TCREUR_Public/110428.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, April 28, 2011, Vol. 12, No. 83

                            Headlines


B U L G A R I A

KREMIKOVTZI AD: State Revenue Agency to Probe Buyer's Tax Papers


G E R M A N Y

2WCOM GMBH: Blames US Unit Woes for Insolvency Filing


I C E L A N D

KAUPTHING BANK: Ex-CEO's Company Declared Bankrupt by Court
LANDSBANKI ISLANDS: In Talks with Banks to Sell Iceland Foods


I R E L A N D

QUINN INSURANCE: State's Insurance Fund Expected to Cover Losses
QUINN GROUP: Lenders to Receive Interest Payments on Loans
* IRELAND: NAMA to Step Up Sales of Bad-Debt Backed Property in UK


K A Z A K H S T A N

HALYK BANK: Fitch Raises Long-Term Issuer Default Ratings to 'BB-'


N E T H E R L A N D S

ENDEMOL BV: Set to Pass First Quarter 2011 Covenant Tests
GENMED HOLDING: Cumulative Net Losses Cue Going Concern Doubt


S W E D E N

SAAB AUTOMOBILE: Needs to Meet Add'l. Conditions to Get Funding


U N I T E D   K I N G D O M

AVIVA TOWER: Contracts Have Been Exchanged for GBP288.25 Million
ENVIROTYRE: Goes Into Administration, Axes 30 Jobs
JJB SPORTS: Shareholders Back GBP65 Million Fundraising
LABOURSITE GROUP: Goes Into Administration, Makes No Job Cuts
ODDBINS: Whittals Wine Acquires 37 Stores, Saves 200+ Jobs

PRINCIPLE LEISURE: Former Bars in Sale by Early May
QUENBY HALL: Administrators Expect Quick Sale of Firm's Assets
RODENSTOCK GROUP: English Scheme of Arrangement Successful
THE STUDIO: Trustees Has Until April Today to Save Music Venue
VON ESSEN: Fowey Hall Hotel Could Soon be Under New Ownership

WREXHAM FC: GBP200,000 Cash to Pay Bills Ready to Go
* UK: Companies at Risk of Going Under Soar, RSM Report Shows
* UK: Hospitality & Leisure Sector Insolvency Trend Continues
* UK: Retail Companies at Risk of Going Under Surge, Tenon Says
* The Insolvency Group Hires Sue Watts FCCA


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            *********


===============
B U L G A R I A
===============


KREMIKOVTZI AD: State Revenue Agency to Probe Buyer's Tax Papers
----------------------------------------------------------------
Novinite.com reports that Bulgaria's state revenue agency has
vowed to keep a non-stop watch over the tax papers of the buyer of
the country's biggest steel mill, Kremikovtzi AD, as many question
marks surround the deal.

Bulgaria sold in April the production assets of Kremikovtzi steel
mill in a fourth auction to a newly established local company
owned by 26-year-old Lachezar Varnadzhiev, Novinite.com recounts.

According to Novinite.com, the deal was signed just a month after
"Eltrade company" was established on March 8, 2011 with a capital
of mere BGN20,000, a check in the Trade Registry shows, triggering
suspicions who stays behind it.  It is Mr. Varnadzhiev's only
company and it is supposed to be a black and colored metal dealer,
Novinite.com states.

"The sale of Kremikovtzi is very mysterious, but we have already
launched a probe," Novinite.com quotes the head of the revenue
agency Krassimir Stefanov as saying on Wednesday.

The probe, which has been initiated personally by the head of the
revenue agency Krassimir Stefanov, tracks down the origin of the
money used for Kremikovtzi purchase, the company's transactions
with other companies and physical persons and the taxes submitted
before and after the deal, Novinite.com discloses.

"Now the origin of the money is clear," Mr. Stefanov, as cited by
Novinite.com, said, referring to the announcement of Bulgaria's
privately-owned First Investment Bank (FIBank) that it has
extended a loan for the acquisition of the country's biggest steel
mill Kremikovtzi.

"All that we care about now is that we manage to collect the
outstanding payments which the steel mill owes to the revenue
agency and monitor the tax behavior of this brand new company."

"The company will be put under continuous monitoring from now on."

"Eltrade company" has the same address as Nadin - N, a well
established scrap dealer.  Vladimir Todorov, member of Nadin - N's
board of directors, was present at the auction on April 12,
Novinite.com notes.

There is no official information about the revenues and
expenditures of Eltrade Company, Novinite.com says.

As reported in the Troubled Company Reporter-Europe on April 14,
2011, Bloomberg News said that Bulgaria sold the production assets
of Kremikovtzi in a fourth auction after cutting their initial
price by 44% to BGN316 million (US$233.2 million).  According to
Bloomberg, Tsvetan Bankov, the factory's receiver, said the mill
was sold to Eltrade Company EOOD.  Mr. Bankov said Eltrade paid a
BGN31 million deposit before the auction and will pay the balance
of the full price by April 18.  The receiver, as cited by
Bloomberg, said the plant's remaining assets, valued at about
BGN300 million, which include some 300 service apartments, lands
and mines, are being sold at separate auctions.  The mill was
placed in receivership in 2008 after failing to pay investors
holding EUR325 million (US$469 million) of bonds, Bloomberg
stated.  Attempts to sell it to ArcelorMittal and Ukrainian
billionaire Konstantin Zhevago three years ago failed, prompting
the Sofia City Court to declare it bankrupt, Bloomberg recounted.

                         About Kremikovtzi

Kremikovtzi AD Sofia -- http://www.kremikovtzi.com/-- is a
Bulgaria-based company principally engaged in the steel industry.
Its production capacity includes a complete steel production
cycle, from ore mining to finished products, such as hot rolled
and cold rolled products (coils, slabs, plates, blooms and
billets), different thickness wire rods and tubes.  The Company's
product range also includes coke and chemical products, flat
products, ferro-alloys and metallurgical lime, and other products.
The Company operates through a number of subsidiaries, including
Ferosplaven zavod EOOD, NLA 2000 EOOD, Kremikovtzi Rudodobiv AD,
Metalresource OOD and others.  The Company is 71%-owned by
Finmetals Holding AD.


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


2WCOM GMBH: Blames US Unit Woes for Insolvency Filing
-----------------------------------------------------
RadioWorld reports that 2wcom GmbH has filed for insolvency with
the Amtsgericht Flensburg district court.

According to RadioWorld, spokesman Karin von Appen said the
company plans to continue its operations while in insolvency and
to continue on with a new investor.

RadioWorld, citing a letter to creditors, says the company blamed
the insolvency filing on the global economic crisis and struggles
at viaRadio, a U.S. subsidiary.  viaRadio was sold to Comlabs in
early April ahead of the insolvency filing, RadioWorld notes.

"Substantial measures were already taken in the past, but because
of the tight time schedule they could not have the full effect
until now," the letter reads, according to RadioWorld.

Sven-Holger Undritz of White & Case Insolvez GbR was appointed by
the court to administer the insolvency process, RadioWorld
reports.

2wcom GmbH -- http://www.2wcom.com/-- is a Germany-based
broadcast-equipment manufacturer.  The company manufactures
measurement, monitoring, control and encoding systems for analog
FM and RDS/RBDS and DAB and DVB digital broadcasting.  The company
also offers a complete DVB-S/S2 audio and IP satellite
distribution system, as well as an RDS-based early warning system
for disaster situations.


=============
I C E L A N D
=============


KAUPTHING BANK: Ex-CEO's Company Declared Bankrupt by Court
-----------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Hreidar Mar
Sigurdsson ehf, a company created by former Kaupthing Bank hf
Chief Executive Officer Hreidar Mar Sigurdsson, was declared
bankrupt by the Reykjavik District Court.

The district magistrate of Vik in east Iceland said the company
was declared bankrupt on April 13, Bloomberg states, citing a
journal containing legal decisions published on Tuesday by the
government.

From 2006 through 2008, when Kaupthing failed together with the
rest of Icelandic's banking industry, Mr. Sigurdsson borrowed a
total of ISK13.5 billion (US$120 million), a Special
Investigative Committee appointed by the Reykjavik-based
parliament found in April last year, Bloomberg relates.

                       About Kaupthing Bank

Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations in
more than a dozen countries, the bank offers a range of services
including retail banking, corporate finance, asset management,
brokerage, private banking, treasury, and private wealth
management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008, the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

As reported by the Troubled Company Reporter-Europe, on Nov. 30,
2008, Olafur Gardasson, assistant for Kaupthing Bank hf., filed a
petition under Chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's Chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.


LANDSBANKI ISLANDS: In Talks with Banks to Sell Iceland Foods
-------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Landsbanki
Islands hf's resolution committee said the lender is in talks with
eight banks to handle the sale of its stake in frozen-goods chain
Iceland Foods Ltd.

According to Bloomberg, Larentsinus Kristjansson, the head of the
bank's resolution committee, on Landsbanki, which owns a 67% stake
once held by Baugur Group hf, aims to sell the holding within five
months after the process starts.

Mr. Kristjansson, as cited by Bloomberg, said that Iceland Food
Chief Executive Officer Malcolm Walker will be invited to match
the highest offer for the chain, Arni Tomasson, the head of
Glitnir Bank's resolution committee.  The bank, which also failed
in Iceland's 2008 financial meltdown, holds 10% of the food
retailer, Bloomberg discloses.

                     About Landsbanki Islands

Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank.  The bank offered online savings
accounts under the "Icesave" brand.  On October 7, 2008, the
Icelandic Financial Supervisory Authority took control of
Landsbanki and two other major banks.

Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921).  Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor.  When it filed for protection
from its creditors, it listed assets and debts of more than
US$1 billion each.


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


QUINN INSURANCE: State's Insurance Fund Expected to Cover Losses
----------------------------------------------------------------
Simon Carswell at The Irish Times reports that losses in the UK
business of Quinn Insurance are expected to result in a claim
against the State's Insurance Compensation Fund and an industry-
wide levy being imposed on non-life insurance policyholders.

According to The Irish Times, Anglo and Liberty, which have been
named preferred bidders for Quinn Insurance, plan to cover losses
from existing policyholders in the company's Irish business but
not on the UK business, which is loss-making.

The Irish Times relates that sources stressed on Tuesday that
there would be a claim on the fund even if there wasn't a deal to
sell the insurer, given the loss-making levels in the UK over
recent years.

Irish insurance customers are expected to be asked to pay a levy
of between 1% and 2% on motor and household insurance bills to
make up a potential shortfall of EUR620 million at Quinn
Insurance, The Irish Times discloses.

The Irish Times notes that sources said the loss was based on a
worst-case estimate of potential claims at Quinn Insurance,
primarily in the UK business where premiums have risen sharply
from the loss-making levels they were at before administrators
were appointed to the company in March 2010.

According to The Irish Times, sources said most of the insurer's
losses were on policies written before the end of 2009 and over
the first three months of 2010 before the administration.  The
administrators have recently been able to assess potential on UK
policies written up to and including 2009, given that most claim
costs emerge within the first year, The Irish Times notes.

The administrators have ceased writing new commercial business in
the UK business and have adjusted insurance premiums upwards by
between 40% and, in some cases, 100% to take account of the higher
risks since they took control of the business at the end of March
2010, The Irish Times relates.

The sale of the insurance company is expected to be announced
shortly, possibly as early as today, 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
Times.


QUINN GROUP: Lenders to Receive Interest Payments on Loans
----------------------------------------------------------
Simon Carswell at The Irish Times reports that the lenders to the
Quinn Group will receive interest payments of about EUR100 million
a year under the restructuring deal where they have taken control
of the business from Sean Quinn with Anglo Irish Bank.

Banks and bondholders are owed EUR1.28 billion by the group, while
State-owned Anglo is owed EUR2.88 billion by Quinn and his family,
The Irish Times discloses.  According to The Irish Times, about
EUR760 million of the lenders' debts are being moved to the
group's manufacturing businesses, on which they will receive 8%
interest payments amounting to about EUR60 million a year on a new
five-year loan with a full and final repayment of all outstanding
loans at the end of the term.

On the remaining EUR511 million of loans, which will remain with
the overall Quinn Group operating company, the banks and
bondholders will receive interest payments amounting to 7.5% or
about EUR40 million a year, or 5% a year if certain cash flow
targets are met, The Irish Times states.

Anglo, The Irish Times says, is taking an economic interest of 75%
in the group but 25.1% of the voting rights, while the lenders are
taking the remaining 25% interest and 74.9% of the voting rights.
This gives the banks and bondholders effective control over the
business but Anglo the lion's share of any future profits, The
Irish Times notes.

As part of the restructuring of the Quinn Group, any redundancy
program involving more than 10% of the workforce of any division
in the State or Northern Ireland must have prior approval of Anglo
and at least 50% of the group's lenders, according to The Irish
Times.

Quinn Group ROI controls its cement, building materials, glass and
other manufacturing businesses in Ireland and Britain through its
ownership of Quinn Group, an operating entity registered in
Northern Ireland.


* IRELAND: NAMA to Step Up Sales of Bad-Debt Backed Property in UK
------------------------------------------------------------------
Neil Callanan at The Financial Times reports that Ireland's
National Asset Management Agency, the "bad bank" set up to take
over the toxic property loans of the country's banks, intends to
aggressively step up sales of property backed by bad Irish debt in
the UK.

As part of an ambitious strategy to reduce its EUR77 billion
(GBP68 billion) loan book by a quarter by the end of 2013, Brendan
McDonagh, NAMA chief executive, told the FT he would push through
the sale of at least EUR2.5 billion of UK commercial property in
the next three years.

According to the FT, much of the debt in NAMA was lent at high
loan-to-values, and is in breach of debt terms after the crash in
prices in 2008.

NAMA became the largest lender to UK property after Royal Bank of
Scotland and Lloyds when it was set up by the Irish government to
take about EUR77 billion of loans to property developers, the FT
discloses.  These came from Allied Irish Banks, Anglo Irish Bank,
Bank of Ireland, EBS and Irish Nationwide, the FT notes.  It has
paid about EUR30 billion for those loans, with EUR3.5 billion more
to transfer because of legal actions, the FT relates.  It paid
EUR10 billion to buy property loans in the UK from Irish banks,
the FT recounts.


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


HALYK BANK: Fitch Raises Long-Term Issuer Default Ratings to 'BB-'
------------------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Ratings
(IDRs) of Halyk Bank of Kazakhstan to 'BB-' from 'B+' and affirmed
the IDRs of four other Kazakh banks, namely Kazkommertsbank (KKB),
ATF Bank, Bank Centercredit (BCC) and Kaspi Bank.  At the same
time, Fitch has affirmed the ratings of the Russian subsidiaries
of BCC and KKB.

The ratings actions reflect Fitch's view that downside risks for
Kazakh banks have been reduced following the marked improvement in
the macroeconomic environment.  Fitch notes evidence of
stabilization in key credit metrics in recent months, including an
easing in reported arrears growth and stabilization in lending
volumes.  There are also signs of a bottoming out in the real
estate market, with numbers of sales increasing slowly.
Furthermore, banks continue to benefit from the abundant liquidity
in the sector, growing deposit bases and markedly reduced debt
repayment burdens.

At the same time, nonperforming loans (NPLs) remain stubbornly
high at all banks, and uncertainty remains over banks' asset
values and appropriate provisioning levels, representing the main
rating constraint.  Fitch does not expect NPLs to ease any time
soon. Genuine work-outs have been rare and loan restructurings
still dominate management agendas.  That said, Fitch believes
there to be forces which should help to push arrears rates down in
the coming months.  Borrowers should benefit from the improved
operating environment and numerous government initiatives aimed at
recapitalization of the corporate sector (e.g. interest rate
subsidies, tax relief).  Outside the government programs, a key to
recovery will be an improvement in real estate/asset values, which
Fitch believes will in turn be contingent on resumption of credit
growth.

The upgrade of Halyk to 'BB-' reflects Fitch's view that any
further increase in NPL recognition in the current loan portfolio
should be manageable given the bank's significant loss absorption
capacity.  The bank's ratings also continue to be supported by its
better that peers' pre-impairment profitability, more stable
funding base and strong liquidity position.  Reported NPLs have
stabilized since Q210 and are well covered by reserves, while the
tier 1 capital ratio should remain at around 15% even after the
recent share buy-back.

KKB's 'B-' Long-term IDRs continue to be constrained by the
persisting uncertainty surrounding the value of its loan book, its
potential need for new capital and the readiness of shareholders
and/or the Kazakh authorities to recapitalize the bank, in the
event it is required.  However, Fitch has upgraded KKB's
Individual Rating to 'D/E' from 'E', following strong deposit
inflows, some chunky loan repayments in recent months and the
bank's improved liquidity position. Continuous debt redemptions by
KKB are also an important rating positive.

Fitch has also revised the Support Rating Floors of Halyk (to 'B')
and KKB (to 'B-').  These actions acknowledge the track record of
(moderate) funding and capital support provided to these banks by
the authorities during the crisis.  Halyk's Support Rating Floor
is set one notch higher than KKB's, reflecting the former's wider
retail deposit franchise, limited wholesale funding and strong
political connections.

At the same time, the Support Rating Floors remain a large five-
six notches lower than the sovereign foreign currency Long-Term
IDR of 'BBB-'.  This reflects the readiness of the authorities to
let other leading Kazakh banks default during the recent crisis,
and public statements in support of the principle of 'burden
sharing' in case of bank insolvencies.

ATF Bank's (ATF) 'BBB' Long-Term IDR is driven by potential
support from its ultimate parent UniCredit S.p.A. (UC; rated
'A'/Stable Outlook).  Although there are some doubts about UC's
long-term strategic commitment to the Kazakh market, Fitch
believes a sale of ATF is unlikely in the near term, and expects
UC to continue supporting the subsidiary as long as it remains the
major shareholder.

ATF's 'D/E' Individual Rating reflects weak asset quality,
undermining the bank's profitability and capitalization, and the
concentrated nature of the balance sheet.  However, downside risks
are limited as a result of credit protection purchased from the
broader UC group on 44% of the loan book.

BCC's credit profile, as reflected in its 'B' Long-Term IDR, is
significantly undermined by its weak profitability prospects
connected with very narrow margins and the potential need to
create additional loan loss reserves.  The net interest margin on
a cash basis (i.e. net of accrued interest) was negative in 2010,
affected by the significant share of non-performing assets and
negative carry from excess liquidity.

BCC continued to recognize problems in previously restructured
exposures in 2010, resulting in a large net loss for the year, and
further recognition is likely in 2011, in Fitch's view, which
could put further pressure on capital.  On the positive side, BCC
has a strong deposit base and comfortably sufficient liquidity to
meet near- to medium-term debt repayments.

The affirmation of Kaspi's 'B-' Long-Term IDR consider sizable
single-name concentrations in loans and deposits, and potential
additional loan provisioning requirements, which could put
pressure on capital.  However, the growing retail deposit
franchise is a balance sheet strength.  In addition, Kaspi's focus
on higher-rate retail lending, where it has a reasonable track
record, should help it to offset broader margin pressure in the
sector.

KKB:

   -- Long-Term foreign and local currency IDRs affirmed at 'B-',
      Outlook Stable;

   -- Short-Term foreign and local currency IDRs affirmed at 'B';

   -- Support Rating affirmed at '5';

   -- Individual Rating upgraded to 'D/E' from 'E';

   -- Support Rating Floor revised to 'B-' from 'No floor';

   -- Senior unsecured debt affirmed at 'B-', Recovery Rating
      'RR4'

   -- Senior unsecured debt program short-term rating: affirmed
      at 'B';

   -- Subordinated debt affirmed at 'CC', Recovery Rating 'RR6';

   -- Tier 1 perpetual subordinated notes affirmed at 'CC',
      Recovery Rating 'RR6'.

ATF Bank:

   -- Long-Term foreign and local currency IDRs affirmed at 'BBB',
      Outlook Positive;

   -- Short-Term foreign currency IDR affirmed at 'F3'

   -- Senior unsecured debt affirmed at 'BBB';

   -- Subordinated debt affirmed at 'BBB-';

   -- Support Rating affirmed at '2';

   -- Individual Rating affirmed at 'D/E';

   -- National Long-Term rating affirmed at 'AAA(kaz)', Outlook
      Stable;

   -- National senior unsecured debt rating affirmed at
      'AAA(kaz)';

   -- National subordinated debt affirmed at 'AA+(kaz)'.

Halyk Bank of Kazakhstan:

   -- Long-Term foreign and local currency IDRs: upgraded to 'BB-'
      from 'B+'; Outlook Stable

   -- Short-Term foreign and local currency IDRs affirmed at 'B';

   -- Senior unsecured debt upgraded to 'BB-' from 'B+', Recovery
      Rating 'RR4' affirmed and withdrawn.

   -- Support Rating upgraded to '4' from '5';

   -- Individual Rating upgraded to 'D' from 'D/E';

   -- Support Rating Floor revised to 'B' from 'No floor';

Bank CenterCredit:

   -- Long-Term foreign currency IDR affirmed at 'B', Outlook
      Stable;

   -- Short-Term foreign currency IDR affirmed at 'B';

   -- Senior unsecured debt affirmed at 'B', Recovery Rating at
      'RR4'.

   -- Support Rating affirmed at '5';

   -- Individual Rating affirmed at 'D/E';

Kaspi:

   -- Long-Term foreign currency IDR affirmed at 'B-', Outlook
      Stable;

   -- Short-Term foreign currency IDRs affirmed at 'B';

   -- Individual Rating affirmed at 'D/E';

   -- Support Rating affirmed at '5';

   -- Support rating floor affirmed at 'No Floor'.

CB Moskommertsbank:

   -- Long-Term foreign currency IDR affirmed at 'B-', Outlook
      Stable;

   -- Short-Term foreign currency IDR affirmed at 'B';

   -- National Long-Term rating affirmed at 'BB-(rus)', Outlook
      Stable;

   -- Individual Rating affirmed at 'E';

   -- Support Rating affirmed at '5'.

Bank BCC-Moscow:

   -- Long-Term foreign currency IDRs affirmed at 'B', Outlook
      Stable;

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- National Long-Term rating affirmed at 'BBB-(rus);

   -- Support Rating affirmed at '4'.


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


ENDEMOL BV: Set to Pass First Quarter 2011 Covenant Tests
---------------------------------------------------------
Anousha Sakoui at The Financial Times reports that Endemol BV is
set to pass closely watched tests that show it has complied with
its borrowing terms, further delaying the need for a long-
anticipated debt restructuring.

According to the FT, the company has been facing financial
difficulties in recent years as its profits have fallen, leading
to the prospect it could breach covenants, or conditions, on its
US$3 billion net debt.  The FT notes that people close to the
situation said the company was set to pass its first-quarter 2011
tests.

Until last year, the company was able to use accounting gains from
buying back its debt at a discount to face value to improve its
ability to meet its covenants, the FT relates.  However, Endemol
agreed to stop using these gains after objections from lenders,
the FT states.

Last autumn, shareholders further strengthened Endemol's financial
position by transferring EUR273 million (US$399 million) of junior
loans into the company, so that they are no longer counted in
measures of indebtedness, ensuring the company remained within the
terms of its credit facilities, the FT recounts.

Last year, the company appointed financial restructuring advisers
Houlihan Lokey to assess its options, the F discloses.

In spite of passing covenant tests this year, some people close to
the process believe a restructuring could still be required, the
FT says.

Goldman Sachs, as one of Endemol's shareholders, has held talks
with some lenders about a potential restructuring, including a
debt-for-equity swap, although shareholders are thought to still
want to retain control, the FT relates.

"There are conversations going on but people are finding no need
to strike a deal because there is no liquidity problem," the FT
quotes one of the people close to the process as saying.

Endemol, as cited by the FT, said its shareholders were taking
steps to review the company's existing capital structure and that
the business continued to meet all its debt obligations.
According to the FT, it said that "to discuss what nature a
capital structure restructuring might take would be pure
speculation at this stage".

Endemol B.V. -- http://www.endemol.com/-- is one of the world's
leading producers of TV programs best known for its output of hit
reality-based programming and game shows such as Deal or No Deal,
Big Brother, and Extreme Makeover: Home Edition.  The production
company also creates scripted dramas and soap operas, and develops
digital content for online distribution.  It has more than 2,000
programming formats in its library and exports shows to more than
25 countries around the world.  Formed in 1994, Endemol is owned
by a consortium led by private equity firm Goldman Sachs and
Italian television company Mediaset.


GENMED HOLDING: Cumulative Net Losses Cue Going Concern Doubt
-------------------------------------------------------------
Genmed Holding Corp. (formerly Satellite Newspapers Corp.) filed
on April 18, 2011, its annual report on Form 10-K for the fiscal
year ended Dec. 31, 2010.

Meyler & Company, LLC, in Middletown, N.J., expressed substantial
doubt about Genmed Holding's ability to continue as a going
concern.  The independent auditors noted that the Company has
incurred cumulative net losses of US$69.99 million since
inception, and had net losses of US$7.73 million and US$8.59
million for the years ended Dec. 31, 2010, and 2009.

The Company reported a net loss of US$7.73 million on no revenue
for 2010, compared with a net loss of US$8.59 million on US$51,992
of revenue for 2009.

At Dec. 31, 2010, the Company's balance sheet showed US$1.23
million in total assets, US$1.73 million in total liabilities, and
a stockholders' deficit of US$500,501.

A complete text of the Form 10-K is available for free at:

                       http://is.gd/2ECbln

Based in The Netherlands, Genmed Holding Corp. (formerly Satellite
Newspapers Corp.) acquired on April 17, 2008, by a Stock Exchange
Agreement, GenMed B.V., a company organized in The Netherlands,
which is engaged in the production and distribution of generic
drugs.  Genmed B.V. maintains a network of manufacturing and
distribution relationships in The Netherlands, Belgium,
Luxembourg, United Kingdon, Ireland, Germany and France as well as
some other countries located outside the European Union to supply
low cost generic drugs to retail chains.  Genmed B.V.'s most
popular product is Paracetamol (acetaminophen), a generic form of
Tylenol.  Genmed B.V. currently has distribution contracts with
retail chains in The Netherlands, and is seeking contracts with
retail chains and government agencies and multi-national
corporations.

The Company presently has no employees other than its officers.

The Company, which is to be considered as a startup Company is
currently developing its business of the sale and distribution of
generic drugs and strives to start generating revenues through the
sales of generic drugs in 2011.


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


SAAB AUTOMOBILE: Needs to Meet Add'l. Conditions to Get Funding
---------------------------------------------------------------
Christina Zander at The Wall Street Journal reports that the
future of Saab Automobile remained uncertain Tuesday after its
Dutch owner Spyker Cars NV said it had to fulfill additional
conditions to win approval for its short-term funding plans and
was unsure whether it could fulfill these conditions within a
short period of time.

Separately, parts suppliers said they would soon have to start
laying off workers as a production suspension continued at Saab
Automobile's plant in Trollhattan, Sweden, the WSJ relates.

According to the WSJ, Spyker wants to use Saab Automobile's real-
estate assets as collateral to secure new funding and last week
got clearance from the Swedish National Debt Office to do so.
However, Spyker on Tuesday said the sale of the real-estate assets
was uncertain because the European Investment Bank is requesting
more information from the debt office, the Swedish government,
General Motors Co. and Saab Automobile, the WSJ notes.

This development news is the latest blow to Saab Automobile, which
has suspended production for several weeks because it has been
unable to pay suppliers, the WSJ states.

The WSJ relates that Svenake Berglie, chief executive of supplier
organization FKG, said that its members, who already have had to
lay off temporary staff, now were planning for "a worst-case
scenario" and soon would start to give notice to permanent
employees.

FKG, as cited by the WSJ, said between 2,500 and 3,000 people in
the car-component industry could be affected if Saab Automobile
doesn't solve its financial problems.

Saab Automobile's future seems to depend largely on securing
funding from Russian businessman Vladimir Antonov, a former Spyker
shareholder who was barred by GM from having anything to do with
the Swedish car maker as a condition of GM's sale of Saab
Automobile to Spyker, according to WSJ.  Mr. Antonov, who owns
several banks, has said he wants to become a Spyker shareholder
once again and can organize funds to secure the future of Saab
Automobile, the WSJ recounts.

The WSJ notes that Spyker's statement said Mr. Antonov was
awaiting approval from the EIB and the Swedish National Debt
Office.

With an annual production of up to 126,000 cars, Saab's current
models include the 9-3 (available as a convertible or sport
sedan), the luxury 9-5 sedan (also available in a sport wagon),
and the seven-passenger 9-7X SUV.  As it prepared to separate from
General Motors, Saab filed for bankruptcy protection in February
2009.  A year later, in February 2010, GM sold Saab to Dutch
sports car maker Spyker Cars for about US$400 million in cash and
stock.


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


AVIVA TOWER: Contracts Have Been Exchanged for GBP288.25 Million
----------------------------------------------------------------
mellersh.co.uk reports that contracts have been exchanged for the
sale of Aviva Tower at 1 Undershaft in London.

The City offices are at the centre of a more than GBP288 million
deal, which represents a net initial yield of 5.4%, according to
mellersh.co.uk.

The report discloses that Aviva Tower is another property from
Simon Halabi's Protractor portfolio to be sold after it entered
into administration.  mellersh.co.uk relates Property Week
reported that when the property was first highlighted as being up
for sale, the quoting price stood at GBP284 million for the
315,254 sq. ft. of space.

Aviva is set to lease the City offices that act as its
headquarters, also known as St. Helen's, until 2024, the report
says.

It is expected that the sale of Aviva Tower will be completed by
July of this year, the report adds.


ENVIROTYRE: Goes Into Administration, Axes 30 Jobs
--------------------------------------------------
Chris Story at News & Tire reports that Envirotyre has gone into
administration with the loss of 30 jobs.

It is understood that the news of the redundancies was broken to
workers last week, although it is not been detailed how many of
the positions affected were in its administrative headquarters in
Carlisle, according to News & Tire.  The report relates that
administrators RSM Tenon are now marketing the company's "assets
and goodwill" for sale and are urging anyone interested to come
forward.

News & Tire discloses that Envirotyre's move into administration
comes after it entered a company voluntary arrangement in
December.

Envirotyre is a Carlisle-based tyre processing firm, specializing
in the handling of and reclamation of waste tyres.


JJB SPORTS: Shareholders Back GBP65 Million Fundraising
-------------------------------------------------------
Manchester Evening News reports that JJB Sports plc has secured
the support of its shareholders for a GBP65 million fundraising.

According to MEN, the company won the backing of more than 99% of
investors, which will allow the company to press on with the next
stage of its revival plan.

The move, which follows an additional GBP31.5 million raised
earlier this year, also guarantees a banking facility offered by
lenders Bank of Scotland until 2014, MEN discloses.

A further resolution, to de-list JJB from the main market and list
on the AIM was also given the thumbs-up, MEN states.

MEN says the approved share placing of 162.5 million new ordinary
shares at 40 pence each, will provide management with greater
operational flexibility.  In particular, it will allow the company
to reduce its reliance on the availability of supplier credit and
provide the necessary funds for the implementation of the group's
revised business plan which will see JJB close 43 unprofitable
stores, place a further 46 under review and move to monthly rental
payments, MEN notes.

More than 75% of JJB's creditors -- the majority of which are
landlords -- and more than 50% of shareholders approved the
controversial company voluntary arrangement (CVA), which is an
alternative to administration, MEN relates.

JJB Sports plc (JJB Sports) is a sports retailer supplying branded
sports and leisure clothing, footwear and accessories.  JJB Sports
is a high street sports retailer, with 250 stores in the United
Kingdom and Eire.  It provides a range of products covering United
Kingdom sports.  The Company stocks all its sports brands,
supported by its own-brand and exclusive ranges.  The Company's
segment includes the Company's retail operations, including any
retail stores, which are attached to fitness clubs.  The Company
operates in two geographic segments: the United Kingdom and Eire.
The Company's subsidiaries include Blane Leisure Limited, Sports
Division (Eireann) Limited, Golf TV Limited, TV Sports Shop
Limited, Original Shoe Company Limited and Qubefootwear Limited.
The Company sold its fitness club operations on March 25, 2009.


LABOURSITE GROUP: Goes Into Administration, Makes No Job Cuts
-------------------------------------------------------------
Construction Enquirer reports that Laboursite Group has gone into
administration.

Accountants from BDO Stoy Hayward were called in earlier this
month at the agency, which was turning over GBP15 million a year,
according to Construction Enquirer.

"There have been no redundancies because staff has been
transferred to other parts of the group," Construction Enquirer
quotes an unnamed BDO spokesman as saying.  Laboursite Group was a
subsidiary of the WyseGroup, which supplies workers across a range
of industries including construction, power and logistics, he
added.

A WyseGroup employee told the Construction Enquirer: "It's been a
bit unclear what has been going on but we have now been told that
Laboursite has gone into administration and is now part of our
WyseLabour division."

Laboursite Group is a specialist construction employment agency.


ODDBINS: Whittals Wine Acquires 37 Stores, Saves 200+ Jobs
----------------------------------------------------------
The Press Association reports that multi-millionaire businessman,
Raj Chatha, has bought 37 Oddbins stores through Whittals Wine
Merchants, a subsidiary of Mr. Chatha's EFB Group, for an
undisclosed sum after the ailing retailer went into administration
last month.

The move will secure more than 200 in-store jobs and leaves 52
stores in the hands of administrators Deloitte, according to The
Press Association.

Oddbins, which recently shut 39 stores, had hoped to push through
a rescue deal but Her Majesty's Revenue and Customs (HMRC), which
was owed GBP8 million by the chain, refused to vote for the
scheme, The Press Association discloses.

Mr. Chatha, The Press Association notes, said the focus for the
coming weeks would be to replenish the 37 stores.

The Press Association discloses that Oddbins was the latest victim
of a declining independent wine trade in the UK.

"We are currently engaged in a range of discussions regarding the
sale of the remaining 48 open stores and are confident of an
imminent deal," The Press Association quotes Lee Manning,
administrator and partner at Deloitte, as saying.


PRINCIPLE LEISURE: Former Bars in Sale by Early May
---------------------------------------------------
Mark Wingett at M&C Report says that a sale of the bars and
restaurants formerly run by Principle Leisure is expected in early
May, with a number of parties expressing interest.

Administrator Begbies Traynor has set a closing date of May 7, for
offers to be made for the nine venues, according to M&C Report.

As reported in the Troubled Company Reported on April 19, 2011,
The Journal said that there is significant interest from potential
buyers in the assets of Principle Leisure. The company went into
administration earlier this month after being hit with a hefty tax
bill, The Journal related.  Andrew Haslam and Gerald Krasner of
Begbies Traynor in Newcastle were appointed on April 1 as joint
administrators of the company, according to The Journal.
Administrator Begbies Traynor is currently managing Principal
Leisure's affairs and will continue to run the company as a going
concern until a sale can be agreed, The Journal discloses.

M&C Report notes that sites include one freehold venue, River Bar
and Flume Restaurant in Washington, Tyne and Wear, and eight
leaseholds.

Washington-based Principle Leisure Group, formerly known as
Aquaclear, is a bar operator.


QUENBY HALL: Administrators Expect Quick Sale of Firm's Assets
--------------------------------------------------------------
Anne Bruce at foodmanufacture.co.uk reports that administrators
are hoping for a quick sale of Quenby Hall Dairy, after it went
into administration on April 15.

The company collapsed due to a GBP250,000 shortfall in cashflow as
it expanded its production facilities, according to administrator
SFP, foodmanufacture.co.uk relates.

A spokesman for SFP said that it was talking to various interested
parties and was confident of a speedy sale, according to the
report.  It hoped that there would be more news later this week,
the report notes.

Quenby Hall Dairy, in Hungarton, Leicester was England's first
purpose-built dairy, operating from 1759.


RODENSTOCK GROUP: English Scheme of Arrangement Successful
----------------------------------------------------------
Kirkland & Ellis International LLP has successfully supported
Rodenstock, the leading manufacturer of ophthalmic lenses and
eyeglass frames, in their restructuring via an English "scheme of
arrangement."  In January 2011, the signing of a restructuring
agreement marked the start of a process that finally led to an
agreement with the Rodenstock creditors for a sustainable
refinancing of Rodenstock.  The London High Court on April 21
sanctioned an English scheme of arrangement.

This is the second successful scheme of arrangement for a German
company, following the Tele Columbus restructuring in December
2010.  Rodenstock's credit agreements were subject to English law,
which allowed the company to pursue the English scheme of
arrangement to restructure its debt.  The High Court's decision on
April 21 should clear the way for further restructurings of German
companies via a scheme of arrangement.

As part of the refinancing, Rodenstock will obtain EUR40 million
in fresh money.  The present shareholder Bridgepoint will hand
over 49% of its interest in Rodenstock to the involved banks.

The Kirkland team, led by partners Wolfgang Nardi (finance) and
Dr. Leo Plank (restructuring), included Munich partners Dr. Bernd
Meyer-Loewy (restructuring), Dr. Christian Zuleger, Dr. Joern
Schnigula, Volker Kullmann, Dr. Bjoern Holland (corporate), and
Dr. Roderic Pagel (tax), and associates Florian Bruder, Susanne
Fritz (restructuring), Anja-Charlotte Wagner, Dr. Karsten Raupach
(finance), and Dr. Ulf Kieker (tax).  London restructuring partner
Paul Atherton handled the scheme of arrangement proceeding, and
associates Frederick Powles and Mark Knight and trainee solicitor
Jason Pegnall assisted.

Experts: Prof. Dr. Peter Mankowski (University of Hamburg), Hans-
Peter Kirchhof (Former Judge at the German Federal High Court).

                    About Kirkland & Ellis LLP

Kirkland & Ellis LLP -- http://www.kirkland.com/-- is a 1,500-
attorney law firm representing global clients in complex
corporate/private equity and tax, restructuring, litigation and
dispute resolution/arbitration, and intellectual property and
technology matters.  The Firm has offices in Munich, Chicago, Hong
Kong, London, Los Angeles, New York, Palo Alto, San Francisco,
Shanghai and Washington, D.C. The Munich office consists of
approximately 30 attorneys focusing primarily on private equity,
mergers & acquisitions, restructuring/insolvency, acquisition
financing and

                         About Rodenstock

Rodenstock manufactures ophthalmic lenses and spectacles frames.
The company based in Munich was founded in 1877.  It has a
worldwide workforce of approximately 4,000 people and is
represented in more than 80 countries with sales subsidiaries and
distribution partners.


THE STUDIO: Trustees Has Until April Today to Save Music Venue
--------------------------------------------------------------
Peterlee Mail reports that trustees of The Studio, a music venue
that fell into voluntary liquidation, are striving to resurrect it
after interest was shown in the building.

But they face a race against time as they only have until
Thursday, April 28, to secure the future of The Studio, in
Hartlepool, Peterlee Mail says.  By then, the trustees will hand
the building's keys over to administrators and the charity will
officially be a thing of the past after 30 years entertaining the
town.

But there are hopes the venue could be saved after organizations
showed an interest in the converted 100-year-old Baptist Church,
in Tower Street.

"Trustees are showing people around the building and speaking to
all different groups about The Studio," Peterlee Mail quotes Phil
Swinburne, chairman of the trustees, as saying.  "We are feeling
positive about the future and are doing all we can to make sure
the building is not lost to music."

Peterlee Mail notes that the biggest obstacle the trustees
currently face is that they only have until today to sort out a
rescue package as they will no longer have the keys after then.

According to the report, they are hoping to get an extension to
the deadline, but it costs GBP1,000 to run The Studio for a month
and their bank accounts have been frozen.

A decision was made to close The Studio on April 12, 2011, when
five full-time staff members lost their jobs.


VON ESSEN: Fowey Hall Hotel Could Soon be Under New Ownership
-------------------------------------------------------------
Nick Eyriey at Business Cornwall reports that the Fowey Hall Hotel
could soon be under new ownership after its parent company, von
Essen hotel chain, went into administration.

As reported in the Troubled Company Reporter-Latin America on
April 26, 2011, BBC News said the holding company of the von Essen
hotel chain has appointed accountants Ernst & Young as
administrators.  SoGlos.com related that the von Essen is reported
to have debts of more than GBP25 million.  SoGlos.com notes that
while administrators have been appointed and the portfolio of
hotels are expected to be sold-off either as a group or as
individual properties, the hotels are all expected to continue to
trade as usual.  Meanwhile, von Essen is being prepared for sale,
MailOnline reported.  Potential bidders for the entire business of
von Essen include London & Regional, one of the biggest property
companies in Europe and owner of the Park Lane Hilton in London;
Akkeron Hotels, which is building its British hotel estate; and
private equity giant Blackstone, the report noted.

von Essen hotel chain owns 28 luxury hotels in the UK and France.


WREXHAM FC: GBP200,000 Cash to Pay Bills Ready to Go
----------------------------------------------------
Steve Bagnall at Daily Post reports that Wrexham Football Club's
tax bill is expected to be paid by April 27, at the latest, easing
fears over not being allowed in the Conference play-offs.

Fan and former MP Dr. John Marek reassured fans, saying that the
GBP200,000 cash has been raised and will be used to clear the Her
Majesty Revenue and customs demand, according to Daily Post.  The
report relates that Mr. Marek said the bill could be sorted but is
more likely to be cleared by April 27.

The report notes that Wrexham Supporters Trust launched their
latest campaign to take-over the club urging fans to subscribe to
a share issue.  Daily Post relates that trust officials reckon
they will need to raise GBP1 million to buy Wrexham FC from
current owners Geoff Moss and Ian Roberts.

However, Daily Post discloses, prospective club buyer Steve Cleeve
still believes the best way forward for the trust is to go in with
a backer who possesses the cash and the WST to run certain aspects
of the club.

It had been reported Wrexham FC could be booted out of the play-
offs spot if the bill isn't paid, the report adds.

Wrexham Football Club is a professional football team based in
Wrexham, north-east Wales, who plays in the English football
pyramid.


* UK: Companies at Risk of Going Under Soar, RSM Report Shows
-------------------------------------------------------------
The number of companies at risk of going under has jumped for the
third consecutive month, according to a report by RSM Tenon, the
UK's seventh largest accountancy and professional services firm.

The increase confirms the reversal of a positive trend that lasted
nearly a year, and spells worrying news for the UK economy.

The Traffic Light report, collated by RSM Tenon's recovery service
line, measures the danger of individual companies becoming
insolvent.  With just one exception (a 2% rise in May 2010) the
number of companies deemed to be at high risk of going under had
fallen or remained static since the beginning of 2010.  However,
for each of the past three months, the number of companies in the
report's "red" category -- deemed to be at high risk of insolvency
-- has risen by a steady 3%.  The figure is now four per cent
higher than it was twelve months ago.

"We may be out of recession, but high oil prices, the beginnings
of inflation and the dampening effect of public sector cuts are
all having an effect on UK business," said Carl Jackson, Head of
Recovery at RSM Tenon.  "Our recovery service line has seen a
particular amount of enquiries regarding the retail sector, itself
often a bellwether for the wider economy.  Put together this could
spell difficult times for the owners of many companies, and it's
highly possible that we could see an increase in businesses going
to the wall."

Property companies look to be particularly badly hit, with a 17%
rise in those at high risk of insolvency in April compared to
March.  Similarly, the outlook for the public services sector is
not promising, with a jump of 10%.


* UK: Hospitality & Leisure Sector Insolvency Trend Continues
-------------------------------------------------------------
According to the latest PwC analysis of corporate insolvency
numbers, Hospitality and Leisure (H&L) continues to be one of the
worst affected sectors with no discernible improvement over the
past two years.

In total, 239 H&L companies became insolvent in the first quarter
of 2011 compared to 246 in the last quarter of 2010 -- a 2.8%
decrease.  However, the level of insolvencies increased by 4.8%
compared to the first quarter of 2010 and for the year to end
March 2011, there were 979 insolvencies compared to 994 in the
prior year.

Robert Milburn, hospitality and leisure leader at PwC, said:

"The latest insolvency figures for the H&L sector show no marked
improvement year on year.  This trend could continue as the
spending cuts begin to impact the UK economy and with the new
fiscal year starting, there are net personal tax rises for many.
This will make people tighten their purse strings which will
impact disposable income with a knock on effect on the hospitality
and leisure sector."

Pubs and restaurants have been worst hit in the first quarter of
2011, with 70 and 119 businesses respectively becoming insolvent.
Wet-led pubs (pubs with no food offering) continue to be worse
affected.

Robert Milburn, hospitality and leisure leader at PwC, said:

"Surveys carried out by PwC show that consumers are less likely to
cut back on holidays than at the start of the recession and more
likely to cut back on discretionary spend on socializing -- like
drinking and dining out. The effect on pubs and restaurants could
continue throughout the year as people adjust their spending
habits.

"Not only will these businesses battle with the reduction in
corporate entertaining and consumer disposable income, but also
innovative offerings from food retailers will entice shoppers with
value for money 'dine in' offers.

"To counter this, restaurants will no doubt come up with more
offers of their own.  Vouchers look set to be around for some time
yet!"

Findings of a recent survey of Small Luxury Hotels of the World
club members, in association with PwC, shows that travellers are
more optimistic, with 30% of respondents saying holidays remain a
top spending priority this year.  Deleveraging through increasing
savings and paying down loans is also still an important priority
over the next 12 months.  When asked about holiday plans for the
next 12 months, respondents said they are more likely to go on
more short breaks and take more holidays, but will remain value
and cost conscious.  Survey findings also showed that price and
value for money are key reasons for choosing a hotel, with value
for money more important than price.

Robert Milburn, hospitality and leisure leader at PwC, said:

"Recessionary behaviors are now the norm and the focus on buying
clever has certainly stuck with the consumer.

"The key to success for travel agents and hoteliers in this
competitive market is best available rates and no hidden extras.
Findings from the survey showed that 63% of respondents search for
the best price, 32% are always looking for a good deal and 30% of
respondents won't mind asking for a discount."


* UK: Retail Companies at Risk of Going Under Surge, Tenon Says
---------------------------------------------------------------
March 2011 saw a disturbing jump in the number of retail companies
at high risk of going under, according to a report by RSM Tenon,
one of the most progressive and entrepreneurial professional
services firms in the UK on April 18.  The number of companies
deemed to be at high risk of insolvency jumped by four per cent in
March compared to the month before, and jumped 2% compared to this
time last year.  The increase was the second in two months,
reversing the positive trend that lasted nearly a year, bringing
worrying news for the UK retail sector.

The news follows the announcement by the British Retail
Consortium, which reported its worst fall in sales since records
began in 1996 with a drop of 1.9% in March compared to the same
period last year.

The Tracker Traffic Light report, collated by RSM Tenon's Recovery
division, measures the number of businesses in danger of becoming
insolvent.  With just one exception* the number of retailers
deemed to be at 'high risk' of going under (the "red" category of
the report) had either fallen or remained static since the
beginning of last year.  However, for each of the past two months,
the number of companies in this red category has risen by four per
cent consecutively, indicating that retail insolvencies may be
about to increase.

Carl Jackson, Head of Recovery at RSM Tenon said:

"We may technically be out of recession, but it is clear that the
high street is struggling at the moment.  Retailers are suffering
as their costs soar with increased fuel and manufacturing costs
and shoppers remain thrifty with their purchases.  It appears
people just aren't spending unless they have to and who can blame
them as they struggle with the cost of increased tax burdens and
rising inflation.

"Our turnaround and recovery service line has seen a large amount
of enquiries regarding the retail sector, often an indicator for
the wider economy.  We believe this could spell gruelling times
for business owners and it's likely that we will see an increase
in retailers facing insolvency."

* (a two per cent rise in April 2010)


* The Insolvency Group Hires Sue Watts FCCA
-------------------------------------------
Chesterfield based The Insolvency Group has hired Sue Watts FCCA
for its IVA department, www.creditman.biz reports.

Ms. Watts has been working in Insolvency for over 20 years and has
a broad experience in all areas of insolvency, working for large
and medium sized Chartered Accountants firms and IVA companies in
the South East, East Midlands and North West England.  Ms. Watts
is a licensed Insolvency Practitioner, a Fellow member of the
Association of Chartered Certified Accountants and a Fellow of
Business Recovery Professionals R3.


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


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

April 3-5, 2012
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Grand Hyatt Atlanta, Atlanta, Ga.
          Contact: http://www.turnaround.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/

November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Westin Copley Place, Boston, Mass.
          Contact: http://www.turnaround.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/

April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       JW Marriott Chicago, Chicago, Ill.
          Contact: http://www.turnaround.org/

October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Wardman Park, Washington, D.C.
          Contact: http://www.turnaround.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.


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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, Psyche A. Castillon, Julie Anne G. Lopez,
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.


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