TCREUR_Public/110107.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

           Thursday, January 6, 2011, Vol. 12, No. 4

                            Headlines



C R O A T I A

ORCO PROPERTY: CEO Questioned by Police in Suncani Hvar Probe


C Z E C H   R E P U B L I C

SAZKA AS: Radovan Vitek Demands Repayment of CZK830MM Debt
* CZECH REPUBLIC: Corporate Insolvencies Up 6% to 5,559 in 2010


G E R M A N Y

SCHIESSER AG: Emerges From Insolvency Proceedings


H U N G A R Y

* HUNGARY: Firms Under Mandatory Liquidation Up 17% in 2010


I R E L A N D

ANGLO IRISH: ISDA Calls Second Restructuring Credit Event
CELTIC BOOKMAKERS: Goes Into Administration


P O L A N D

* POLAND: Corporate Bankruptcies Down 5.2% to 665 in 2010


S P A I N

MBS BANCAJA: Moody's Assigns 'Caa2' Rating to Class B Notes


U N I T E D   K I N G D O M

BRITISH SURFING: Goes Into Liquidation
CPL INTERIORS: Goes Into Administration, 65 Jobs Axed
DATAPLEX SYSTEMS: Intrinsic Tech Rescues Firm From Administration
DAVIS WORLD: Creditors Asked to Liquidate Firm
DUNDEE FOOTBALL CLUB: Barred From Signing Players

EMI GROUP: Settles Royalty Dispute with Pink Floyd
MALBERN WINDOWS: Buyers Sought for Firm Following Administration
PONTIN'S: Britannia Hotels Bids for Firm
TATTERSHALL CASTLE: Shuts Down O'Henry's Following Administration
WINNIE CARE: Beverley House Prepares to go to Administration

YELL GROUP: Repays GBP150MM Senior Bank Debt Ahead of Schedule
* UNITED KINGDOM: Fewer Retailers Went Into Administration in 2010


X X X X X X X X

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C R O A T I A
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ORCO PROPERTY: CEO Questioned by Police in Suncani Hvar Probe
-------------------------------------------------------------
Jasmina Kuzmanovic and Lenka Ponikelska at Bloomberg News report
that Jean-Francois Ott, chief executive officer of Orco Property
Group SA, was questioned by police in Zagreb in connection with a
criminal investigation related to the Suncani Hvar luxury island
resort development.

Bloomberg relates that Orco on Tuesday failed to reach an
agreement with the government on the future of the Suncani Hvar
island resort, which the developer wants to transform into a five-
star holiday destination in the Adriatic Sea.  The company owns
55% of the complex, while the Croatian Privatization Fund holds
31%, Bloomberg discloses.

According to Bloomberg, the Croatian state TV reported on Tuesday
that the police in the coastal city of Split are investigating six
employees in the Suncani Hvar resort for fraud and embezzlement of
HRK16 million (US$2.8 million).  Mr. Ott was questioned as a
witness, the TV related, as cited by Bloomberg, quoting
unidentified police officials.

Bloomberg relates that Mr. Ott on Tuesday said the group is
developing plans to salvage the indebted resort and "has the
support of leading banks in Croatia, and particularly of Privredna
Banka Zagreb d.d.," on how to restructure its EUR55 million
(US$73.6 million) of loans.

Luxembourg-based Orco signed an agreement with the State Property
Fund five years ago to transform 10 drab socialist-era hotels on
the island, Bloomberg recounts.  It invested HRK355 million in the
resort, and took loans worth HRK390 million to renovate it,
Bloomberg discloses.  According to Bloomberg, Croatia in August
canceled the five-year contract a day before it was due to expire,
saying Orco failed to properly renovate the property and built up
the projects' debts.

As reported by the Troubled Company Reporter-Europe, on May 19,
2010, Reuters' Jason Hovet said that a Paris court had approved a
plan exiting Orco from its more than year-long creditor protection
period.  Orco said the plan included the repayment of 100% of the
company's admitted claims over 10 years, Reuters disclosed.  The
court protection in place since March 2009 had protected
EUR1.5 billion (US$1.9 billion) in bank debts and bonds, according
to Reuters.  Reuters said Orco proposed a 10-year rescheduling
plan to restructure more than EUR400 million in debt held by
bondholders through a scheme that looks to extend the average
maturity of its bonds to eight years from three.

Orco Property Group SA -- http://www.orcogroup.com/-- is a
Luxembourg-based real estate company, specializing in the
development, rental and management of properties in Central and
Eastern Europe.  Through its fully consolidated subsidiaries, Orco
Property Group SA operates in several countries, including the
Czech Republic, Slovakia, Germany, Hungary, Poland, Croatia and
Russia.  The Company rents and manages real estate and hotels
properties composed of office buildings, apartments with services,
luxury hotels and hotel residences; it also develops real estate
projects as promoter.


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C Z E C H   R E P U B L I C
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SAZKA AS: Radovan Vitek Demands Repayment of CZK830MM Debt
----------------------------------------------------------
Ladka Bauerova at Bloomberg News, citing Hospodarske Noviny,
reports that Czech billionaire Radovan Vitek threatened to file an
insolvency case against lottery provider Sazka AS if the company
doesn't pay the CZK830 million (US$44 million) it owes him by
Jan. 17.

According to Bloomberg, the newspaper said Mr. Vitek is also
asking the current Sazka management to step down.

Bloomberg notes that Sazka spokesman Zdenek Zikmund, as cited by
the newspaper, said the company doesn't owe Mr. Vitek anything.

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2010, Bloomberg News, citing Hospodarske Noviny, said Mr. Vitek
bought Sazka's debt, worth almost CZK900 million (US$47 million),
from Raiffeisen Bank International AG and Komercni Banka AS and
may offer to buy up debt from other stockholders, notably Fortis
Bank NV.  The newspaper said Mr. Vitek is interested in gaining
control over Sazka's real estate, according to Bloomberg.

                       Debt Restructuring

On Dec. 27, 2010, The Troubled Company Reporter-Europe reported
that Penta Investments Ltd, a Czech and Slovak private equity
company, approached Sazka AS's shareholders with a proposal to buy
out the lottery maker and restructure its debt.  Penta said in a
press release handed out at a press conference in Prague on
Dec. 22 that the new investor will have to provide about CZK2
billion (US$103 billion) to CZK3 billion of financial means to
Sazka in 2011 to cover its needs and further guarantees to
creditors, according to Bloomberg.  Penta, as cited by Bloomberg,
said its plan to restructure the company would also include asset
sales, possibly including the O2 Arena in Prague, the largest
sport facility in the country.

Sazka AS is a provider of lotteries and sport betting games in the
Czech Republic.


* CZECH REPUBLIC: Corporate Insolvencies Up 6% to 5,559 in 2010
---------------------------------------------------------------
CTK, citing Creditreform, reports that the number of insolvency
petitions against legal entities in the Czech Republic grew by 6%
to 5,559 in 2010.

According to CTK, as for individual sectors, the highest number of
insolvencies per 1,000 registered companies was recorded in
mining, the chemical industry, plastics production and
telecommunication and postal services.

The biggest year-on-year growth in the number of insolvencies per
1,000 registered companies was seen in mining, transport and
publishing, CTK notes.

In total figures, companies that are most afflicted by
insolvencies are those in wholesale and retail trade and
construction, CTK discloses.

CTK says about one half of insolvency petitions against legal
entities end in declaration of insolvency.  Insolvency is settled
either through bankruptcy or reorganization of the company, CTK
relates.

In 2011, Creditreform expects the number of insolvencies of legal
entities to rise by 4-7% year-on-year, the reason being mainly a
smaller amount of state orders resulting from planned austerity
measures, CTK states.  This will affect mainly construction and
associated sectors, according to CTK.


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G E R M A N Y
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SCHIESSER AG: Emerges From Insolvency Proceedings
-------------------------------------------------
Reuters reports that Schiesser AG has emerged from insolvency
proceedings as it prepares to float on the Frankfurt Stock
Exchange in the second quarter of 2011.

According to Reuters, Schiesser said insolvency administrator
Volker Grub would join the supervisory board and hand over the
running of the company to the new executive board, which includes
Rudolf Buendgen, Karl-Achim Klein and Johannes Molzberger.

German fashion designer Wolfgang Joop is set to assist the 1875-
founded group as creative adviser after earlier dropping his
interest in buying the company, Reuters adds.

As reported by the Troubled Company Reporter-Europe, Dow Jones
Newswires said Schiesser has been in insolvency proceedings since
2009.

                         About Schiesser AG

Based in Radolfzell, Germany, Schiesser AG --
http://www.schiesser.de-- is a lingerie, sportswear and swimwear
company.  It is owned by Switzerland's Schiesser Group AG.  The
company employs some 1,900 employees.


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H U N G A R Y
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* HUNGARY: Firms Under Mandatory Liquidation Up 17% in 2010
-----------------------------------------------------------
Budapest Business Journal, citing Opten, reports that mandatory
liquidation procedures were started against 17,420 Hungarian
companies in 2010, up 17% from 2009.

BBJ relates that Opten, which compiles company information, said
mandatory liquidation procedures were started against 11,423
Hungarian companies in 2008, the year the crisis started.


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I R E L A N D
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ANGLO IRISH: ISDA Calls Second Restructuring Credit Event
---------------------------------------------------------
Creditflux reports that the International Swaps and Derivatives
Association, Inc.'s credit derivatives determinations committee
has called a second restructuring credit event on Anglo Irish
Bank.

According to Creditflux, the decision to call a new auction on
Anglo Irish deliverables follows the bank's near identical
announcement of the results of the exchange offer for the largest
of the three classes of subordinated debt, EUR750 million in face
value of bonds maturing in 2017.  The ISDA committee ruled on
December 23 that this was a new credit event, Creditflux relates.

                     About Anglo Irish Bank

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at Sept. 30,
2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.

                        *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2010, DBRS downgraded the ratings of the Euro Dated Subordinated
Notes (specifically the EUR325.2 million Floating Rate
Subordinated Notes due 2014, EUR500 million Callable Subordinated
Floating Rate Notes due 2016 and the EUR750 million Dated
Subordinated Floating Rate Notes due 2017) (collectively referred
to as the 2017 Notes) issued by Anglo Irish Bank Corporation
Limited (Anglo Irish or the Bank) to 'D' from 'C'.  DBRS said the
downgrade follows the execution of the Bank's note exchange offer.
The default status for the exchanged and now-extinguished 2017
Notes reflects DBRS's view that bondholders were offered limited
options, which, as discussed in DBRS's press release dated
October 25, 2010, is considered a default per DBRS policy.

On Oct. 29, 2010, the Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services lowered its rating on
Anglo Irish Bank Corp. Ltd.'s non-deferrable dated subordinated
debt (lower Tier 2) securities to 'D' from 'CCC'.  The downgrade
of the lower Tier 2 debt rating reflects S&P's opinion that the
bank's exchange offer is a "distressed exchange" and tantamount to
default in accordance with its criteria.


CELTIC BOOKMAKERS: Goes Into Administration
-------------------------------------------
RTE News reports that former Fine Gael Government Minister Ivan
Yates said that he did everything he could to save Celtic
Bookmakers, which went into receivership on January 5, 2011.
Earlier, in a statement, Mr. Yates and his wife Deirdre said that
the company's revenue had halved over the past three years, the
report relates.

RTE News notes that 237 people work for the company at 47 betting
shops in Ireland.  The report says that it is hoped that over 100
of those jobs can be saved.

Many of the shops will be sold, while others will close in the
coming days, RTE News discloses.  All bets will be honored.

Allied Irish Banks has appointed a receiver to the company.

The firm has bank debts of around EUR6 million, along with rents
owing to landlords, RTE News discloses.

The report adds that Mr. Yates said he will take a break from his
broadcasting job with Newstalk for three weeks to deal with the
receivership.

Celtic Bookmakers is a bookmaking firm.  It has two shops in
Wales.


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P O L A N D
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* POLAND: Corporate Bankruptcies Down 5.2% to 665 in 2010
---------------------------------------------------------
The Warsaw Business Journal, citing Parkiet, reports that the
number of Polish companies going bankrupt last year was down by
about 5.2% to 665 compared to 2009.

According to The Warsaw Business Journal, the greatest improvement
can be seen in the transport industry, where the number of
bankruptcies has fallen by 23%, and in the trade sector, which saw
some 20% fewer bankruptcies than in 2009.

The Warsaw Business Journal notes that 2010 was not that kind to
the construction industry, where the increase in the number of
bankruptcies was the most significant.  Last year, 98 construction
companies disappeared from the market, compared to 82 that went
bankrupt in 2009, The Warsaw Business Journal discloses.


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S P A I N
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MBS BANCAJA: Moody's Assigns 'Caa2' Rating to Class B Notes
-----------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by MBS Bancaja 8 FTA

  -- EUR274.5M Class A notes, Definitive Rating Assigned Aaa (sf)
  -- EUR175.5M Class B notes, Definitive Rating Assigned Caa2 (sf)

                        Ratings Rationale

The ratings of the notes take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the MILAN Aaa Credit Enhancement and the portfolio expected loss,
the transaction structure and any legal considerations.

The expected portfolio loss of 14.5% of original balance of the
portfolio at closing and the MILAN Aaa required Credit Enhancement
of 36.5% served as input parameters for Moody's cash flow model,
which is based on a probabilistic lognormal distribution as
described in the report "The Lognormal Method Applied to ABS
Analysis", published in September 2000.

The key drivers for the MILAN Aaa Credit Enhancement number, which
is higher than MILAN Aaa Credit Enhancement in other Spanish RMBS
transactions, are (i) 18% of the pool correspond to refinanced
loans from previously underperforming loans by the same originator
(originator took pre-emptive action by refinancing ), (ii) the
weighted average loan-to-value of 84.4%, (iii) 10% of the pool is
in arrears up to 30 days as of cut-off date, (iv) non residential
properties represent 4.4% of the portfolio and (v) the high
concentration in Valencia region (40.3%).

The key drivers for the portfolio expected loss are (i) the
performance of high LTV loans as well as refinancing loans in the
sellers' book, (ii) 10% of the pool is in arrears up to 30 days as
of cut-off date, and (iii) the higher volatility on non
residential property prices.  The assumed expected loss
corresponds to an assumption of approximately 29% cumulative
default rate in the portfolio (assuming recovery is realized with
a lag after the default).  Given the historical performance of the
high LTV loans in the seller's book, Moody's believes the assumed
expected loss is appropriate for this transaction.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect of the Class A notes by the legal final maturity and for
ultimate payment of interest and principal with respect to the
Class B notes, by the final legal final maturity.  Moody's ratings
only address the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

The notes are backed by a pool of prime Spanish mortgages granted
to individuals (by Bancaja (A3, Prime-2).  The properties are
mainly residential (95.6%), with the remaining part being
commercial properties.  At closing the mortgage pool balance will
consist of approximately EUR450 million mortgage loans.  The
Reserve Fund will be funded at 5.0% of the total initial notes and
will not amortize.  The total credit enhancement for the Class A
notes is 44.0%.

The V Score for this transaction is Medium/High, which is higher
than the V score assigned for the Spanish RMBS sector.  Four
subcomponents of the V Score have been assessed worse than the
average for the sector and worse also in comparison with other
recently issued High LTV Spanish RMBS.  Sector Historical
Downgrade Rate performance variability score is Medium/High, which
is higher than a score of Medium for the Spanish RMBS sector,
reflecting that High LTV deals in Spain have shown worse
performance than the market index.  The variability score for
Quality of Historical Data is Medium/High mainly because there is
no historical information in the market on the performance of
refinancings of delinquent loans.  Issuer/Sponsor/Originator's
historical variability score is Medium/High since previous RMBS
deals from this originator show worse performance than the market
index.  The score for Transaction Complexity is Medium/High
because high LTV deals are more exposed to house price declines,
thus increasing the volatility on actual losses and this pool
contains loans with adverse risk elements.  V-Scores are a
relative assessment of the quality of available credit information
and of the degree of dependence on various assumptions used in
determining the rating.  High variability in key assumptions could
expose a rating to more likelihood of rating changes.  The V-Score
has been assigned accordingly to the report "VScores and Parameter
Sensitivities in the Major EMEA RMBS Sectors" published in April
2009.

Moody's Parameter Sensitivities: At the time the rating was
assigned, the model output indicated that Class A notes would have
achieved a Aaa even if the expected loss was as high as 23.2%
assuming MILAN Aaa CE as high at 47.5% and all other factors were
constant.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed.  The
analysis assumes that the deal has not aged and is not intended to
measure how the rating of the security might migrate over time,
but rather how the initial rating of the security might have
differed if key rating input parameters were varied.  Parameter
Sensitivities for the typical EMEA RMBS transaction are calculated
by stressing key variable inputs in Moody's primary rating model.

Moody's Investors Service received and took into account a third
party due diligence report on the underlying assets or financial
instruments in this transaction and the due diligence report had a
neutral impact on the rating.


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U N I T E D   K I N G D O M
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BRITISH SURFING: Goes Into Liquidation
--------------------------------------
BBC Sport reports that the executive committee of the British
Surfing Association (BSA) has declared its limited company
insolvent and thus, put it into liquidation.

BBC Sport relates the BSA said that all of its assets will be
distributed to its creditors.

A new company called Surfing GB has been formed to take over as
the national governing body for surfing.

BBC Sport notes that following the election of a new executive
committee in July 2010, it emerged that the BSA was insolvent,
leading to its limited company being put into liquidation in
December 2010.

The BSA was founded in 1966 to promote the sport and represent the
interests of all surfers in Great Britain.


CPL INTERIORS: Goes Into Administration, 65 Jobs Axed
-----------------------------------------------------
CPL Interiors has gone into administration.  Aaron Morby at
Construction Enquirer reports that the GBP21 million turnover firm
was placed in the hands of the receivers just before Christmas and
all 65 staff were laid off before the holiday period.

The firm is understood to have run into problems on a contract for
the London School of Economics, which worsened already severe cash
flow difficulties, according to Construction Enquirer.

Chris Moore of Walsall-based insolvency practitioners K. J. Watkin
& Co is handling the administration.

Headquartered in Halesowen, CPL Interiors is a commercial fit-out
specialist.  The firm operated from four divisions specializing in
interior fit-out and refurbishment, motor-trade fit-out, new build
and furniture solutions through its M-cubed arm.


DATAPLEX SYSTEMS: Intrinsic Tech Rescues Firm From Administration
-----------------------------------------------------------------
Doug Woodburn and Sara Yirrell at CRN report that Intrinsic
Technology has acquired the trade, certain assets and the goodwill
of fellow Mancunian VAR Dataplex Systems, which went into
administration before Christmas owing distributors a seven-figure
sum.

Unified communications specialist Intrinsic Technology said the
move will strengthen its position in the adjacent desktop and
server virtualization and storage markets, as well as adding GBP10
million to its top line, according to CRN reports.

CRN notes that Dataplex Systems, which has 30 staff across its
Manchester and Oxford offices, entered administration on
December 23, 2010.  The report relates that David Whitehouse and
Sarah Bell of MCR Corporate Restructuring were made joint
administrators and a sale memorandum was issued on December 24,
2010.

According to the memorandum, CRN says, Dataplex had outstanding
debts totaling GBP1.11 million as of December 20.  The report
relates that its book debt was to be excluded from any sale of the
business or assets, however, unless specifically required by the
purchaser.

The memorandum also said Dataplex had prepared management accounts
as of November 2010 showing an after-tax net loss of GBP66,000 on
turnover of GBP8.1 million, CRN discloses.

John Toal, UK country manager at distributor Avnet, indicated that
the major distributors had been working closely with Dataplex to
try to avoid such a situation arising.

Dataplex Systems is UK's leading independent company offering IT
advisory, solutions and support in Information and Communication
Technology.


DAVIS WORLD: Creditors Asked to Liquidate Firm
----------------------------------------------
The Andover Advertiser reports that creditors of Davis World
Travel were on Wednesday asked to put the company into
liquidation.

More than 100 creditors of Davis World Travel have been invited to
a meeting in Southampton to consider the firm's finances and
appoint a liquidator, The Andover Advertiser says.

The Andover Advertiser says the list includes tour operators, who
have had to honor holiday bookings, industry travel association
ABTA as well as some individuals with unspent travel vouchers.

The Troubled Company Reporter-Europe reported on Dec. 17, 2010,
Davis World Travel ceased to trade and the directors of the
company have appointed Begbies Traynor to assist them in
the formalities of placing the business into liquidation.

Antony Fanshawe of the Southampton office of Begbies Traynor has
announced that the company officially ceased trading on Dec. 15,
2010, with the loss of 20 jobs at its four outlets in Lee-on-
Solent, Gosport, Fareham and Portchester and its corporate travel
centre also in Fareham.

Formed in 1957, Hampshire-based Davis World Travel had a turnover
of around GBP5 to GBP6 million generated through bookings for
traditional package holidays as well as city breaks and cruises.


DUNDEE FOOTBALL CLUB: Barred From Signing Players
-------------------------------------------------
Euan McArthur at Daily Record reports that Dundee Football Club
claim that the Scottish Football League has inflicted more agony
on them by slamming the transfer window down on their fingers.
Daily Record relates that club is already reeling from a 25-point
deduction imposed by the SFL last year for going into
administration.

And the Dark Blues were also barred from signing players while
they are under the control of administrator Bryan Jackson,
according to Daily Record.  The report relates that Barry Smith's
men have already lost one SFL appeal and have now taken their
battle to the SFA who will set up a hearing this month.

Daily Record notes that the club believed that all sanctions would
be lifted when the fresh appeal was lodged.

However, the report says, while league tables currently show the
club sitting in second place with no deductions, the transfer ban
continues in place.  It emerged the SFL wrote a letter to the SFA
last week requesting the transfer ban to be enforced during the
appeals process and the governing body have agreed to reinforce
it, Daily Record relates.

Now boss Smith, who is likely to face bids for star assets Leigh
Griffiths, Gary Harkins and Craig Forsyth this month, will not be
able to draft in replacements if they leave, Daily Record adds.

Dundee Football Club -- http://www.thedees.co.uk/-- is a Scottish
football club.
                          *     *     *

As reported by the Troubled Company Reporter-Europe on Oct. 18,
2010, Agence France-Presse said Dundee was placed into
administration on October 14, 2010, after failing to pay a
GBP365,000 (US$583,525) tax bill.  Dundee had no option but to
accept administration after being unable to negotiate the payment,
according to AFP.


EMI GROUP: Settles Royalty Dispute with Pink Floyd
--------------------------------------------------
Esther Bintliff at The Financial Times reports that Pink Floyd has
reached a new five-year deal with EMI Music.

The terms of the deal were not disclosed but it is understood they
include permission for EMI to sell individual Pink Floyd tracks
separately, according to the FT.

The FT relates that the British rock group, who has sold more than
200 million albums worldwide, including The Dark Side of the Moon
and The Wall, took EMI to court in March last year over issues
that include the calculation of digital royalties and whether the
record company could unbundle songs from its albums and sell them
individually.

The judge in the case, Sir Andrew Morritt, chancellor of the High
Court, ruled that EMI was bound by a contract preventing it
selling its music other than as complete albums without written
consent, the FT recounts.

The band's success in court was viewed by some industry observers
as compounding the troubles surrounding EMI, the FT notes.

                        Covenant Test

As reported by the Troubled Company Reporter-Europe on Nov. 8,
2010, the FT said EMI is facing a covenant test in its
GBP3 billion of loans from Citigroup at the end of March.  The FT
disclosed the music group has failed these regular tests for the
past couple of years, but Terra Firma's Guy Hands has been able to
keep control by putting more of his investors' money into the
company as "equity cures", allowing the extra cash to be counted
as profits.  The FT noted it seems unlikely investors will give
Mr. Hands more money in March, making it possible that the
business will default on its debt and be taken over by its only
creditor, Citigroup.  If that happens, the bank is expected to
seek a rapid sale of EMI, probably by splitting it into two parts:
music publishing, with its valuable back catalogue of songs, and
recorded music, the loss-making business of producing new music,
according to the FT.

EMI Group Ltd. -- http://www.emigroup.com/-- 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.


MALBERN WINDOWS: Buyers Sought for Firm Following Administration
----------------------------------------------------------------
Rachel Constantine at Business Sale reports that Malbern Windows &
Doors has been placed into administration for the second time in
under two years.  The report relates that Malbern Windows & Doors
has called in Sarah Bell and David Whitehouse from the Manchester
office of insolvency firm MCR to act as administrators.

MCR is on the hunt for a potential buyer for the business,
according to Business Sale.

Business Sale notes that alongside the potential sale of the
business, a separate deal is likely to be struck to buy
Conservatory Coloured Glass (Lancaster) Ltd, Malbern Windows &
Doors' Heysham-based subsidiary.  This deal would ensure that all
workers could be re-employed, the report says.

Business Sale recounts that Malbern Windows & Doors was initially
set up as Droylsden Glass in 1981, selling only to trade clients.
Malbern Windows was founded in 1983 and sold conservatories to
private customers.

However, the report relates, its predecessor firm Malbern uPVC
Windows & Doors was forced to file for administration in early
2009 following the downturn in the UK housing market.

Business Sale discloses that a 'pre-pack' administration deal was
agreed upon with administrators Leonard Curtis to buy the business
and assets back for GBP235,000 through Malbern Windows & Doors
Ltd.  But, despite making a pre-tax profit of GBP117,000 on sales
of GBP12 million, the firm called in administrators once again in
December last year due to ongoing financial woes, the report adds.

Tameside-based Malbern Windows & Doors is a home improvements
business, which operated from the 80,000 sq. ft. Malbern
Industrial Estate and employed 160 people under the leadership of
chairman Stuart Kenyon.  The firm supplies uPVC windows and doors.


PONTIN'S: Britannia Hotels Bids for Firm
----------------------------------------
Britannia Hotels, the Hale-based chain which operates 36
properties nationwide, is among the bidders Pontin's which went
into administration in November, Manchester Evening News reports.

David Costley-Wood, a restructuring partner at KPMG and a joint
administrator of the iconic firm, said a total of 10 offers have
been tabled for the business, according to Manchester Evening
News.  The report relates Mr. Costley-Wood said that most were
from parties which are keen to continue operating Pontin's and
'take the brand forward'.  "While negotiations remain ongoing, we
are confident of being able to conclude sales over the coming
weeks," he added.

Pontin's has five sites - in Southport, Somerset, Sussex, Suffolk
and north Wales - which have continued to trade throughout the
period of administration, the report notes.

Pontin's, known for its Bluecoats entertainers, was established in
1946 and at its height owned more than 30 parks.  It was founded
by Fred Pontin, who was well ahead of his rivals when he spotted
the trend for self-catering holiday villages.


TATTERSHALL CASTLE: Shuts Down O'Henry's Following Administration
-----------------------------------------------------------------
Ewan Fergus at Evening Times reports that a city centre pub
O'Henry's in Drury Street ceased trading on December 29, 2010.
The report relates that the lease for the pub is now up for sale.

The closure of O'Henry's comes weeks after its owner, the
Tattershall Castle Group, was placed into administration,
according to Evening Times.

Evening Times notes that Jonathan Clough, of agents Christie + Co,
who are handling the sale of the lease, said: "Administrators
Grant Thornton closed the doors on Wednesday, but we do have
interested parties and are hopeful it will open again."

Mr. Clough was unable to say if the pub will operate under the
same name, adding: "It depends on the sale of the property," the
report discloses.

Tattershall Castle Group owns city centre pub O'Henry's.


WINNIE CARE: Beverley House Prepares to go to Administration
------------------------------------------------------------
Chris Hole at Evening Gazette reports that staff at Beverley House
and Beverley Lodge was left unpaid on December 31, 2010.  The
report relates that the staff and residents are facing an
uncertain future as both homes prepare to go into administration
later this month.

Paul Hulbert, managing director at Winnie Care Group, which owns
the homes, has vowed to try to pay the staff half of their wages
on January 4, 2011, according to Evening Gazette.  The report
relates Mr. Hulbert confirmed that both Beverley House and
Beverley Lodge are set to go into administration.

Mr. Hulbert, Evening Gazette notes, revealed that the homes had
been losing around GBP24,000 per month between them for the last
10 months.  The report relates that staff at the homes has been
left massively upset by the recent events -- and frustrated after
they were left unpaid.

Evening Gazette says that staff at the homes has vowed to keep
working -- despite concerns over pay -- in order to care for
residents.  However, the report relates, many have been left
deeply concerned at the lack of guarantee over when -- and
if -- they will be paid.

The families of residents at the homes now have to find
alternative accommodation for their loved ones, Evening Gazette
discloses.  The report relates that both homes have seen their
occupancy levels dwindle significantly in recent months.

Mr. Hulbert said he had been trying to sell the homes but had been
unable to find a buyer, Evening Gazette adds.

Winnie Care Group was established in the late 1980s.  It currently
owns residential and nursing homes across the country.  The group
also owns Ashbourne Lodge, on The Green, in Billingham.


YELL GROUP: Repays GBP150MM Senior Bank Debt Ahead of Schedule
--------------------------------------------------------------
Esther Bintliff at The Financial Times reports that Yell Group
said it had repaid GBP150 million of its senior bank debt ahead of
schedule.

According to the FT, the repayment will save Yell about GBP3
million in interest, and leaves the company with GBP66 million
still to pay by May of the GBP800 million minimum reduction amount
agreed under the terms of its 2009 refinancing.

The FT says the group's overall net debt -- which stood at GBP2.9
billion at September 30, including cash reserves of GBP261 million
-- remains unchanged because the company used some of its cash
reserves to fund the repayment.

Yell's revenues have declined as consumers swap printed phone
books for the convenience of online search engines, the FT
discloses.

"Yell's organic revenue growth has disappointed for a number of
years and consecutively over the past few quarters, and investors
have been concerned that it has been heading closer towards
breaching its covenants," Tony Bates, Yell's chief financial
officer, said, according to the FT.  "[Tues]day's news helps
slightly alleviate that concern, but by no means removes it."

"The big picture is that the net debt is still almost GBP3
billion.  As a percentage of Yell's enterprise value, the net debt
is very high.  So liquidating GBP150 million sounds like a lot of
money but in percentage terms it doesn't change much," the FT
quoted Alex de Groote, analyst at Panmure Gordon, as saying.

                         About Yell Group

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US.  Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America.  Yell's revenue for the twelve
months ended March 31, 2008 was GBP2,219 million and its
Adjusted EBITDA was GBP738.9 million.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 2,
2010, Moody's Investors Service downgraded Yell Group Plc's
corporate family rating to B3 from B2 and its probability-of-
default rating to Caa1 from B3.  Moody's said the outlook on the
ratings is negative.

"Moody's downgrade of Yell's CFR to B3 and the negative ratings
outlook reflect: (i) the recessionary and structural pressures
faced by the company, leading to continued marked deterioration in
its operating performance; and (ii) the lack of visibility with
regard to the likely timing of a meaningful and sustained recovery
in Yell's operating performance, which remains closely linked to
the return of confidence amongst small and medium-sized
enterprises," Gunjan Dixit, the lead analyst for Yell, said.


* UNITED KINGDOM: Fewer Retailers Went Into Administration in 2010
------------------------------------------------------------------
Retail Gazette reports the Centre for Retail Research revealed
that the number of retailers that fell into administration during
2010 was significantly down on the previous 12 months.  The report
relates that whereas 54 and 37 companies failed in 2008 and 2009
respectively, just 26 firms experienced similar difficulty last
year.

Centre for Retail Research suggests that 944 stores and 10,930
employees were affected by businesses failing, which although
inevitably stressful for those involved compares favorably with
the previous two years, according to Retail Gazette.

Of course, administration does not necessarily mean the end for a
retailer and some of the companies which encountered difficulties
during the year may find they are just experiencing temporary
financial problems, the report notes.

Retail Gazette discloses that a survey published by CRR and online
shopping comparison site Kelkoo indicated that tough times are
ahead for the UK retail industry.  The report relates the study
predicts that consumer spending will drop by 0.5% year-on-year
during the first quarter of 2011, with today's VAT increase to 20%
set to cost each UK household an average of GBP520.

Commenting on the smaller number of administrations in 2010,
Director of the CRR Professor Joshua Bamfield told Retail Gazette:
"It has been difficult to find companies that are going bust this
year, which is quite good news.  The retailers that have survived
the tough 2008-09 period are credible businesses and are now being
careful."

Retail Gazette notes that in the 12 months ahead, though, Mr.
Bamfield expects around 10,000 shops to close as retailers reduce
the size of their portfolios in light of further economic
pressures.  "Independents and multiples will close stores, with
some of the larger businesses reducing their network of stores by
10-15%, partly because of the growth of online retail and partly
due to consumer spending reducing," Retail Gazette quoted Mr.
Bamfield as saying.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

January 26-28, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Distressed Investing Conference
        Aria Las Vegas
           Contact: http://www.turnaround.org/

Jan. 27-28, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colo.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 3-5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casuarina Resort & Spa, Grand Cayman Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Hyatt Regency Century Plaza, Los Angeles, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        Duberstein U.S. Courthouse, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - Florida
        Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     SUCL/ Alexander L. Paskay Seminar on
     Bankruptcy Law and Practice
        Marriott Tampa Waterside, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/


                            *********

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 U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.

Copyright 2011.  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 * * *