TCREUR_Public/110128.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, January 28, 2011, Vol. 12, No. 20



MKB UNIONBANK: Moody's Lowers Financial Strength Rating to 'E+'


CMA CGM: Mulls Up to U$800 Million High-Yield Bond Issue
GROUPE VIAL: Toulon Court Grants Creditor Protection for Two Units


BKV: Budapest Needs Government Funding to Avert Bankruptcy
MORAKERT: Csongrad Court Orders Liquidation
* HUNGARY: Budapest Needs Drastic Measures to Avert Bankruptcy


QUINN INSURANCE: Forensic Review by Ernst & Young Well Advanced
* IRELAND: Larger Bank Loan Losses Expected in Second Stress Tests


COMPAGNIA ITALPETROLI: Unicredit in Talks to Sell AS Roma
PARMALAT SPA: Some Investors Want to Replace Current Board


BUHRS: Friedheim International Seals Firm Distribution Deal


MOBILE TELESYSTEMS: Moody's Reviews 'Ba2' Rating for Downgrade


PROMOTORA DE INFORMACIONES: Plans to Cut Workforce by 18%

U N I T E D   K I N G D O M

COUGAR LEISURE: Administrators Close Market Street Bar
EXETER NORTHCOTT: Collier Holdings Buys Emmanuel Hall
JF PRINT: Ceases Trading, Goes Into Liquidation
KIDDERMINSTER HARRIERS: Board Accepts Chris Swan's Takeover Bid
QUEEN OF THE SOUTH: Dismisses Administration Talk


* BOOK REVIEW: Legal Aspects of Health Care Reimbursement



MKB UNIONBANK: Moody's Lowers Financial Strength Rating to 'E+'
Moody's Investors Service downgraded the standalone bank financial
strength rating of MKB Unionbank AD to E+ from D-.  The E+ BFSR
maps to a baseline credit assessment (BCA) of B1.  In the same
rating action, Moody's has also downgraded the bank's long-term
deposit ratings to Ba3 from Ba2.  The Not Prime short-term deposit
ratings remain unchanged.  All ratings are assigned a stable

The rating agency notes that the downgrade of MKB-UB's BFSR by one
notch to E+ reflects the impact of the weak economic conditions in
Bulgaria on the bank's financial fundamentals, mainly its asset
quality metrics and profitability, which have been under pressure
since 2009.

More specifically, delinquencies in MKB-UB's loan portfolio have
been rising over the past two years, in line with a similar trend
in the system, and have resulted in increased credit losses
particularly in the microfinance and the SME sector.  "Although
MKB-UB has managed to contain the growth in problem loans in the
last two quarters of 2010, NPLs have grown significantly since the
beginning of 2009," says Elena Panayiotou, a Moody's Analyst and
lead analyst of the Bulgarian banks.

Moody's notes that MKB-UB received two capital injections during
2010, from its direct parent, MKB Bank Rt, and its capital metrics
currently stand at comfortable levels.  The bank's loss absorption
capacity, however, is weakened by the high levels of net non-
performing loans relative to its equity.

Moody's also notes that MKB-UB remains profitable, but its net
interest margin is relatively low.  "Although MKB-UB's earning
power remains adequate, its net profitability is impaired by the
elevated credit costs which have grown considerably during the
recent quarters," adds Ms. Panayiotou.

The bank funds its balance sheet mainly through customer deposits,
which have grown during 2010.  However, it also relies, to a
significant extent, on funding from its direct parent, MKB Bank
Rt, which itself has been affected by the deteriorating economic
conditions in its own market.  Moody's still imputes a high
probability of support to MKB-UB from its immediate parent bank,
and this leads to a one notch uplift from the BCA, resulting in
Ba3 deposit ratings.

Moody's previous rating action on MKB-UB was implemented on
November 27, 2009, when the bank's ratings were all affirmed with
a negative outlook.

The principal methodologies used in rating MKB-UB are Moody's
"Bank Financial Strength Ratings: Global Methodology", published
in February 2007 and "Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology", published in
March 2007, and available on  Other methodologies
and factors that may have been considered in the process of rating
this issuer can also be found on Moody's Web site.

Headquartered in Sofia, Bulgaria, MKB-UB reported unaudited
consolidated total assets of BGN1.606 billion at the end of
September 2010.


CMA CGM: Mulls Up to U$800 Million High-Yield Bond Issue
Karen Eeuwens and John Glover at Bloomberg News report that CMA
CGM SA Chief Financial Officer Olivier Dubois said on Wednesday in
a conference call for bondholders that the company plans to issue
a high-yield bond of US$700 million to US$800 million to refinance
existing debt.

The notes will be sold before June 30 to refinance unsecured
revolving credit lines and some of CMA's outstanding bonds,
Bloomberg says, citing a transcript of the call.  The bonds won't
be underwritten, Bloomberg states.

CMA is reorganizing its debt after freight prices collapsed in the
global economic slump and shippers were forced to take delivery of
new vessels ordered before the crisis, Bloomberg relates.  It
opened talks with lenders to restructure US$5.2 billion of
obligations in September 2009, Bloomberg recounts.

CMA, according to the transcript, agreed to increase the interest
margin it pays on its bank debt by 150 basis points as part of the
restructuring, with the all-in margin capped at between 200 basis
points and 250 basis points on the most senior part of the
company's financing, Bloomberg discloses.  Bloomberg says lenders
must accept the restructuring proposal in writing by the end of
January as noted in the transcript.

According to Bloomberg, a spokeswoman for the company declined to
comment on the information contained in the transcript or confirm
the amount of debt being restructured.

France-based CMA CGM -- ships freight
PDQ.  The marine transportation company is one of the world's
leading container carriers.  Through subsidiaries it operates a
fleet of about 370 vessels that serve more than 400 ports around
the globe, and it maintains a network of about 650 facilities in
about 150 countries.  In addition to hauling containers by sea,
CMA CGM provides logistics services, arranging the transportation
of containerized freight by river, road, and rail.  The company's
tourism division arranges cruises and other travel services.
Jacques Saade founded the company in 1978.

GROUPE VIAL: Toulon Court Grants Creditor Protection for Two Units
Steve Rhinds at Bloomberg News reports that Groupe Vial said a
commercial court in Toulon, France, has approved a Jan. 14
application for creditor protection for two of its holding

According to Bloomberg, Groupe Vial related in an e-mailed
statement on Wednesday that the two companies will be placed under
observation for a period of two months while renegotiating their

Paris-based Groupe Vial manufactures and distributes millwork and
joinery products.


BKV: Budapest Needs Government Funding to Avert Bankruptcy
MTI-Econews reports the Janos Atkari, the chief financial advisor
of Budapest Mayor Istvan Tarlos, told the business newspaper
Vilaggazdasag in an interview published on Wednesday that the city
will require government funding in order to avert bankruptcy,
particularly for BKV.

MTI relates that Mr. Atkari said on Jan. 13 that the Budapest
municipal council would like the government to assume control of a
50%c stake in BKV, providing the company with HUF19 billion in
order to ensure its further operations.

On Aug. 30, 2010, the Troubled Company Reporter-Europe, citing
MTI-Econews, reported that the National Economy Ministry said the
Hungarian government decided to set up a "bankruptcy committee" in
order to settle the finances of BKV.  The Ministry said the
setting up the bankruptcy committee would be the first step in
consolidating BKV's financial position, and the government
intended to negotiate on the company's future and a financial
bailout package with the new city municipality, MTI disclosed.

BKV is Budapest's public transport company.

MORAKERT: Csongrad Court Orders Liquidation
MTI-Econews, citing regional daily Delmagyarorszag, reports that
the Court of Csongrad County in southeastern Hungary has ordered
to put Morakert into liquidation.

Morakert's accumulated debts reached HUF3.6 billion in 2010,
including HUF1.1 billion owed to suppliers, MTI discloses.
According to MTI, the paper noted that about half of the money
owed to suppliers was paid with the cooperation of the Hungarian
Development Bank, state-owned Datesz and a factoring company, and
the rest will depend on what can be realized from the liquidation.

MTI relates that Zoltan Nogradi, an MP from the region, told the
paper Morakert continues to operate during the liquidation
procedure, and it will work in state ownership thereafter.

Morakert is a farm cooperative in Hungary.

* HUNGARY: Budapest Needs Drastic Measures to Avert Bankruptcy
MTI-Econews reports that Janos Atkari, the chief financial advisor
of Budapest Mayor Istvan Tarlos, told the business newspaper
Vilaggazdasag in an interview published on Wednesday that the city
needs to take forceful and immediate measures to raise revenue and
cut expenditures in order to avoid becoming insolvent by the end
of 2012, or in 2013.

According to MTI, Mr. Atkari said that Budapest needs a greater
array of taxes at its disposal such as a real-estate appreciation
tax and possibly congestion charging of vehicles in order to
generate sufficient revenue, noting that cities in Hungary
currently have the right to impose only the local business tax.

Mr. Atkari noted that parliament must invest cities with the
authority to levy taxes, MTI relates.


QUINN INSURANCE: Forensic Review by Ernst & Young Well Advanced
Simon Carswell at The Irish Times reports that sources close to
Quinn Group said that a forensic review of internal financial
results and guarantees within the business is well advanced.

It is understood that Ernst Young has made substantial progress on
the review, which was requested by the group's creditors as part
of a refinancing of the EUR1.28 billion of debt which fell due
last October, according to The Irish Times.

Ernst Young, The Irish Times says, is assessing the extent of
internal guarantees provided by subsidiary companies within the

The restructuring of the group's debts has been delayed and is
unlikely to be completed until there is clarity around the sale of
Quinn Insurance and the completion of the forensic review, The
Irish Times discloses.

According to The Irish Times, the bondholders and lenders have
sought a substantially reduced role for Sean Quinn in the group he
founded.  The group has said that Mr. Quinn is crucial to the
future profitability of the business, The Irish Times relates.

The Irish Times notes that creditors have shown a reluctance to
Mr. Quinn taking the role of chairman at a restructured
manufacturing group.  Instead, the group has proposed the role of
"founder" or a similar title which may be acceptable to the
lenders, The Irish Times states.

A preferred bidder for the insurer, which is in administration, is
expected to be named in the coming weeks, The Irish Times says.

Anglo and US insurer Liberty Mutual have submitted a joint bid for
Quinn Insurance, which had historically been the most profitable
part of the Quinn Group, The Irish Times notes.

                      About Quinn Insurance

Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family.  The company has more than 20% of the motor and health
insurance market in Ireland.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004.

As reported by the Troubled Company Reporter-Europe, The Irish
Times said the Financial Regulator put Quinn Insurance into
administration in March 2010 after his office discovered
guarantees had been provided by the insurer's subsidiaries as far
back as 2005 on Quinn Group debts of more than EUR1.2 billion.
The regulator said the guarantees reduced the amount the firm had
in reserve to protect policyholders against possible claims,
putting 1.3 million customers at risk, according to The Irish

* IRELAND: Larger Bank Loan Losses Expected in Second Stress Tests
Simon Carswell at The Irish Times reports that Patrick Honohan,
governor of the Central Bank of Ireland, has said that loan losses
at the banks may be "a little larger" than was expected under the
new regulator's first round of stress tests last year.

According to The Irish Times, the Central Bank will complete the
second round of capital stress tests on the banks by the end of
March.  The liquidity of the banks will also be tested in this
round, The Irish Times says.

Mr. Honohan did not outline the scale of the expected loan losses
in March, The Irish Times notes.  He said the Irish banks had not
yet convinced markets they had reached the bottom of the banks'
losses, but providing clear information about their loan books
should help ease concerns, The Irish Times relates.

To ensure the banks are fully protected against further shocks,
Mr. Honohan has insisted they "overcapitalize" above a new core
tier one capital ratio of 12%, according to The Irish Times.  The
further recapitalization of the banks is being funded by EUR10
billion of the EUR85 billion aid deal agreed with the EU and IMF,
The Irish Times states.

The plan is designed to wean the banks off cheap funding from the
European Central Bank and the Central Bank, which had together
propped up the Irish banks, including overseas lenders based in
Ireland, with discounted funding of EUR183 billion, The Irish
Times discloses.

Mr. Honohan, as cited by The Irish Times, said the Central Bank
would set out a timeframe for reducing the banks' reliance on such


COMPAGNIA ITALPETROLI: Unicredit in Talks to Sell AS Roma
Francesca Cinelli at Bloomberg News, citing MF newspaper, reports
that UniCredit SpA is in talks with U.S. billionaire Thomas Di
Benedetto, a partner in the Boston Red Sox, to sell Italian soccer
club AS Roma SpA.

As reported by the Troubled Company Reporter-Europe on Oct. 19,
2010, The Financial Times said that AS Roma received nearly a
dozen expressions of interest from investors, including
individuals from the US, China, Russia and India.  AS Roma, which
has a market capitalization of EUR140 million (US$196 million),
was put up for sale by UniCredit in lieu of long outstanding debt
repayments owed to the bank by the club's parent company,
Compagnia Italpetroli SpA.  Financial sources said the club could
potentially fetch EUR170 million to EUR200 million, according to
the FT.  UniCredit took control of AS Roma in July in an attempt
to recoup at least some of the long overdue repayments on the
EUR400 million of debt held by Italpetroli, the FT disclosed.  The
bank appointed Rothschild as advisers to the sale, the FT related.
UniCredit owns 49%t of Italpetroli, which in turn owns 67% of AS
Roma, with the rest listed on the Milan stock exchange, according
to the FT.

Headquartered in Rome, Italy, Compagnia Italpetroli SpA operates
as an oil storage company.  The company also offers petroleum
refining services.

PARMALAT SPA: Some Investors Want to Replace Current Board
Armorel Kenna at Bloomberg News, citing daily Corriere della Sera,
reports that some investors of Parmalat SpA may seek to replace
the current board, including Chief Executive Officer Enrico Bondi.

According to Bloomberg, Corriere reported that shareholders with a
combined 17% in the company are preparing a list of new board

Bloomberg says the investors want a reorganization of Parmalat's
Italian business, which is facing increased competition.
Bloomberg notes that Corriere said investors also want a higher
dividend if the company doesn't make acquisitions.

The company is scheduled to elect a board in April, Bloomberg

"A change in the current management team could speed up the
restructuring process," Bloomberg quoted Exane BNP Paribas analyst
Michele Baldelli, who raised his rating to "neutral" from
"underperform" on Wednesday, as saying.  Mr. Baldelli, as cited by
Bloomberg, said new managers could also usher in "a more
shareholder-friendly use of excess cash."

Parmalat has recovered about EUR2 billion (US$2.7 billion) in
legal settlements from banks and auditors that it accused of
sustaining the fraud that led to Italy's biggest corporate
bankruptcy in 2003, Bloomberg relates.  In bankruptcy proceedings,
Parmalat disclosed more than EUR14 billion of debt, about eight
times the amount reported by its former management, Bloomberg

                      About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. -- sells nameplate milk products that can
be stored at room temperature for months.  It also has about 40
brand product lines, which include yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

The Company's U.S. operations filed for Chapter 11 protection
on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal
& Manges LLP, represent the Debtors.  When the U.S. Debtors
filed for bankruptcy protection, they reported more than
US$200 million in assets and debts.  The U.S. Debtors emerged
from bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
January 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


BUHRS: Friedheim International Seals Firm Distribution Deal
Adam Hooker at PrintWeek reports that finishing equipment
manufacturer Friedheim International has taken on the
distributorship for Buhrs poly and paper wrapping machines.  The
report relates that Friedheim International will be responsible
for the sales, service and spare parts provision for Buhrs.

As reported in the Troubled Company Reporter-Europe on August 27,
2010, PrintWeek said that Buhrs has been sold to Value 8 and Solo
Capital.  According to the report, the two investment companies
have each taken a 50% stake and bought all of the assets of Buhrs
for an undisclosed sum.  Buhrs went into administration in July
when its credit facility was removed.

PrintWeek discloses that the agreement is effective immediately
and Friedheim International has taken on three staff that will now
be based out of its Hemel Hempstead headquarters.

Buhrs is a finishing equipment manufacturer based in the


MOBILE TELESYSTEMS: Moody's Reviews 'Ba2' Rating for Downgrade
Moody's Investors Service placed on review for possible downgrade
the Ba2 corporate family rating, probability of default rating and
senior unsecured instrument ratings of Mobile TeleSystems OSJC.

On January 24, 2011, MTS made an offer to purchase any and all of
the outstanding USD400 million 2012 notes issued by Mobile
TeleSystems Finance S.A., a wholly-owned finance subsidiary of MTS
registered in Luxembourg, and guaranteed by MTS.  At the same time
noteholders were asked to consent to amendments to the Indenture
dated 28 January 2005.  The amendments would eliminate
substantially all of the restrictive covenants as well as event of
default and related provisions other than the covenant to pay
interest and premium, if any, and the principal of the 2012 notes
when due.  Tendering of any notes automatically constitutes
consent to the amendments.  On the same day, the noteholders of
the US$750 million 2020 loan participation notes issued by MTS
International Funding, another wholly-owned finance subsidiary of
MTS, were asked to consent to the waiver of various specified
clauses in the loan agreement to remove the potential for cross
default with MTS Finance due to a failure to make a payment.

As per the documentation, the background to these actions is that
a final award that was made by the London Court of International
Arbitration on January 5, 2011, in favor of Nomihold Securities
Ltd against MTS Finance in concluding the arbitration of a dispute
in the amount of US$175.88 million plus interest and related
costs.  MTS Finance is considering its options with respect to
making the payment to fulfill the terms of the award.  However, a
failure by MTS Finance to make the payment on or prior to 5 March
2011 might result in Nomihold suing MTS Finance, which could
possibly lead to the bankruptcy, insolvency or bankruptcy-related
reorganization of MTS Finance.  This in turn could give rise to an
event of default under the terms of the indenture of the 2012
notes as well as the 2020 loan participation notes, or under the
terms of other debt instruments.  It is also possible that MTS
Finance and MTS could be prevented from making timely payments of
principal and interest due on the 2012 notes.

Although it is Moody's opinion that this transaction does not
materially affect the capacity of the MTS group to service its
financial debt and that the probability of material losses for
creditors appears relatively modest at this point in time, there
are execution risks and, in particular, there is no certainty of
payment timeliness although Moody's believes that MTS is willing
to fully service its financial debt.  Furthermore, this is an
unusual transaction and Moody's will assess during the review
process whether the execution uncertainties or unintended
consequences could have a negative effect on MTS's
creditworthiness and its ratings.  The review for possible
downgrade will therefore focus on:

  1) Understanding the implications of the transaction,
     particularly were it to fail, on MTS's creditworthiness

  2) Investigating the likelihood that MTS could be prevented from
     making timely payments to the residual noteholders who do not
     choose to participate in the 2012 notes purchase

  3) Assessing MTS's ability to handle any liquidity implications:
     (i) in a scenario where an event of default does occur,
     triggering cross default, with the possible result that most
     or all of its debt is accelerated; or (ii) in the aftermath
     of a potentially successful transaction

  4) Reviewing management strategy in relation to financial policy
     and debt structure

Moody's will monitor the potential impact of this transaction on
other rated group companies, including Comstar-United TeleSystems,
Moscow City Telephone Network and majority shareholder Sistema
Joint Stock Financial Corporation, but views it as less likely and
is not at present placing other group ratings on review for
possible downgrade.

Moody's last rating action was implemented on June 16, 2010, when
it assigned a (P)Ba2 senior unsecured instrument rating to notes
being issued by MTS International Funding.

Moody's has used its methodology for the Global Telecommunications
Industry.  Other methodologies and factors that may have been
considered in the process of rating these issuers can also be
found in the Rating Methodologies sub-directory on Moody's
Web site.

MTS is a leading telecommunications group in Russia, Eastern
Europe and Central Asia with last twelve months revenues to
September 30, 2010 of US$11 billion and LTM EBITDA, as adjusted by
Moody's, of US$4.4 billion.


PROMOTORA DE INFORMACIONES: Plans to Cut Workforce by 18%
Global Insolvency, citing Dow Jones Daily Bankruptcy Review,
reports that Promotora de Informaciones SA on Tuesday said it will
cut its workforce by 18% through an estimated 2,500 layoffs, as
part of the cash-strapped company's ongoing restructuring process.

Global Insolvency relates that in a regulatory filing, Prisa, as
the company is commonly known, said the financial cost of the move
will depend on planned discussions with trade unions and workers'

Prisa, Spain's largest newspaper by sales, has been shedding
assets in recent years after a series of ill-advised investments
left the company on the brink of bankruptcy, Global Insolvency

On April 27, 2010, the Troubled Company Reporter-Europe, citing
Dow Jones Newswires, reported on April 27, 2010 that Prisa had
agreed with its creditor banks to refinance its debt and extend
its nearly EUR2 billion bridge loan until May 2013.  Prisa, in a
filing with the Spanish market regulator, said the refinancing and
a series of asset sales will allow the company to reduce its debt
burden, Dow Jones said.  Prisa's debt has reached nearly
EUR5 billion, compared to its current market capitalization of
EUR769 million, according to Dow Jones.

Promotora de Informaciones S.A. -- is a
Spain-based holding company, engaged in various media activities.
The Company has six business areas: publishing, education and
training (Grupo Santillana publishes textbooks and books of
general interest); press (El Pais Internacional is engaged in the
distribution of news material and services to other newspapers and
publications worldwide); radio (Union Radio is a group
broadcasting worldwide); audiovisual (PRISA offers services and
products, including Pay TV, thorough the satellite platform
DIGITAL+, and free-to-view through the channel Cuatro); online
(Prisacom is committed to the development of multimedia content
with broadcasting for Internet-based TV) as well as commercial &
marketing (Sogecable Media SA manages all the advertising on the
Company and its group's media).  The Company is present in 22
countries, such as Portugal, Brazil or the United States.

U N I T E D   K I N G D O M

COUGAR LEISURE: Administrators Close Market Street Bar
Alex Ross at The Gazette reports that the Market Street bar has
ceased operating after parent company Cougar Leisure Ltd crashed
into administration.  The report relates that administrators
Begbies Traynor closed the premises, which have been under offer
from a mystery buyer for some time.

The bar is for sale at an asking price of GBP1.6 million, but if a
sale goes through; it is unlikely the Brannigans branding will
remain, according to The Gazette.

The Gazette says Dominic Herdman, a former manager of the bar, now
general manager at nearby Che Bar, said that the opening of other
bars in different areas had meant there was stiff competition for
the traditional Market Street trade.

"We can confirm contracts were recently exchanged for a sale of
the company's interest in the property and we anticipate
completion in the near future," The Gazette quoted an unnamed
spokesman for Begbies Traynor as saying.

Headquartered in Lancashire, Cougar Leisure is a bar operator.

EXETER NORTHCOTT: Collier Holdings Buys Emmanuel Hall
Insider Media Limited reports business rescue specialist Begbies
Traynor has revealed that performing arts company Theatre Alibi
has acquired Exeter Northcott's Emmanuel Hall for GBP150,000.  The
report relates that Theatre Alibi has snapped up Emmanuel Hall
after was placed into administration in February 2010.

Insider Media Limited notes that Ian Walker and Gilbert Lemon, of
Begbies Traynor, disclosed the deal in their capacity as joint
administrators of Exeter Northcott.  The report discloses that
Emmanuel Hall has been sold to Collier Holdings.

"I am pleased that the sale has completed after all our efforts
and that Theatre Alibi is able to remain at the hall for the
immediate future.  It is now my intention to proceed with the
agreement of unsecured claims.  The Northcott Theatre Foundation,
which was placed into administration in February 2010, will be
placed into liquidation in the near future, with a view to paying
a dividend to creditors as soon as possible," Insider Media
Limited quoted Mr. Walker as saying.

Exeter Northcott is a Northcott Theatre Foundation.

JF PRINT: Ceases Trading, Goes Into Liquidation
Adam Hooker at PrintWeek reports that JF Print has ceased trading
and is understood to have gone into liquidation.

Insolvency practitioner Tim Close of Milsted Langdon was
instructed by the directors to liquidate the company on Friday,
January 21, 2011; however, he was subsequently replaced on the
request of JF Print's debenture holder, Cattles Invoice Finance,
according to PrintWeek.

"[Following my appointment] I contacted the debenture holder, who
chose to appoint their own administrator," PrintWeek quoted Mr.
Close as saying.

JF Print became the only long-grain book printer in the UK last
August and its insolvency leaves the UK long-grain book market
empty, the report notes

Headquartered Somerset, JF Print is a book printer company.

KIDDERMINSTER HARRIERS: Board Accepts Chris Swan's Takeover Bid
The Shuttle reports that Kidderminster Harriers Football Club's
cash-crisis could be close to an end after the board accepted a
bid from Stratford-based businessman Chris Swan to take over the
club.  The report relates that Mr. Swan could take the reins at
the start of next week if due diligence is completed.

Mr. Swan's arrival will come as a relief, as the club was days
away from lurching into administration as Chairman Mark Serrell
and the board struggled to find new investors, according to The

The Shuttle notes that Mr. Swan has offered to buy all of
Harriers' shares for GBP1 and take responsibility for the club's
small creditors.  Mr. Swan has also confirmed that he has the
backing of a consortium, made up of what he described as 'Harriers
fans', who will pay-off around GBP75,000 to major creditor HM
Revenue and Customs, the report cites.

The Shuttle discloses that Mr. Serrell admitted with the threat of
administration, and the automatic 10 point deduction it would
incur, he had little choice but to accept Mr. Swan's third attempt
to purchase Harriers.

"The board has accepted a bid from Chris but it's not completed
yet.  The choice we had was administration or Chris and I don't
think anyone wanted Harriers to go into administration.  All I've
ever wanted to do is my best for the club, I have no regrets about
my actions," The Shuttle quoted Mr. Serrell as saying.

Mr. Swan has promised to bankroll the club until the end of the
season but warned it must only spend money it generates in the
future and avoid a repeat of the current crisis, the report adds.

Kidderminster Harriers F.C. is an English association football
team based in Kidderminster, Worcestershire, and formed in 1886.
It currently plays in the Conference National and has played at
Aggborough Stadium since they were formed.

QUEEN OF THE SOUTH: Dismisses Administration Talk
Darren Johnstone at The Scotsman reports that Queen of the South
Football Club Manager Kenny Brannigan insists the players have
been paid as chairman David Rae rubbished talk of the club going
into administration.

The Doonhamers have come clean to supporters over the scale of
their financial problems, with Mr. Rae confessing that they're
struggling to pay bills due to severe cashflow problems that stem
from hosting just one game since November 13, according to The

The report notes that Queens have lost out on revenue from five
home matches that have been postponed due to the weather.

The Scotsman discloses that the Barflies Supporters' club has
already handed over a GBP6,000 donation, while the Save Our South
campaign aims to raise GBP50,000.

Queens were already suffering from a drop in their average
attendances this season before the weather hit, and Rae, who has
warned the club might have to go part-time, has issued a rallying
call to supporters, the report says.

However, The Scotsman adds Mr. Rae is adamant Queens won't follow
Dundee by becoming the second Scottish club to plunge into
administration this season.

Queen of the South Football Club is a Scottish professional
football club founded in 1919 and located in Dumfries.


* BOOK REVIEW: Legal Aspects of Health Care Reimbursement
Authors:  Robert J. Buchanan, Ph.D., and James D. Minor, J.D.
Publisher: Beard Books
Softcover: 300 pages
List Price: US$34.95
Review by Henry Berry

With Legal Aspects of Health Care Reimbursement, Buchanan, a
professor in the School of Public Health at Texas A&M, and Minor,
an attorney, have come up with an invaluable resource for lawyers
and anyone else seeking an introduction to the legal and social
issues related to Medicare and Medicaid.  The administrative costs
of Medicare and Medicaid reimbursement have been a heated topic of
debate among public officials and administrators of provider
healthcare organizations, especially health maintenance
organizations.  Although inflation and the use of costly medical
technology are key factors in the rise in Medicare and Medicaid
costs, some control can be gained through appropriate compliance,
using more efficient procedures and better detection of fraud.
This work is a major guide on how to go about doing this.

Though mostly a legal treatise, Legal Aspects of Health Care
Reimbursement, first published in 1985, also offers commentary
through legislative and regulatory analyses, thereby explaining
how healthcare reimbursement policies affect the solvency and
effectiveness of the Medicare and Medicaid programs.

In discussing how legislation and regulations affect the solvency
and effectiveness of government-provided healthcare, the authors
offer insight into the much-publicized and much-discussed issue of
runaway healthcare costs.  Mr. Buchanan and Minor do not deny that
healthcare costs are out of control and are onerous for the
government and ruinous for many individuals.  But healthcare
reimbursement policies are not the cause of this, the authors
argue.  To make their case, they explain how the laws and
regulations in different areas of the Medicare and Medicaid
programs create processes that are largely invisible to the
public, but make the programs difficult to manage financially.
The processes are not well thought out nor subject to much quality
control, with the result that fraud is chronic and considerable.

The areas of Medicare covered in the book are inpatient hospital
reimbursement, long-term care, hospice care, and end-stage renal
disease.  The areas of Medicaid covered are inpatient hospital and
long-term care plus abortion and family planning services.  For
each of these areas, the authors discuss the conditions for
receiving reimbursement, the legislation and regulations regarding
reimbursement, the procedures for being reimbursed, the major
areas of reimbursement (for example, capital-related costs,
dietetic services, rental expenses); and court cases, including
appeals.  Reimbursement practices of selected states are covered.

For each of the major areas of interest, the chapters are
organized in a manner that is similar to that found in reference
books and professional journals for attorneys and accountants.
Laws and regulations are summarized and occasionally quoted with
expert background and commentary supplied by the authors.  With
regard to court cases and rulings pertaining to Medicare and
Medicaid, passages from court papers are quoted, references to
legal records are supplied, and analysis is provided.  Though the
text delves into legal issues, it is accessible to administrators
and other lay readers who have an interest in the subject matter.
Clear chapter and subchapter titles, a table of cases following
the text, and a detailed index enable readers to use this work as
a reference.

The value of this book is reflected in the authors' ability to
distill great amounts of data down to one readable text.  It
condenses libraries of government and legal documents into a
single work.  Answers to questions of fundamental importance to
healthcare providers -- those dealing with qualifications,
compliance, reimbursable costs, and appeals -- can be found in one
place.  Timely reimbursement depends on proper application of the
rules, which is necessary for a provider's sound financial
standing.  But the authors specify other reasons for writing this
book, to wit: "Providers should have a general knowledge of the
law and should not rely on manuals and regulations exclusively."
By summarizing, commenting on, and citing cases relating to
principal provisions of Medicare and Medicaid, the authors
accomplish this objective.

The authors also cover the topic of fraud with respect to both
Medicare and Medicaid, offering both a legal treatment and
commentary.  At the end of each chapter is a section titled
"Outlook," which contains a discussion of government studies,
changes in healthcare policy, or other developments that could
affect reimbursement.  Although this work was published over two
decades ago, much of this discussion is still relevant today.
Finally, the book is a call for change.  The authors remark in
their closing paragraph: "Given the increasing for-profit
orientation of the major segments of the health care industry,
proprietary providers should be particularly responsive to new
efficiency incentives" in reimbursement.  In relation to this,
"policymakers [should] develop reimbursement methods that will
encourage providers to become more efficient."

Robert J. Buchanan is currently a professor in the Department of
Health Policy and Management in the School of Rural Public Health
at the Texas A&M University System Health Sciences Center.  James
D. Minor, a former law professor at the University of Mississippi,
has his own law practice.


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-
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
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