TCREUR_Public/110630.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, June 30, 2011, Vol. 12, No. 128



A-TEC INDUSTRIES: Penta Investments to Submit Bid Today

C Z E C H   R E P U B L I C

BESTSPORT AS: May Have to Sell O2 Arena Under Restructuring Plan


ISS A/S: Moody's Confirms 'B2' CFR; Outlook Positive


PROVIDE BLUE: S&P Affirms Rating on Class E Notes at 'BB'
WEST LB: Fitch Revises IDR to Watch Positive; 'D' BFSR Unaffected
WINDERMERE VIII: Fitch Downgrades Rating on Class E Notes to 'Csf'


* GREECE: France to Shoulder Part of Rescue Package Cost


CURLEY FURNITURE: Loss Prompts KPMG to Raise Going Concern Doubt
MORRISSEY'S ENGINEERING: Ken Fennell Appointed as Liquidator


PARMALAT SPA: Grant Thornton Wants Suit Tried in Federal Court
PARMALAT SPA: Lazio Court Upholds Enforcement Proceedings


DELTA BANK: S&P Assigns 'B/B' Counterparty Credit Ratings


MOSCOW INTEGRATED: Fitch Ratings Affirms Long-Term IDR at 'BB+'
URALS ENERGY: Auditors Express Going Concern Doubt


SAAB AUTOMOBILE: Enters Into EUR28-Mil. Property & Leaseback Deal

U N I T E D   K I N G D O M

ADVICE AND CONSULTANCY: Goes Into Liquidation; Owes GBP100,000 Tax
BLN PROPERTY: Firm's Administration Puts Jumeirah's Plans in Doubt
DAWSONS LLP: In Liquidation; Owes GBP1 Million to Creditors
EUROPEAN PRIME: S&P Affirms Rating on Class D Notes at 'D'
HABITAT: York & Lakeside Stores' Future in Limbo

HOTELCONNECT LTD: Ceases Trading; Taps Provisional Liquidators
LICK GROUP: Heads for Liquidation; Creditors to Meet on July 13
LIQUIDITY SERVICES: Seeks to Close UK Operations
MARSTON'S ISSUER: Fitch Affirms Rating on Class B Notes at 'BB+'
MAURICE PAYNE: Rimes & Co Expects Firm to Go Into Administration

NEW COUNTY: Seeks Company Voluntary Arrangement with Creditors
PLYMOUTH ARGYLE: Bishop International Emerges as Preferred Bidder
R&D CONSTRUCTION: Leaves GBP22 Million Debt
RINK CORP: Cardiff Boss Pledges Commitment to Club
TENDERLEAN LIMITED: Goes Into Administration, 40 Jobs at Risk

THORNTONS: TO Close Up to 180 Stores, 1,000 Jobs at Risk
TJ HUGHES: Collapses Into Administration, Lines Up Accountants
VISIT LONDON: Administration "Not Sufficiently Thought Through"


* Upcoming Meetings, Conferences and Seminars



A-TEC INDUSTRIES: Penta Investments to Submit Bid Today
Zoe Schneeweiss at Bloomberg News reports that Penta Investments
Ltd., a central European private-equity company, will submit a bid
for A-Tec Industries AG by today's deadline.

A-Tec, majority-owned by Chief Executive Officer Mirko Kovats,
filed for insolvency on Oct. 20 after efforts by the Vienna-based
company to refinance a bond failed, Bloomberg recounts.

Bloomberg says A-Tec's creditors will receive 47% of their claims
if A-Tec finds an investor before the end of June.

According to Bloomberg, Wirtschaftsblatt newspaper on Wednesday
reported that in addition to Penta, A-Tec is expecting one or two
bids by today's deadline.  The report said that for creditors to
get the promised 47% quota, the sale has to bring in
EUR230 million (US$331 million), Bloomberg notes.

A-TEC Industries AG engages in plant construction, drive
technology, machine tools, and minerals and metals businesses in
Europe and internationally.  The company is based in Vienna,

C Z E C H   R E P U B L I C

BESTSPORT AS: May Have to Sell O2 Arena Under Restructuring Plan
According to Bloomberg News' Ladka Bauerova, CTK news service,
citing a decision by Bestsport AS's board of directors, reported
that the company may soon be forced to sell O2 Arena as part of
its financial restructuring.

As reported by the Troubled Company Reporter-Europe on June 29,
2011, CTK said that it was decided at a creditors' meeting Tuesday
that Bestsport would be reorganized based on the creditors'
proposal.  CTK related that creditors removed Bestsport's
insolvency administrator Daniela Urbanova and appointed Josef
Cupka, the insolvency administrator of lottery company Sazka, in
her place.  Creditors also dismissed Bestsport's preliminary
creditor committee on Tuesday and set up a four-member committee
comprising of representatives of companies KKCG, Sazka, The Bank
of New York Mellon, and newly also PPF Healthcare, CTK disclosed.
Bestsport filed a proposal for reorganization earlier in June, CTK

Bestsport operates multipurpose hall 02 arena in Prague.


ISS A/S: Moody's Confirms 'B2' CFR; Outlook Positive
Moody's Investors Service has confirmed the ratings of ISS A/S.
Confirmed ratings are the B2 Corporate Family Rating, B2
Probability of Default and the Caa1 rating on the senior
subordinated notes due 2016. The ratings outlook is positive.

Ratings Rationale

"The review for upgrade was predicated on the successful
completion of the IPO. Although ISS has not executed its IPO plans
due to continuing challenging equity market conditions, positive
pressure on the ratings results from (i) steadily improving
operating performance driven by the rapid growth in emerging
markets and integration of past acquisitions resulting in improved
financial metrics, (ii) extended maturity profile of around DKK18
billion of its bank debt removing medium-term refinancing risk and
(iii) continued focus on organic growth and more disciplined
approach towards acquisitions", says Tanya Savkin, Moody's lead
analyst for ISS."

On June 1, 2011, ISS announced that it is seeking the consent of
its lenders under the Senior Facilities Agreement for an extension
of certain facilities under the SFA and other amendments. The
company obtained the consent to all the amendments by 17 June 2011
with 96.5% of the lenders accepting the extension of the maturity
of its revolving credit facility (RCF) and its Letter of Credit
facility to December 2014 from June 2012 and the maturity of
TLB/Acquisition B Facility to April 2015 from December 2013.
Additionally, the company obtained consent to increase its DKK2.5
billion RCF by up to DKK1.5 billion and to a number of other
amendments, including increase in various baskets. Selected
covenants will be reset with up to 25% headroom reflecting (i) the
addition of securitization in the covenants debt calculation
(previously excluded); and (ii) increased interest costs following
the amendment request.

ISS' audited full-year 2010 results showed increase in revenue by
7.3% to DKK74 billion thanks to organic growth of 3.5%, positive
exchange rate movements of 5.1% and negative effect of divestments
of 1.2%. Growth in 2010 was primarily driven by emerging markets.
The operating profit margin (before other items) increased to 5.8%
in 2010 from 5.6% in 2009, resulting from improved profitability
in Western Europe (ISS's biggest region of operations), above
average margins in Asia and cost management actions taken in 2009.
ISS maintained a high cash conversion ratio at 98% thanks to low
working capital despite increased revenues. ISS' Moody's adjusted
debt to EBITDA ratio decreased to 6.6x as of December 2010
compared to 7.4x in 2009.

Organic growth showed further improvement in the first quarter of
2011 (5.8% versus 2.1% year-on-year growth) due to new contract
wins, roll out of large IFS contracts and strong momentum in
emerging markets. Profitability was negatively impacted by the
roll out of large contracts which required start-up costs and
therefore the operating margin before other items remained flat
year-on-year. The operating margin is expected to improve in the
latter part of the year resulting from further divestment of non
core activities in Europe, turnaround in France and the increased
contribution from emerging markets which display higher margins.

Liquidity remains adequate, with low repayments due in the medium
term following the refinancing, DKK2.7 billion cash on balance
sheet as of March 2011 and the undrawn portion of its DKK2.5
billion revolver, now with the possibility to be increased by up
to DKK1.5 billion and extended to December 2014.

The positive outlook reflects Moody's expectations that ISS will
continue to benefit from positive market momentum due to a
combination of continued outsourcing, growth in global contracts
and in emerging markets. Moody's expects further improvement in
ISS's operating margins thanks to its flexible cost base.

The rating could be positively impacted by adjusted leverage
falling sustainably below 6.5x. An upgrade would also require
interest coverage (EBITDA-capex/interest expenses) approaching

There could be negative pressure on the rating in case of decline
in operating profitability, debt/EBITDA trending towards 7.5x and
interest cover closer to 1.0x.

The principal methodology used in rating ISS A/S was the Global
Business & Consumer Service Industry Rating Methodology, published
October 2010. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA, published June 2009.

ISS World Services A/S, based in Copenhagen, Denmark, is the fully
owned subsidiary of ISS A/S and one of the leading facility
services providers in the world.


PROVIDE BLUE: S&P Affirms Rating on Class E Notes at 'BB'
Standard & Poor's Ratings Services affirmed its credit ratings on
PROVIDE BLUE 2005-2 PLC's class A+, B, C, D, and E notes.

"The affirmations follow our analysis of the transaction's
performance. Credit enhancement provided through subordination has
risen since closing due to the amortization of the underlying
reference pool. Credit support to the rated classes of notes is
provided by a threshold, above which losses will be allocated to
the notes, in an amount of EUR21.2 million in addition to the
subordinated classes," S&P said.

Since closing, cumulative losses have increased to EUR9,274,336
and diminished the size of the threshold to EUR11,925,664. The
relatively low recovery rate of 42% to date is affected by prior-
ranking loans not in the reference portfolio.

"We have observed 90+ day arrears of approximately 1.10% of the
current pool balance since May 2009. Credit events have been at
what we consider to be high levels of above 1.50% since February
2010. As of the current pool report, for the May 9, 2011 payment
date, the level of 90+ day arrears is 1.05% and credit events
amount to 1.66% of the current pool balance," S&P related.

"Considering realized losses and delinquencies to date, and taking
into account historical recovery rates in this particular
portfolio, we have assessed the likelihood of future losses for
both the performing and nonperforming parts of the collateral
pool," S&P added.

"However, the current level of credit enhancement provided to
senior classes of notes by the threshold and subordinated classes,
is in our opinion commensurate with the ratings on these classes
of notes. We have therefore affirmed our ratings on the class A+,
B, C, D, and E notes," S&P continued.

Amortization has reduced the pool factor in PROVIDE BLUE 2005-2 to
52%. "We will continue to monitor the development of credit events
and actual losses in the transaction," S&P added.

PROVIDE BLUE 2005-2 is a synthetic German residential mortgage-
backed securities (RMBS) transaction using the partially-funded
KfW Provide Platform.

Ratings List

Class       Rating

EUR155.9 Million Floating-Rate Credit-Linked Notes

Ratings Affirmed

A+          AAA (sf)
B           AA (sf)
C           A (sf)
D           BBB (sf)
E           BB (sf)

WEST LB: Fitch Revises IDR to Watch Positive; 'D' BFSR Unaffected
Fitch Ratings has revised WestLB AG's 'A-' Long- term Issuer
Default Rating and 'A-' Support Rating Floor to Rating Watch
Positive from Rating Watch Negative. At the same time, Fitch has
affirmed WestLB's Short-term IDR and Support Rating SR at 'F1' and
'1', respectively, and removed them from RWN.

The rating actions follows WestLB's announcement on June 24 that
its owners have reached an agreement with the Federal Agency for
Financial Market Stabilisation (Bundesanstalt fur
Finanzmarktstabilisierung, FMSA) and the Erste Abwicklungsanstalt
(EAA, 'AAA'/Stable), about a binding framework for the
restructuring of WestLB.

Fitch believes that the announced restructuring plan should
eliminate the downside scenario for WestLB's senior creditors. The
RWN was based on the negative prospects for the bank's support-
driven ratings from plans to sell the bank by the end of 2011, as
requested by the European Commission, and diminish its ties to the
state of North-Rhine Westphalia (NRW, 'AAA'), one of its current
owners. In Fitch's view, this situation has now changed. If the EC
agrees to the proposed restructuring plan, besides business
activities which could be sold, the bank's business will be split
between three main entities: the Sparkassen-Finanzgruppe
(Sparkassen; rated 'A+'), EAA and NRW. The IDRs of these three
entities mean that an upgrade of the bank's rating is highly
probable should the plan proceed, which the agency considers
likely. WestLB AG, which would be renamed SPM-Bank, would be owned
by NRW and its current creditors would be allocated among the
three entities. NRW has provided substantial support to WestLB in
the form of asset guarantees during the global financial crisis.
These support measures are currently subject to a review process
and pending a decision by the EC.

The restructuring plan was one of the alternative scenarios put
forward early this year.  If it goes ahead, it will result in the

   -- Parts of WestLB will be spun off on June 30, 2012 into a so-
      called 'Verbundbank', a bank which would be owned by the
      Sparkassen-Finanzgruppe, the German savings bank group;

   -- WestLB AG will become a service and portfolio management
      bank (SPM-Bank), servicing Verbundbank and EAA and for which
      NRW assumes the sole ownership responsibility;

   -- Other assets or businesses could be sold to third parties
      and those remaining at or June 30, 2012 will be transferred
      to EAA.

Fitch notes that several areas of the transactions remain
uncertain at this stage:

   -- The proposed restructuring is still subject to approval by
      the German authorities, the parties' governing bodies and
      the EC;

   -- It is unclear which obligations will end up in which of the
      three entities, WestLB/SPM, EAA or Verbundbank;

   -- No details have yet been provided about safeguarding
      WestLB's liquidity and operations during the transition
      period until June 30, 2012.

Fitch believes that the EC is interested in closing this specific
state aid case and because it has questioned the viability of
WestLB's current business model, is likely to support this plan of
a controlled wind-down of WestLB.

WestLB, its shareholders and the EAA are committed to reach an
agreement on appropriate measures to ensure liquidity and
solvency. WestLB, the EAA and NRW have also committed to ensuring
that WestLB/SPM remains a credible market counterparty,
particularly with respect to honoring derivative agreements. Fitch
expects that WestLB's liquidity will continue to be supported by
the savings banks in Germany, as in the past, because the savings
banks in NRW and their customers will remain large creditors of
WestLB until the spin off. After June 30, 2012, Fitch expects NRW
to assume its ownership responsibilities and ensure WestLB/SPM's
liquidity and solvency.

With regard to the future Verbundbank, Fitch expects that the
ownership by Germany's savings banks will stabilize this regional

The agency will conclude its review once further details of the
restructuring plan become clear and the plan has been approved by
the EC.

The rating actions were driven by the specific event of the
announcement on June 24 about the proposed restructuring of
WestLB. Fitch did not carry out a full review as described in its
Global Financial Institutions Rating Criteria, but limited its
review to an assessment of the impact of the event on the bank's
support-driven ratings. These ratings were last reviewed in March

The rating actions are:


   -- Long-term IDR: 'A-', revised to RWP from RWN

   -- Short-term IDR: affirmed at 'F1', off RWN

   -- Individual Rating: 'D' unaffected

   -- Support Rating: affirmed at '1', off RWN

   -- Support Rating Floor: 'A-', revised to RWP from RWN

   -- Senior Debt: 'A-'/'F1', revised to RWP from RWN

   -- Senior market-linked securities: 'A- emr', revised to RWP
      from RWN

   -- State-guaranteed/grandfathered debt: affirmed at 'AAA'/'F1+'

WINDERMERE VIII: Fitch Downgrades Rating on Class E Notes to 'Csf'
Fitch Ratings has upgraded Windermere VIII CMBS plc's class A2,
A3, and B notes, affirmed the class C and D notes and downgraded
the class E notes:

   -- GBP190.2m class A2: upgraded to 'AAAsf' from 'BBBsf';
      Outlook Stable

   -- GBP46.5m class A3: upgraded to 'AAsf' from 'BBsf'; Outlook

   -- GBP49.8m class B: upgraded to 'Asf' from 'Bsf'; Outlook

   -- GBP50.2m class C: affirmed at 'CCCsf'; Recovery Rating
      revised to 'RR2' from RR6

   -- GBP43.7m class D: affirmed at 'CCsf'; Recovery Rating of

   -- GBP19.7m class E: downgraded to 'Csf' from 'CCsf'; Recovery
      Rating of 'RR6'

The upgrade of the class A2, A3 and B notes reflects the full
repayments of the Mid City Place and AMG loans. The full repayment
of the Mid City Place loan, which was allocated to the notes at
the April 2011 interest payment date, resulted in a GBP216 million
paydown of the class A2 notes. The recent sale of the AMG
portfolio has also resulted in a full repayment of the loan. The
GBP151 million proceeds will be applied at the next IPD in July
2011, which will further reduce the outstanding balance of the
class A2 notes to GBP39 million.

Following the recent repayments, the Government Income Portfolio
loan, secured by 37 secondary office properties located across the
UK, now accounts for 79% of the loan pool. The loan benefits from
strong collateral income, as 91% of passing rent is derived from
government institutions. However, the average remaining lease term
is short at nine years. Fitch expects the asset value to continue
to be eroded as the residual lease terms falls. The loan is
scheduled to mature in October 2012.

The other three remaining loans, together accounting for 21% of
the loan pool balance, are all currently in special servicing.
Although the special servicer is currently exploring a number of
different exit strategies, Fitch believes there is a high risk of
loss on both the Amadeus and Monument loans, which have both
experienced sharp declines in value. The downgrade of the class E
notes reflects the increased likelihood of a loss allocation from
these loans.


* GREECE: France to Shoulder Part of Rescue Package Cost
Matthew Saltmarsh at New York Times reports that French President
Nicolas Sarkozy said Monday that French banks have agreed to
shoulder part of the cost of a new rescue package for Athens by
extending the maturity of their holdings of Greek debt.

According to NYT, under the plan, agreed upon between the
government and French lenders, banks would reinvest most of the
proceeds of their holdings of Greek debt maturing between now and
2014 back into new long-term Greek securities.

NYT notes that Mr. Sarkozy said he hoped that other European
countries would adopt a similar plan.


CURLEY FURNITURE: Loss Prompts KPMG to Raise Going Concern Doubt
Gordon Deegan at Irish Examiner reports that Curley Furniture and
Carpets Ltd. recorded a pre-tax loss of EUR3.8 million in 2009
after revenues decreased by 17% to EUR13.4 million.

According to Irish Examiner, accounts recently filed with the
Companies Office show that Curley recorded the EUR3.8 million loss
to the end of March 2009 after recording a pre-tax profit of
EUR179,861 in 2008.  The company's revenues declined during the
year from EUR16.3 million to EUR13.4 million, Irish Examiner

At the end of March 2009, the company had net liabilities of
EUR3.68 million, Irish Examiner states.

The sharp deterioration in the company's finances prompted the
firm's auditors, KPMG to state that the company's ability to
continue as a going concern is dependent on the availability of
continued support from the company's bankers, Irish Examiner

Irish Examiner relates that the auditors state: "The directors
have reviewed the financial projections and underlying assumptions
and considered the availability of financial support and, on the
basis of this review and discussions with its bankers, believe
that appropriate funding will be made available to the company to
enable it to continue as a going concern."

The figures show that the company had accumulated losses of
EUR3.68 million at the end of March 2009, Irish Examiner notes.

Curley Furniture and Carpets Ltd. is a furniture retail chain.

MORRISSEY'S ENGINEERING: Ken Fennell Appointed as Liquidator
Eibhilin Marron at kavanaghfennell reports that Ken Fennell of
kavanaghfennell has been appointed liquidator over the Morrissey's
Engineering and Maintenance Limited.

The company traded successfully during the construction boom
providing high quality steel products to some of the largest
construction companies in the industry such as John Sisk, Walls &
P Elliott, kavanaghfennell relates.  At the height of production,
the company employed over 70 staff falling to just below 40 at the
date of liquidation, kavanaghfennell discloses.

According to kavanaghfennell, with the demise of the construction
industry in recent years and the rapid increase in the number of
liquidations within the industry the company began to feel the
effects, as production fell significantly.

The liquidator has secured all assets of the Company and will look
to sell them over the coming weeks, kavanaghfennell notes.

Morrissey's Engineering and Maintenance Limited is based in
Whitemill Industrial Estate, Clonard, Co Wexford.


PARMALAT SPA: Grant Thornton Wants Suit Tried in Federal Court
Parmalat Capital Finance Limited and Dr. Enrico Bondi, who was
appointed Extraordinary Commissioner in each of the Parmalat
cases, asked the U.S. District Court for the Southern District of
New York to abstain from hearing the two lawsuits they filed
against Grant Thornton International and Grant Thornton, LLP, and
remand the cases to the Cook County, Illinois state court where
they were originally filed.

The Grant Thornton Entities assert that the Court should refuse
mandatory abstention and allow the cases to proceed in federal

Grant Thornton argues that Section 1334(c)(2) of the Judiciary
and Judicial Procedures Code is inapplicable because the action
could have been commenced under Section 1367, as confirmed by
Achtman v. Kirby, McInerney & Squire, 464 F.3d 328 (2d Cir.
2006).  In Achtman, the Second Circuit affirmed a Section 1367
jurisdiction over a state-law action by federal securities class
members against the class attorneys for malpractice in the
federal action.

Because Plaintiffs cannot defeat this argument on the merits,
they have devoted most of their efforts to constructing
procedural roadblocks, James L. Bernard, Esq., at Stroock &
Stroock & Lavan LLP, in New York, on behalf of Grant Thornton,

"True, Defendants did not make this alternative argument when
abstention was briefed initially, and once the matter was decided
in their favor, they did not -- and were not required to -- make
an alternative argument for keeping the case in federal court,"
Mr. Bernard says.  Nevertheless, by its terms and spirit, the
Second Circuit's mandate allows the District Court to consider an
independent ground for denying mandatory abstention, whether or
not it was raised and considered before.

Mr. Bernard adds that even if the mandate were more limited, any
waiver still may be forgiven and new issues considered.  There is
ample ground, he asserts, for doing that in this case.

Plaintiffs contend that this issue, if raised earlier, might have
spared the Second Circuit an unnecessary timeliness inquiry.

Mr. Bernard argues that if that is true, it remains true today.
He relates that in the interest of efficiency -- and in order to
avoid the unnecessary re-litigation of merits issues that
Plaintiffs have promised if this case is sent to state court --
the Court can and should consider the argument.  He further
argues that Plaintiffs fare no better on the merits of the

Mr. Bernard explains that the Second Circuit has clearly held
that supplemental jurisdiction can extend not only to claims
within a single action but to claims in a separate action that
arise from a common nucleus of operative fact.  He says that
there can be no doubt that the claims in the securities action
and these actions share a common nucleus of fact -- as evidenced
by the common briefing on key issues and their consolidation for
pretrial proceedings.

The settlement of the securities action is irrelevant; the
language of Section 1334(c)(2) plainly poses a backward-looking,
hypothetical question -- that is, whether Plaintiffs' actions
could have been commenced in federal court on some basis other
than Section 1334.

"[The] Plaintiffs' suggestion that this Court would have declined
to exercise supplemental jurisdiction only presupposes its
existence," Mr. Bernard says.

Thus, abstention is not mandatory because these actions "could
have been commenced" in federal court under Section 1367, Grant
Thornton contends.

On behalf of the Plaintiffs, Kathleen M. Sullivan, Esq., at Quinn
Emanuel Urquhart & Sullivan LLP, in New York, points out that
during the six-plus years since Grant Thornton removed the
Plaintiffs' actions to federal court, they never argued for a
jurisdictional basis other than Section 1334(c)(2) until filing
their opposition.  She contends that since Grant Thornton never
advanced that argument, neither the Court nor the Northern
District of Illinois nor the Second Circuit addressed it.

Instead, those courts addressed the principal argument that Grant
Thornton did make: that the actions cannot be timely
adjudicated[] in a State forum of appropriate jurisdiction,
Ms. Sullivan says.  She points out that the Second Circuit spent
months preparing a ruling definitively explicating the meaning of
"timely adjudicated," which the Circuit viewed as "a matter of
first impression."

After setting forth its understanding of "timely adjudicated,"
the Circuit returned the cases to the Court under a narrow
mandate, instructing that: (1) the district court should
determine whether these cases can be timely adjudicated in
Illinois state court at the present time; and (2) the district
court should also consider which party should bear the burden to
show that these matters cannot be timely adjudicated in state

Ms. Sullivan argues that accepting Grant Thornton's newly minted
argument would render the Circuit Court's efforts for naught by
disposing of the case on a ground that would render the timely
adjudication inquiry unnecessary.  She further argues that Grant
Thornton's tactic, which would subvert efficient adjudication and
the proper relationship between the District Court and the
Circuit, is foreclosed by numerous Second Circuit precedents
holding that an appellee who fails to present an argument to the
Circuit has waived the argument for purposes of future

"Those precedents, which Defendants tellingly ignore in favor of
a distinguishable 1978 district court decision, require a finding
of waiver here," Ms. Sullivan says.

Even if Grant Thornton's waiver could somehow be excused, their
invocation of Section 1367 as an alternative basis for federal
jurisdiction is wrong on the merits, Ms. Sullivan asserts.  She
explains that these actions, unlike federal securities cases,
involve a novel or complex issue of state law, namely, the in
pari delicto defense, and different time periods and elements.

For these reasons, the Plaintiffs ask the District Court to
abstain from hearing the cases under Section 1334(c)(2) and
remand them to Illinois state court.

                      About Parmalat S.p.A.

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

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

On June 22, 2004, Dr. Bondi, on behalf of the Italian entities,
sought protection from U.S. creditors by filing a petition under
Sec. 304 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.

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

Three special-purpose vehicles established by Parmalat S.p.A. --
Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food
Holdings Ltd. -- commenced separate winding up proceedings before
the Grand Court of the Cayman Islands.  Gordon I. MacRae and James
Cleaver of Kroll (Cayman) Ltd. were appointed liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed a Sec. 304
petition (Bankr. S.D.N.Y. Case No. 04-10362).  Gregory M. Petrick,
Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey,
Esq., at Janvey, Gordon, Herlands Randolph, represented the
Finance Companies in the Sec. 304 case.

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases and Sec. 304 cases.  In 2007, Parmalat obtained a
permanent injunction in the Sec. 304 cases.

PARMALAT SPA: Lazio Court Upholds Enforcement Proceedings
By means of the decision n. 4982/2011, issued on June 1, 2011, the
2nd Division of the Regional Administrative Court of Lazio (TAR
Lazio), this month partially upheld the petitions for the
enforcement proceedings (ricorsi per ottemperanza) filed by Ariete
Fattoria Latte Sano and by the Municipality of Rome against

The Regional Administrative Court of Lazio has acknowledged
the previous decisions issued by the same Court and by the
Administrative Court of Appeal (Consiglio di Stato) pursuant to
which such Courts stated the invalidity of the transfer by the
Municipality of Rome to Cirio S.p.A. of Centrale del Latte, which
was subsequently acquired by Parmalat.  However, the Regional
Administrative Court of Lazio has rejected, for lack of
jurisdiction, both the petition for the seizure (sequestro
conservativo) of the Centrale del Latte's shares owned by
Parmalat and the petition for the return (ordine di restituzione)
of the same shares to the Municipality of Rome.  The subject
matter will be judged by the Civil Court which has been requested
by Parmalat, by means of a writ of summon on February 2011, to
ascertain that the abovementioned shares belong to Parmalat for
having acquired such shares subsequently to their transfer by the
Municipality of Rome to Cirio, regardless of the statement of
invalidity of the latter transfer as subsequently issued.

By means of the same decision, the Regional Administrative Court
of Lazio has upheld the petition by Ariete Latte Sano and has
therefore ordered the Municipality of Rome to pay EUR8 million
plus interests and revaluation.

                      About Parmalat S.p.A.

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

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

On June 22, 2004, Dr. Bondi, on behalf of the Italian entities,
sought protection from U.S. creditors by filing a petition under
Sec. 304 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.

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

Three special-purpose vehicles established by Parmalat S.p.A. --
Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food
Holdings Ltd. -- commenced separate winding up proceedings before
the Grand Court of the Cayman Islands.  Gordon I. MacRae and James
Cleaver of Kroll (Cayman) Ltd. were appointed liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed a Sec. 304
petition (Bankr. S.D.N.Y. Case No. 04-10362).  Gregory M. Petrick,
Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey,
Esq., at Janvey, Gordon, Herlands Randolph, represented the
Finance Companies in the Sec. 304 case.

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases and Sec. 304 cases.  In 2007, Parmalat obtained a
permanent injunction in the Sec. 304 cases.


DELTA BANK: S&P Assigns 'B/B' Counterparty Credit Ratings
Standard & Poor's Ratings Services assigned its 'B/B' long- and
short-term counterparty credit ratings to Kazakhstan-based JSC
Delta Bank. The outlook is stable. "At the same time, we assigned
our 'kzBB+' Kazakhstan national scale rating to the bank," S&P

The ratings reflect the risky operating environment in Kazakhstan,
the bank's concentrated loan book and funding base, and high
execution risk related to its very rapid expansion strategy. The
ratings are also constrained by the bank's modest profitability
and limited capital base. These negative factors are partly offset
by the bank's better-than-sector-average reported asset quality
indicators, high share of liquid assets, and good capitalization

The ratings reflect Delta's stand-alone credit profile and do not
include any uplift for extraordinary external support, either from
the shareholders or the government.

With total assets of KZT51.9 billion on Dec. 31, 2010, Delta Bank
was the 21st largest bank in Kazakhstan by total assets and 17th
largest by loans and capital base.

"The stable outlook reflects our expectations that Delta's
financial factors will not evolve materially in the near term. We
anticipate continued positive but very low profitability, very
high concentration risk, a moderately high double-digit growth
rate, and capital ratios close to regulatory minima," S&P related.

S&P could lower the ratings if:

    * Asset quality declines, pushing the bank into losses; or

    * The liquidity position deteriorates significantly.

Elements that would be positive for the ratings are:

    * An increase in the size of Delta's equity base materially
     above the regulatory minimum,

    * A material and sustainable improvement in profitability,

    * A reduction of single-name and industry concentrations on
      the asset side and on the liabilities side.


MOSCOW INTEGRATED: Fitch Ratings Affirms Long-Term IDR at 'BB+'
Fitch Ratings has affirmed OJSC Moscow Integrated Power Company's
Long-term foreign currency Issuer Default Rating at 'BB+' with a
Positive Outlook and Short-term foreign currency IDR at 'B'. Its
National Long-term rating is affirmed at 'AA(rus)' with a Positive
Outlook and Short-term rating at 'F1+(rus)'. Fitch has
simultaneously assigned a Long-term local currency Issuer Default
Rating at 'BB+' with a Positive Outlook, local currency senior
unsecured rating of 'BB+' and a National senior unsecured rating
of 'AA(rus)' to MIPC's RUB6 billion bonds (face value) maturing in

MIPC's ratings are linked to those of the City of Moscow
('BBB'/Positive/'F3'), its majority shareholder, and reflect their
strong operational and strategic ties, in accordance with Fitch's
'Parent and Subsidiary Rating Linkage' methodology dated July 14,
2010. MIPC continues to receive equity injections from Moscow,
including RUB1.4 billion in cash and RUB10.4 billion of
contribution-in-kind in FY10 and RUB11.2bn in cash in FY09, which
Fitch considers an example of support. Fitch will review the level
of support to MIPC should the City of Moscow decide to privatize
it. The agency assesses MIPC's stand-alone creditworthiness in the
mid-BB rating category.

MIPC continues to receive large subsidies from the City of Moscow
for uneconomic (i.e., below cost) residential utility tariffs --
RUB14.9 billion or 17.4% of revenues in FY10, as compared to
RUB12.9 billion or 19.5% of revenues in FY09. Fitch forecasts that
over time the level of subsidies will decrease since Moscow is one
of a few Russian cities that subsidize public utilities. Fitch
expects that MIPC's heat and hot water tariffs will rise in line
with natural gas prices, by about 15% per annum until 2014, thus
increasing MIPC's revenues and replacing gradually phased-out
subsidies. In the agency's view, economic residential heat tariffs
and profitable operations (i.e., without subsidies) would be
positive for MIPC's ratings. However, Fitch does not currently
anticipate that these events will materialize in the medium term.

MIPC's debt is almost all short term, owing to the fact that its
outstanding RUB4.9bn bonds maturing in 2013 have a put option in
August 2011. MIPC's existing credit lines from Sberbank of Russia
('BBB'/Stable/'F3') and the Bank of Moscow ('BBB-'/'F3'/RWN) are
short term. MIPC's only long-term debt is made up of finance lease

MIPC estimates its total capex needs at about RUB28 billion over
2011-15, to be spent on heating pipe replacement, liquidation of
minor boiler houses and heating optimization in Zelenograd, rather
than on capacity expansion. Despite significant capex spend, Fitch
expects that MIPC will maintain funds from operations (FFO)
adjusted leverage at under 1.5x and FFO interest coverage of above
20x in 2011-2015.

At December 31, 2010, MIPC had RUB9.1 billion of short-term
borrowings including RUB4.9 billion of putable bonds and RUB323
million in short-term finance lease obligations. This compares to
RUB2.6 billion of cash in hand and RUB500 million in short-term
deposits. MIPC's unused bank facilities from Sberbank and the Bank
of Moscow are short term. Fitch forecasts that MIPC will generate
free cash flows of RUB2.7 billion in FY11. The agency anticipates
that MIPC will successfully roll over short-term bank loans and
refinance its bonds, if put by bondholders, in 2011. In Fitch's
view, an improved borrowing profile, e.g., a significantly reduced
portion of short-term debt in the capital structure would be
positive for MIPC's ratings.

URALS ENERGY: Auditors Express Going Concern Doubt
AR reports that Urals Energy received a warning from its auditors
about its ability to continue as a going concern.

According to AR, the company's auditors signaled that the group's
"liabilities exceed its current assets by US$11.2 million," along
with other factors, shows the existence of a material uncertainty
that may cast a shadow over the group's ability to continue as a
going concern.

For the year ended December 31, the company reported a profit
before tax of US$62.8 million, compared with a pre-tax loss of
US$333 million, a year earlier, AR discloses.

Looking forward, Urals Energy expects to strengthen its balance
sheets by repaying its debt, AR states.

Urals Energy swung is a Russian oil explorer.


SAAB AUTOMOBILE: Enters Into EUR28-Mil. Property & Leaseback Deal
Andrew Ward at The Financial Times reports that Saab Automobile
has been handed a financial lifeline after striking a property
sale and leaseback deal worth EUR28 million (US$39.9 million),
days after running out of cash to pay workers.

According to the FT, the Swedish carmaker has agreed to sell a
50.1% share in its property, including the company's main
Trollhattan production line, to a consortium of Swedish real
estate investors.

If completed, the provisional deal could help Saab stave off
collapse after a near-three-month production standstill caused by
a dispute with suppliers over unpaid bills, the FT says.

The property deal marks the second potential cash injection this
week after an agreement on Monday to sell 582 Saab vehicles to an
undisclosed Chinese company for EUR13 million, the FT notes.

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

U N I T E D   K I N G D O M

ADVICE AND CONSULTANCY: Goes Into Liquidation; Owes GBP100,000 Tax
Dan Thompson and Alice McKeegan at Manchester Evening News report
that Advice and Consultancy Ltd, a firm run by controversial
businessman Arran Coghlan, has gone into liquidation.

According to the report, the company went into liquidation with
debts of GBP220,000, while Mr. Coghlan was behind bars on remand
before a drugs case against him collapsed.  The company, which has
Mr. Coghlan and his partner listed as its directors, owes more
than GBP100,000 to the taxman and almost GBP60,000 to its

The directors have decided to wind up the business voluntarily
because it cannot afford to pay its debts, the report says.

Manchester Evening News relates that Mr. Coghlan, who owns all the
shares in Advice and Consultancy, was acquitted of conspiracy to
supply cocaine two weeks ago after prosecutors decided to offer no
evidence against him.

It was the fourth time the 39-year-old has been cleared of
criminal charges, the report notes.  Mr. Coghlan was previously
cleared of three separate murders, according to Manchester Evening

BLN PROPERTY: Firm's Administration Puts Jumeirah's Plans in Doubt
------------------------------------------------------------------ reports that Jumeirah Group's plans to operate
a luxury hotel in Scotland have been thrown into disarray after
the developer behind the US$200 million project went into

BLN Property Developments went into administration in May, after
lengthy legal battles with local shop owners over ownership of
land for the planned property, according to

The report notes that the deluxe Jumeirah Glasgow Hotel was
initially scheduled to open in 2011 and was billed as the jewel in
the crown in a huge rejuvenation of the Scottish city.

DAWSONS LLP: In Liquidation; Owes GBP1 Million to Creditors
Sofia Lind at Legalweek reports that Dawsons LLP has gone into
liquidation after failing to pay back debts to creditors,
including a sum of almost GBP1 million owed to Barclays.

The firm merged into Penningtons earlier this year, with 40
lawyers including seven partners moving across as of May 1, but
was renamed 2 New Square LLP for the purpose of the wind-up
process, Legalweek relates.

Legalweek says the plan was for the LLP to use a company voluntary
arrangement (CVA), which would see creditors repaid over a set
period of time, but the shell business has now been forced into
voluntary liquidation after failing to come to an agreement with
those owed money.

According to Legalweek, Penningtons said that Dawsons' ex-partners
are now working with the liquidators James Bannon and Andrew
Beckingham of BDO in order to repay creditors as fully as

Dawsons LLP is a firm of solicitors, specializing in corporate
commercial, employment, family, litigation, partnership, property,
private client and travel work.  Based in Lincoln's Inn, in the
heart of legal London, the firm advises a wide range of businesses
and individuals, both UK based and international.

EUROPEAN PRIME: S&P Affirms Rating on Class D Notes at 'D'
Standard & Poor's Ratings Services lowered its credit ratings on
European Prime Real Estate No. 1 PLC's class A and B notes. "At
the same time, we removed from CreditWatch negative our ratings on
the class A and B notes and affirmed our ratings on the class C
and D notes," S&P said.

The two largest loans in the underlying portfolio, namely the
Lloyds Building and the St. Enoch Shopping Centre loans, which
account for about 97% of the securitized pool, mature within the

"The rating actions reflect our view on the continued refinancing
difficulties in the current market and the issues related to the
timing of enforcement and the likelihood of recovering proceeds
before legal final maturity," according to S&P.

"Despite the relatively good historical performance of the two
largest loans, we believe that the refinancing of these loans may
prove challenging if the commercial real estate lending climate
remains constrained," S&P said.

"We believe that the pari passu nature of the debt related to the
St. Enoch Shopping Centre loan -- in which the Deco 6 -- UK Large
Loan 2 PLC transaction securitized an equal portion -- may
complicate the timing of loan recoveries. The Deco 6 transaction
has a legal final maturity date that falls three years
after European Prime Real Estate No. 1's legal final maturity
date. We understand that due to the split nature of this loan,
neither servicer has a controlling position in terms of loan
enforcement. We therefore believe that European Prime Real Estate
No. 1 may be unable to seek as timely a resolution as would be
possible absent the pari passu split," S&P related.

"In January 2011, we placed on CreditWatch negative our ratings on
the class A and B notes following the application of our 2010
counterparty criteria (see 'EMEA Structured Finance CreditWatch
Actions In Connection With Revised Counterparty Criteria,"'
published Jan. 18, 2011). After our review of the transaction
documents, we determined that the transaction was unable to
maintain the ratings on these notes under our current counterparty
criteria. We have subsequently lowered and removed from
CreditWatch negative our ratings on the class A and B notes," S&P

"We also affirmed our ratings on the class C and D notes, as we
believe that their credit quality has not changed. The class D
notes continue to accrue interest shortfalls," S&P related.

Secured against an office property in London, the GBP141 million
Lloyds Building loan represents 58% of the pool. The property is
fully let to The Society of Lloyds (A+/Stable) for at least a
further 10 years.

Secured against a shopping center in Glasgow city center, the
GBP95 million St. Enoch Shopping Centre loan represents 39% of the
pool. The loan represents 50% of the whole loan (on a pari passu
basis) that matures in April 2012. The property was
comprehensively refurbished in order to attract new tenants to
ultimately improve the level of rental incomes over time.

The GBP6.8 million Normandy House loan is the smallest loan in the
portfolio, representing 3% of the pool. A 73,130 square foot
office property in Basingstoke secures the loan, which is
currently in special servicing after the borrower failed to repay
its balance due at maturity. Consequently, the special servicer
has continued to market the assets for sale. "We expect that
principal shortfalls that may result from the sale of the assets
are likely to be passed onto the class D noteholders," S&P stated.

European Prime Real Estate No. 1 closed in August 2005. Eight
loans secured against commercial property in the U.K. initially
backed the transaction. Three of these loans prepaid and two loans
were redeemed with losses after they defaulted. Three loans
secured on three commercial properties currently remain in the
pool. The outstanding note balance has reduced to GBP247.6 million
from GBP347.8 million at closing. The legal maturity date is in
April 2014.

Ratings List

Class       To            From

European Prime Real Estate No. 1 PLC
GBP347.758 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

A          AA (sf)        AAA (sf)/Watch Neg
B          A+ (sf)        AA (sf)/Watch Neg

Ratings Affirmed

C          BBB (sf)
D          D (sf)

HABITAT: York & Lakeside Stores' Future in Limbo
The Press reports that the future of Lakeside's Habitat store is
looking bleak after the furniture chain said it is going into
administration.  Thurrock Gazette relates that the same
predicament is also felt in Habitat's Lakeside's store. says that Salans and Linklaters have taken lead
roles on the administration of Habitat and the sale of the United
Kingdom brand to Home Retail Group (HRG).

The administrators have turned to Salans for insolvency advice,
with the firm fielding a team of lawyers led by London finance
partner Sonia Jordan, according to

As reported in the Troubled Company Reporter-Europe on June 27,
2011, Mirror News said the United Kingdom arm of Habitat has gone
into administration in a move threatening up to 30 stores and
around 900 jobs.  Separately, current owner Hilco has struck a
deal with Homebase and Argos owner Home Retail Group allowing it
to buy the UK rights to the Habitat brand in the UK, the Web site
and three stores in central London for GBP24.5 million, according
to Mirror News.  The report related that Hilco said the stores not
included in the deal will trade as normal while the administrator,
Fraser Gray of Zolfo Cooper, talks to interested parties.  Mirror
News notes that the private equity firm added that it is in
advanced talks to sell the more successful European operation,
which consists of 27 stores in France, six in Spain and five in a
Germany, to a major European listed business.  Hilco said Habitat
posted losses of EUR100 million (GBP88 million) over the past
three years and a return to profitability in the UK appeared
unlikely in the near term as many of the stores were expensive and
poorly-located for a furniture retailer, Mirror News added.

Set up by design legend Sir Terence Conran in 1964, Habitat came
to epitomize London's young and trendy image during the Sixties
with a range of pastel colors and products based on Conran

HOTELCONNECT LTD: Ceases Trading; Taps Provisional Liquidators
HotelConnect Ltd has ceased trading as of June 28, 2011.  Travel
Weekly says HotelConnect failed with 6,000 forward trade bookings
and 400 direct consumer bookings.

An Abta spokesman has confirmed to Travel Weekly that provisional
liquidators have been approached after the company was declared

Travel Weekly relates that Abta said the trade terms and
conditions on the HotelConnect travel agent Web site set out
clearly that it was acting as a supplier and that all bookings
should be honoured.

Rival bed banks have told Travel Weekly they are already receiving
calls from consumers and agents to re-protect bookings.  Abta
advised agents to contact the hoteliers they have clients booked
with to make sure the booking will be honoured, Travel Weekly

"The hotels are still in business so the companies who the
consumers dealt with clearly will need to ensure that that booking
will still go ahead which might mean they have to pay again,"
Travel Weekly quotes a spokesman as saying. "There should not be
any confusion, the agent website sets out the terms and conditions
very clearly.  This is a straight forward form of supplier

HotelConnect is an accommodation-only supplier.  It had
traditionally specialised in city hotels until recently when it
started to increase its beach product.

LICK GROUP: Heads for Liquidation; Creditors to Meet on July 13
Simon Nias at PrintWeek reports that Lick Group will be placed in
liquidation with The P&A Partnership, the Sheffield-based
insolvency practitioner which handled the liquidation of Lick
Group subsidiaries Lick Digital and Top Copy.

The P&A Partnership confirmed that a meeting of creditors had been
set for July 13, at which the company would be liquidated.

Earlier this month, PrintWeek recalls, Lick Group's staff were
reportedly sent home, while former managing director Linden Kitson
resigned as a director on Companies House.

Lick Digital and Top Copy went into liquidation on March 29; at
the time the company claimed that it was "business as usual" for
Lick Group, PrintWeek reports.

Lick UK, which traded as Lick Group, went into administration on
April 7, 2010.  Insolvency practitioner BWC Business Solutions was
appointed as administrator.

Lick UK is a direct mail company.  The group also includes Lick
Online, Lick Direct and Lick Agency.  According to PrintWeek's
2009 top 500, Lick UK had a turnover of GBP3.7 million and
employed 72 staff.

LIQUIDITY SERVICES: Seeks to Close UK Operations
Ina Steiner at reports that Liquidity Services,
Inc., may close its UK operations after losing a key client due to
the economic downturn. says through the acquisition of Geneva Industries
in 2008, Liquidity Services conducts sales of surplus assets and
retail merchandise through its online marketplaces UK- and

"Following the acquisition of Geneva, the economic downturn and a
low buyer adoption rate of online inventory sourcing have created
ongoing losses that are not sustainable for Liquidity Services."
the company said in its filing with the SEC, according to, citing Wall Street firm Janney Capital Markets,
relates that the downturn caused the bankruptcy of its largest

According to the report, Liquidity Services has initiated
consultation with employees as a result of its proposal to close
its UK operations.  The consultation period is scheduled to end on
July 25, 2011, the report notes.  During the consultation period,
sales will continue as normal. relates that the company said if consultation
does not avert the closing of operations, Liquidity Services would
ensure an orderly transition in the coming months and would expect
to have the process substantially completed by fiscal year end

Liquidity Services, Inc. operates an online auction marketplace
for surplus and salvage assets.  The company enables buyers and
sellers to transact in an automated online auction environment
offering approximately 500 product categories.

MARSTON'S ISSUER: Fitch Affirms Rating on Class B Notes at 'BB+'
Fitch Ratings has affirmed Marston's Issuer plc's class A, AB and
B notes, and revised their Outlooks to Stable from Negative.

As expected at Fitch's last review in April 2010, performance has
marginally improved with trailing-12 months EBITDA April 2011
increasing by 1.9% reaching GBP129.2 million despite compressions
in margin falling to 34.9% from 36.6%. This increase was primarily
driven by strong increases in sales from the managed estate in
particular and to a lesser degree from the tenanted estate (with
food sales now representing c. 40% of the total managed sales),
and an increase in the number of managed pubs.

In the near term, the agency believes EBITDA could grow marginally
despite a declining trend in the EBITDA margin, while in the long
term, Fitch expects that the cash available for debt service DSCR
for the class A, AB, and B notes will fluctuate around 1.7x, 1.6x
and 1.4x, respectively. Further comfort is taken from the
transaction's flat debt profile removing any point-in-time
stresses, the structural credit enhancements such as the tranched
liquidity facility, and the deferability of the junior notes in
favor of the most senior ones.

Additionally, Fitch views positively management's pro-activeness
in turning around its tenanted business, having been the first
major pubco to launch in 2009 a hybrid tenanted/managed pub
business model with the introduction of the retail agreements
(RA), recently awarded with the British Franchise Accreditation.
These agreements, which, according to management cost c. GBP50,000
per pub to put in place, allow Marston's to have more control over
the pubs' retail offering (drinks, food), which is key to quickly
adapting the pubs' offering. Ultimately, they also tend to align
the interest of both Marston's and the tenant, with the latter
receiving c. 20% of the turnover to pay his remuneration and of
its employees whilst Marston's is responsible for all the other
costs. Management currently has over 200 pubs under RA,
representing c. 15% of the tenanted pubs, and plans to have over
35% of them under RA by 2013. The first sets of results suggest
that pubs converted recently demonstrate a strong uplift in sales
(with double digit like-for-like growth for the 32-week period
ending 14 May), but the long-term profit level remains relatively
uncertain as the extra sales are also offset by the extra costs
endured by Marston's.

The Stable Outlook is underpinned by the resilience of the group
as a whole over the past 18 months, and management's recent
actions which could result in some further potential uplifts in
profit in the years to come through both the managed (with
offering more targeted towards women and families) and the
tenanted estate with the consolidation of the pubs under flex-tie
substantive agreements and the rollout of the RAs. However, Fitch
remains cautious about the pub sector as it is still challenged by
macro-economic factors such as the recent VAT increase (to 20%
from 17.5% in January 2011), uncertainty about the jobs' market,
rising commodity prices, the ongoing change in consumer behavior,
further exposure to alcohol taxation and the continued strength of
the off-trade. In addition, despite progress made in the tenanted
model notably in terms of transparency, the Business, Innovation
and Skills Committee (BISC) has relaunched an investigation to
opine on the fairness of the tenancy agreements, the deadline for
reform being at the end of July 2011, which adds further
regulation pressure.

The transaction is the securitization of both managed and tenanted
pubs operated by Marston's comprising of 276 managed pubs
(representing c. 56.8% of Marston's plc's managed pubs) and 1,561
tenanted pubs (c. 94.0%).

The ratings actions are:

   -- GBP165.7m class A1 floating-rate notes due 2020: affirmed at
      'BBB+'; Outlook revised to Stable from Negative

   -- GBP214.0m class A2 fixed rate notes due 2027: affirmed at
      'BBB+'; Outlook revised to Stable from Negative

   -- GBP200.0m class A3 fixed-rate notes due 2032: affirmed at
      'BBB+'; Outlook revised to Stable from Negative

   -- GBP230.2m class A4 floating-rate notes due 2031: affirmed at
      'BBB+'; Outlook revised to Stable from Negative

   -- GBP80m class AB1 floating-rate notes due 2035: affirmed at
      'BBB'; Outlook revised to Stable from Negative

   -- GBP155.0m class B fixed-rate notes due 2035: affirmed at
      'BB+'; Outlook revised to Stable from Negative

MAURICE PAYNE: Rimes & Co Expects Firm to Go Into Administration
Tim Sheahan at PrintWeek reports that Maurice Payne Colourprint
(MPC) is expected to go into administration on June 28, according
to Rimes & Co, the insolvency practioner handling the case.

The company's former employees have been unable to claim
redundancy as no form of insolvency has been entered, according to
PrintWeek.  The report relates that the staff said that more than
two months have passed since they were last paid by the company,
which has been in a state of limbo for nearly a month.

PrintWeek recalls that employees were that the company was going
into administration and they had been made redundant, a letter
confirming the redundancy followed, however no change has

Rimes & Co said that when the company goes into administration, it
will be writing to relevant parties informing them as to how they
can claim outstanding wages and holiday pay, PrintWeek notes.

NEW COUNTY: Seeks Company Voluntary Arrangement with Creditors
Grant Prior at Construction Enquirer reports that New County is
trying to strike a Company Voluntary Arrangement with local
subcontractors and suppliers to keep the business trading.

According to Construction Enquirer, a new management team at the
firm is hoping to strike a deal by July 6.

The company owes trade creditors more than GBP1.5 million,
Construction Enquirer discloses.

Director Tony Spellman told Construction Enquirer that the only
alternative to a CVA would be putting the company into liquidation
with the loss of more than 100 jobs.

New County is a County Durham based road surfacing specialist

PLYMOUTH ARGYLE: Bishop International Emerges as Preferred Bidder
Plymouth Herald reports that Gibraltar-based Bishop International
Limited has emerged as the preferred bidder for Plymouth Argyle
Football Club (Argyle).

Insiders said that Bishop International is a joint venture between
Truro City Football Club owner Kevin Heaney and business
associates, according to Plymouth Herald.  The report relates that
Bishop International, which under Gibraltan company law is under
no obligation to reveal its true shareholders or directors is the
firm to have agreed the terms of a sale.

Plymouth Herald discloses that Lombard, who have a GBP2.1 million
mortgage on the company's Home Park, are to be offered at least a
90% return by the consortium.  Plymouth Herald notes that former
club chiefs are understood to have personally guaranteed that
debt, fuelling speculation they could be involved in the secretive

The proposed takeover will also offer Mastpoint, a company
controlled by ex-bosses that had a GBP1.4 million mortgage with
Argyle, more cash back than other bidders, Plymouth Herald says.
The report relates that the Argyle's Acting Chairman Peter
Ridsdale would assume 100% ownership of the club if the sale goes
through, says.

Bishop International would buy all land assets, becoming the
Pilgrims' landlords and aiming to bring their money-spinning
building plans to life, Plymouth Herald says.

However, Plymouth Herald relates, the Professional Footballers'
Association, the player's union, is insisting the consortium pays
100% of the club's unresolved 'football creditor' debt, currently
GBP3.2 million and rising.  The report notes that it could prove a
huge stumbling block in the deal which, if it collapses, would
leave Argyle at risk of folding.

Mr. Heaney has indicated the full amount, which includes staff and
players' unpaid wages, will be paid in full, though potentially
over a period of several years, the report says.

Staff at Home Park, who have been told to expect just 30% of their
pay-packets this month, will get 50% if a GBP100,000 installment
from the consortium, due on June 24, arrives, Plymouth Herald

                   About Plymouth Argyle

Plymouth Argyle Football Club, commonly known as Argyle, or by
their nickname, The Pilgrims, is an English professional football
club based in Central Park, Plymouth.  It plays in Football League
One, the third division of the English football league system.

R&D CONSTRUCTION: Leaves GBP22 Million Debt
Craig Robertson at Dumfries Standard reports that documents show
the extent to which R&D Construction was in the red when it was
placed into administration in April with the loss of 205 jobs.

The company's bank is owed GBP14 million, while trade creditors
are owed GBP8 million, according to Dumfries Standard.  The
information was submitted to Companies House by R&D's
administrators, Ernst and Young.

The Lloyds Banking Group will take the company's property and land
assets, valued at GBP5 million, but the rest of those owed money,
including the unsecured trade creditors, are unlikely to see a
penny, Dumfries Standard notes.

Joint administrator Andrew James Davison noted in the Statement of
Administrator's Proposals that "there is no prospect of any funds
becoming available to unsecured creditors," according to Dumfries

The administrator's document details the companies, which are owed
money and the amounts.  Many of them are local construction firms
and supply businesses, which are owed anything from very small
amounts to six-figure sums, Dumfries Standard cites.

Dumfries and Galloway Council is also owed tens of thousands of
pounds for rates and fees, the report notes.

R&D was the main contractor for Dumfries and Galloway Housing
Partnership's GBP77 million regeneration scheme for Dumfries and
Stranraer, Dumfries Standard reveals.  The administration
documents reveal that R&D is actually owed around GBP3.8 million
but "DGHP have advised that there is unlikely to be any recovery."

Dumfries Standard relates that at the time of their
administration, R&D blamed the economic conditions for their
downfall.  However, Dumfries Standard notes, the administration
document suggest that the troubles of one of their sister
companies called Ardnablane may also have caused issues for R&D.
It states that Ardnablane, a luxury housebuilding company based in
Dunblane, owes R&D Construction around GBP6.2 million in an
"intercompany balance," Dumfries Standard relates.

According to Dumfries Standard, administrators said the prospects
of returning that debt to R&D are "unknown" because Ardnablane
went into administration itself in April, a few days after R&D

There is no prospect of a sale of R&D and that the company will be
wound down once the assets are sold off, Dumfries Standard adds.

R&D Construction is based in Dumfries.  It is the main contractor
for a multi-million-pound new-build program in the Dumfries and
Stranraer areas, led by Dumfries and Galloway Housing Partnership

RINK CORP: Cardiff Boss Pledges Commitment to Club
Terry Phillips at WalesOnline reports that ice hockey owner
Paul Ragan on Monday told Cardiff Devils fans he was committed to
the troubled club, as talks over the club's future continued.

The millionaire businessman faced about 250 supporters in the city
who were left furious when the club's parent company, Rink Corp
Limited, went into liquidation, WalesOnline says.

Mr. Ragan, according to WalesOnline, told fans who asked whether
there would be a Cardiff Devils club left in five years: "That's
why we are here."

"These are tough times.  Many businesses are struggling.  But this
is something I am committed to.  I have thought of throwing in the
towel, but I made a commitment to Cardiff Devils and I will see
this through," WalesOnline quotes Mr. Ragan as saying.

As reported in the Troubled Company Reporter-Europe on June 28,
2011, BBC News said Rink Corp Limited, the company which owns
leading ice hockey teams Cardiff Devils and Sheffield Steelers,
is to go into voluntary liquidation.  The company's 16 workers are
being made redundant after the business was declared "no longer
financially viable."  BBC News noted the company had, however,
granted two business licenses to trade, which will enable matches
to continue next season and ensure season tickets are honoured.

A meeting of members and creditors will be held on July 7.

Rink Corp Limited owns leading ice hockey teams Cardiff Devils and
Sheffield Steelers.

TENDERLEAN LIMITED: Goes Into Administration, 40 Jobs at Risk
Belfast Telegraph reports that around 40 jobs are at risk in Co
Fermanagh after Tenderlean Limited went administration for the
second year in a row.

"The company has experienced significant pressures on working
capital and the directors took the decision to place the company
into administration.  Unfortunately, there are no funds currently
available to continue to trade the business.  The administrators
have ceased trading, but are endeavoring to find a purchaser,"
Belfast Telegraph quoted an unnamed spokeswoman for administrators
Deloitte as saying.

Belfast Telegraph recalls that the firm appeared to have put many
of its problems behind it last year after Tenderlean Meats went
into administration but was bought by investors and renamed
Tenderlean Limited a day later.

Tenderlean Limited in Derrylin supplied meat to supermarkets like
Superquinn and Aldi and recently diversified into making pizzas.
It also opened a butcher shop at the Kennedy Centre in west
Belfast in December.

THORNTONS: TO Close Up to 180 Stores, 1,000 Jobs at Risk
Graeme Wearden at reports that Thorntons plans to
close of up to 180 stores, threatening some 1,000 jobs.

Thorntons plans to almost halve its portfolio of 364 UK stores,
according to  The report relates that some 120
will definitely close over the next three years, as their leases
expire, and a further 60 could also be shuttered.  The move comes
less than two months after Thorntons suffered its second profits
warning of 2011, according to  At the time, the
company blamed the unusually sunny Easter, the report adds.

Thorntons Chief Executive Jonathan Hart said the company needed to
close stores in response to "significant changes in consumer
shopping behavior," says.  The report relates that
under Mr. Hart's strategy, Thorntons will attempt to find a
franchisee to run stores which it closes, although it admitted
this will not be possible everywhere.

TJ HUGHES: Collapses Into Administration, Lines Up Accountants
David Coates at Lancashire Evening Post reports that TJ Hughes is
set to become the latest retailer to plunge into administration as
the spending slowdown grips the high street.  The report relates
that the company is understood to have lined up accountants Ernst
and Young.

Click Liverpool reports that the brand, which recorded a
GBP10 million loss in the year to January 31, had been on the
brink of closure before the private equity firm staged the rescue
in March this year.  Click Liverpool relates that further
investment of around GBP30 million would be needed to keep TJs
afloat but the money could not be found and administrators Ernst
and Young are on stand-by to find a buyer for its profitable

An unnamed spokesman for TJ Hughes said that a combination of
waning customer demand and a lack of confidence in the store by
suppliers has led to the company's fall, according to Click

Lancashire Evening Post relates that there were rumors that the
store chain may be involved in a pre-pack administration which
would allow Endless to buy up its most profitable stores from the
administrators in a pre-arranged deal and lose its loss-making
stores and debts.

North West retailer TJ Hughes has 57 stores including one at the
Fishergate Shopping Centre, Preston employing 4,000 people.

VISIT LONDON: Administration "Not Sufficiently Thought Through"
MayorWatch reports that Boris Johnson has told the London Assembly
the collapse of Visit London Limited was the result of
insufficient thought by City Hall.

As reported in the Troubled Company Reporter-Europe on May 13,
2011, MayorWatch said that Visit London"s collapse and its impact
on the pensions of 39 former staff members is to be investigated
by the London Assembly.  Visit London was placed into
administration on April 1 this year following the establishment of
successor body London & Partners which merged the responsibilities
of Visit London, Think London and Study London into a single body,
according to MayorWatch.  The report relates that the merger
followed the slashing of the mayor's development budget as part of
Government spending cuts.

Responding to a question from Labour's Len Duvall at this month's
Mayor's Question Session, the Mayor said: "If I'm honest, I think
things weren't necessarily carried out with all the thought that
they could have been and we are now taking urgent steps to sort
the matter out," according to MayorWatch.

The Mayor confirmed his office was now working to "find solutions"
both for "the creditors . . . and of course also for the pension
scheme," MayorWatch notes.

Visit London is the UK"s former promotional and tourism agency.


* Upcoming Meetings, Conferences and Seminars

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, Ivy B. Magdadaro, Frauline
S. Abangan and Peter A. Chapman, Editors.

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

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

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

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

                 * * * End of Transmission * * *