TCREUR_Public/110901.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, September 1, 2011, Vol. 12, No. 173

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Penta Has Yet to Decide on Bid Extension


B U L G A R I A

KREMIKOVTZI AD: Steel Workers May Receive Overdue Salaries


C Z E C H   R E P U B L I C

SAZKA AS: Penta May Bid for Assets Through Special Vehicle


D E N M A R K

* DENMARK: Financial Watchdog to Restrict Write-Down Rules
* DENMARK: Bank Rescue Plan Credit Positive, Moody's Says


F I N L A N D

ELCOTEQ SE: Three Finnish Subsidiaries File for Bankruptcy


G R E E C E

DRYSHIPS INC: Buys Majority of OceanFreight Shares for US$33.7MM
NATIONAL BANK: Posts First-Half Net Loss of EUR1.31 Billion
OMEGA NAVIGATION: HSH Nordbank Seeks Case Dismissal or Conversion
OMEGA NAVIGATION: Retains Bracewell & Giuliani as Counsel


I T A L Y

AICON SPA: Legal Advisers to Seek Alternatives to Bankruptcy
SEAT PAGINE: Begins Debt Restructuring Talks


N E T H E R L A N D S

MARCO POLO: Taps Bracewell & Giulliani as Attorney
MARCO POLO: Taps Kurtzman Carson as Notice & Claims Agent
MARCO POLO: Committee Taps Blank Rome as Attorney
MARCO POLO: Can Pay US$1.2MM to Critical Vendors on Interim Basis


S L O V E N I A

MURA DD: Aha Moda Buys Bulk of Bankruptcy Estate for EUR9.65-Mil.


S W E D E N

UNITED COMMUNICATIONS: Posts US$451,000 Net Loss in 2nd Quarter


U N I T E D   K I N G D O M

ROYAL HOTEL: Up for Sale Following Administration
SIMCLAR GROUP: MSP Offers Support for Dunfermline Staff
TENPIN LTD: Creditors Approve Company Voluntary Arrangement


X X X X X X X X

* EUROPE: EU Officials Rules Out Fresh Recapitalization for Banks
* Upcoming Meetings, Conferences and Seminars


                            *********


=============
A U S T R I A
=============


A-TEC INDUSTRIES: Penta Has Yet to Decide on Bid Extension
----------------------------------------------------------
Zoe Schneeweiss and Lenka Ponikelska at Bloomberg News report
that Penta Investments Ltd. is still mulling whether to extend
its bid for the assets of A-Tec Industries AG.

Bloomberg relates that Jakub Korinek, Penta's investment manager
in charge of the bid, said in a Vienna interview on Tuesday, "We
are considering prolonging" the Aug. 31 deadline.

A-Tec, which filed for insolvency last year, has until the end of
September to raise EUR210 million (US$305 million) to pay
creditors who were promised 47% of their claims as part of the
firm's debt restructuring plan, Bloomberg discloses.  Penta
offered to buy and restructure all A-Tec assets in June, with two
extensions, Bloomberg notes.

Mr. Korinek, as cited by Bloomberg, said Penta wants a majority
of A-Tec.  He said the investment company wouldn't seek to
quickly resell A-Tec if it wins the assets and wants to build up
the company, the report notes.

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

As reported by the Troubled Company Reporter-Europe on Aug. 25,
2011, Bloomberg News related that A-Tec, which filed for
insolvency last year, asked potential buyer Penta to narrow its
offer to just one of the company's units.  Other bidders for A-
Tec include hedge fund Springwater Capital and Pakistani
billionaire Alshair Fiyaz, Bloomberg said, citing Format
magazine.

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,
Austria.


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


KREMIKOVTZI AD: Steel Workers May Receive Overdue Salaries
----------------------------------------------------------
Novinite.com reports that workers from the now-closed steel mill
Kremikovtzi AD, near the Bulgarian capital Sofia, have renewed
hopes they can receive their overdue salaries and wages through
the Court.

According to Novinite.com, a check of the Trade Registry,
conducted by the Bulgarian Standart (Standard) daily, revealed
that the Sofia City Court has approved the invoice for
distributing the mill's debt to creditors.

The decision can be appealed with the Supreme Court of Appeals
within 7 days, after it had been published while each appeal must
be listed in the Trade Registry, Novinite.com discloses.

If there is no appeal, overdue salaries in the amount of BGN60
million must be paid to the steel workers in the very near
future, Novinite.com notes.

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

The money from the sale must be used to pay some of the
staggering BGN2 billion in debt to all creditors while the
workers are among the first in line to receive money,
Novinite.com says.

                        About Kremikovtzi

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


===========================
C Z E C H   R E P U B L I C
===========================


SAZKA AS: Penta May Bid for Assets Through Special Vehicle
----------------------------------------------------------
Zoe Schneeweiss and Lenka Ponikelska at Bloomberg News report
that Penta Investments Ltd., a Czech and Slovak private equity
investor, may bid for assets of Sazka AS through a special
vehicle because it regards the tender process as "untransparent"
and cumbersome.

According to Bloomberg, Penta spokesman Martin Danko on Tuesday
said in an interview in Vienna that the company is still mulling
how best to proceed in the tender for Sazka but has not made a
final decision.

"We are considering our participation," Bloomberg quotes Mr.
Danko as saying.  "As Penta, we don't want to participate
directly, maybe we will establish some kind of vehicle with some
of our external partners and we could participate in that way."

As reported by the Troubled Company Reporter-Europe on Aug. 24,
2011, Bloomberg News related that the Prague Municipal Court,
which placed Sazka in bankruptcy in May, approved the terms for
the company's tender proposed by its administrator and the
creditors' committee.  The terms include a CZK500 million
(US$29.35 million) deposit from each bidder before doing due
diligence on the company, Bloomberg disclosed.  The price offered
by bidders will be the main criterion for choosing the new owner,
Bloomberg noted.  Josef Cupka, the bankruptcy administrator, said
the bidders, which will provide the deposit, have until Sept. 23
to file their offers, Bloomberg recounts.  Mr. Cupka, as cited by
Bloomberg, said that the rules of the tender also include a fine
of CZK1.5 billion if the winner fails to get an approval of
anti-monopoly bodies to take over Sazka.

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


=============
D E N M A R K
=============


* DENMARK: Financial Watchdog to Restrict Write-Down Rules
----------------------------------------------------------
Frances Schwartzkopff at Bloomberg News reports that Denmark's
financial watchdog is stepping up efforts to stop some of the
country's lenders from abusing regulatory loopholes and
understating losses as it moves to clean up Scandinavia's worst-
performing banking industry.

According to Bloomberg, FSA Director General Ulrik Noedgaard said
in an interview in Copenhagen that the Financial Supervisory
Authority will restrict the flexibility it gives banks to
calculate write-downs under international financial reporting
standards.  He said the regulator wants to curb "an optimistic
approach" to write-downs displayed by some banks, Bloomberg
relates.

Bloomberg notes Mr. Noedgaard said the FSA will introduce the
stricter measures in phases to avoid a shock to the banking
system.

Mr. Noedgaard, as cited by Bloomberg, said, "Both of these
initiatives are tightenings so, taking into account the economic
climate that we're operating in," the revised write-down rules
will first apply to next year's accounts and the more stringent
solvency requirements will be implemented in 2013.

Stricter rules on write-downs come as lawmakers formulate
legislation to spur mergers and sidestep the resolution laws,
after senior creditor losses left Danish lenders facing an
international funding wall, Bloomberg notes.

Amagerbanken A/S and Fjordbank Mors A/S collapsed this year after
the FSA told the two regional lenders to write down DKK1.9
billion (US$371 million) more in property and farming loans than
stated in their accounts, Bloomberg recounts.  The insolvencies
triggered the European Union's first senior creditor losses
within a resolution framework, and prompted Moody's Investors
Service in May to downgrade six Danish banks, including Danske
Bank A/S, the country's biggest, Bloomberg discloses.


* DENMARK: Bank Rescue Plan Credit Positive, Moody's Says
---------------------------------------------------------
Christian Wienberg and Frances Schwartzkopff at Bloomberg News
report that Moody's Investors Service said Danish legislation
aimed at helping banks avoid insolvencies by spurring
consolidation is credit positive for the industry.

According to Bloomberg, Moody's said on Tuesday in a statement
that the plan "should increase market access for Danish regional
and local banks, which international investors have shunned,"
since Denmark's bail-in law triggered senior credit losses after
the February failure of regional lender Amagerbanken A/S.

Lawmakers on Aug. 25 backed the country's fourth bank bill since
2008, enabling lenders to sidestep legislation that has twice
triggered senior creditor losses and left most of Denmark's
roughly 120 banks with no access to international funding
markets, Bloomberg relates.

The rescue plan allows for the provision of funds in the event of
takeovers by extending state guarantees originally due to expire
by 2013 by as much as three years, Bloomberg discloses.  The
plan, which will be funded by the financial industry, also lets
merging banks tap the depositor guarantee fund, Bloomberg says.

Meanwhile, Standard & Poor's said last week the bank rescue
measures will give the industry "tools to solve its problems" and
limit the number of failures, Bloomberg recounts.  S&P said last
month 15 more Danish banks could default, costing as much as
US$2.3 billion in the next three years, Bloomberg notes.


=============
F I N L A N D
=============


ELCOTEQ SE: Three Finnish Subsidiaries File for Bankruptcy
----------------------------------------------------------
Elcoteq SE's three Finnish subsidiaries, Elcoteq Finland Oy,
Elcoteq Lohja Oy and Elcoteq Design Center Oy, on Aug. 31 filed
for bankruptcy due to lack of funding.

The parent company Elcoteq SE domiciled in Luxembourg has
previously been accepted in the controlled management procedure
under Luxembourg laws.

As a consequence of the revolving credit facility lenders'
continued enforcement actions, Elcoteq SE is no longer able to
continue the funding of the Finnish subsidiaries.  The Finnish
subsidiaries were therefore not able to carry on their operations
and have been forced to file for bankruptcy.  This affects
approximately 100 persons in Finland.  Elcoteq SE continues the
controlled management process in Luxembourg and business
development together with its key customers.

Elcoteq employs approximately 6,800 people worldwide.

                           About Elcoteq

Elcoteq SE -- http://www.elcoteq.com-- Elcoteq provides a wide
range of services to original equipment manufacturers (OEM) and
to service providers such as operators, retailers and insurance
companies.

Elcoteq's Electronics Manufacturing Services (EMS) Business
Segment provides global supply chain solutions such as
Engineering and Manufacturing Services but also technology and
component Sourcing, custom Configuration, Testing, Delivery and
other product supply related Services.  EMS products range from
control and security, communications infrastructure and lighting
solutions to special purpose mobile devices and home
entertainment systems.

Elcoteq's After Market Services (AMS) Business Segment provides
globally reverse supply chain solutions for its customers
consisting of Reverse Logistics, Depot Repair, Refurbishment,
Recycling and Salvaging Services as well as AMS specific
Engineering and Customer Support Services.  AMS products range
from mobile phones, tablets, flat panel TV's and set-top boxes to
personal navigation and gaming devices.

Elcoteq SE is listed on the NASDAQ OMX Helsinki Ltd.


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G R E E C E
===========


DRYSHIPS INC: Buys Majority of OceanFreight Shares for US$33.7MM
----------------------------------------------------------------
DryShips Inc. announced that it acquired 3,000,856 shares of
OceanFreight Inc.  The shares were acquired from entities
controlled by Mr. Anthony Kandylidis, the CEO of OceanFreight,
under a purchase agreement entered into on July 26, 2011.  The
shares represent a majority of the outstanding shares of
OceanFreight.  The consideration paid by DryShips for each
OceanFreight share consisted of (x) US$11.25 in cash and (y)
0.52326 shares of common stock of Ocean Rig UDW Inc, par value of
US$0.01 per share, with cash paid in lieu of fractional shares.
The total consideration paid for those shares was US$33,759,671
in cash and 1,570,226 shares of Ocean Rig common stock.

The Ocean Rig shares so transferred were outstanding shares held
by DryShips.  As a result of the transaction, DryShips'
percentage ownership of Ocean Rig was reduced from approximately
78% to approximately 77%.

DryShips has agreed to vote the OceanFreight shares that it
acquired in favor of the merger of OceanFreight with a subsidiary
of DryShips, as contemplated by the merger agreement signed by
DryShips and OceanFreight on July 26, 2011.  DryShips holds
sufficient OceanFreight shares to approve the merger.  In that
merger, DryShips will acquire the remaining outstanding shares of
OceanFreight for per share consideration consisting of US$11.25
in cash and 0.52326 shares of Ocean Rig, with cash paid in lieu
of fractional shares.  This is the same per share consideration
that DryShips paid for the shares it acquired from entities
controlled by Mr. Anthony Kandylidis.  The merger is expected to
close in the fourth quarter of 2011.

                        About DryShips Inc.

Based in Greece, DryShips Inc. -- http://www.dryships.com/--
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide.  As of Sept.
10, 2010, DryShips owns a fleet of 40 drybulk carriers (including
newbuildings), comprising 7 Capesize, 31 Panamax and 2 Supramax,
with a combined deadweight tonnage of over 3.6 million tons and
6 offshore oil deep water drilling units, comprising of 2 ultra
deep water semisubmersible drilling rigs and 4 ultra deep water
newbuilding drillships.

DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".

On Nov. 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230.0 million credit facility dated Sept. 10, 2007,
as amended, extending the waiver of certain covenants through
Dec. 31, 2010.

In its audit report on the Company's financial statements for the
year ended Dec. 31, 2010, Deloitte, Hadjipavlou Sofianos &
Cambanis S.A., noted that the Company's inability to comply with
financial covenants under its original loan agreements as of
Dec. 31, 2009, its negative working capital position and other
matters raise substantial doubt about its ability to continue as
a going concern.

The Company's balance sheet at March 31, 2011, showed
US$6.99 billion in total assets and US$3.04 billion in total
liabilities.


NATIONAL BANK: Posts First-Half Net Loss of EUR1.31 Billion
-----------------------------------------------------------
Kerin Hope at The Financial Times reports that National Bank of
Greece on Tuesday unveiled a first-half net loss of EUR1.31
billion, reflecting the impact of a 21% haircut on its government
bondholdings under a deal made with international creditors.

The country's biggest commercial lender said it made a provision
of EUR1.64 billion to cover losses on bonds in hold-to-maturity
portfolio with a book value of EUR9 billion, the FT relates.

NBG, as cited by the FT, said its core tier one capital ratio, a
key measure of a bank's financial strength, would fall by about
200 basis points to 10.1 following the provision.

According to the FT, Apostolos Tamvakakis, chief executive, ruled
out an immediate capital increase, saying NBG would "continue its
policy of further enhancing its capital base through efficient
asset and liability management and maintaining satisfactory
liquidity".

But he warned that Greece's business environment was under severe
stress, taking a heavy toll of banks' loan books, the FT notes.
Excluding the debt swap provision, consolidated first-half net
profit amounted to EUR29 million, well below analysts' forecasts,
the FT discloses.  Provisions for bad loans increased 45% year-
on-year to EUR676 million, the FT states.

Headquartered in Athens, Greece, National Bank of Greece S.A. --
http://www.nbg.gr/-- provides a range of financial services.
These services include retail and commercial banking, asset
management, brokerage, investment banking, insurance and real
estate.  The Bank operates in Greece, Turkey, United Kingdom,
South Eastern Europe, Cyprus, Malta, Egypt and South Africa.  It
operates in seven segments: retail banking; corporate and
investment banking; global markets and asset management;
insurance; international; Turkish operations, and other.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Aug. 2,
2011, Fitch Ratings downgraded National Bank of Greece's
Viability Rating downgraded to 'f' from 'ccc'.  It also
downgraded the bank's Individual Rating to 'F' from 'E'


OMEGA NAVIGATION: HSH Nordbank Seeks Case Dismissal or Conversion
-----------------------------------------------------------------
HSH Nordbank AG, agent for certain banks as lenders under a
senior facilities agreement, asks the U.S. Bankruptcy Court for
the Southern District of Texas to dismiss the Chapter 11 cases of
Omega Navigation Enterprises, Inc. and its debtor affiliates or
convert the cases to proceedings under Chapter 7 of the
Bankruptcy Code.

Robin Russell, Esq., at Andrews Kurth LLP, in Houston, Texas,
contends that the Debtors filed the cases solely as a litigation
tactic in their campaign against the Senior Facilities Lenders
and to avoid repayment of their senior secured loan obligations.

The Senior Facilities Lenders' claims aggregating US$242.72
million in outstanding principal plus unpaid prepetition
interest, fees, and expenses, has already exceeded the value of
the collateral whose value is diminishing, Mr. Russell tells the
Court.

The collateral is composed of eight ships worth US$239 million.

Mr. Russell notes that the Debtors are operating the Ships and
using the Senior Facilities Lenders' cash collateral to fund the
Chapter 11 cases.  He adds that the Debtors have suggested no
steps they intend to take to reorganize and emerge from Chapter
11 as viable entities.

"Rather the Debtors' entire reorganization plan is an open ended
wager by entrenched management with the Senior Facilities
Lenders' collateral at stake," Mr. Russell says.

The Law demands that the Senior Facilities Lenders are not
required to bear the risk, and the Chapter 11 cases should be
dismissed or converted to Chapter 7 as soon as possible, Mr.
Russell maintains.

Furthermore, Mr. Russell notes that the Debtors are foreign
Debtors organized under foreign law with minimal contacts in the
United States and whose principal secured creditors are non-U.S.
banks.  He adds that their loan agreements were negotiated
outside the United States and are governed by English law, which
provides that the courts of England are the exclusive forum for
resolution of the disputes.

Mr. Russell tells the Court that the Debtors are being sued by
the Senior Facilities Lenders in England.

                      About Omega Navigation

Athens, Greece-based Omega Navigation Enterprises Inc. and
affiliates, owner and operator of tankers carrying refined
petroleum products, filed for Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 11-35926) on July 8, 2011, in Houston.

Omega is an international provider of marine transportation
services focusing on seaborne transportation of refined petroleum
products.  The Debtors disclosed assets of US$527.6 million and
debt totaling US$359.5 million.  Together, the Debtors wholly own
a fleet of eight high-specification product tankers, with each
vessel owned by a separate debtor entity.

Bracewell & Giuliani LLP serves as counsel to the Debtors.
Jefferies & Company, Inc. is the financial advisor.


OMEGA NAVIGATION: Retains Bracewell & Giuliani as Counsel
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas has
authorized Baytown Navigation, Inc. and its debtor affiliates to
employ Bracewell & Giuliani LLP as counsel effective as of the
Petition Date.

The firm's hourly rates are: partner at US$710 to US$1,050,
associate at US$315 to US$600, and paralegal at US$215 to US$255.

                      About Omega Navigation

Athens, Greece-based Omega Navigation Enterprises Inc. and
affiliates, owner and operator of tankers carrying refined
petroleum products, filed for Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 11-35926) on July 8, 2011, in Houston.

Omega is an international provider of marine transportation
services focusing on seaborne transportation of refined petroleum
products.  The Debtors disclosed assets of US$527.6 million and
debt totaling US$359.5 million.  Together, the Debtors wholly own
a fleet of eight high-specification product tankers, with each
vessel owned by a separate debtor entity.

Jefferies & Company, Inc., is the financial advisor.


=========
I T A L Y
=========


AICON SPA: Legal Advisers to Seek Alternatives to Bankruptcy
------------------------------------------------------------
According to Bloomberg News' Chiara Vasarri, Aicon SpA said in a
statement distributed by the Italian stock exchange that the
company's board of directors will give legal advisers a mandate
to evaluate alternative solutions to bankruptcy, after its main
shareholder, Airon Srl, didn't provide financial support needed
to ensure the continuity of the business.

Aicon SpA is an Italian yacht-maker.


SEAT PAGINE: Begins Debt Restructuring Talks
--------------------------------------------
Chiara Remondini at Bloomberg News reports that Seat Pagine
Gialle SpA said it began talks on debt restructuring after
bondholders showed they're open to considering "solutions" to
restoring Italy's largest phone-directory publisher to financial
health.

According to Bloomberg, the company said in a statement on
Tuesday that investors in the so-called "Lighthouse" bond have
started negotiations through their adviser, Lazard Ltd.

Seat Pagine, as cited by Bloomberg, said that senior lender Royal
Bank of Scotland Group Plc and a group of senior secured-note
holders indicated they're willing to consider how to stabilize
the company's long-term financial structure, and "this is a
positive response for the effective management of the negotiation
process."

Seat Pagine's net debt at the end of June was EUR2.68 billion
(US$3.87 billion), compared with EUR2.73 billion as of Dec. 31,
Bloomberg discloses.  The company hired Rothschild in May as
adviser to reorganize its debt, Bloomberg recounts.

Bloomberg notes that Seat Pagine said the company's strategic
guidelines for 2011 through 2013, which its board approved on
Tuesday, will provide "an immediate impetus" to the negotiations,
with further terms for the talks to be agreed on with the
creditors in coming months.

Bloomberg relates that Seat Pagine on Tuesday said the company's
first-half net loss widened to EUR32.6 million from a restated
loss of EUR8.4 million a year earlier.  Revenue fell 6.3% to
EUR433.2 million, and operating profit dropped 23% to EUR92.9
million, Bloomberg states.

As reported by the Troubled Company Reporter-Europe on Aug. 31,
2011, Bloomberg related that Seat Pagine's auditor said the
company expressed "uncertainty factors" in relation to the going
concern status, a view upheld by the auditor.  Ernst & Young said
in its report the uncertainty factors relate to Seat's financial
and capital structure, in spite of a positive operating result in
the first half, Bloomberg disclosed.

Seat Pagine Gialle SpA (PG IM) -- http://www.seat.it/-- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers.  It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing.  Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others.  Its activity is
divided into four divisions: Directories Italia, operating
through, Seat Pagine Gialle; Directories UK, through TDL
Infomedia Ltd. and its subsidiary Thomson Directories Ltd.;
Directory Assistance, through Telegate AG, Telegate Italia Srl,
11881 Nueva Informacion Telefonica SAU, Telegate 118 000 Sarl,
Telegate Media AG and Prontoseat Srl, and Other Activitites
division, through Consodata SpA, Cipi SpA, Europages SA, Wer
liefert was GmbH and Katalog Yayin ve Tanitim Hizmetleri AS.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on May 25,
2011, Moody's Investors Service downgraded to Caa3 from Caa1 the
corporate family rating and the probability of default rating of
Seat Pagine Gialle SpA.  Concurrently, Moody's downgraded to Caa1
from B3 the rating on SEAT's EUR550 million senior secured notes
due 2017; and to Ca from Caa2 the rating on the EUR1.3 billion 8%
senior notes due 2014, issued by Lighthouse International Company
SA.  Moody's said the outlook remains negative.


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


MARCO POLO: Taps Bracewell & Giulliani as Attorney
--------------------------------------------------
Marco Polo Seatrade B.V. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York for
permission to employ Bracewell & Giuliani LLP as their attorney
to perform legal services that will be necessary during their
Chapter 11 cases.

A hearing is set on Sept. 15, 2011, at 10:00 a.m., to consider
the Debtors' request.  Objections, if any, are due no later than
Sept. 8, at 4:00 p.m.

The fee ranges for the firm's attorneys and paralegals that may
be designated to represent the Debtors and their current standard
hourly rates are:

          Evan D. Flaschen, Esq.,      US$1,050
          Robert G. Burns, Esq.          US$800
          Andrew J. Schoulder, Esq.      US$685
          Partners                       US$685 to US$1,050
          Associates                     US$315 to US$600
          Paralegal                      US$215 to US$255

The Debtors assure the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                         About Marco Polo

Marco Polo Seatrade B.V. operates an international commercial
vessel management company that specializes in providing
commercial and technical vessel management services to third
parties.  Founded in 2005, the Company mainly operates under the
name of Seaarland Shipping Management and maintains corporate
headquarters in Amsterdam, the Netherlands.  The primary assets
consist of six tankers that are regularly employed in
international trade, and call upon ports worldwide.

Marco Polo and three affiliated entities filed for Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 11-13634) on July 29,
2011.  The other affiliates are Seaarland Shipping Management
B.V.; Magellano Marine C.V.; and Cargoship Maritime B.V.

Marco Polo is the sole owner of Seaarland, which in turn is the
sole owner of Cargoship, and also holds a 5% stake in Magellano.
The remaining 95% stake in Magellano is owned by Amsterdam-based
Poule B.V., while another Amsterdam company, Falm International
Holding B.V. is the sole owner of Marco Polo.  Falm and Poule
didn't file bankruptcy petitions.

The filings were prompted after lender Credit Agricole Corporate
& Investment Bank seized one ship on July 21, 2011, and was on
the cusp of seizing two more on July 29.  The arrest of the
vessel was authorized by the U.K. Admiralty Court.  Credit
Agricole also attached a bank account with almost US$1.8 million
on July 29.  The Chapter 11 filing precluded the seizure of the
two other vessels.

Evan D. Flaschen, Esq., Robert G. Burns, Esq., and Andrew J.
Schoulder, Esq., at Bracewell & Giuliani LLP, serve as bankruptcy
counsel.  The cases are before Judge James M. Peck.

The petition noted that the Debtors' assets and debt are both
more than US$100 million and less than US$500 million.


MARCO POLO: Taps Kurtzman Carson as Notice & Claims Agent
---------------------------------------------------------
Marco Polo Seatrade B.V. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York for
permission to employ Kurtzman Carson Consultants LLC as notice
and claims agent.

The Debtors also ask the Court for authority to employ the firm
as their administrative agent.

A hearing is set on Sept. 15, 2011, at 10:00 a.m., to consider
the Debtors' request.  Objections, if any, are due no later than
Sept. 8, at 4:00 p.m.

According to the Debtors, the firm is fully equipped to handle
the volume of mailing involved in properly sending required
notices to and processing the claims of creditors and other
interested parties in the Chapter 11 Cases.

The firm's consulting services and their corresponding rates:

     Clerical                             US$40 to US$60
     Project Specialist                   US$80 to US$140
     Technology/Programming Consultant   US$100 to US$200
     Consultant                          US$125 to US$200
     Senior Consultant                   US$225 to US$275
     Senior Managing Consultant          US$295 to US$295

The Debtors assure the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                         About Marco Polo

Marco Polo Seatrade B.V. operates an international commercial
vessel management company that specializes in providing
commercial and technical vessel management services to third
parties.  Founded in 2005, the Company mainly operates under the
name of Seaarland Shipping Management and maintains corporate
headquarters in Amsterdam, the Netherlands.  The primary assets
consist of six tankers that are regularly employed in
international trade, and call upon ports worldwide.

Marco Polo and three affiliated entities filed for Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 11-13634) on July 29,
2011.  The other affiliates are Seaarland Shipping Management
B.V.; Magellano Marine C.V.; and Cargoship Maritime B.V.

Marco Polo is the sole owner of Seaarland, which in turn is the
sole owner of Cargoship, and also holds a 5% stake in Magellano.
The remaining 95% stake in Magellano is owned by Amsterdam-based
Poule B.V., while another Amsterdam company, Falm International
Holding B.V. is the sole owner of Marco Polo.  Falm and Poule
didn't file bankruptcy petitions.

The filings were prompted after lender Credit Agricole Corporate
& Investment Bank seized one ship on July 21, 2011, and was on
the cusp of seizing two more on July 29.  The arrest of the
vessel was authorized by the U.K. Admiralty Court.  Credit
Agricole also attached a bank account with almost US$1.8 million
on July 29.  The Chapter 11 filing precluded the seizure of the
two other vessels.

Evan D. Flaschen, Esq., Robert G. Burns, Esq., and Andrew J.
Schoulder, Esq., at Bracewell & Giuliani LLP, serve as bankruptcy
counsel.  The cases are before Judge James M. Peck.

The petition noted that the Debtors' assets and debt are both
more than US$100 million and less than US$500 million.


MARCO POLO: Committee Taps Blank Rome as Attorney
-------------------------------------------------
The Official Committee of Unsecured Ceditors of Marco Polo
Seatrade B.V. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York for permission to
retain Blank Rome LLP as its attorney to provide legal services
and advice as may be necessary for the orderly conduct of the
Chapter 11 case.

A hearing is set on Aug. 31, 2011, at 4:00 p.m., to consider the
Committee's request.  Objections, if any, are due no later than
Aug. 24, at 4:00 p.m.

The firm's professionals will charge the Debtors' estates at
these rates:

      Partners and Counsel          US$400-US$815
      Associates                    US$225-US$500
      Legal Assistants              US$105-US$290

The Committee assures the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                         About Marco Polo

Marco Polo Seatrade B.V. operates an international commercial
vessel management company that specializes in providing
commercial and technical vessel management services to third
parties.  Founded in 2005, the Company mainly operates under the
name of Seaarland Shipping Management and maintains corporate
headquarters in Amsterdam, the Netherlands.  The primary assets
consist of six tankers that are regularly employed in
international trade, and call upon ports worldwide.

Marco Polo and three affiliated entities filed for Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 11-13634) on July 29,
2011.  The other affiliates are Seaarland Shipping Management
B.V.; Magellano Marine C.V.; and Cargoship Maritime B.V.

Marco Polo is the sole owner of Seaarland, which in turn is the
sole owner of Cargoship, and also holds a 5% stake in Magellano.
The remaining 95% stake in Magellano is owned by Amsterdam-based
Poule B.V., while another Amsterdam company, Falm International
Holding B.V. is the sole owner of Marco Polo.  Falm and Poule
didn't file bankruptcy petitions.

The filings were prompted after lender Credit Agricole Corporate
& Investment Bank seized one ship on July 21, 2011, and was on
the cusp of seizing two more on July 29.  The arrest of the
vessel was authorized by the U.K. Admiralty Court.  Credit
Agricole also attached a bank account with almost US$1.8 million
on July 29.  The Chapter 11 filing precluded the seizure of the
two other vessels.

Evan D. Flaschen, Esq., Robert G. Burns, Esq., and Andrew J.
Schoulder, Esq., at Bracewell & Giuliani LLP, serve as bankruptcy
counsel.  The cases are before Judge James M. Peck.

The petition noted that the Debtors' assets and debt are both
more than US$100 million and less than US$500 million.


MARCO POLO: Can Pay US$1.2MM to Critical Vendors on Interim Basis
-----------------------------------------------------------------
The Hon. James M. Peck of the U.S. Bankruptcy Court for the
Southern District of New York authorized, on an interim basis,
Marco Polo Seatrade B.V. and its debtor affiliates to pay or
honor prepetition obligations to foreign vendors, service
providers, and governments and certain critical vendors for
US$1.2 million.

A final hearing has been set for Aug. 31, 2011, at 4:00 p.m., to
consider approval of the Debtors' request.

The Debtors are allowed, but not required, to pay or honor
prepetition obligations to certain essential vendors that provide
(a) essential goods to the Debtors that were received by the
Debtors before the petition date; and (b) essential services that
were rendered to the Debtors before the petition date.

                        About Marco Polo

Marco Polo Seatrade B.V. operates an international commercial
vessel management company that specializes in providing
commercial and technical vessel management services to third
parties.  Founded in 2005, the Company mainly operates under the
name of Seaarland Shipping Management and maintains corporate
Headquarters in Amsterdam, the Netherlands.  The primary assets
consist of six tankers that are regularly employed in
international trade, and call upon ports worldwide.

Marco Polo and three affiliated entities filed for Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 11-13634) on July 29,
2011.  The other affiliates are Seaarland Shipping Management
B.V.; Magellano Marine C.V.; and Cargoship Maritime B.V.

Marco Polo is the sole owner of Seaarland, which in turn is the
sole owner of Cargoship, and also holds a 5% stake in Magellano.
The remaining 95% stake in Magellano is owned by Amsterdam-based
Poule B.V., while another Amsterdam company, Falm International
Holding B.V. is the sole owner of Marco Polo.  Falm and Poule
didn't file bankruptcy petitions.

The filings were prompted after lender Credit Agricole Corporate
& Investment Bank seized one ship on July 21, 2011, and was on
the cusp of seizing two more on July 29.  The arrest of the
vessel was authorized by the U.K. Admiralty Court.  Credit
Agricole also attached a bank account with almost US$1.8 million
on July 29.  The Chapter 11 filing precluded the seizure of the
two other vessels.

Evan D. Flaschen, Esq., Robert G. Burns, Esq., and Andrew J.
Schoulder, Esq., at Bracewell & Giuliani LLP, serve as bankruptcy
counsel.  The cases are before Judge James M. Peck.

The petition noted that the Debtors' assets and debt are both
more than US$100 million and less than US$500 million.


===============
S L O V E N I A
===============


MURA DD: Aha Moda Buys Bulk of Bankruptcy Estate for EUR9.65-Mil.
-----------------------------------------------------------------
SeeNews, citing The Slovenia Times, reports that Slovenian-
British joint venture Aha Moda has bought the bulk of the
bankruptcy estate of the former clothing giant Mura in partnerji
for EUR9.65 million (US$13.9 million).

According to SeeNews, The Slovenia Times reported that Mojca
Lukancic, a co-owner of AHA SKUPINA, the parent company of Aha
Moda, said talks were under way to keep the 1,563 employees
currently working at Mura for at least five years.

Mura also has operations in Croatia, SeeNews discloses.  It went
into receivership in 2009, SeeNews recounts.

Mura d.d. is based in the north-eastern town of Murska Sobota.


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


UNITED COMMUNICATIONS: Posts US$451,000 Net Loss in 2nd Quarter
---------------------------------------------------------------
United Communications Partners Inc. (formerly known as Bark Group
Inc.) filed its quarterly report on Form 10-Q, reporting a net
loss of US$451,000 on US$4.0 million of revenues for the three
months ended June 30, 2011, compared with a net loss of
US$2.3 million on US$939,000 of revenues for the same period last
year.

The Company reported a net loss of US$845,000 on US$7.8 million
of revenues for the six months ended June 30, 2011, compared with
a net loss of US$2.6 million on US$939,000 of revenues for the
same period of 2010.

The Company's balance sheet at June 30, 2011, showed
US$11.1 million in total assets, US$9.4 million in total
liabilities, and stockholders' equity of US$1.7 million.

Marcum LLP, in New York, expressed substantial doubt about United
Communications Partners' ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted that at Dec. 31, 2010, the Company has not achieved a
sufficient level of revenues to support its business and has
suffered recurring losses from operations.

A copy of the Form 10-Q is available at http://is.gd/cMuqyC

Based in Stockholm, Sweden, United Communications Partners Inc.
-- http://www.ucpworld.com/-- is a commercial communication
services company based in Sweden that provides integrated media,
advertising and marketing consulting services to its clients.
The Company's clients are comprised primarily of European
businesses that range in size from small local businesses to
larger transnational and multinational corporations.


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


ROYAL HOTEL: Up for Sale Following Administration
-------------------------------------------------
Eilis Jordan at Business Sale reports that Royal Hotel has been
put onto the market following its plunge into administration.

The hotel will continue to trade as normal while a buyer is
found, according to Business Sale.

The report notes that owner English Rose Hotels Scarborough Ltd
was forced to call in the administrators due to a large tax bill,
and has also put another of its Scarborough hotels, the Clifton
Hotel, up for sale.  The Clifton will also continue to trade as
normal until a new owner is found, Business Sale relays.

Business Sale discloses that David Whitehouse, partner at
administrators MCR, told the Yorkshire Post, "Both the Clifton
and the Royal have strong reputations and high levels of
occupancy.  There is significant interest in these hotels and we
would expect to complete a sale of the hotels as a going concern
over the coming weeks."

Yorkshire Post revealed that the English Rose Hotels Scarborough
Ltd's sister company, English Rose Hotels Yorkshire Ltd, has not
been affected by the administration, Business Sale adds.

Headquartered in St Nicholas Street, Royal Hotel is a 118-bedroom
hotel that is owned by family-run firm English Rose Hotels
Scarborough Ltd.  The hotel currently employs 77 full-time staff
members.


SIMCLAR GROUP: MSP Offers Support for Dunfermline Staff
-------------------------------------------------------
thecourier.co.uk reports that Mid Scotland and Fife MSP John Park
showed concerned on reports that the remaining Simclar Group
staff at the Pitreavie plant were "facing intimidation" from
senior management over trade union membership.

Mr. Park has worked closely with the Community trade union, which
already represents a number of the workforce, over the past few
weeks before the firm went into administration, according to
thecourier.co.uk.  The report relates that fewer than 80 members
of the 200-strong workforce on the payroll when administrators
Deloitte were called in have been kept on.

"If true, these reports are very concerning indeed.  Everyone in
the U.K. has the right to join a trade union and any attempt by
an employer to prevent this or to treat you unfavorably because
of your trade union membership is illegal . . . .  I know that
Community have written to the administrators highlighting their
concerns at these most recent reports of the goings-on at Simclar
and I am more than willing to support them and the workforce at
this time," thecourier.co.uk quoted Mr. Park as saying.

The report relays that community's Scottish campaign manager John
Paul McHugh said he would be asking the administrators to
investigate the claims against senior management.

John Reid, the joint administrator and partner in Deloitte's
restructuring services team, said no formal complaints about the
allegations had been received, thecourier.co.uk adds.

As reported in the Troubled Company Reporter-Europe on June 29,
2011, BBC News related that Simclar Group has gone into
administration putting more than 200 jobs at risk in the process.
The administrators from Deloittes are expected to keep Simclar,
which owns operations in China and the US, running while it seeks
buyers for the business, according to BBC News.  BBC News notes
that Simclar Group ran into problems when planned launches for
new products, including an energy-saving plug, were delayed.

Dunfermline-based Simclar Group supplies wiring, looms and sheet
metal products to major electronics firms.  Simclar Group was
formed in May 2001 and is the parent company of a subcontract
manufacturing group with operations in the UK, USA, Mexico and
China.  The UK operations supply a number of blue chip customers,
including Bombardier and Alexander Dennis.


TENPIN LTD: Creditors Approve Company Voluntary Arrangement
-----------------------------------------------------------
The directors of Tenpin Limited, the operating subsidiary of
Essenden PLC, made a proposal for a Company Voluntary
Arrangement, the company noted in an Aug. 4, 2011, public
statement.

As required by the CVA Proposal, the meetings of the creditors
and members of Tenpin were held earlier on Aug. 30.

Essenden disclosed that the requisite majority of creditors and
members have approved the CVA Proposal, with 86% of the creditors
in Tenpin Ltd and 100% of its members voting in favor.

Commenting on the approval of the CVA Proposal Nick Basing, CEO
of Essenden, said: "I am pleased that the landlords and creditors
have supported our proposals.  A successful vote for the CVA
Proposal was a necessary step for the future of the Company."

Essenden plc is a British public company that operates 38 tenpin
bowling centers under the Tenpin brand.


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


* EUROPE: EU Officials Rules Out Fresh Recapitalization for Banks
-----------------------------------------------------------------
Roland Gribben at The Telegraph reports that a fresh round of
capitalization for European banks was firmly ruled out by EU
officials and bankers when they appeared before an emergency
meeting of the European Parliament's economic committee.

The officials poured cold water on calls from Christine Lagarde,
head of the International Monetary Fund for "mandatory"
recapitalization to avoid another financial crisis but
acknowledged that the EU economy was continuing to weaken, the
Telegraph relates.

According to the Telegraph, Jean-Claude Trichet, president of the
European Central Bank, said there was no shortage of liquidity in
the European banking system.  EU economic commissioner Olli Rehn
insisted that the health of EU banks had improved over the last
year, the Telegraph notes.

"There is no liquidity or collateral shortage for the European
banking system," the Telegraph quotes Mr. Trichet as saying.


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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


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 * * *