TCREUR_Public/110929.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 29, 2011, Vol. 12, No. 193

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Sale to Contor Industries Unlikely
A-TEC INDUSTRIES: Penta Says Brixlegg Acquisition Still Uncertain


G E R M A N Y

HYPO REAL ESTATE: Minority Investors Lose Appeal on Squeeze-Out


G R E E C E

* GREECE: German Government Expects Default This Year
* GREECE: EU, ECB, IMF Officials to Decide on Bailout Today


I R E L A N D

ALLIED IRISH: To Enter Mediation Talks with Former Executives
ANGLO IRISH: ODCE Wants Investor to Disclose Share Loan Details
WINDERMERE XIV: Fitch Affirms 'CCCsf' Ratings on Two Note Classes
ZOO ABS: Fitch Says Ratings Not Impacted by Partial Repurchase


N O R W A Y

SEVAN MARINE: Faces Bankruptcy Threat; In Talks with Bondholders


P O R T U G A L

EMPRESA DE ELECTRICIDADE: Moody's Lowers Issuer Rating to 'B3'


S P A I N

AYT CAIXANOVA: Moody's Lowers Rating on EUR6.6MM E Notes to 'C'
PROMOTORA DE INFORMACIONES: May Sell Assets to Slash Debt Pile


U N I T E D   K I N G D O M

CLARKEBOND GROUP: Sells Business, Expects to Save 72 Jobs
CONGREGATIONAL GENERAL: S&P Affirms BB+ Financial Strength Rating
HUB RETAIL: To Enter Liquidation, Close Shops
HUB RETAIL: Goes Into Administration, Cuts 57 Jobs
NEW MCCOWANS: Administrators in Talks With Potential Buyers

SOUTHERN CROSS: Unveils Liquidation Deal With Lenders, Landlords
TOKIO MARINE: U.S. Court Recognizes Case as Foreign Proceeding
VAR ITOPIA: Goes Into Administration, Faces Wind Up Petition
VVG HOLDINGS: Indigo Venture Buys Unit Out Administration


X X X X X X X X

* EUROPE: Bank Failures Likely, Carlyle's Sarkozy Says
* Upcoming Meetings, Conferences and Seminars


                            *********


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


A-TEC INDUSTRIES: Sale to Contor Industries Unlikely
----------------------------------------------------
Jonathan Tirone at Bloomberg News, citing Austria's APA, reports
that A-Tec Industries AG's Chief Executive Officer Mirko Kovats
said a sale of the company to a group of bidders led by Contor
Industries GmbH wasn't possible.

Bloomberg relates that Mr. Kovats, as cited by the news agency,
said on Wednesday at an extraordinary shareholders meeting that
the deal fell apart after one bidder dropped out.

According to Bloomberg, APA quoted Mr. Kovats as saying that
A-Tec remains "a long way from an agreement" with rival bidder
Penta Investments Ltd.

As reported by the Troubled Company Reporter-Europe on Sept. 23,
2011, Bloomberg News, citing Vienna-based Format, related that
Pakistani investor Alshair Fiyaz's Solstice International was no
longer interested in buying A-Tec's Montanwerke Brixlegg unit.
Solstice was part of a group led by Contor Industries GmbH whose
offer for A-Tec was accepted Sept. 5, Bloomberg disclosed.

On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, related that A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
A-Tec said in an Oct. 20 statement that it had filed for self-
administered reorganization proceedings at the Vienna Commercial
Court and appointed trustees for bondholders, Bloomberg
disclosed.  The company has a EUR798 million (US$1.11 billion)
revolving credit facility and EUR302 million in outstanding
bonds, according to Bloomberg data.

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.


A-TEC INDUSTRIES: Penta Says Brixlegg Acquisition Still Uncertain
-----------------------------------------------------------------
Zoe Schneeweiss at Bloomberg News reports that Penta Investments
Ltd., a private-equity group based in Prague, said that there are
a "number of open issues" regarding a potential acquisition of A-
Tec Industries AG's Montanwerke Brixlegg minerals & metals unit.

"We would not say that we are near an agreement," Bloomberg
quotes Penta spokesman Martin Danko as saying, reacting to a
report in Wiener Zeitung that said an agreement was near.

"Though the negotiations are ongoing, there are number of open
issues which create an uncertainty, whether some sort of
agreement is technically and logistically doable by Sept. 30 in
order to satisfy the quota," Mr. Danko, as cited by Bloomberg,
said in an e-mailed statement.

A-Tec, which filed for insolvency last year, needs more than
EUR200 million (US$272 million) in proceeds from the sale to pay
47% of claims under a reorganization approved by creditors in
December, Bloomberg discloses.  The insolvency administrator must
receive the sum by the end of this month, 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,
Austria.


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G E R M A N Y
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HYPO REAL ESTATE: Minority Investors Lose Appeal on Squeeze-Out
---------------------------------------------------------------
Karin Matussek at Bloomberg News reports that Hypo Real Estate
Holding AG's former minority investors lost an appeals court
ruling over the lender's rescue by the government, which forced
them to sell their stock.

According to Bloomberg, the court said in an e-mailed statement
on Wednesday that the Munich Higher Regional Court rejected the
plaintiffs' arguments that the so-called squeeze-out was
unconstitutional and violated European rules.

The step was legal, given "the meaning of the financial sector
for a functioning economy and thus for the stability of the state
and society," the court, as cited by Bloomberg, said.  "Without
government support, many lenders would have become bankrupt which
would have caused a breakdown of the financial sector and a
recession."

The German government and financial institutions had to rescue
Hypo Real Estate in 2009 after the lender's Dublin-based Depfa
Bank Plc unit couldn't raise financing when the bankruptcy of
Lehman Brothers Holdings Inc. froze credit markets, Bloomberg
recounts.

The plaintiffs were seeking to invalidate a decision at Munich-
based Hypo Real Estate's Oct. 5, 2009, shareholder meeting, when
the government bank-rescue fund, known as Soffin, used its
majority of votes to force minority shareholders including U.S.
investment firm J.C. Flowers & Co. to sell their shares in a
squeeze out, Bloomberg discloses.

A capital increase of EUR3 billion (US$4 billion), excluding
subscription rights for shareholders other than Soffin, was
approved at an earlier meeting held on June 2, 2009, Bloomberg
notes.  That brought Soffin's stake in Hypo Real Estate above the
90% threshold required to force remaining investors to sell their
stock, Bloomberg states.

                     About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and
Capital Markets & Asset Management.  Hypo Real Estate Group
operates through a number of subsidiaries, including, among
others, Hypo Real Estate Bank International AG that focuses on
Pfandbrief-based commercial real estate financing in all
international markets, and offers large-volume investment banking
and structured finance transactions; Hypo Real Estate Bank AG
that focuses on the commercial real estate financing and
refinancing business in Germany, and DEPFA Bank plc in Dublin,
Ireland, which is a provider of public finance.


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


* GREECE: German Government Expects Default This Year
-----------------------------------------------------
Chris Reiter at Bloomberg News, citing Bild, reports that the
German government privately anticipates a default by Greece as
early as this year.

Bloomberg relates the newspaper said Chancellor Angela Merkel
told a meeting of Christian Democratic lawmakers that Greece's
insolvency couldn't be ruled out.

According to Bloomberg, Bild reported that Germany wants to
expand the European Financial Stability Facility to support banks
and other countries in the event of a default.


* GREECE: EU, ECB, IMF Officials to Decide on Bailout Today
-----------------------------------------------------------
BBC News reports that European Commission, European Central Bank
(ECB) and International Monetary Fund (IMF) officials are heading
for Athens to review Greece's progress in cutting its debt
levels.  They hold the key to releasing further bailout money the
country badly needs, BBC says.

The review comes amid reports of a split among eurozone members
about further support for Greece, BBC relates.

According to BBC, the Financial Times, citing "senior European
officials", said a number of the bloc's 17 members want private
investors to take a bigger hit in the proposed restructuring of
Greece's debts.

Eurozone members are in the process of ratifying proposals put
forward in July, one of which would see private lenders writing
off about 20% of their loans to Greece, BBC discloses.

The proposals also included expanding the powers of the eurozone
bailout fund, BBC discloses.

Germany will vote on the plan on today, BBC notes.

EU Commission, ECB and IMF officials will decide whether to
release about EUR8 billion (US$11 billion; GBP7 billion) from a
EUR110 billion bailout package agreed last summer, BBC says.

Discussions with Greek officials are expected to begin today, BBC
states.

A key obstacle to the payment was removed on Tuesday when the
Greek parliament passed a controversial new property tax bill,
first announced earlier this month, that aims to boost revenues,
BBC discloses.

Meanwhile, the head of the European Commission has stressed that
Greece will not leave the eurozone, BBC relates.  There has been
growing speculation that the country will be forced to default on
its debts, with some observers suggesting this would inevitably
lead to it exiting the bloc, BBC says.

However, in his annual State of the Union address in Strasbourg,
Jose Manuel Barroso, as cited by BBC, said: "Greece is, and
Greece will remain, a member of the euro area."


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


ALLIED IRISH: To Enter Mediation Talks with Former Executives
-------------------------------------------------------------
Aodhan O'Faolain at Irish Examiner reports that the High Court
heard Tuesday that Allied Irish Banks plc is to enter mediation
talks with six former executives accused by the bank of secretly
scheming to take over the clients, business and staff of AIB's
international financial services business for their own gain.

The state-owned bank has claimed the six executives were behind a
management buyout offer for AIB International Financial Services
(IFS), Irish Examiner discloses.  It alleges that the executives
set up a rival business to take over the clients, business, and
staff of IFS when AIB decided to sell the business to another
group, Capita, in June, Irish Examiner notes.

AIB claims that after 25 directors and employees left IFS between
June and August, Capita reduced its offer to buy IFS from EUR55
million to EUR33 million, Irish Examiner says.  It claims an
internal inquiry revealed that their actions had led to
significant loss and damage being caused to the bank, Irish
Examiner states.

The six executives are Pat Diamond, from Elton Park, Sandycove,
Dublin; Aidan Foley, formerly of Grawn, Kilmacthomas, Co Wexford;
Gerry McEvoy, formerly of Shandon Park, Phibsboro, Dublin; Derek
O'Reilly, Fernleigh Drive, Castleknock, Dublin; Andrew O'Shea
formerly of Ashbrook House, Julianstown, Co Meath, and Joe Walsh,
formerly of Grosvenor Terrace, Monkstown, Co Dublin, Irish
Examiner discloses.

The defendants reject the bank's claims, and deny any wrongdoing,
Irish Examiner relates.

Mr. Justice Peter Kelly said that if the talks did not produce
any results, AIB's application for the injunctions against the
six executives to remain in place pending the full hearing of the
action, will commence before the Commercial Court on Monday,
Irish Examiner notes.

If that hearing goes ahead, the court will also consider an
application brought on behalf of one of the defendants, Mr.
O'Shea, aimed at dismissing AIB's action, Irish Examiner says.

It is brought on the grounds that AIB failed to disclose
important facts to the court when it sought the interim
injunction, Irish Examiner discloses.

The hearing is expected to last three days, Irish Examiner
states.

               About Allied Irish Banks, p.l.c.

Allied Irish Banks, p.l.c. -- http://www.aibgroup.com/-- is a
major commercial bank based in Ireland.  It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin.  AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).

Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.

As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares.  On
April 8, 2011, the NPRFC converted the total outstanding amount
of CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.

In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.

As reported by the TCR on May 31, 2011, KPMG, in Dublin, Ireland,
noted that there are a number of material economic, political and
market risks and uncertainties that impact the Irish banking
system, including the Company's continued ability to access
funding from the Eurosystem and the Irish Central Bank to meet
its liquidity requirements, that raise substantial doubt about
the Company's ability to continue as a going concern.

The Company reported a net loss of EUR10.16 billion on
EUR1.84 billion of interest income for 2010, compared with a net
loss of EUR2.33 billion on US$2.87 billion of interest income for
2009.


ANGLO IRISH: ODCE Wants Investor to Disclose Share Loan Details
---------------------------------------------------------------
Simon Carswell at The Irish Times reports that the Office of the
Director of Corporate Enforcement is to continue using powers
under the Criminal Justice Act 2011 to compel witnesses to
disclose information in its lengthy investigation into Anglo
Irish Bank.

According to The Irish Times, businessman Gerry Conlan was
ordered by Naas District Court on Monday to provide documents and
information about a substantial Anglo loan provided to him to buy
shares in the bank in July 2008.

The pace of the investigations into Anglo, which are almost three
years old, has been criticized, The Irish Times relates.  The
ODCE said that it still expected its investigations to be
complete or substantially complete by the end of the year, The
Irish Times notes.

Mr. Conlan was one of the "Maple 10" investors assembled by Anglo
to buy a shareholding of almost 10% in the bank that was held by
businessman Sean Quinn using loans from the bank, The Irish Times
discloses.

The ODCE, as cited by The Irish Times, said a Garda detective
inspector attached to it applied for an order under the Criminal
Justice Act 2011 requiring Mr. Conlan to produce documents and
information relating to the Anglo share loan.

"Mr. Conlan is a witness who had earlier declined to make himself
available to the ODCE in its investigations of possible company
law offences by Anglo and its officers," The Irish Times quotes
the ODCE as saying.

Garda Insp Ray Kavanagh of the ODCE told the court that it sought
the order for Mr. Conlan to furnish documents and answer
questions about the Maple 10 deal, The Irish Times states.

Anglo, which is costing the Irish State EUR25 billion to
EUR29 billion, provided about EUR450 million in loans to the 10
investors -- about EUR45 million each -- to buy the shareholding,
The Irish Times discloses.  The purpose was to avoid the stock
being sold in the market, which would have led to a sharp fall in
the share price, further destabilizing Anglo, The Irish Times
says.

The ODCE is investigating whether the bank and its officers broke
company law by lending to investors to buy its own shares,
according to The Irish Times.  It is also examining the loans to
Anglo directors, including former chairman Sean FitzPatrick, and
whether the bank broke EU transparency rules by making false
financial statements, The Irish Times notes.

The Garda Bureau of Fraud Investigation is examining the EUR7.2
billion in deposits from Irish Life Permanent used to make Anglo
look healthier than it was, The Irish Times relates.

                     Irish Nationwide Merger

As reported by the Troubled Company Reporter-Europe on July 1,
2011, BreakingNews.ie related that The European Commission
cleared a bailout plan for Anglo Irish Bank and the Irish
Nationwide Building Society.  BreakingNews.ie disclosed that the
proposal, which was submitted for approval in January, provides
for the merger of the two troubled institutions and their winding
down over the next 10 years.  Anglo Irish and Irish Nationwide
jointly received EUR34.7 billion in capital injections from the
State to cover losses on property loans, BreakingNews.ie noted.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at Sept. 30,
2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products
and solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.


WINDERMERE XIV: Fitch Affirms 'CCCsf' Ratings on Two Note Classes
-----------------------------------------------------------------
Fitch Ratings has downgraded Windermere XIV CMBS Ltd's class A
notes and affirmed the others, as follows:

  -- EUR545.2MM class A (XS0330752436) downgraded from 'AAsf' to
     'Asf'; Outlook Stable

  -- EUR81.2MM class B (XS0330752782) affirmed at 'BBBsf';
     Outlook Negative

  -- EUR66.1MM class C (XS0330752949) affirmed at 'BBsf';
     Outlook Negative

  -- EUR27.9MM class D (XS0330753244) affirmed at 'Bsf';
     Outlook Negative

  -- EUR37.1MM class E (XS0330753590) affirmed at 'CCCsf';
     Recovery Rating (RR) of 'RR3'

  -- EUR18.0MM class F (XS0330753673) affirmed at 'CCCsf';
     Recovery Rating of 'RR5'

The rating action primarily reflects the risk of prolonged
partial pro rata principal allocation, in the event that the
loans are extended by the servicer.  With three loans approaching
maturity early in 2012, and bank lending conditions weakening in
Europe, there is a risk that some or all of these borrowers will
fail to pay at the due date.  Ordinarily, a failure to pay would
result in a loan event of default, and thereafter contribute to
the structural test designed to trigger reversion to sequential
pay, which is a protective mechanism for class A noteholders.
However, recent experience suggests that a loan extension or
similar outcomes remain a distinct possibility for
underperforming loans.  Fitch considers these three loans to be
among the strongest in the portfolio.  While this mitigates the
risk of non-payment, it does not mean that class A noteholders
can expect to receive full allocation of principal thereafter,
given the modified pro-rata rules in operation.

Therefore, in Fitch's opinion, the available subordination for
the class A notes cannot be relied on, in a 'AAsf' rating
scenario, to cushion the class A notes against the balloon risk
emanating from the two largest loans in the pool.  This is the
driver for the downgrade of this senior tranche.

While market conditions are weaker than only a few months ago,
the affirmation of the remaining tranches reflects solid
performance at loan-level in some respects, with the overall
relatively stable performance over the past year.  Despite some
adverse developments in the Haussman loan, in particular and
instances of high loan leverage, loans are performing in line
with Fitch's expectations at the time of its previous rating
action in October 2010.

The largest loan in the pool is the Haussmann loan (33.3% the
portfolio), secured by a grade A office property located in the
eastern part of the Paris central business district.  The
property is 56% vacant following the departure of Atos Euronext
Market Solutions in January 2011.  The lease of remaining tenant
Reuters France ('A-'/Stable) will expire in 2014, in line with
expected loan maturity.  Following the departure of the largest
tenant, amortization has been suspended until a new tenant is
found.

Fitch does not expect this development to impact the borrower's
ability to make interest payments as the loan remains unhedged
following the bankruptcy of Lehman Brothers (the hedging
provider) and therefore benefits from current low Euribor rates.
In addition, a EUR3.9m rental reserve account is available to
cover shortfalls if interest rates rise.  The loan has a reported
loan-to-value ratio (LTV) of 61%. Fitch estimates an LTV of
approximately 100%.

The Fortezza II loan (32.6% the portfolio) is an interest-only
loan, secured by 10 office properties located in Rome and a
single office property located in Pescara. 80% of income is
currently generated from Italian government tenants.  Two of the
three properties that were vacated in December 2009 have since
been re-let on a 15-year lease (with a break option after eight
years), and a 12-year lease (with a break option after six
years), taking vacancy to 7.4%.  Despite the two new leases, the
loan's lease profile remains relatively weak with an average
lease length of 3.5 years.  The loan matures in January 2014.
Fitch estimates an LTV in excess of 100%.

The Sisu loan (14.7% of the portfolio) is an A-note of a EUR133.9
million whole loan secured by 211 assets in regional Finland.  In
line with the sponsor's business plan, the portfolio continues to
be liquidated.  This has reduced the outstanding senior loan
balance to EUR113.3 million, down from EUR329.7 million at
closing.  Following a revaluation in April 2011, the reported LTV
was 75.6%, below Fitch's LTV of 83%. Although vacancy within the
portfolio is high at 31% (up from 18% at closing), the loan
benefits from significant income diversity with more than 600
tenants, the largest of which contributes only 5% of passing
rent.  The floating rate loan is subject to an interest rate cap,
and consequently reports a strong interest coverage ratio of
2.35x due to current low Euribor rates.

Balloon risk remains a key concern.  The Baywatch loan (6.0% of
the portfolio) was extended in line with loan documentation by
one year until April 2012 following a LTV covenant cure.  The
Queen Mary (3.6%) loan is scheduled to mature in January 2012,
and benefits from a moderate whole loan Fitch LTV of 71%.
Furthermore, the Sisu loan is scheduled to mature in April 2012.
The current state of the financial markets may make a sale or
refinancing challenging.


ZOO ABS: Fitch Says Ratings Not Impacted by Partial Repurchase
--------------------------------------------------------------
Fitch Ratings says that Zoo ABS IV Plc's ratings are not impacted
by the recent partial repurchase of the class A1-B notes.

Under the buyback, the repurchase of EUR15.87 million of the
class A1-B notes was undertaken at a discounted purchase price.
The repurchased notes have been subsequently cancelled, thereby
marginally increasing the available credit enhancement to all
rated notes.  The buyback was funded using cash available in the
principal collection account and money from the J.P. Morgan Money
Market Account.

The current EUR15.87 million repurchase of the class A1-B notes
forms part of the buyback offer approved by the noteholders in an
extraordinary resolution in November 2010, when the noteholders
approved a maximum buyback amount of EUR35 million of the class
A1-B notes at a maximum price of 70%.  Under the terms of the
buyback offer, the funds used for the repurchase will be applied
exclusively to redeem the class A1-B notes that have been
repurchased, and will not be applied towards the pro-rata
redemption of the class A1-A, A1-B and A1-R notes.

In November 2010, a EUR10.5 million buy-back of the class A1-B
notes was undertaken and in May 2011 an additional EUR2 million
of the same tranche was repurchased.

Zoo ABS IV Plc's notes are rated as follows:

  -- EUR150.0m class A1-A: 'BBBsf'; Outlook Stable
  -- EUR87.3m class A1-B: 'BBBsf'; Outlook Stable
  -- EUR100.0m class A1-R: 'BBBsf'; Outlook Stable
  -- EUR27.0m class A-2: 'BBsf'; Outlook Negative
  -- EUR30.0m class B: 'Bsf'; Outlook Negative
  -- EUR35.0m class C: 'CCsf';
  -- EUR28.0m class D: 'Csf';
  -- EUR8.5m class E: 'Csf'; and
  -- EUR7.1m combo class P: 'CCsf'


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N O R W A Y
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SEVAN MARINE: Faces Bankruptcy Threat; In Talks with Bondholders
----------------------------------------------------------------
Stephen Treloar and Marianne Stigset at Bloomberg News report
that Jens Ulltveit-Moe, chairman of Sevan Marine ASA, said the
company is preparing to file for bankruptcy as it engages in
last-minute negotiations with bondholders.

Mr. Ulltveit-Moe said in a phone text message that the company
will issue a statement by 9 a.m. today.

"The threat of this ending up in bankruptcy court isn't positive
for the bondholders as they'd lose all opportunity to negotiate,"
Bloomberg quotes Henrik Seland, a director at Agilis Group in
Oslo, as saying by phone.  "This was a tactical maneuver" by
Sevan Marine.

According to Bloomberg, Dagens Naeringsliv, citing Mr. Ulltveit-
Moe, reported that Sevan's board gave bondholders until 8 a.m.
yesterday to agree to restructure the company's debt or warned it
will file for bankruptcy.  It reached an agreement in July with
bondholders to defer interest payments until the end of September
and received a US$36.1 million bond loan to support the company's
working capital needs to allow it time to present a solution to
restructure debt, Bloomberg recounts.

Sevan has a total interest-bearing debt of US$970 million,
Bloomberg says, citing the company's second-quarter earnings
report.

"Should the bondholders say enough is enough, it would result in
a collapse of the multibillion-type, which would impact the
unsecured high-yield bond market for a long time," Petter
Andreassen, head of sales at SEB AB in Oslo, as cited by
Bloomberg, said in a note to clients yesterday.

Sevan shares were suspended from trading by the Oslo Bourse
before the opening yesterday morning, Bloomberg relates.  They've
lost 95% of their value this year, Bloomberg notes.

Sevan Marine ASA is a Norwegian maker of floating oil-production
and storage vessels.


===============
P O R T U G A L
===============


EMPRESA DE ELECTRICIDADE: Moody's Lowers Issuer Rating to 'B3'
--------------------------------------------------------------
Moody's Investors Service has downgraded the issuer rating of
Empresa de Electricidade da Madeira SA to B3 from B1. The rating
remains on review for further downgrade.

Ratings Rationale

The rating action reflects the financial risks resulting from the
significant deterioration in the credit quality of the Autonomous
Region of Madeira, in particular the increased risk that EEM's
syndicated bank loan facility, which is guaranteed by RAM, is
accelerated, and the impact on EEM of the deterioration of RAM's
credit quality. This rating action follows Moody's earlier
downgrade of RAM to B3, on review for downgrade, from B1, on
review for downgrade.

The downgrade of RAM's rating was driven by Moody's concerns over
the region's poor governance and management as well as its weak
budget execution, which were heightened by the Ministry of
Finance's publication of a press release revealing "grave
irregularities" in RAM's budget reporting. RAM has failed to
report around EUR1.2 billion (approximately 130% of the region's
annual revenue) in commercial liabilities over the last few
years. Moody's could downgrade RAM's ratings further if its
analysis indicates an unrealistic plan to redress its fiscal and
debt challenges.

EEM's rating remains on review for further downgrade, and further
downgrades may result if EEM's financial position deteriorates
significantly resulting from, but not limited to, (1) an
acceleration of EEM's bank loan facilities, or (2) a material
write-down of receivables due from RAM or other evidence that
they are unrecoverable, or (3) evidence that EEM was unable to
raise the finance necessary to support its business obligations.
Furthermore, any further downgrades of the rating of RAM will
likely result in the downgrade of EEM's rating.

Absent the issues pertaining to RAM's credit quality, EEM's
business profile and capital structure would suggest a rating
higher than B3. However, EEM's rating is capped by the rating of
RAM, given EEM's exposure to economic stresses in the area and
its inability to disconnect itself from the credit risk of RAM.

More generally, EEM's B3 rating recognizes the company's position
as the dominant vertically integrated utility in the RAM,
characterized by a low business risk profile and the fully
regulated nature of its activities, in the context of a
relatively well-established regulatory framework. The rating also
reflects the small size of the company. From a financial
perspective, EEM's rating also recognizes the company's leveraged
profile and weak credit metrics resulting from the build-up of
outstanding receivables from various municipalities and regional
public entities in the RAM. While exposed to some material
financial risks, Moody's does not anticipate that this will cause
the company severe financial distress in the near term. However,
overall the rating of EEM is constrained by that of RAM.

In Moody's view, the recent downgrades of the RAM's rating will
likely exert additional pressure on municipalities and public
entities in the region, thereby potentially reducing the
likelihood of a reduction of these overdue receivable positions.
Moody's notes that EEM's material investment program will
continue to weigh on its financial profile over the medium term,
thereby limiting financial flexibility. However, Moody's
understands that the company is in the process of reviewing its
capex plans. Moody's highlights that EEM currently receives a
guarantee from the RAM in respect of its EUR220 million
syndicated facility, which represents approximately half of the
company's long-term debt.

As a technicality, given the poor credit quality of RAM, the
Support factor applied to EEM in accordance with Moody's rating
methodology for government related issuers has been lowered to
"Low" from "Moderate", but this has no impact on EEM's rating
given the capping of EEM's rating at the level of RAM's rating.

EEM is the dominant vertically integrated utility in Madeira. As
of December 2010, the company reported revenues of EUR174 million
and operating income of EUR18 million.

Previous Rating Action & Principal Methodology

The principal methodology used in rating is EEM the Regulated
Electric and Gas Utilities rating methodology, published
August 2009.


=========
S P A I N
=========


AYT CAIXANOVA: Moody's Lowers Rating on EUR6.6MM E Notes to 'C'
---------------------------------------------------------------
Moody's Investors Service has downgraded the class A, B, C, D and
E notes issued by AyT Caixanova Hipotecario I, FTA. The ratings
of the notes were placed on review for downgrade in February 2011
due to the worse-than-expected performance of the collateral. A
detailed list of ratings affected by this action is provided at
the end of the press release.

Rating Rationale

The rating action concludes Moody's review and takes into
account: (i) the deterioration in the performance of the
underlying collateral portfolio, in particular the small and
medium-sized enterprise (SME) portion of the portfolio; (ii)
increased sector and regional concentration; and (iii) Moody's
negative sector outlook for Spanish RMBS and SMEs in a weakening
macroeconomic environment in Spain, including high unemployment
rates.

The transaction is a securitization of loans granted to
individuals and SMEs secured mostly by a first-lien mortgage
guarantee. The loans granted to individuals secured on
residential properties represent 77% of current portfolio, while
loans granted to SMEs account for 23% of the loan pool.

The lifetime losses (expected loss) and the Moody's Individual
Loan Analysis (MILAN) Aaa Credit Enhancement (Milan Aaa CE) are
the two key parameters used by Moody's to calibrate its loss
distribution curve, which is used in the cash flow model to rate
European RMBS transactions.

Portfolio Expected Loss

Moody's has reassessed its lifetime loss expectation for AyT
Caixanova Hipotecario I, FTA, taking into account the collateral
performance to date as well as the current macroeconomic
environment in Spain. AyT Caixanova Hipotecario I, FTA is
performing worse than Moody's expectations as of closing.
Following a sharp rise in defaults over the past 18 months,
mainly caused by the default of the pool's major borrower (1.6%
of the original balance), the cumulative default rate increased
to 3.6% of original balance as at December 2009, compared with
0.5% at year-end 2009. As result of this increase, the available
reserve fund decreased close to 0% of its target balance in
January 2011, but was replenished up to 93% of its target balance
in July 2011. While loan recoveries contributed to the rise in
the available reserve amount, 90+ days delinquencies of current
balance remain at 4.0 % at July 2011, which compares with 4.5% at
year-end 2009. The cumulative recovery rate, measured as a
percentage of the cumulative default rate stood at 64% as at July
2011.

The primary source of assumption uncertainty is the current
macroeconomic environment in Spain. Moody's expects the portfolio
credit performance to remain under stress, as the Spanish
unemployment rate continues to rise. On the basis of the rapid
increase in defaults in the transaction and Moody's negative
sector outlook for Spanish RMBS, the rating agency has updated
the portfolio expected loss assumption to 4.2% of original pool
balance, up from 1.8% at closing.

MILAN Aaa CE

Moody's split the portfolio into two sub-pools based on the
debtor characteristics (individuals and SMEs). For the sub-pool
of loans granted to individuals, Moody's has assessed the loan-
by-loan information to determine a MILAN Aaa CE. For the SME sub-
pool (23% of the current pool), Moody's derived its default
distribution using the ABS SME approach, based on the default
probability contribution of each single borrower, and the
correlation among the different industries represented in the
portfolio. Moody's translated the outputs of the ABS SME approach
into a lognormal distribution for the SME sub-pool. Once both
lognormal distributions (SME sub-pool and individual sub-pool)
were obtained, Moody's conservatively approximated the combined
distribution, taking into consideration 100% correlation between
both pools.

Moody's has increased its overall MILAN Aaa CE assumptions to
19%, up from 8% at closing. The increase in the MILAN Aaa CE is
mainly driven by the debtor, sector and geographic concentrations
in the portfolio. The major borrower of the underlying collateral
represents 1.6% of the outstanding portfolios. The top five
borrowers account for 6% of the outstanding portfolios, and the
top 10 borrowers account for 9.2%. This compares with 1.6% for
the top borrower, 6.4% for the top five borrowers and 9.9% for
the top 10 borrowers in the initial portfolio. According to
Moody's industry classification, approximately 7.3% of borrowers
are active in the construction sector, which constitutes a
marginal increase from 7% originally. On a standalone basis, 33%
of the SME portfolio consists of borrowers active in
construction, an increase from 26% at closing. Furthermore, the
outstanding total portfolio is concentrated in the Comunidad
Autonoma de Galicia (Aa2, on review for downgrade) where 88% of
all borrowers are located.

operational Risk

Caja de Ahorros de Galicia, Vigo, O y P. (Baa3/Prime-3/D+,
negative outlook) is the servicer in this transaction. Moody's
notes that operational risk in this transaction is not mitigated,
as there is no back-up servicer. The operational risk is not a
driver of the rating action on the notes. The reserve fund is
slightly below its target level and is the only source of
liquidity available in the transaction. Moody's thinks that a
severe downgrade of the servicer and additional draw-downs on the
reserve fund will further impact the ratings of the senior notes.

Transaction Details

AyT Caixanova Hipotecario I, FTA closed in December 2007. It is a
securitization of loans granted to individuals secured on
residential properties and SME borrowers, mainly resident in
Spain (98% of the current portfolio) and originated by Caja de
Ahorros de Galicia, Vigo, O y P. In June 2011, the portfolio
consisted of 1,882 loans to 1,837 borrowers of which 93% are
first lien mortgages and 7% are second lien mortgages. The weight
of the sub-portfolios has changed (i) to 77% from 73% for loans
granted to individuals secured on residential properties, and
(ii) to 23% from 27% for SME borrowers. Most of the loans were
originated between 1990 and 2006. The weighted average remaining
term of the portfolio is 19 years. The concentration of the loans
in the building and real estate sector, according to Moody's
industry classification, was 7.3% as of June 2011.

Rating Methodologies

The methodologies used in this rating were Moody's Approach to
Rating RMBS in Europe, Middle East, and Africa published in
October 2009 and Moody's approach to Rating CDO of SME's in
Europe published in February 2007.

Other Factors used in this rating are described in Global
Structured Finance Operational Risk Guidelines: Moody's Approach
to Analyzing Performance Disruption Risk, published in June 2011.

LIST OF AFFECTED SECURITIES

Issuer: AYT CAIXANOVA HIPOTECARIO I

   -- EUR281.1MM A Notes, Downgraded to Aa3 (sf); previously on
      Feb 8, 2011 Aaa (sf) Placed Under Review for Possible
      Downgrade

   -- EUR8.4MM B Notes, Downgraded to Baa3 (sf); previously on
      Feb 8, 2011 A2 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR6.3MM C Notes, Downgraded to B2 (sf); previously on
      Feb 8, 2011 Baa1 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR4.2MM D Notes, Downgraded to Caa3 (sf); previously on
      Feb 8, 2011 Ba2 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR6.6MM E Notes, Downgraded to C (sf); previously on
      Feb 8, 2011 Ca (sf) Placed Under Review for Possible
      Downgrade


PROMOTORA DE INFORMACIONES: May Sell Assets to Slash Debt Pile
--------------------------------------------------------------
Miles Johnson and Ben Fenton at The Financial Times report that
Prisa could be forced into selling prized assets to trim its
EUR3.5 billion (US$4.8 billion) net debt pile as the company's
founding Polanco family battles to retain control of the world's
largest Spanish-language media group by revenues.

The company is locked in its second renegotiation with its
lenders in less than a year after a restructuring earlier this
year and sales of part of its stakes in domestic broadcaster
Digital Plus and educational publisher Santillana, the FT
relates.

The Polanco family, descendants of Jesus Polanco, who founded
Prisa in the early 1970s and built it into Spain's largest media
empire by audience and revenues, is now battling to avoid being
diluted out of the company after striking an ill-fated series of
acquisitions before the financial crisis, the FT discloses.

According to the FT, Prisa has said that its banks are open to
reaching a new deal over debts, but bankers and analysts in Spain
and London say the company might struggle to attract good offers
for assets given the current economic environment.

The company has said that it is still exploring asset sales as
part of its options, the FT notes.

"It now looks even harder than it did three months ago," the FT
quotes one banker in Madrid as saying.  "Maybe they can surprise
the market, like when they sold the stake in Santillana for a
good price, but this is a very difficult position to be selling."

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

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


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


CLARKEBOND GROUP: Sells Business, Expects to Save 72 Jobs
---------------------------------------------------------
Insider Media Limited reports that Clarkebond Group has sold its
operations after it went into administration, expecting to save
72 jobs in the process.

The company closed four of its UK offices in Sale, Harrogate,
Birmingham, and Swansea, according to Insider Media Limited.  The
report relates that BDO LLP was appointed as administrator and
sold the remaining offices in Bristol, Exeter and London, as well
as in the Middle East, to Inspiration Holdings.  The sale is
expected to save 72 jobs in the United Kingdom.

"The group is very well known and has a great reputation in this
sector, but has found trading tough due to difficult conditions
in the construction sector. . . . While we were unable to save
the business in Wales, the Midlands and the North of England,
it's positive news that -- with the assistance of the purchaser
-- we were able to sell part of the business and secure 98 jobs
in the UK and Middle East," Insider Media Limited quoted Mark
Roach, BDO business restructuring director, as saying.

Insider Media Limited notes that the company will continue
business operations as normal under the new ownership.  Andrew
Whitehead joins as operations director, overseeing the day-to-day
running of the business, the report relays.

Clarkebond Group is a civil and structural consultant company.
It operated from eight sites in the United Kingdom, along with an
office in Abu Dhabi in the Middle East.  It employed 117 staff in
the United Kingdom and 26 in the Middle East.


CONGREGATIONAL GENERAL: S&P Affirms BB+ Financial Strength Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based non-life insurer Congregational & General Insurance PLC
(C&GI) to positive from stable. "At the same time, we affirmed
our 'BB+' long-term counterparty credit and financial strength
ratings on the company," S&P related.

"The outlook revision reflects C&GI's improved credit risk
profile as a result of the sale of Integra Insurance Solutions
Ltd., its managing general agency (MGA), to Hannover
Rueckversicherung AG (Hannover Re). Following the sale, we now
measure C&GI's capital adequacy ratio as extremely strong,
although its capital base remains small in absolute terms," S&P
said.

"When we reviewed C&GI in February 2011, we expressed concerns
regarding the company's unproven strategy to accelerate its
growth through its MGA, with a reliance on third-party capital.
We considered the execution risk of this plan to be high; our
concerns have turned out to be unfounded. To us, the sale of
Integra's majority stake, well ahead of the planned date, has
demonstrated C&GI management's ability to execute its strategy
successfully. We expect the risk profile and capitalization to
improve further during 2012, when the company will cease to
underwrite household business. This line of business currently
contributes about 68% of gross premium income," S&P said.

"In our opinion, the ratings continue to be supported by C&GI's
robust competitive position within its core, but very small,
niche commercial property market. At the same time, C&GI's weak
overall competitive position and small capital base in absolute
terms constrain the ratings," S&P related.

"The positive outlook reflects our expectation that C&GI will
continue to deliver profitable performance throughout 2011 and
2012 financial years and execute its strategy by transitioning
into managing and servicing MGAs. We also anticipate that C&GI
will maintain at least a strong capital adequacy ratio over the
rating horizon and its low financial risk tolerance will continue
to demonstrate good and stable operating performance on its
church account. We expect its average net combined ratio to be
below 95% and its average return on revenue above 10%," S&P said.

"We could upgrade C&GI if we consider that the shareholders'
intend to maintain at least strong capital adequacy over the
longer term and a clear longer-term strategy that supports its
lowered credit risk profile going forward. The ratings could come
under downward pressure if financial risk tolerance were to
increase significantly or the company's capital or operating
performance were to materially deteriorate," S&P said.


HUB RETAIL: To Enter Liquidation, Close Shops
---------------------------------------------
Shropshire Star reports that discount store chain Hub Retail is
to enter liquidation and close its shops.  Hub Retail's Telford
branch has closed with the loss of around 21 jobs.

The report says the chain was set up by Poundland founder Dave
Dodd a year ago to great acclaim as former GMTV presenter Richard
Arnold cut the ribbon to open the Telford store, creating 30
jobs.

According to Shropshire Star, Mr. Dodd said at the time he hoped
to have 30 stores across the country by the end of the year.

But he said low sales led the firm to reposition itself as a
discount store chain, and its inability to compete in terms of
size with existing high street retailers left Hub struggling,
Shropshire Star relates.

Shropshire Star reports that the Telford store had already been
closed for a planned refurbishment to improve customer flow, but
the designer was told of the news Monday, and the Telford
Shopping Centre store will now not reopen.

In total, 57 jobs across the firm's head office and four branches
-- also including those in Manchester, Stafford, and Lichfield --
have been lost, Shropshire Star discloses.


HUB RETAIL: Goes Into Administration, Cuts 57 Jobs
--------------------------------------------------
internationalsupermarketnews.com reports that Hub Retail Ltd. has
fallen into administration and 57 jobs have been lost.

Branches in Lichfield, Stafford, Telford and Manchester have now
closed and liquidators are being appointed, according to the
report.

internationalsupermarketnews.com notes that Hub Retail is just
another retailer that could not compete with the huge buying
power of established discount shops during difficult times.

Hub Retail Ltd is a chain of bargain household shops with
branches in Staffordshire.  The business, which was only launched
in September 2010, was the brainchild of David Dodd, a co-founder
of Willenhall-based discount store chain Poundland.


NEW MCCOWANS: Administrators in Talks With Potential Buyers
-----------------------------------------------------------
Scott McCulloch at business7.co.uk reports that administrators
for New McCowans Ltd., Grant Thornton, said discussions with
potential buyers are still ongoing after cancelling a crunch
meeting with staff on Sept. 23.

However, it described as "just speculation" a potential bid from
investment firm, Ambrosia Holdings, who rescued the company in
2006, according to the report.

As reported in the Troubled Company Reporter-Europe on Sept. 28,
2011, BBC News said that New McCowans, which went into
administration, could be rescued by the same investors who saved
the company five years ago.  According to BBC, Ambrosia Holdings
said it still believed it was a "viable business" with a "strong
brand".  Administrators Grant Thornton is understood to be
considering at least two other offers, BBC discloses.

Meanwhile, business7.co.uk relates that Grant Thornton refused to
comment on why the meeting with staff was cancelled, but said the
plant remains closed while buyout discussions continue.

New McCowans Ltd. is a sugar-based confectionery company that
manufactures a diverse range of products that appeal to a wide
range of consumers and age groups and delivers those products
under the McCowan, Millar and Millar McCowan brands.


SOUTHERN CROSS: Unveils Liquidation Deal With Lenders, Landlords
----------------------------------------------------------------
HealthInvestor reports that the lenders and landlords of Southern
Cross have agreed to a restructuring of the company as it winds
down operations and enters liquidation.

As part of the agreement, HealthInvestor relates, Southern Cross
will continue to defer rent payments to landlords this month to
help it pay its lenders.  According to HealthInvestor, the
restructuring's primary aim is to allow Southern Cross to fulfil
its obligations to lenders -- the group has confirmed there will
be "no value" left to distribute to shareholders at the end of
the process.

As announced earlier this year, HealthInvestor recalls, the
group's operating leases, including assets and back office
systems, will transfer to its landlords.  The largest landlord,
NHP, is to form a new company called HC-One to operate the homes
it owns.  Southern Cross's remaining group structure will
transfer to HC-One in order to "ensure that continuity of care is
maintained".

According to HealthInvestor, NHP/HC-One will also provide
"support to some landlords and alternative care providers for a
period of time following completion of the transfer of homes."

Although many of Southern Cross's homes were owned by other
operators or NHP, as many as 250 Southern Cross homes taken back
by landlords have yet to find operators, HealthInvestor notes.

HealthInvestor adds that the board hopes to have disposed of 11
leasehold and 19 freehold properties by November, after which the
company will be wound down and enter solvent liquidation.

As reported in the Troubled Company Reporter-Asia Pacific on
July 20, 2011, The Financial Times said Southern Cross is
expected to be wound up by end of October 2011.  The decision
followed months of tense negotiations with landlords, after fee
cuts and falling occupancy rates left it unable to meet its rent
payments.

Southern Cross Healthcare provides residential and nursing care
to more than 31,000 residents cared for by 45,000 staff in 750
locations.  It also operates homes that specialize in treating
people with dementia, mental health problems and learning
disabilities.

Southern Cross Healthcare provides residential and nursing care
to more than 31,000 residents cared for by 45,000 staff in 750
locations.  It also operates homes that specialize in treating
people with dementia, mental health problems and learning
disabilities.


TOKIO MARINE: U.S. Court Recognizes Case as Foreign Proceeding
--------------------------------------------------------------
The Hon. Martin Glenn of the U.S. Bankruptcy Court Southern
District of New York, on Sept. 8, 2011, recognized the Chapter 15
case of Tokio Marine Europe Insurance Limited as a foreign
proceeding pursuant to Section 1517(a) of the U.S. Bankruptcy
Code and within the meaning of Section 101(23).

David McGuigan, in his capacity as the duly appointed foreign
representative of Tokio Marine which is subject to an adjustment
of debt proceeding and bound by that certain Scheme of
Arrangement pursuant to Part 26 of the Companies Act 2006 for the
Scheme Company sanctioned by the High Court of Justice of England
and Wales on April 15, 2011, filed the verified petition under
Chapter 15 for recognition of a foreign proceeding.

The Court ordered that the Scheme Company is entitled to all the
relief equivalent to that afforded to a Debtor in a foreign main
proceeding under section 1520 pursuant to sections 1521(a) and
(b) of the Bankruptcy Code.

            About Tokio Marine Europe Insurance Limited

United Kingdom-based Tokio Marine Europe Insurance Limited
provides insurance solutions, risk engineering and claims
management in Europe.

David McGuigan filed for Chapter 15 protection (Bankr. S.D.N.Y.
Case No. 11-13420) on behalf of the Debtor on July 18, 2011.  Lee
Stein Attanasio, Esq., at Sidley Austin LLP represents the Debtor
in its restructuring efforts.  The Debtor has estimated assets
and debts of more than $100 million.  The Company did not file a
list of creditors together with its petition.


VAR ITOPIA: Goes Into Administration, Faces Wind Up Petition
------------------------------------------------------------
Paul Kunert at Channel Register, citing The Reg, reports that VAR
Itopia Group has gone into administration.

As revealed in recent weeks, the company ran into financial
difficulties and was facing a winding-up petition from wholesaler
Computer 2000 over unpaid debts, according to Channel Register.

The report notes that an unnamed spokesman at administrators CMB
Partners said it was appointed on September 22, with partner
Brian Lucas handling the case, days ahead of the September 26,
court hearing brought about by the distributor.

Channel Register says that sources said staff had not been paid
and co-founder Robin Lodge was alleged to have returned his Swiss
retreat.

London-based VAR Itopia Group was co-founded by serial
entrepreneur and Sunday Times Rich List regular Robin Lodge.
Formed in April 2008, the London-based firm billed itself as a
virtualization specialist and worked with vendors including
Kaviza, VMware and Datacore.


VVG HOLDINGS: Indigo Venture Buys Unit Out Administration
---------------------------------------------------------
Men Media Business reports that Cheshire-based Venture
Photography has been bought out of administration by Indigo
Venture Capital in a multi-million pound deal.

The parent company of Venture, VVG Holdings, was placed into
administration last December, Men Media Business recalls.

The report relates that backed by a London-based entrepreneur,
Indigo bought VVG's United Kingdom and Hong Kong operations,
Venture Consolidated Holdings and Venture Studios (HK)
respectively.

Berg Legal in Manchester advised Indigo on the transaction.

Based in Winsford, VVG Holdings operates 38 studios in the United
Kingdom and a further eight across the globe, including
operations in Hong Kong and franchise studios in Ireland and the
United States, under the Venture Photography brand.  It employs
135 staff across the group and turnover for 2010 was
GBP40 million.


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


* EUROPE: Bank Failures Likely, Carlyle's Sarkozy Says
------------------------------------------------------
Laura Marcinek and Cristina Alesci at Bloomberg News report that
Olivier Sarkozy, head of a team that handles investments in
financial-services companies at Carlyle Group, said bank failures
are "a real possibility" as Europe grapples with a debt crisis.

"The liquidity crisis there is real," Mr. Sarkozy said on Tuesday
in an interview on Bloomberg television at a Bloomberg Link
conference in New York.  "The government response is more complex
and complicated.  As a result, there is a chance there will be
major implications for major financial players in Europe."

Banks are shedding assets as a way to raise capital, an
opportunity that Mr. Sarkozy, as cited by Bloomberg, said he
would like to capitalize on.

"The thing that interests us is there seems to be more supply
than there will be capital to meet that supply," Bloomberg quotes
Mr. Sarkozy, based in New York and half-brother of French
President Nicolas Sarkozy, as saying.  "We feel as if we will be
in a position to buy smartly, and, hopefully, with a little
focus, we will turn them around and make them worth more over
time."


* 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.


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland
USA.  Valerie U. Pascual, Marites O. Claro, Rousel Elaine T.
Fernandez, Joy A. Agravante, Psyche A. Castillon, Ivy B.
Magdadaro, Frauline S. Abangan and Peter A. Chapman, Editors.

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

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

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

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


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