on Guthrie Street, with a combined price
tag of almost GBP3 million.

The report notes that The Forest Cafe and the Roxy were both
described as a "development opportunity" in the particulars,
leading to concerns that they might be converted into
accommodation.  However, the report says, a sequestration order on
the EUS was granted by Edinburgh Sheriff Court on October 27,
forcing the charity into administration, with
PricewaterhouseCoopers appointed as liquidators.

The EUS-run Roxy was then closed and its staff made redundant, the
report notes.

Edinburgh University Settlement is a 105-year-old charity.

EMI GROUP: Jury Set to Decide on Terra Firma Case v. Citi Today
Andrew Edgecliffe-Johnson at The Financial Times reports that a
New York jury has begun its deliberations on whether a Citigroup
banker lied to Guy Hands over his takeover of EMI Group or whether
the private equity investor made up the charge to recoup the money
he lost on the deal.

According to the FT, the jury must reach a unanimous verdict this
afternoon, with the burden on Mr. Hands' Terra Firma group to
prove that David Wormsley, once his closest adviser, misled him
about a competing offer and that he would not have bid without
this alleged advice.

The FT relates Judge Jed Rakoff sent the eight-person jury off
after the two sides' lawyers presented impassioned final arguments
in a case that could decide the fate of EMI and the reputations of
Mr. Hands and Mr. Wormsley.

The FT notes Ted Wells, Citigroup's lead counsel, said Mr. Hands
had "made up" his case to shift responsibility for a bad deal, and
had "[thrown] David Wormsley over the side" because he had 60 to
70% of his own wealth tied up in EMI.

Terra Firma argued for damages of GBP1.32 billion, while Citigroup
argued that damages should be nothing, or no more than US$46.5
million, the FT discloses.

As reported by the Troubled Company Reporter-Europe on Oct. 21,
2010, The FT said Mr. Hands told a New York court on Oct. 19 that
it would not have bid for EMI Group in a 2007 auction had it not
been for the alleged advice of a Citigroup banker.  The FT
disclosed Mr. Hands, taking the stand on the second day of his
fraud lawsuit against the bank that financed the GBP4.2 billion
(US$6.6 billion) deal, alleged that David Wormsley, Mr. Hands'
closest adviser at Citigroup, encouraged Terra Firma to enter the
race for the music company even though the private equity group
preferred to avoid auctions.  Mr. Hands, as cited by the FT, said
suing his closest external adviser had been "a very, very last
resort", arrived at reluctantly only after negotiations with
Citigroup on restructuring EMI failed.  He reiterated his
allegation that Mr. Wormsley told him over the weekend before the
Monday morning bid deadline that Terra Firma should offer 265p per
EMI share because Cerberus, a rival private equity firm, planned a
262p offer, the FT disclosed.   Citigroup, the FT said, vehemently
disputes the claim, arguing that Mr. Hands decided to sue only
after losing most of his investment in the deal.

                         Banking Covenants

As reported by the Troubled Company Reporter-Europe on Aug. 19,
2010, the FT said that an assessment by Maltby Capital, EMI's
private equity owner, shows that EMI will fall short of its
banking covenants until 2015 and will need a far larger injection
of fresh equity next year than the GBP87.5 million (US$136
million) it received in 2010.  The FT disclosed that while Maltby
outlines strong operational improvements in the business in its
annual report, the gains remain insufficient to satisfy tightening
banking covenants, raising the pressure for a renegotiation with
Citigroup to avoid breaching the terms of the GBP3.04 billion debt
due between 2014 and 2017.  The FT noted that although it has a
provisional commitment from Terra Firma funds to provide the
GBP26.9 million it expects to need for the periods ending June 30,
September 30 and December 31 this year, it expects "a further
significant shortfall" when the covenant is tested at the end of
March 2011.  The FT said EMI could require "substantially in
excess" of the GBP87.5 million in equity cures injected in 2010.
Further smaller sums may also be required for the remaining three
covenant tests in 2011, the FT stated.

EMI Group Ltd. -- is the fourth
largest record company in terms of market share (behind Universal
Music Group, Sony Music Entertainment, and Warner Music Group).
It houses recorded music segment EMI Music and EMI Music
Publishing.  EMI Music distributes CDs, videos, and other formats
primarily through imprints and divisions such as Capitol Records
and Virgin, and sports a roster of artists such as The Beastie
Boys, Norah Jones, and Lenny Kravitz.  EMI Music Publishing, the
world's largest music publisher, handles the rights to more than a
million songs.  EMI Music operates through regional divisions (EMI
Music North America, International, and UK & Ireland).  Private
equity firm Terra Firma owns EMI.

ENGLISH & AMERICAN: Scheme Creditors' Claims Due by April 11
In accordance with Schemes of Arrangement proposed under part 26
of the English Companies Act 2006 for English & American Insurance
Company Limited, The Insurance Corporation of Singapore (U.K.)
Limited, Baloise Insurance Ltd, City International Insurance
Company Limited, Dowa Insurance Company (Europe) Ltd, East West
Insurance Company Limited, Fuji International Insurance Company
Limited, Hiscox Insurance Company Limited, The Home Insurance
Company (In Liquidation), KX Reinsurance Company Limited,
Metropolitan Reinsurance Company (U.K.) Limited, Moorgate
Insurance Company Limited, Nippon Insurance Company of Europe
Limited, Polygon Insurance Company Limited, Swiss Re International
SE, UK Branch, and Tower Insurance Limited, sanctioned by the High
Court of Justice of England and Wales on Oct. 6, 2010, and
delivered to Registrar of Companies in England and Wales on
Oct. 12, 2010, Scheme Creditors must submit their Claim Forms by
5:00 p.m., prevailing U.K. time, on April 11, 2011, to:

         EAUA Pools
         PRO Insurance Solutions Limited
         Bruton Court, Bruton Way
         Gloucester, GL1 1DA UNITED KINGDOM
         Telephone: +44 (0)1452 330 514
         Fax: +44 (0)1452 523 437

KPMG LLP Restructuring, the Scheme Manager and Foreign
Representative for English & American Insurance Company Limited,
commenced a section 304 proceeding (Bankr. S.D.N.Y. Case No.
93-42685) in 1993.  PRO Insurance Solutions Limited -- in its role
as the foreign representative Baloise Insurance Ltd, City
International Insurance Company Limited, Dowa Insurance Company
(Europe) Ltd, East West Insurance Company Limited, Fuji
International Insurance Company Limited, Hiscox Insurance Company
Limited, KX Reinsurance Company Limited, Metropolitan Reinsurance
Company (U.K.) Limited, Moorgate Insurance Company Limited, Nippon
Insurance Company of Europe Limited, Polygon Insurance Company
Limited, Swiss Re International SE, UK Branch, and Tower Insurance
Limited -- commenced chapter 15 proceedings (Bankr. S.D.N.Y. Case
No. 10-15358) on Oct. 14, 2010.  PRO Insurance is represented in
the U.S. by Ken Coleman, Esq., Stephen Doody, Esq., and Jonathan
Cho, Esq., at Allen & Overy LLP.

EXCALIBUR FUNDING: S&P Lowers Rating on Class A Notes to 'B- (sf)'
Standard & Poor's Ratings Services lowered to 'B- (sf)' from 'BB+
(sf)' its credit rating on Excalibur Funding No. 1 PLC's ?2.89
billion floating-rate class A notes.  At the same time, S&P
removed the rating from CreditWatch negative.

S&P has taken this action because its expectation of interest
shortfalls occurring on the class A notes has increased, S&P's
expectation of full principal recovery of the class A notes has
decreased, and S&P is of the view that there continues to be lack
of clarity around the replacement of the swap counterparty and
advance provider.  Considering the above, S&P's view of the
transaction's creditworthiness is now commensurate with a 'B-
(sf)' rating.

In 2008, S&P lowered its rating on the class A notes to 'BB+ (sf)'
and placed it on CreditWatch negative following its review of the
implications of Lehman's insolvency for the rating, and S&P's
opinion that the default on the swap or other arrangements could
cause interest payment shortfalls on the class A notes.

Lehman entities are involved in the transaction in a number of
capacities, including as liquidity provider, administrator of
collateral and hedge arrangements, and undrawn commitment funder.
Since then, there has been a lack of information available to us
to indicate what actions are being taken to manage the issues
raised by Lehman's insolvency.

The transaction is a commercial real estate collateralized debt
obligation comprising real estate assets including senior/whole
loans, commercial mortgage-backed securities notes, mezzanine
loans, development/land loans, B-notes, and corporate bank
loans/structured debt.  S&P note that as a result of the portfolio
failing to meet coverage tests, interest due on the unrated class
B notes is instead being applied to pay principal on the class A
notes.  Nonetheless, as a result of unpaid interest, portfolio
income continues to be insufficient to fully cover interest due on
the class B notes.  As of the July interest payment date, ?25.5
million of deferred interest remains outstanding on these notes.

The cash flow pressure caused by deteriorating performance of the
assets, together with the lack of an advance provider and swap
counterparty, increases the likelihood of an interest shortfall
occurring on the class A notes, in S&P's opinion.  Under
moderately stressed interest rate scenarios, S&P's analysis
indicates that the current cash flow generated by the assets would
not be sufficient to fully cover interest payable on the class A
notes.  Similarly, continued asset deterioration could, in S&P's
view, also lead to an interest shortfall on the class A notes.

Furthermore, S&P's review of the remaining positions in the
portfolio leads us to believe that the likelihood of the class A
notes repaying in full has decreased.  Considering four assets
have already been sold at a loss, nine are being positioned for
sale in the coming months, and 12 are not paying interest in full,
S&P believes that the level of losses is likely to increase.

So long as the transaction lacks an advance provider and swap
counterparty, in the event of an increase in interest rates and/or
an increase in the level of unpaid interest, S&P expects that
interest shortfalls will occur on the class A notes.

Replacement of Lehman as a counterparty, in particular as advance
provider, could lead us to review the transaction in consideration
of a potential upgrade.  Absent an improvement in the performance
of the assets, however, an upgrade would be unlikely.  S&P intend
to continue to evaluate information available to us and monitor
performance of the assets securing the transaction.

LEHMAN BROTHERS: LBIE's Report on 2 Years of Administration
The Joint Administrators of Lehman Brothers International (Europe)
-- In Administration have updated the creditor community with
details of their progress over the two-year period of the

Tony Lomas, Joint Administrator of LBIE and Partner at PwC said:

"We have achieved exceptional progress in the administration,
dealing with some GBP29bn of securities and cash, having now
returned almost GBP12bn of this to clients.  Whilst there are
still numerous major challenges to address, our actions to date
have generated significant realizations for creditors which will
be paid to them in due course."

The Joint Administrators' report details the considerable progress
made to date in resolving complex issues through the development
of ground breaking and pragmatic solutions.

Tony Lomas continued:

"Following the successful launch of our innovative Claims
Resolution Agreeement, which has seen almost GBP2bn of Trust
assets returned since March, we have focused on developing a new
approach for the accelerated agreement of unsecured claims.  For
those creditors who want to take advantage of it, this will give
them finality and certainty regarding their claims in a much
shorter timescale than could otherwise be acheived."

The Joint Administrators are currently unable to advise LBIE's
creditors on the timing or amount of an interim dividend.
Commenting on this fact, Tony Lomas added:

"Despite our best intentions and the significant progress made on
very many fronts, the Court of Appeal judgment in July relating to
Client Money has unfortunately impacted badly on our ability to
commence distributions in the short term, both to Client Money
claimants and to unsecured creditors.  Despite these challenges,
we are determined to return Trust Property and agree creditors'
claims at the earliest possible opportunity such that once the
legal landscape is clearer, distributions can commence."

Key achievements to date:

    * GBP11.9bn of cash has been recovered to 14 September 2010,
      of which GBP1.8bn was realized within the last six months.

    * A framework has been developed for the expedited
      resolution of claims for financial trading counterparties.
      The mechanism will provide eligible creditors with an
      option to achieve finality and certainty regarding its
      financial claim against LBIE.

    * Considerable progress has been achieved on the many
      affiliate company issues in the period, and Court
      directions are currently being sought to determine
      ownership of substantial assets claimed by different
      Lehman affiliates.

    * LBIE has returned almost GBP2bn of assets to clients since
      the March 2010, bar date under the Claims Resolution

    * The pre-Administration Client Money judgment was handed
      down by the Court of Appeal in August 2010.  The judgment
      as it stands has a material impact for both Client Money
      claimants and unsecured creditors of LBIE, resulting in
      significant delay to distributions and substantial
      additional costs.  The Administrators now need to embark
      on a complex tracing exercise to identify additional
      Client Money claimants and cash or assets which might
      possibly be subject to a trust claim.  Given the
      overwhelming adverse impact on the LBIE House estate, the
      Administrators have sought permission to appeal to the
      Supreme Court.

    * A sustained headcount of over 480 Lehman staff and
      contractors continue to support the Administration, in
      addition to PwC staff and the Administrators' legal
      advisers.  The contribution and collaboration between the
      teams is key to the outstanding achievements made to date.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- 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

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.
( 215/945-7000)

LEHMAN BROTHERS: Asks Court to Allow Lloyd's to Pay US$10MM
Lehman Brothers Holdings Inc. and its affiliates seek the U.S.
Bankruptcy Court for the Southern District of New York's authority
for Lloyd's London and London Market Company to pay US$10 million
in connection with a settlement deal involving their former

Lloyd's is one of the firms tapped by Lehman Brothers Holdings
Inc. to provide insurance coverage to former and incumbent
directors and officers who are facing various lawsuits, some of
which stemmed from the company's bankruptcy filing in 2008.  It
provides coverage of $10 million in excess of US$45 million.

LBHI earlier entered into an agreement with Booth Foundation Inc.
to settle the lawsuits it filed against former Lehman officers
including Richard Fuld Jr. and Martin Shafiroff.  The lawsuits
allege unsuitability and failure to supervise claims, which
stemmed from alleged activities of certain Lehman brokers in
connection with the sale to Booth Foundation of LBHI-issued
notes.  The lawsuits are pending in the U.S. Court of Appeals for
the Second Circuit.

According to LBHI's lawyer, Richard Krasnow, Esq., at Weil
Gotshal & Manges LLP, in New York, the settlement deal will not
take effect unless the U.S. Bankruptcy Court for the Southern
District of New York permits Lloyd's to pay US$10 million to Booth
Foundation as condition for the dismissal of the lawsuits.

Mr. Krasnow says that if Lloyd's is barred from paying out the
$10 million, Mr. Fuld could file a claim against LBHI for that

"Consequently, payment of the settlement amount under the Lloyd's
policy will reduce or eliminate the claims that Fuld could assert
against the Debtors," Mr. Krasnow says in court papers.

The settlement payment would equal about 5% of Lehman's total
insurance coverage for directors and officers from 2007 to 2008,
according to an October 28, 2010 report by Bloomberg News.

The Court will hold a hearing on November 17, 2010, to consider
approval of the request.  Deadline for filing objections is
November 10, 2010.

MUMFORDS: Assets Sold Following Administration
Car dealership Mumfords of Plymouth, which trades as Western
Garage Plymouth Ltd, has been sold to city rival Vospers for an
undisclosed sum after going into administration, The Herald
reports.  The report relates that Mumfords' business, including
its Plympton showroom, other assets and staff were transferred
when a deal was completed on November 2, 2010.

According to the report, Vospers, which is now planning to create
a massive motor park around its Marsh Mills base, said the "vast
majority" of the 60 Mumfords employees would be retained but there
would be a "restructuring".

The report notes that administrators BDO were appointed who then
sold "the business and majority of the assets" to Vospers Motor
House Ltd.

A BDO spokesman, the report discloses, said cash that from the
sale would not go to the Mumford family -- but to pay creditors.
The report relates Simon Girling, BDO business restructuring
partner, said: "Mumfords was exposed to difficulties in the motor
retail sector."

Mumfords Director William Mumford said staff and customers should
see a "seamless transfer", the report says.  The sale took place
after Vospers secured the Renault franchise for Plymouth and
Torbay, he added.

Mumfords sold new and used cars, operating a Renault franchise
since 1983 and a Nissan franchise since 2001.

S&V NAYLOR: Goes Into Liquidation
Chris Tindall at reports that S&V Naylor
Transport has gone into liquidation.  Insolvency practitioner
Laurence Burt at recovery expert Ganley Burt in Northwich was
appointed as liquidator on October 14, 2010., citing the company's estimated Statement of
Affairs, discloses that non-preferential creditors are unlikely to
see any return.

S&V Naylor Transport is a Wolverhampton-based haulier.  The
company ran seven vehicles and seven trailers out of two operating

SKY DEVELOPMENTS: Collapse to Cost Creditor Banks GBP1.2 Million
BBC News reports that the collapse of Sky Developments is set to
cost Bank of Ireland and Ulster Bank a total of almost GBP1.2

BBC says the company, which was put into administration in
September, owes Bank of Ireland just over GBP2.2 million.
According to BBC, the administrator estimates that about GBP1.3
million of that will be paid back from the completion and sale of
developments at Glenville Mews in Whiteabbey and Willis Green in
Finaghy, along with the house in Holywood.

Ulster Bank is owed just over GBP1 million, which is secured
against a development of eight apartments on the Beersbridge Road
in Belfast, BBC discloses.  The administrator estimates that
GBP760,000 will be raised from the sale of those properties, BBC

Total claims from unsecured creditors, including a Ballymoney
architect, are likely to amount to GBP685,000, none of which are
likely to be paid, BBC notes.

As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, BBC News said that financial consultants BDO were appointed
as administrators of Sky Developments.  BBC disclosed the
construction and development sector in Northern Ireland was badly
affected by the economic downturn.

Sky Developments is a County Down building firm which specializes
in energy efficient homes.

STOKES LTD: Martingate Centre Reopens
Mike Wilkinson at Wiltshire Times reports that Stokes Ltd's
Martingate Centre was given approval to reopen after the managers
running the store decided to take over the shop themselves.

According to the report, managers Bob and Jan Stevens heard the
news that their branch of Stokes Ltd, in the Martingate Centre,
was to close after the company went into administration.

Wiltshire Times notes that the store previously employed eight
people and now has five.  The opening hours are to remain the same
but the couple is switching to more local suppliers, the report

Headquartered in Bristol, Stokes Ltd has branches across the south
west and was one of the largest independent greengrocers in the

* SCOTLAND: Distressed Property Sales Up 126% in H1 of 2010
Commercial property agents Christie + Co has reported a large
increase in distressed asset sales in Scotland as insolvency cases
attracted a large number of buyers, Colin Calder at Business7

Business7 relates Christie + Co said that there had been a 126%
rise in sales of distressed assets in the half year to September.

According to Business7, the number of pubs for sale led the way,
showing a 189% increase in business sales during period compared
to the previous year, with the care sector seeing a 125% rise.

Business7 says the hotel market has increasingly come under the
spotlight of banks and insolvency practitioners, which is
reflected in an 88% increase in the number of distressed hotel
businesses sold.

The number of distressed restaurant sales also increased, up
67%, while the number of deals in the retail sector stayed flat,
Business7 discloses.


* BOOK REVIEW: Harvest Moon - Portrait of a Nursing Home
Author: Sallie Tisdale
Publisher: BeardBooks
Softcover: 218 pages
List Price: US$34.95
Review by Henry Berry

Sallie Tisdale uses her vantage point as a registered nurse to
present an intriguing look at the structure, operations, staff,
and patients of a typical nursing home named Harvest Moon.  The
privacy of the people she encounters at work has been protected
with pseudonyms, but her descriptions of physical facilities, the
behavior of individual patients, the commitment of nurses, and
other varied issues and relationships encountered in nursing homes
will be recognized as true by anyone familiar with this area of

Harvest Moon is, in the main, a humanistic portrait of a nursing
home.  Ms. Tisdale takes no political position, nor does she offer
solutions to the problems of nursing homes and the larger social
problem of providing quality healthcare for the elderly.  In
keeping with the book's humanistic tone, the author is also not
critical of any of the many individuals who appear in her
fictionalized, but true-to-life, nursing home.

Harvest Moon, like the large majority of nursing homes that have a
limited number of patients, staff, and administrators and a
singular focus on care for the elderly, adopts a kind of tribal
village approach (rather than a corporate approach) to providing
healthcare for the aged.  Without going into the causes of
problems in the nursing home industry, Ms. Tisdale does
nonetheless note that the shift "undeniably and inexorably toward
profit" in this field has created a situation where the "demands
of profit-oriented budgets are made worse by the shortage of
help."  Staffing issues have long been a problem in an industry
where the annual turnover rate is sixty percent.  Although the
"boom" of the nursing home industry has run its course since the
book was first published in 1987, conditions in nursing homes are
still more or less the same, and the same problems remain.  The
author's observations that the cost of nursing-home care sometimes
causes "impoverishment" for individuals and their families is

With scenes, dialog, recurring characters, and a loose story line,
the book reads like a novel.  Ms. Tisdale's remark, "It is a
beautiful and perfectly clear day, a day of short sleeves and no
clouds," draws a sharp contrast with the atmosphere of the nursing
home with its fluorescent lights that illuminate the same no
matter what kind of day it is.  A relative of one of the patients
comes in with "a shiny pink raincoat."  Her hair "falls lankly
below her stooped shoulders" as she "steps up to the counter like
a Fate."  In another place, "smells of kitchen steam and urine,
mop buckets and laundry, and disinfectant . . . mingle together in
the halls."  These and other vivid descriptions draw the reader
into the experience of having entered a nursing home.
Unlike most other books that look into the healthcare industry,
Harvest Moon does not delve into issues of organizational
structure, present cost analyses, opine about government
intervention, or offer a laundry list of solutions.  Yet all of
this can be plainly inferred by any reader with knowledge of the
recognized problems of modern-day healthcare and the debates on
dealing with those problems.

In places, Ms. Tisdale cites numbers and other facts of the
nursing-home field -- for example, ". . . there are almost 24,000
nursing homes in the United States . . . .  Nursing homes house
two million people at a cost of over $30 billion dollars annually
-- about eight percent of all the dollars spent nationally on
health care."  In other places, she uses settings, situations, and
individuals to bring in background material on the nursing home
industry.  Such techniques do not take away from the author's aim
of conveying just what things are like in a nursing home -- rather
they supplement her objective.  For example, her vivid
description, "[t]he third hall, C Wing, is a sickly orange, and
has room for forty patients requiring professional nursing, or
'skilled care'", is followed in the same paragraph with an
explanation of what "skilled care" means and how it differs from
the care provided in hospitals.  She continues on to further
explain how the skilled care of modern healthcare for "patients
who would have never left the hospital" in previous decades but
now must do so because of the crushing costs of hospital stays is
part of the reason for the growth of nursing homes and the
problems they try to deal with.  But, as always, Ms. Tisdale
returns to the illustrative examples of Harvest Moon.  For
example, a paragraph begins, "The patients on C Wing are notable
most of all for variety in condition and disease," followed by the
naming of these.

There is no better book than Harvest Moon for getting a true
picture of a nursing home.  It is an exemplary humanitarian tale,
while also relating the fundamentals of the business and
healthcare issues that have to be taken into account for problems
with nursing homes to be alleviated and perhaps someday remedied.

A registered nurse, Sallie Tisdale is the well-known author of six
books and many articles and also a contributing editor of the
magazine Tricycle.  Her work and interests in the healthcare field
have been recognized with awards and fellowships, including an NEA


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

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  Go to 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-
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Maryland USA.  Valerie U. Pascual, Marites O. Claro, Rousel Elaine
T. Fernandez, Joy A. Agravante, Frauline S. Abangan and Peter A.
Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

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