TCREUR_Public/120113.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

           Friday, January 13, 2012, Vol. 13, No. 10

                            Headlines



C Z E C H   R E P U B L I C

AHOLD CZECH REPUBLIC: Brno Court Commences Insolvency Proceedings
DENDRA BRECLAV: In Insolvency Proceedings
HAAS & CZJZEK: Court Okays Asset Sale; March 15 Bid Deadline Set
SAZKA AS: Administrator to Use Sale Proceeds to Repay BNY Mellon


D E N M A R K

TORM A/S: Creditors Mull Split-Up of Operations


F R A N C E

SEAFRANCE: DFDS Emerges as Leading Bidder for Calais Ferry Route


G R E E C E

* Holders of Greek Debt to Be Asked to Accept 60% Haircut


H U N G A R Y

MOL HUNGARIAN: Fitch Says Ratings Unaffected by Hungary Downgrade


I R E L A N D

FALLON & BYRNE: High Court Confirms Appointment of Examiner
TREASURY HOLDINGS: NAMA Set to Appoint Receivers to Properties


L U X E M B O U R G

ARCELORMITTAL: Files Insolvency Papers for Steelworks Plant


P O L A N D

EILEME 1 AB: Moody's Assigns 'B1' CFR; Outlook Stable


U N I T E D   K I N G D O M

CONCEPT VEHICLES: Johnsons Cars Buys Firm Out of Administration
LINCOLNSHIRE PRIME: In Administration, Owes GBP1.4 Million Debt
MONUMENTAL GAMES: In Administration, Lays Off Remaining Staff
ROYAL BEACON: Hotel in Administration, May be Put Up for Sale
W J HARTE: In Brink of Administration, 700 Jobs at Risk


X X X X X X X X

* BOOK REVIEW: Fraudulent Conveyances


                            *********


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


AHOLD CZECH REPUBLIC: Brno Court Commences Insolvency Proceedings
-----------------------------------------------------------------
CTK, citing the insolvency register, reports that the Regional
Court in Brno on Wednesday started insolvency proceedings with
retailer Ahold Czech Republic on the proposal of Liberec-based
firm Zanap to which Ahold reportedly owes more than CZK6 million.

According to CTK, Simona Caidlerova of Ahold said that Zanap's
proposal is unjustified and unsubstantiated.

Zanap, which produces equipment for restaurants and provides
services for them, wants from Ahold over CZK3.75 million for
unpaid invoices for services, control and maintenance, plus over
CZK0.5 million in interest and fines and CZK1.75 million for lost
profits, CTK discloses.

Ahold Czech Republic, a. s. (a. s. standing for "akciova
spolecnost" -- equivalent of joint stock company) is a division
of the Netherlands-based Ahold company, operating in the Czech
republic.  They are responsible for running the supermarket chain
Albert and the hypermarket Hypernova, totalling about 300
locations.


DENDRA BRECLAV: In Insolvency Proceedings
-----------------------------------------
CTK reports that Dendra Breclav is currently in insolvency
proceedings.

According to CTK, co-owner Ales Rylich said that rising input
prices and the failure to sign contracts in a tender declared by
the state-run forest management company Lesy CR for this year are
behind the firm's insolvency.

Dendra Breclav is a Czech sawmill.


HAAS & CZJZEK: Court Okays Asset Sale; March 15 Bid Deadline Set
----------------------------------------------------------------
CTK, citing data in the insolvency register, reports that assets
of bankrupt Haas & Czjzek - Prvni porcelanova manufaktura v
Cechach will be sold in a public tender upon decision of the
Regional Court in Plzen.

According to CTK, the court's verdict follows the approval of the
method of sale by the creditor committee.

Prospective buyers are invited to submit price bids for parts or
for the entire company until March 15, CTK discloses.  Their
offers will be assessed a day later, CTK notes.  An expert
appraisal (of all movable and immovable assets, claims,
trademarks) puts the basic price at CZK23.5 million, CTK states.

Haas & Czjzek - Prvni porcelanova manufaktura v Cechach is a
china manufacturer.


SAZKA AS: Administrator to Use Sale Proceeds to Repay BNY Mellon
----------------------------------------------------------------
CTK reports that Josef Cupka, insolvency administrator of Sazka
AS, has proposed to a court that CZK567 million obtained from the
sale of the company be paid to Sazka's creditor The Bank of New
York Mellon.

The bank's secured claim against Sazka amounts to nearly
CZK5 billion, CTK discloses.

Mr. Cupka's spokeswoman Lenka Ticha told CTK that the insolvency
administrator has decided to pay out Sazka's creditors.

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


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


TORM A/S: Creditors Mull Split-Up of Operations
-----------------------------------------------
Frances Schwartzkopff at Bloomberg News, citing Jyllands-Posten,
reports that Torm A/S may be split up in two by the company's
creditors.

According to Bloomberg, the Viby, Denmark-based newspaper said
that the creditors are considering separating Torm's healthy
operations into one entity and putting its struggling operations
into a second.

As reported by the Troubled Company Reporter-Europe on Dec. 7,
2011, The Financial Times related that creditors of Torm allowed
the company to waive many of its loan terms and stop making loan
repayments until at least until Jan. 15.  The FT disclosed that a
group of three of the company's lending banks -- Danske Bank,
Danish Ship Finance and Nordea -- also announced that they had
formed a committee to negotiate a solution to the problems of the
company, which said on Nov. 17 it needed US$300 million in new
capital.  Torm, like other tanker operators, is struggling in the
face of a decline in tanker earnings brought on by a significant
oversupply of ships, the FT said.  The company also took on
significant extra debt in 2007 to finance the purchase of its
share of OMI, a US-listed tanker operator that it took over
jointly with Teekay, another US-listed tanker operator, the FT
noted.

Torm is a Danish oil tanker operator.  The company operates about
140 tankers for oil products such as petrol and 10 ships for
carrying dry bulk commodities such as iron ore.  It is majority
owned by the Greek Panayotides shipping family.


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F R A N C E
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SEAFRANCE: DFDS Emerges as Leading Bidder for Calais Ferry Route
----------------------------------------------------------------
Andrea Rothman and Gregory Viscusi at Bloomberg News report that
French Transport Minister Thierry Mariani said Danish ferry
operator DFDS A/S is the lead candidate to take over the Dover to
Calais ferry route formerly served by SeaFrance, which is being
wound up.

DFDS's French ship-owner partner, Louis Dreyfus Armateurs SAS, on
Tuesday said it plans to hire 300 workers to serve the Dover-
Calais route, Bloomberg relates.  According to Bloomberg, DA
Chairman Philippe Louis-Dreyfus said that while the venture will
"initially" use its own vessels, SeaFrance has three idled ships
that could become available.

Mr. Dreyfus said in an RTL radio interview that workers hired
from SeaFrance would be paid less than in their former posts.

DFDS and Louis Dreyfus Armateurs formed a joint venture last year
that initially bid to acquire assets of SeaFrance before the
proposal was rejected as inadequate by the commercial court of
Paris last month, Bloomberg recounts.

Mr. Mariani also said on Wednesday that there's no project in
place to provide work for all 850 SeaFrance workers, with some
likely to take jobs with "whoever buys the company" while others
get posts at French state train operator SNCF, the ferry
operator's owner.

As reported by the Troubled Company Reporter-Europe on Jan. 11,
2012, Bloomberg News related that Groupe Eurotunnel SA said it
wants to buy SeaFrance.  Eurotunnel Chief Executive Officer
Jacques Gounon has written to SeaFrance's administrators seeking
to purchase assets and lease them to worker cooperative Scop,
which is targeting its own takeover, Bloomberg disclosed.
SeaFrance was put into formal liquidation on Monday after the
commercial court ruled that there was no valid purchase offer,
ending a process that began in November, according to Bloomberg.

SeaFrance is the operator of the undersea rail link between
Britain and continental Europe.


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


* Holders of Greek Debt to Be Asked to Accept 60% Haircut
---------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that private investors
holding Greek debt will be asked to accept a haircut of around
60% because a previously agreed 50% write-down is no longer seen
as sufficient because of the deteriorating Greek economy, people
with direct knowledge of the matter said.


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H U N G A R Y
=============


MOL HUNGARIAN: Fitch Says Ratings Unaffected by Hungary Downgrade
-----------------------------------------------------------------
Fitch Ratings says that MOL Hungarian Oil and Gas Company Plc's
(MOL) ratings are unaffected by the downgrade of Hungary's
ratings.

In line with Fitch's criteria report, "Country Ceilings", MOL's
ratings are currently capped by Hungary's Country Ceiling of
'BBB' rather than the sovereign rating.  Hungary's Country
Ceiling was downgraded to 'BBB' from 'A-', along with the
country's foreign currency Issuer Default Rating (IDR) which was
downgraded to 'BB+', from 'BBB-', with a Negative Outlook on 6
January 2012.

MOL has Long-term foreign and local currency IDRs of 'BBB-' with
Stable Outlooks, Short-term foreign and local currency IDRs of
'F3' and foreign and local currency ratings of its senior
unsecured debt of 'BBB-'.  While rated above the sovereign
government's obligations, MOL's profile does not possess the
characteristics that exceptionally can support a rating above the
Country Ceiling, and a downgrade of MOL would be automatically
triggered if Hungary's Country Ceiling is downgraded below
'BBB-'.

The ratings reflect MOL's improved credit metrics in 2010-2011
and the company's plan to fully finance capex from operating cash
flow in 2012-2013.  Fitch assumes that MOL's management will
continue its prudent financial risk policy and would reduce capex
in the event of weaker-than-projected cash flow.

Fitch believes that MOL's rating headroom nonetheless continues
to be limited due to a number of negative developments in the
external environment.  These include the weak economy and the
increased tax burden in Hungary, difficult conditions in European
refining and the increased business risk in Syria, an important
region for MOL's upstream business.  Most likely triggers for a
near-term revision to the ratings would arise from a further
deterioration of the economic situation in Hungary, or more
difficult and costly access to debt markets and bank funding.

A negative rating action would also be triggered by MOL's
increased financial leverage (funds from operations (FFO)
adjusted net leverage at above 2.5x on a through-the-cycle basis)
or a material and prolonged deterioration of cash flow from Syria
if it were to lead to a weakening of MOL's financial profile.

Positively, MOL's geographical exposure is not dominated by the
Hungarian economy - the country represented 29% of total group
revenue and 50% of EBITDA in 2010.  The agency also notes that
MOL's two main profit drivers, the crude oil price and crack
spreads on refined products, are affected by global factors and
not by the domestic economy.

MOL's exposure to foreign currency risk is also manageable thanks
to a natural hedge between operating cash flow and foreign-
currency denominated debt.  However, a sharp depreciation of the
Hungarian forint (HUF) in a short period of time may worsen
credit ratios due to a timing mismatch between operating cash
flow and the HUF-equivalent value of foreign-currency denominated
debt at the end of a reporting period.  At end-September 2011, 71
% of the MOL group's total debt was denominated in euros and 26%
in US dollars.

MOL's largest shareholder is the Hungarian state, which owns a
23.8% stake following the acquisition of a 21.2% stake from
Russia's Surgutneftegas OJSC for EUR1.88 billion in July 2011.
Fitch continues to regard MOL as a private company as the state
does not control MOL given the 10% voting cap for all
shareholders.  There have been no changes in MOL's board of
directors, strategy, financial or dividend policies since the
acquisition in July.  The agency believes that decisions by the
government -- as MOL's largest, albeit non-controlling,
shareholder -- resulting in a material cash outflow could put
pressure on the ratings.

MOL has sufficient liquidity and a balanced debt maturity
profile.  MOL does not have large debt maturities in 2012, which
reduces the risk of increased borrowing costs.  This also lowers
the negative cash flow impact of the recent Hungarian forint
depreciation related to repayment of foreign-currency denominated
debt.


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I R E L A N D
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FALLON & BYRNE: High Court Confirms Appointment of Examiner
-----------------------------------------------------------
Irish Examiner reports that the High Court has confirmed the
appointment of an examiner to Fallon & Byrne.

Irish Examiner relates that on Thursday Mr. Justice Brian
McGovern said he was satisfied to appoint Neil Hughes, of Hughes
Blake, Chartered Accountants, as examiner to the company.

Mr. Hughes now has up to 100 days to come up with a scheme of
arrangement with the company's creditors, which if approved by
the High Court, will allow the firm to continue to trade as a
going concern, Irish Examiner says.

The examiner can be reached at:

           Neil Hughes
           HUGHES BLAKE
           Joyce House
           Tel No.: +353 (1) 6699999
           Fax No.: +353 (1) 6699777
           neil.hughes@hughesblake.ie

The company sought Mr. Hughes' appointment on the grounds it is
insolvent and unable to pay a EUR1.4 million tax bill, Irish
Examiner discloses.  However the High Court heard that
independent accountant report has said the business has a
reasonable prospect of survival if certain conditions, including
securing new investment into the country, Irish Examiner notes.

Fallon & Byrne is a food business.  It runs a restaurant and
gourmet food hall on Exchequer Street, Dublin 2.


TREASURY HOLDINGS: NAMA Set to Appoint Receivers to Properties
--------------------------------------------------------------
Ciaran Hancock at The Irish Times reports that the National Asset
Management Agency is preparing to take control of a number of
properties in Ireland owned by developer Treasury Holdings, one
of the 10 biggest borrowers with the State loans agency.

NAMA has issued a demand to Treasury for the repayment of its
loans, which last year stood at around EUR900 million, the Irish
Times discloses.

According to informed sources, NAMA has demanded that the loans
be repaid this month, the Irish Times notes.

If Treasury does not meet the deadline, NAMA will move to appoint
a receiver to certain properties in Ireland, the Irish Times
states.

Treasury is jointly controlled by Irish businessmen Richard
Barrett and Johnny Ronan.

Treasury's portfolio of assets in Ireland includes the Spencer
Dock development in Dublin's Docklands and the Convention Centre
Dublin, which was developed by Treasury and receives an annual
subvention from the State, the Irish Times says.

However, it was not clear on Wednesday night which properties
controlled by Treasury will be affected by NAMA's impending move
against the company, according to the Irish Times.

It is understood that officials from NAMA met Treasury on Monday
to issue their ultimatum, the Irish Times states.

The state loans agency appears to have lost patience with
Treasury following many months of negotiations to agree a
business plan and a term sheet for the loans, the Irish Times
says.

According to the Irish Times, sources suggested on Wednesday that
Treasury was considering seeking an examinership through the High
Court in Dublin but this could not be confirmed with the
developer.

Treasury Holdings is jointly controlled by Irish businessmen
Richard Barrett and Johnny Ronan.  It controls more than 130
individual real estate projects with a combined value in excess
of EUR4.6 billion.


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L U X E M B O U R G
===================


ARCELORMITTAL: Files Insolvency Papers for Steelworks Plant
-----------------------------------------------------------
Dow Jones' DBR Small Cap reports that Multinational
ArcelorMittal, which holds the controlling stake in Algeria's El
Hadjar steelworks, in the eastern region of Annaba, has filed
insolvency papers with a court there, Agence France-Presse
reported.

                     About ArcelorMittal

Luxembourg-based ArcelorMittal -- http://www.arcelormittal.com/
-- is the world's leading steel company, with operations in more
than 60 countries.

ArcelorMittal is the leader in all major global steel markets,
including automotive, construction, household appliances and
packaging, with leading R&D and technology, as well as sizeable
captive supplies of raw materials and outstanding distribution
networks.  With an industrial presence in over 20 countries
spanning four continents, the Company covers all of the key steel
markets, from emerging to mature.

In 2008, ArcelorMittal had revenues of $124.9 billion and crude
steel production of 103.3 million tonnes, representing
approximately 10% of world steel output.

ArcelorMittal is listed on the stock exchanges of New York (MT),
Amsterdam (MT), Paris (MT), Brussels (MT), Luxembourg (MT) and on
the Spanish stock exchanges of Barcelona, Bilbao, Madrid and
Valencia (MTS).


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P O L A N D
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EILEME 1 AB: Moody's Assigns 'B1' CFR; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating (CFR) and probability of default rating (PDR) to
Eileme 1 AB (publ), the indirect parent of Polkomtel S.A.
Concurrently, Moody's has assigned a provisional (P)B3 rating and
loss given default (LGD) assessment of LGD5 to Eileme 2 AB
(publ)'s proposed EUR900 million worth of senior subordinated
notes due in 2020. The outlook for all the ratings is stable.

This is the first time that Moody's has assigned ratings to
Polkomtel. Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect the rating
agency's preliminary credit opinion regarding the transaction
only. Upon a conclusive review of the final documentation,
Moody's will endeavor to assign a definitive rating to the
group's proposed EUR900 million worth of senior subordinated
notes. The definitive rating may differ from the provisional
rating.

Ratings Rationale

"Although B1 is a speculative-grade rating, Polkomtel's B1 global
scale rating reflects its leading position in the Polish mobile
market, its track record of generating solid profitability and
strong cash flows, and the better growth prospects of the Polish
market within the broader European context," says Ivan Palacios,
a Moody's Vice President -- Senior Analyst and lead analyst for
Polkomtel. "In addition, the B1 rating reflects the potential
market share gains derived from the group's plan to offer 4G/LTE
services ahead of competition and its good liquidity profile
post-transaction," explains Mr. Palacios.

"At the same time, the B1 rating reflects Polkomtel's relatively
high leverage and its expected slow pace of deleveraging
following the debt-financed takeover by Metelem Holding Company
Ltd, a financial vehicle majority owned by Polish media
entrepreneur Mr. Solorz-Zak," adds Mr. Palacios.

The rating also reflects (i) Polkomtel's lack of a fixed-line
business; (ii) the challenging competitive environment in Poland;
(iii) the group's exposure to foreign currency fluctuations, as
around one third of its debt will be denominated in foreign
currency while most of its revenues are generated in the domestic
currency; and (iv) the increased complexity of the group's
structure following its agreement with LTE Group to cooperate in
the deployment of a 4G/LTE network.

Polkomtel is one of the largest mobile telecommunications
operators in Poland (no.1 in terms of revenues and no.2 in terms
of customers), a market that enjoys favorable fundamentals
derived from higher GDP growth and better demographics than other
European countries. However, the Polish market is becoming
increasingly saturated and the level of competition is high.
Polkomtel competes with strong and well-capitalized competitors,
such as PTC (a subsidiary of Deutsche Telekom) and PTK (a
subsidiary of France Telecom), while the fourth player in the
market, P4, entered the market in 2007 and has rapidly gained
market share. Increasing competition, regulatory pressures in the
form of lower mobile termination rates and the macroeconomic
slowdown have negatively affected Polkomtel's recent operating
performance.

Polkomtel lacks a fixed-line business, which represents a credit
negative when compared with integrated operators. However, the
group can offer "fixed" wireless services through its spectrum in
the 420-450 Mhz band, as well as high-speed mobile services
through the LTE network that it is currently deploying with the
LTE Group. This will allow Polkomtel to offer mobile broadband
services in new areas of Poland where no broadband is currently
available. Moody's expects that Polkomtel will gain market share
as it will be the first operator in Poland to offer these high-
speed mobile services.

Polkomtel has historically maintained a very strong financial
profile, with good profit margins, low leverage and strong
operating cash flows. However, post-sale, the group's credit
metrics will weaken such that its adjusted debt/EBITDA ratio will
be around 5.0x and its retained cash flow (RCF)/adjusted debt
will be below 15%. The rating assumes that Polkomtel's credit
metrics will improve over the medium term such that its adjusted
debt/EBITDA remains between 4.5x and 5.0x and its RCF/adjusted
debt stays between 10% and 15%. Moody's includes the EUR138
million PIK debt issued at Eileme 1 AB (publ) level in the
group's consolidated leverage calculations.

The (P)B3 rating on the EUR900 million of senior subordinated
notes reflects Polkomtel's high initial leverage and the group's
substantial amount of secured bank debt (approximately 68% of
total financial debt), which effectively ranks senior to the
senior subordinated notes. This debt potentially limits the
amount of residual collateral value available to the senior
subordinated noteholders in a recovery scenario.

The stable outlook factors in that Polkomtel's credit metrics
will initially be more weakly positioned for the rating category,
with the group's adjusted debt/EBITDA slightly above 5.0x.
However, it also reflects Moody's expectation that the company
will deleverage to below 5.0x in 2013, while its RCF/adjusted
debt ratio will remain between 10% and 15%. In addition, the
rating assumes that Polkomtel and other group entities will form
a Polish consolidated tax group during 2012 in order to increase
tax efficiencies, as indicated by the company. If the group were
to fail to do this, its credit metrics could be negatively
affected and downward pressure on the rating could arise.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the rating could develop if the company
delivers on its business plan, such that its adjusted debt/EBITDA
ratio trends towards 4.0x and its RCF/adjusted debt ratio reaches
15% or higher.

Conversely, downward pressure could be exerted on the rating if
Polkomtel's operating performance weakens such that its adjusted
debt/EBITDA does not trend to below 5.0x and the group sustains
an RCF/adjusted debt ratio of below 10%. A weakening in the
company's liquidity profile (including a reduction in headroom
under financial covenants) could also exert downward pressure on
the rating.

Headquartered in Warsaw, Poland, Polkomtel S.A. is one of the
largest mobile telecommunications operators in Poland (no.1 in
terms of revenues and no.2 in terms of customers). As of the last
12 months ended September 2011, Polkomtel had 14.2 million
customers and generated revenues of PLN7.4 billion (c. EUR1.7
billion) and EBITDA of PLN2.8 billion (c. EUR636 million). In
November 2011, the group was acquired by Spartan Capital Holdings
Sp. z o.o. (Spartan Holdings), which is controlled indirectly by
Mr Zygmunt Solorz-Zak.

Principal Methodology

The principal methodology used in rating Polkomtel was the Global
Telecommunications Industry Methodology published in December
2010. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.


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U N I T E D   K I N G D O M
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CONCEPT VEHICLES: Johnsons Cars Buys Firm Out of Administration
---------------------------------------------------------------
Jenny Waddington at Coventry Telegraph reports that Johnsons Cars
Ltd has acquired Concept Vehicles out of administration.

KPMG was appointed as administrators to the company.

Concept Vehicles' 38 employees have been transferred to Johnsons
Cars as part of the deal, according to Coventry Telegraph.

Concept Vehicles operated two Hyundai dealerships, service and
repair shops in Coventry and Sutton Coldfield.  Based in
Fletchamstead Highway, the company also had a Saab dealership and
a servicing and repair shop in Cardiff, employing 52 staff across
the three sites.


LINCOLNSHIRE PRIME: In Administration, Owes GBP1.4 Million Debt
---------------------------------------------------------------
The Online Meat Trades Journal reports that Lincolnshire Prime
Meat Company has gone into administration due to financial
difficulties that led to a GBP1.4 million debt.

Insolvency practitioners SFP has been appointed administrator and
is currently trying to sell the business, according to The Online
Meat Trades Journal.

The report relates that the Skegness-based plant employed 26
people and had an annual turnover of GBP12 million, but
encountered cash-flow issues that led to the current situation.

"Despite working with a number of significant customers and
having a substantial turnover, Lincolnshire Prime Meat company
was unable to continue trading after under-financing led to cash-
flow issues. . . .  We are currently in discussions with various
interested parties for a sale of the business and assets," the
report quoted SFP Group Partner Simon Plant.


MONUMENTAL GAMES: In Administration, Lays Off Remaining Staff
-------------------------------------------------------------
Gamasutra News reports that despite drastic efforts to trim
operations and turn its business around, Monumental Games has
reportedly laid off its remaining employees and entered
administration.

The company has struggled in the past two years, seeing
unannounced projects cancelled, cutting staff as it restructured,
and closing its Manchester branch after a grant fell through,
according to Gamasutra News.

The report discloses that the firm hoped to regain momentum by
bringing in former Codemasters Chief Executive Officer Nick
Wheelright as its new boss in January 2011.  Gamasutra News,
citing Develop Web site, relays that Monumental Games was unable
to overcome its difficulties, though, and it's now laid off the
rest of its 20 workers.

Monumental Games is a UK-based game developer.  The firm employed
more than 100 people across its Nottingham headquarters and
offices in Manchester and Pune, India.


ROYAL BEACON: Hotel in Administration, May be Put Up for Sale
-------------------------------------------------------------
Caroline Clayfield at Business Sale reports that Royal Beacon
Hotel, which went into administration over the Christmas period,
looks set to be for sale in the near future.

Representatives from NatWest arrived in January to formally
demand repayment of loans and an overdraft before administrators
came shortly afterwards to protect bank assets, according to
Business Sale.

However, the report notes that hotel owner Paul Nightingale is
contesting the issue, claiming that debt was always paid for by
his other businesses.  Mr. Nightingale told Exmouth Journal
newspaper that "I've never defaulted on interest or loan
repayments in all the time I've been with NatWest, which is
approaching 30 years."

A spokesman for administrator RSM Tenon Recovery said that the
hotel is continuing to trade as its financial position is
reviewed, noting: "We will be looking to sell it as a going
concern," Business Sale notes.

But for the moment, the hotel is not on the market and existing
bookings for weddings and events are set to be honored, the
report adds.


W J HARTE: In Brink of Administration, 700 Jobs at Risk
-------------------------------------------------------
The Herald reports that W J Harte Construction is expected to go
into administration after court delays prevented the appointment
of an administrator.

W J Harte Construction has called in insolvency specialists ahead
of the expected formal announcement, according to The Herald.

The report relates that unions and local politicians have been
seeking meetings with the company's directors in recent days to
clarify the situation without success.  The firm employs 700
staff.

It is expected that leading accountancy and business advisors PKF
will be appointed, the report discloses.

The Herald said the mounting fears for the company and clear
indications it was heading for administration, with staff at the
firm's headquarters informed of the situation.

The Herald discloses that it is understood creditors were first
made aware that the company was in a dire financial situation but
the expectation was there would be an injection of capital from
shareholders.  But by the close of play it became clear this
would not materialize, the report relays.

The Herald says that the move comes as around a dozen TV
Licensing jobs in Glasgow are due to be axed under plans to
relocate work.

The company said that it was proposing to switch work from its
offices in Glasgow and Bristol to other sites in the UK, adding
that 350 jobs in total were at risk, the report adds.

Headquartered in Bothwell, Lanarkshire, W J Harte Construction is
a major engineering firm.


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X X X X X X X X
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* BOOK REVIEW: Fraudulent Conveyances
-------------------------------------
Author: Orlando F. Bump
Publisher: Beard Books, Washington, D.C. 2000 (reprint of book
first published in 1872 by Orlando F. Bump)
657 pages
$34.95 trade paper
ISBN 1-893122-78-6

The book is a legal classic for adding American law on fraudulent
conveyances up to the 1870s when it first appeared to English law
going back much further; which in turn grew out of Roman law.
Bump's first chapter on the history of such law will be of
interest to readers looking for this perspective; though the
large bulk of the content is a meticulous, lawyerly organization
and expounding of the many facets of the law on fraudulent
conveyances as this has formed over centuries.

As Bump notes, this area of law has a larger number of "opposing
authorities . . . than can be found in any other branch of the
law."  In order to keep the treatment as simple as possible while
still being true to its many facets and opposing authorities and
relevant to legal practice of readers for whom it is intended,
the author takes fraudulent conveyances as a part of common law.
"This work simply considers the subject as it was at common law
with the remedies afforded by the common law."  Bump's treatment
thus does not go into criminal law or law with reference to
statutes.  Though statutes regarding fraudulent conveyances have
been passed in each state, these statutes have basically copied
Elizabethan Anglo-Saxon law and have "always been considered as
merely declaratory of the common law."  Since there is thus no
wide or radical difference between common law and state statutes
concerning fraudulent conveyance, nearly all of Bump's work bears
as well on law associated with the statutes.  He brings this up
in the work's Preface so readers will understand the framework by
which he treats the subject.  In the regular text, Bump does not
take up state fraudulent conveyance statutes except where ones
vary from the common law "to warn the practitioner [reader] that
the text is not applicable to his particular State."  The author
does not however discuss grounds for this variance between a
state's statutes and common law.

Bump begins the voluminous study with definitions at the
foundation of fraudulent conveyance.  Fraudulent conveyances are
all transfers made "to the end, purpose, and intent to delay,
hinder, or defraud creditors."  Whether a conveyance to a
creditor is fraudulent is determined by the three "points" (as
the author calls them) of intent, the consideration, and the bona
fides of the transfer.  Consideration generally refers to the
right of the debtor to use certain property or other assets to
settle a debt.  Bona fide means that the debtor was not given the
property, loan, etc., fraudulently by the creditor.

From the basics of the definitions, Bump moves on to the many
facets of this area of law dealing with circumstances in all
types of human relationships.  Not only business dealings, but
transactions establishing a debtor-creditor relationship between
members of a family, neighbors, governments, and just about any
two legally recognized parties are covered by the law of
fraudulent conveyances.  Subsequent creditors, ambiguous
contracts, and determining the value of property to pay debts are
all factors bringing complications to such law which Bump
systematically takes up.

Though the book was written in the mid latter 1800s, since the
basics of the law of fraudulent conveyances have not changed much
since then--or from when such law was formulated for that matter
-- Bump's work remains relevant and educating for anyone from
lawyers to businesspersons to lay persons interested in the
topic.  A detailed index running close to 50 pages takes readers
to specific topics of this involved legal subject.


                            *********

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

Copyright 2012.  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 Peter Chapman at 240/629-3300.


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