TCREUR_Public/110505.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, May 5, 2011, Vol. 12, No. 88



HECKLER & KOCH: Moody's Rates Senior Secured Notes at '(P)Caa1'


LYNCH FREIGHT: High Court Adjourns Winding-Up Petition


PAREX BANKA: Repays Last Part of EUR500-Mil. Bailout Loan


BEFESA ZINC: S&P Assigns 'B+' Long-term Corporate Credit Rating


LEHMAN BROTHERS: Netherlands Unit's Trustee Objects to Plan
* PORTUGAL: Has EUR78 Billion Bailout Deal with EU & IMF


PLUS DEVELOPMENT: 'My Dream Residence' Sold for EUR16.7 Million


* RUSSIA: 321 Banks Fail Central Bank's Stress Test


FINANSBANK AS: Moody's Assigns (P)Ba1 Senior Unsecured Debt Rating

U N I T E D   K I N G D O M

AMDEGA: Vetro Vivo Offers Lifeline to Amdega Employees
CRE8 PUBLISHING: In Liquidation; Owes More Than GBP2 Million
EVANS PUBLISHING: Enters Into Company Voluntary Arrangement
GOOD MORTGAGE: Goes Into Administration, Cuts 38 Workers
KEYDATA INVESTMENT: SFO Halts Prosecution in Collapse Probe

LEEDS UNITED: Reveals Ken Bates as New Owner
LLOYDS BANKING: Puts Distressed Property Assets Up for Sale
LLOYDS BANKING: Appoints Grainger to Manage Insolvent Properties
ROYAL BANK: Vince Cable Balks at Efforts to Delay Collapse Report


* Upcoming Meetings, Conferences and Seminars



HECKLER & KOCH: Moody's Rates Senior Secured Notes at '(P)Caa1'
Moody's Investor Services has assigned a provisional (P)Caa1
rating to Heckler & Koch GmbH's proposed senior secured notes
worth EUR290 million.  All ratings, including the Caa1 corporate
family rating (CFR), the Caa1 probability of default rating (PDR)
and the bond rating of Heckler & Koch GmbH are under review with
direction uncertain.


On May 2, 2011, Heckler & Koch GmbH announced its intention to
issue new senior secured notes worth EUR290 million due 2018. The
proceeds of this issue together with EUR14.8 million of cash on
hand will be used to repay HK's existing EUR120 million senior
notes, accrued interest and transaction fees, and to refinance
EUR170 million worth of PIK notes issued outside the restricted
group of the existing senior notes by HK's parent company Heckler
& Koch Beteiligungs GmbH ("HKB").

Moody's notes positively that a successful placement would be a
major step in resolving the near term refinancing risk stemming
from the maturity of the existing EUR 120 million senior notes
which fall due already in July 2011.  However, given that EUR14.8
million of cash balances are intended to be used in the
contemplated refinancing Moody's cautions that even in case of a
successful placement of the EUR290 million notes, HK's liquidity
position will remain weak as the transaction will consume almost
all unencumbered cash.  Moody's understands that at the end of
March HK's cash position amounted to EUR33.6 million of which
EUR16.9 million were pledged as collateral for advance payment or
performance guarantees.

Moreover, leverage ratios of HK would weaken as a result of the
transaction given that the EUR170 million PIK notes issued by HKB
will be refinanced with debt raised by HK.  Pro forma the notes
issue we calculate debt/EBITDA of 5.8x on a Moody's adjusted basis
(based on 2010 EBITDA), but approaching 7x on a forward looking
basis as 2010 was a strong year for HK, compared to actual
debt/EBITDA of 2.9x as of December 2010.  However, Moody's credit
assessment of HK already considered the PIK notes given the
significant influence on HK's financial policy by HKB such that,
overall, Moody's would view a successful refinancing as a credit

The current rating review will likely continue through the
repayment of the existing senior notes in July and will focus on
the success of the proposed notes issue and the means for
strengthening the company's liquidity profile.  A failure in this
respect would result in further downward rating pressure. Only in
case that HK will be able (i) to secure the necessary cash for the
bond repayment at maturity and (ii) to arrange for sufficient
liquidity headroom to support the business through the cycle as
well as (iii) clear visibility that debt/EBITDA will remain below
7x, Moody's would consider a positive rating action upon
conclusion of the rating review.

The provisional (P)Caa1 (LGD 4, 50%) rating is in line with
Moody's Loss-Given-Default Methodology.  The proposed EUR 290
million senior secured notes will be issued by Heckler & Koch GmbH
which is the main operating company of Heckler & Koch group.  The
notes will be secured by a first ranking pledge over the shares of
Heckler & Koch GmbH, a weaker type of collateral than tangible
assets in Moody's view, and benefit from guarantees of its
material subsidiaries.


   Issuer: Heckler & Koch GmbH

   -- Senior Secured Regular Bond/Debenture, Assigned (P)Caa1
      (LGD4, 50%)

The principal methodologies used in this rating were Global
Aerospace and Defense published in June 2010, and Loss Given
Default for Speculative-Grade Non-Financial Companies in the U.S.,
Canada and EMEA published in June 2009.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only. Upon a conclusive review
of the final documentation, Moody's will endeavor to assign a
definitive rating to the notes. A definitive rating may differ
from a provisional rating.

Headquartered in Oberndorf, Germany, HK is a leading, privately
owned, defense contractor in the small arms sector.  The company
generated sales of EUR247 million in 2010.  HK supplies the armed
forces of NATO and NATO allies, European and US Special Forces,
European police forces and US federal law enforcement agencies and
other countries.  HK designs, produces and distributes small arms,
including rifles, side arms, fully automatic weapons and grenade
launchers, as well as a variety of related products.  It also
provides parts and services to the military sector.


LYNCH FREIGHT: High Court Adjourns Winding-Up Petition
According to The Irish Times' Mary Carolan, High Court judge Mr.
Justice Peter Kelly on Tuesday noted that an independent
accountant's report into Lynch Freight (Kilmallock) Ltd.
identified possible grounds for reckless trading arising from non-
payment of liabilities owed to HM Revenue & Customs over a number
of years.

Mr. Justice Kelly was referring to a report by chartered
accountant Peter Russell who, when asked to examine the
liquidation of Lynch Freight, said it was "immediately obvious"
the company was insolvent and had been for three years, The Irish
Times relates.

Lynch Freight and a sister company, Kilmallock Transport Ltd.,
have total liabilities of more than EUR1.4 million, The Irish
Times discloses.  Lynch Freight, The Irish Times says, owes about
EUR466,000 to the Revenue while there is a disputed liability of
EUR426,263 to the landlord of its offices at Park West, Dublin.

According to The Irish Times, Mr. Justice Kelly on Tuesday said he
would "reluctantly" grant a one week adjournment of a petition by
the Revenue Commissioners to wind up Lynch Freight.

The judge, as cited by The Irish Times, said he was reluctant to
grant the adjournment, particularly given the information in the
independent accountant's report which raised "a lot of questions"
in relation to the trading.  However, as Revenue was agreeing to
an adjournment and no other creditor was objecting, the judge
would grant one final adjournment, The Irish Times notes.

The company had last month initiated proceedings seeking the
protection of the court and appointment of an interim examiner but
has withdrawn that application, The Irish Times relates.  The
independent accountant's report was prepared for that examinership
application, The Irish Times states.

Lynch Freight (Kilmallock) Ltd. operates a road haulage, logistics
and transport business from Kilmallock, Co Limerick, and Park West
with Kilmallock Transport Ltd.  The companies employ 36 staff.


PAREX BANKA: Repays Last Part of EUR500-Mil. Bailout Loan
Deutsche Presse-Agentur reports that Parex banka, whose near-
collapse brought the Latvian state to the edge of bankruptcy in
2008, on Tuesday said it had repaid the last part of a EUR500
million (US$354 million) loan, a major step in its attempt to wind
up its operations successfully.

The EUR230 million payment was made "without attracting state
budgetary funds" a statement from the bank, as cited by DPA, said,
adding that its most vital obligations have now been "settled in

DPA relates that Parex chairman Christopher Gwilliam, who was
appointed last year when Parex was split into a resolution bank
and a going concern rebranded "Citadele," said the repayment sent
a "remarkably positive signal to foreign investors and rating

The Latvian government's decision to save Parex from collapse in
December 2008 led directly to the Baltic state asking for a EUR7.5
billion loan from international lenders and the introduction of
harsh austerity measures, DPA recounts.

Mr. Gwilliam is leading Parex's efforts to turn its remaining
efforts into cash to repay the money the state paid to prop up the
bank, DPA discloses.  Meanwhile, Citadele bank is hoping to
attract an international buyer, DPA notes.

                        About Parex banka

Founded in 1992, Parex banka --
currently employs some 1,900 people at branches all over Latvia
and offers universal banking services throughout the Baltic
region, the CIS and other European nations such as Germany,
Switzerland and Sweden.  Parex Group companies operate across the
banking, finance, leasing, asset management and life insurance
sectors.  Currently, the Latvian Privatisation Agency is the
majority shareholder of Parex banka, holding 73.4% of the Bank's
shares, but 22.4% are controlled by the European Bank for
Reconstruction and Development.  Parex banka has signed up to the
European Code of Conduct on housing loans.

                         *     *     *

Parex banka continues to carry an 'RD' long-term issuer default
rating, 'CC' senior unsecured debt rating, and 'F' individual
rating from Fitch.


BEFESA ZINC: S&P Assigns 'B+' Long-term Corporate Credit Rating
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to European steel dust recycler Befesa
Zinc S.A.U. The outlook is stable.

"At the same time, we assigned a 'B+' issue rating to the EUR300
million senior secured notes issued by Zinc Capital S.A., a
Luxembourg-registered orphan special purpose vehicle (SPV), and
the proceeds loan made to Befesa Zinc.  The recovery rating on the
loan is '3', indicating our expectation of meaningful (50%-70%)
recovery in the event of a payment default," S&P stated.

The rating on Befesa Zinc reflects our assessment of the company's
weak business risk profile and its aggressive financial risk

"The rating is constrained by our view of Befesa Zinc's aggressive
capital structure (pro forma for the EUR300 million notes);
planned increases in capital expenditures (capex); and ambitious
strategy to expand into Turkey, which, in our view, carries
inherent execution risks," S&P noted.

According to S&P, "The rating is further constrained by what we
believe to be Befesa Zinc's small-scale operations in a niche,
fragmented, and competitive market of crude steel and stainless
steel dust recycling, as well as by its limited diversity of
operations, including the concentration on a single commodity and
only four operating plants in the key profit-generating division
of crude steel dust recycling.  In addition, we also note the risk
of future dividends to Befesa Zinc's direct parent, MRH Residuos
Metalicos S.L.U. (MRH), an indirect subsidiary of Abengoa S.A.
(B+/Stable/--), although we recognize that such payouts have not
been made on a continuous basis in the past."

"In our view, liquidity risks could notably arise in the future in
the event that cash collateral or margin calls on Befesa Zinc's
zinc-hedging arrangements were to be requested by banks--for
example, due to tighter regulation of the over-the-counter
commodity derivatives market," S&P related.

"These risks are partly mitigated, in our opinion, by Befesa
Zinc's leading market position in steel dust recycling; positive
free operating cash flow (FOCF) generation; healthy EBITDA margins
of above 35% on average in the past four years; and multiyear
contracts with customers, which provide good revenue visibility.
Hedging 60%-75% of its zinc output up to three years ahead
significantly reduces Befesa Zinc's exposure to the commodity
price cycle, in our opinion.  In addition, we take a positive view
of Befesa Zinc's activities being supported by environmental
legislation in Europe, which has resulted in steel manufacturers
having an economic incentive to recycle steel dust instead
of putting it into hazardous waste-approved landfill sites," S&P

"In the next two to three years, we anticipate that Befesa Zinc's
strategy will be growth oriented.  We understand from management
that capex associated with this growth will likely amount to about
EUR120 million, and that the company intends to finance the capex
from operating cash flow and existing cash balances in 2011.
However, as spending increases in 2012, we anticipate negative
FOCF and slightly higher leverage at Befesa Zinc--both of which,
in moderation, we believe can be accommodated in the current
rating.  Positively, Befesa Zinc's Standard & Poor's-adjusted
EBITDA increased by about 13% to EUR73 million in 2010 on a
healthy margin of 35%, which we note is stable compared
with 33% in 2009 and 39% in 2008," S&P related.

"Based on adjusted debt, pro forma for the EUR300 million bond, we
estimate funds from operations (FFO) to adjusted debt and adjusted
debt to EBITDA of 22% and 3.6x at year-end 2010, which we consider
commensurate with the 'B+' rating," noted S&P.

"The stable outlook reflects our view that Befesa Zinc will
continue to generate healthy operating cash flows in the near
term, that it will maintain a minimum ratio of FFO to adjusted
debt of about 12% and adjusted debt to EBITDA below 4.5x over the
cycle, and that its liquidity will remain adequate for the
rating," S&P said.

According to S&P, "We could lower the rating if the company were
to adopt a more aggressive financial policy, including higher
capex or dividends, or engage in sizable acquisitions.  We could
also lower the rating if capex planned for the next two to three
years were not adequately supported by operating cash flows,
leading to weaker liquidity and leverage that is higher than we
currently anticipate."

"We do not foresee upside rating potential for Befesa Zinc at this
stage, and consider the rating on the company to be constrained by
that of its ultimate parent, Abengoa.  Importantly, the rating on
Befesa Zinc would be directly affected if we were to downgrade
Abengoa," S&P added.


LEHMAN BROTHERS: Netherlands Unit's Trustee Objects to Plan
Lehman Brothers Treasury Co. BV's bankruptcy trustees objected to
the U.S. revised plan of reorganization filed by Lehman Brothers
Holdings Inc., saying it should recognize an intercompany claim
as senior debt, Jurjen van de Pol at Bloomberg News reported on
April 29.

"The Lehman Brothers Treasury trustees advised Lehman Brothers
Holdings Inc. that they object to the January plan's failure to
recognize the seniority of Lehman Brothers Treasury's
intercompany claims," Rutger J. Schimmelpenninck and Frederic
Verhoeven, lawyers at Amsterdam-based Houthoff Buruma, wrote in
their eighth report on the Lehman bankruptcy, Bloomberg quoted.
The trustees said they are discussing better treatment of the
claim with Lehman Brothers Holdings and "certain key noteholder
groups," Bloomberg added.

The Lehman Brothers Treasury unit helped finance the business
activities of affiliates of New York-based Lehman, the securities
firm that filed for bankruptcy in 2008, by selling financial
instruments including structured notes, the trustees said,
Bloomberg related.  The Lehman holding company owed US$33.2
billion to Lehman Brothers Treasury as of Sept. 12, 2008, they

While the January plan "does not recognize the intercompany
claim's status as senior debt," it "seems to have acknowledged
the senior status of certain other claims, which was not the case
in its previous plan," the lawyers said in an April 29 filing in
Amsterdam district court, according to Bloomberg.

The balance of the unit's estate accounts was EUR5.81 million
(US$8.61 million) at the end of March, the trustees said, the news
agency related.

                     About Lehman Brothers

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

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

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

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

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

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

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

                International Operations Collapse

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

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

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

* PORTUGAL: Has EUR78 Billion Bailout Deal with EU & IMF
Arthur Beesley at The Irish Times reports that Portugal reached a
EUR78 billion bailout deal with the EU and IMF on May 3, an
agreement that marks the euro zone's third sovereign rescue after
Ireland and Greece.

The Irish Times relates that in a televised address from his
official residence in Lisbon, caretaker prime minister Jose
Socrates said the pact with the European Commission, the European
Central and the IMF will protect the country's interests.

According to The Irish Times, consultations with the country's
center-right opposition leaders are still to follow, crucial given
their lead in polls ahead of next month's general election.
However, officials close to the talks have expressed confidence
the opposition is willing in principle to adhere to the main terms
of the rescue, The Irish Times notes.

This was a key requirement of the EU/IMF team as it wanted to
avoid any repeat of its experience in Ireland when the newly
elected Government sought to renegotiate a deal agreed only months
previously by its predecessor, The Irish Times says.

Euro zone finance ministers plan to sign off on the deal at their
monthly meeting next Monday week in Brussels, The Irish discloses.
This would leave time for the European Financial Stability
Facility bailout fund to raise money for Portugal to meet a
EUR4.9 billion bond redemption in mid-June, a repayment it could
not make without the benefit of external aid, The Irish Times

Mr. Socrates, who for months resisted an external intervention in
Portugal's affairs, applied for aid last month after parliament
rejected his latest austerity plan, The Irish Times recounts.


PLUS DEVELOPMENT: 'My Dream Residence' Sold for EUR16.7 Million
Cristi Moga at Ziarul Financiar reports that residential complex
My Dream Residence in Pipera, northern Bucharest, developed by
Turkish-held Plus Development, has been sold at an auction for
EUR16.7 million, which amounts to an average price of around
EUR130,000 per apartment.

An investor whose name has so far remained unknown bid up to this
price to acquire a stock of properties that includes the 129
apartments, with an overall surface of 22,297 square meters (173
square meters/apartment on average), 98 storage units, 210 parking
spaces, retail spaces and a pool, ZF discloses.

According to ZF, there were three bidders at the auction organized
by court-appointed administrator BDO Business Restructuring, part
of the international BDO chain, on Monday, and the starting price
was EUR15.3 million.

"The assets of Plus Development were sold for 16,740,000 euros,
VAT included," ZF quotes BDO partner Geanina Oancea as saying.


* RUSSIA: 321 Banks Fail Central Bank's Stress Test
Courtney Weaver at The Financial Times reports that a stress test
of the industry by its central bank showed that nearly a third of
Russia's banks are ill-prepared for a repeat of the global
financial crisis.

Few domestic lenders went bankrupt during the crisis following
nearly US$40 billion in state support, the FT discloses.  However,
more than 300 of Russia's 900-plus banks would see their capital
requirement fall below the 10% minimum -- and therefore have their
licenses revoked -- if they found themselves in a similar downturn
marked by a rapid outflow of deposits and a paralysis in interbank
lending, the FT notes.

According to the FT, the central bank said that the 321 banks at
risk controlled more than half of the assets in the sector.


FINANSBANK AS: Moody's Assigns (P)Ba1 Senior Unsecured Debt Rating
Moody's Investors Service has assigned a first-time provisional
(P)Ba1 foreign-currency senior unsecured debt rating to Finansbank
A.S. (Finansbank).  The outlook on the rating is positive.


Moody's foreign currency debt ratings are subject to the foreign
currency bond ceiling.  As a result, even though Finansbank's
global local currency (GLC) deposit rating of Baa2 is higher than
the foreign currency bond ceiling for Turkey, Finansbank's foreign
currency senior unsecured debt rating is constrained by and thus
equal to this ceiling.

The debt issuance is being offered under Rule 144A, Regulation S.
The terms and conditions of the notes include (among others) a
negative pledge and a cross-default clause.  The notes will be
unconditional, unsubordinated and unsecured obligations and will
rank pari passu with all Finansbank's other senior unsecured
obligations.  The rating of the notes is in line with Finansbank's
senior unsecured foreign-currency debt rating. Any subsequent
foreign-currency senior unsecured bonds issued by Finansbank would
also be rated Ba1.

The rating of the notes is provisional and represents Moody's
preliminary opinion only.  Upon a conclusive review of the
documentation, Moody's will endeavour to assign a definitive
rating to the notes.  A definitive rating may differ from a
provisional rating.  A rating is not a recommendation to purchase,
sell or invest in any securities.


The principal methodologies used in this rating were 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

Moody's previous rating action on Finansbank was implemented on
October 7, 2010, when Moody's changed the outlook on the foreign-
currency deposit rating to positive from stable.

Finansbank is headquartered in Istanbul, Turkey, and at the end of
December 2010 had total assets of US$25.6 billion.

U N I T E D   K I N G D O M

AMDEGA: Vetro Vivo Offers Lifeline to Amdega Employees
Andy Richardson at The Northern Echo reports that Vetro Vivo, a
north-east conservatory firm threw a lifeline to former workers as
Amdega plunged into administration.

Mike Farrell, an ex-Amdega salesman who now runs his own
conservatory business, Vetro Vivo, based in Stockton, has been in
talks with a handful of Amdega staff about them joining his
operation in the upcoming months, according to The Northern Echo.
However, the immediate prospects for the majority of the 197
Darlington-based Amdega staff and about 120 sales and sub-
contractors across the country are grim, with some expressing
fears they will lose their homes unless they can find work in the
very near future, The Northern Echo notes.

As reported in the Troubled Company Europe on April 29, 2011, The
Journal said Amdega has gone into administration with the
potential loss of 190 jobs.  The administration of company, which
has been in business for over 130 years, was disclosed by its
owners London-based private equity firm, according to The Journal.

A spokesman for Somerset-based David Salisbury Conservatories
confirmed that it is bidding to buy Amdega's unfinished orders, as
well as machinery and the firm's trading name, but that it had no
interest in re-opening the factory, The Northern Echo says.

Private equity specialist Endless walked away from Amdega nine
months after buying the firm, The Northern Echo relates.  The
taxpayer and administrators KPMG have been left to pick up the
piece, which includes about GBP3.3 million owed to suppliers and
sub-contractors, as well as staff salaries and redundancy
payments, the report notes.

The Northern Echo understands that a buyer for Amdega was sought
last month when Endless decided to pull-out after investing about
GBP11 million in the company.  Anglian Home Improvements is
believed to be among the potential buyers that showed interest,
according to the report, but the scores of Amdega customers who
were demanding repairs under warranty had deterred interested
parties from making an offer.

Endless claim it made the decision to enter administration on
Tuesday April 26, only 24 hours before staff were informed of
their fate, the report notes.

The Northern Echo adds that sales staff claim they were still
collecting deposits from customers as late as the evening of April
26 and that customers who have failed to sign up for the optional
payment protection cover could find themselves up to GBP10,000 out
of pocket.

Amdega is a conservatory and greenhouse company.  It is based on
the town's Faverdale Industrial Estate.

CRE8 PUBLISHING: In Liquidation; Owes More Than GBP2 Million
The Drum reports that football and rugby clubs are among the
unsecured creditors owed more than GBP2 million as Cre8 Publishing
is put into liquidation.

The Drum, citing liquidation documents, discloses that Cre8
Publishing owes Rangers almost GBP500,000, Celtic GBP400,000,
Arsenal GBP270,000, West Ham GBP103,000 and Spurs GBP42,000.

The Drum recalls that Celtic fans were urged in November last year
to apply to Cre8 for subscription refunds when the club cancelled
its contract with the publisher due to allegedly unpaid royalties.
Rangers likewise cancelled its contract telling fans to "cancel
any direct debit payment with immediate effect," The Drum says.

More recently, The Drum reports, Arsenal filed legal action over a
claimed GBP270,000 of unpaid royalties.

According to The Drum, the collapse comes just three years after
the group's predecessor company Cre8 UK collapsed owing creditors,
including Birmingham City and Watford, more than GBP2.1 million.

Cre8 Publishing Ltd is one of the UK's biggest printers of
matchday programs.

EVANS PUBLISHING: Enters Into Company Voluntary Arrangement
Lisa Campbell at The Bookseller reports that Evans Publishing has
filed a Company Voluntary Arrangement (CVA) after saying the
school and library market has faced an "extremely tough 18

According to The Bookseller, Evans Publishing failed to pay its
creditors on time after recently experiencing "particularly severe
cash-flow difficulties."

The company told The Bookseller it had now entered into a one-year
CVA, which would allow it to "return to profitability as well as
maximizing creditors' interests."

In December 2009, the company reported a turnover of GBP3.5
million and a negative balance sheet of GBP450,000, The Bookseller
discloses.  Since then, turnover has dropped to GBP2.7 million,
The Bookseller notes.

The CVA means that from March 22, creditors are paid 31p in the
pound, The Bookseller states.

Keith Steven, managing director of the KSA Group which specialises
in CVAs, said the CVA will give Evans Publishing more time to pay
and reduce its debts, The Bookseller relates.

"The creditors for a publishing company are likely to be its
printers, perhaps lawyers and accountants and in 99%, of the cases
that we see, the Inland Revenue [is] a significant creditor," The
Bookseller quotes Mr. Steven as saying.

Evans Publishing trades under the name Evans Brothers Limited and
is owned by Imperial Securities.  The company publishes resources
in all areas of the national curriculum.

GOOD MORTGAGE: Goes Into Administration, Cuts 38 Workers
Mortgage Strategy reports that the Good Mortgage Company has gone
into administration, cutting 38 jobs in the process after its main
shareholder, Octopus, pulled its funding last month.

The company was making a last ditch attempt to secure a buyer but
after receiving no offers, it went into the hands of liquidator
James Cowper LLP on April 21, according to Mortgage Strategy.

Mortgage Strategy notes that in a prospectus sent to potential
investors, the firm said pipeline revenues were estimated to
exceed GBP150,000.  In the past two years, the firm saw 77,000
enquiries, completed 450 mortgages, and generated GBP400,000 from
life insurance sales, the report adds.

Money Workout Limited, trading as The Good Mortgage Company, is
headquartered in Southampton.

KEYDATA INVESTMENT: SFO Halts Prosecution in Collapse Probe
Brooke Masters at The Financial Times reports that the Serious
Fraud Office confirmed that no one will face criminal charges in
connection with the collapse of Keydata, one of the largest
failures of a retail investment firm in recent years.

According to the FT, the SFO said there was "insufficient evidence
to secure a prosecution."  The agency is now focusing on tracing
the missing assets, the FT notes.

Keydata and its founder, Stewart Ford, are still being
investigated by the Financial Services Authority, which has the
power to fine individuals and firms and ban them from working in
the sector, the FT discloses.  The regulator, the FT says,
described its probe as being at an "advanced stage."

The FSA initially shut down Keydata in June 2009 amid concerns
that it was selling Isa products that were not in compliance with
tax laws, the FT recounts.

The FSA said PwC, the group's administrators, then discovered that
GBP103 million of investors' money in bonds issued by SLS, a
Luxembourg company, had been "misappropriated."  SLS was closely
associated with David Elias, a fugitive from UK justice who
reportedly died shortly before Keydata failed, according to the

Mr. Ford has denied wrongdoing and argued that the FSA's
"catastrophic intervention" caused the firm's collapse, the FT

Keydata Investment Services Ltd. designs, distributes and
administers structured investment products.  Keydata operates from
three locations, London, Glasgow, and Reading, and administers
its own products as well as portfolios for third parties.

LEEDS UNITED: Reveals Ken Bates as New Owner
-------------------------------------------- reports that Leeds United Association Football Club
Ltd. has revealed that Ken Bates is the outright owner of the

As reported in the Troubled Company Europe in 2007, Richard
Fleming, Mark Firmin and Howard Smith, of KPMG Restructuring, were
appointed May 4, 2007, administrators of Leeds United at the
request of the Club's directors.  Shortly after their appointment,
the joint administrators agreed to sell the business and its
assets to a newly formed company called Leeds United Football Club
Limited, the directors of which are Ken Bates, Shaun Harvey and
Mark Taylor. notes that the club said in a statement: "There has
been much speculation in the media as to the ownership structure
of Leeds United and its compliance with the relevant regulations
of The Football League and The Football Association.  The
speculation has been further fuelled by the coverage of the
Football Governance enquiry and the political obsession with the
ownership of Leeds United . . .  to address this issue and in the
hope that this brings an end to the speculation, the chairman, Ken
Bates, has completed the purchase of FSF Limited for an
undisclosed sum.  FSF Limited is now owned by Outro Limited which
is wholly owned by Ken Bates.  This change in ownership structure
makes Ken Bates the controlling shareholder of Leeds United and
delivers the transparency sought."

Headquartered in Leeds, England, Leeds United Association
Football Club Ltd.  -- is an
English professional football club.

LLOYDS BANKING: Puts Distressed Property Assets Up for Sale
Daniel Thomas at The Financial Times reports that the first
portfolio of distressed property assets collected from about 38
different receiverships has been put on the market by Lloyds
Banking Group as it explores new ways of increasing disposals from
its "bad" real estate book.

Lloyds, which has close to GBP30 billion (US$50 billion) of
troubled real estate loans, was behind about GBP4 billion of real
estate sales last year either through forcing an administration or
encouraging an investor exit, the FT discloses.  Many of those
sales were of large single ownership portfolios, which left the
bank with the problem of how to work through its collection of
smaller property loans, the FT notes.

According to the FT, the portfolio, codenamed Flagstaff, comprises
a diverse range of UK properties across various sectors, including
office, leisure, retail and industrial.  There are 38 properties
in total to be sold that were owned by a number of different
investors, with a guide price of more than GBP60 million, the FT

This reflects a net initial yield of more than 9%, the FT states.
This is the first time such a large portfolio has been pieced
together from different ownerships in the hands of receivers, the
FT notes.  Should it prove successful, Lloyds is expected to
pursue larger sales of this kind, allowing it to sweep up a large
number of bad debt exposures into a single process, the FT says.

Jones Lang LaSalle, the property consultancy, has been instructed
to market the mixed portfolio of commercial properties, the FT
discloses.  The process was made easier by the fact that Jones
Lang LaSalle was also appointed as receiver in each case, the FT

                 About Lloyds Banking Group PLC

Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- is a United
Kingdom-based financial services group providing a range of
banking and financial services, primarily in the United Kingdom,
to personal and corporate customers.  The Company operates in
three divisions: UK Retail Banking, Insurance and Investments, and
Wholesale and International Banking.  Its main business activities
are retail, commercial and corporate banking, general insurance,
and life, pensions and investment provision.  The Company also
operates an international banking business with a global footprint
in 40 countries.  Services are offered through a number of brands,
including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows,
Clerical Medical and Cheltenham & Gloucester.  On January 16,
2009, Lloyds Banking Group plc acquired HBOS plc.

LLOYDS BANKING: Appoints Grainger to Manage Insolvent Properties
Tim Barwell at Bloomberg News reports that Lloyds Banking Group
Plc appointed Grainger Plc to manage residential properties that
are in the insolvency process after borrowers defaulted on loans.

According to Bloomberg, Lloyds said in a statement on Wednesday
that Grainger, the U.K.'s largest publicly traded residential
landlord, will receive fees based on rent and disposals from the
property portfolio.

Bloomberg relates that the statement said Grainger manages about
20,000 properties in the U.K.

                 About Lloyds Banking Group PLC

Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- is a United
Kingdom-based financial services group providing a range of
banking and financial services, primarily in the United Kingdom,
to personal and corporate customers.  The Company operates in
three divisions: UK Retail Banking, Insurance and Investments, and
Wholesale and International Banking.  Its main business activities
are retail, commercial and corporate banking, general insurance,
and life, pensions and investment provision.  The Company also
operates an international banking business with a global footprint
in 40 countries.  Services are offered through a number of brands,
including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows,
Clerical Medical and Cheltenham & Gloucester.  On January 16,
2009, Lloyds Banking Group plc acquired HBOS plc.

ROYAL BANK: Vince Cable Balks at Efforts to Delay Collapse Report
Elizabeth Rigby at The Financial Times reports that Business
Secretary Vince Cable has attacked Royal Bank of Scotland for
putting up "obstacles" to prevent the publication of a long-
awaited report into the collapse of the bank, amid concern that
legal wrangling could delay its release indefinitely.

According to the FT, Mr. Cable expressed concern on Tuesday that
the report into RBS by the Financial Services Authority was being
held up by legal disputes as he confirmed that the government was
working with the City watchdog to find a way through the barriers
to publication.

"There is a clear public interest in a comprehensive report being
published and delivered to government as soon as possible," the FT
quotes Mr. Cable as saying.  "My department is speaking to the FSA
about the delay and shares their frustration about the obstacles
being put in their way to prevent publication."

Mr. Cable's intervention comes after it emerged that the report,
originally expected to be published by the end of March, had been
repeatedly delayed by legal clashes between the FSA, politicians
and RBS lawyers over its tone and content, the FT relates.

Both Mr. Cable and the Treasury committee are keen to ensure the
published version does not pull punches over what went wrong at
the bank, which is still 83% owned by the taxpayer, the FT notes.

However, lawyers acting for RBS are concerned that some passages
may expose the group to further litigation, particularly in the
US, according to the FT.  The legal team representing Johnny
Cameron, the former head of RBS's investment banking arm, has also
raised objections, the FT says, according to people familiar with
the process.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) -- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed of its entire
interest in Global Voice Group Ltd.


* Upcoming Meetings, Conferences and Seminars

May 5, 2011
     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;

May 6, 2011
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800;

June 6, 2011
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800;

June 9-12, 2011
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.

July 21-24, 2011
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800;

July 27-30, 2011
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800;

Aug. 4-6, 2011
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800;

Oct. 14, 2011
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800;

Oct. __, 2011
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800;

Oct. 25-27, 2011
     Hilton San Diego Bayfront, San Diego, CA

Dec. 1-3, 2011
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800;

April 3-5, 2012
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.

Apr. 19-22, 2012
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800;

July 14-17, 2012
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800;

Aug. 2-4, 2012
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800;

November 1-3, 2012
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.

Nov. 29 - Dec. 2, 2012
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800;

April 10-12, 2013
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.

October 3-5, 2013
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.


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, Psyche A. Castillon, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,

Copyright 2011.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.

                  * * * End of Transmission * * *