TCREUR_Public/120411.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

           Wednesday, April 11, 2012, Vol. 13, No. 72

                            Headlines



G E R M A N Y

SCHLECKER: Insolvency Administrators to Sell "Ihr Platz" Chain
SOLAR TRUST OF AMERICA: Files for Chapter 11 in Delaware


I R E L A N D

ALLIED IRISH: To Cease Operations on Jersey, Isle of Man


L I T H U A N I A

BANKAS SNORAS: Administrator Gets 20 Bids from Potential Buyers


L U X E M B O U R G

INTELSAT SA: Holdings Enters Into Reorganization Transactions


N E T H E R L A N D S

GENMED HOLDING: Shareholders Approve New Bylaws


R O M A N I A

MIC.RO: Administrator to Seek Bankruptcy After Sale Talks Fail


S E R B I A   &   M O N T E N E G R O

AGROBANKA AD: Minority Shareholders Demand Another Audit


S W E D E N

SAAB AUTOMOBILE: Receivers Estimate Debt at SEK9.4 Billion


U N I T E D   K I N G D O M

BFEC LTD: Has Ceased Trading; 40 Workers Lose Jobs
CENTURY PROPERTY: High Court Orders Company Into Liquidation
CLS & PARTNERS: High Court Appoints Provisional Liquidator
FITNESS FIRST: New Owners Mull CVA Plan; Hundreds of Jobs at Risk
GAME GROUP: To Appoint Martyn Gibbs as New Chief Executive

TULLETT BROWN: Placed Into Provisional Liquidation
* UNITED KINGDOM: Retail Administrations Up 15% in First Quarter


                            *********


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G E R M A N Y
=============


SCHLECKER: Insolvency Administrators to Sell "Ihr Platz" Chain
--------------------------------------------------------------
Cornelius Rahn at Bloomberg News, citing Financial Times
Deutschland, reports that Schlecker's insolvency administrators
are seeking to sell the German retailer's "Ihr Platz" drugstore
chain in case finding a buyer for the entire company proves too
difficult.

According to Bloomberg, the newspaper said that consultant firm
Roland Berger has been tasked with developing a plan to sell the
unit separately, and some potential buyers have already been
approached.

As reported by the Troubled Company Reporter-Europe on March 20,
2102, Reuters related that Schlecker aims to find an investor by
the end of May.  Unlisted Schlecker filed for insolvency in
January after struggling to secure funds against a gloomy
economic backdrop, Reuters recounted.  The company, which owes
suppliers including Unilever and Procter & Gamble several hundred
million euros, plans to cut about 12,000 jobs and shut more than
2,000 of its 5,400 stores, Reuters disclosed.

Schlecker is a German drugstore chain.


SOLAR TRUST OF AMERICA: Files for Chapter 11 in Delaware
--------------------------------------------------------
Solar Trust of America LLC and its affiliates filed for Chapter
11 protection (Bankr. D. Del. Lead Case No. 12-11136) on April 2,
2012.

Solar Trust is a joint venture created by Solar Millennium AG and
Ferrostaal AG to develop solar projects at locations in
California and Nevada.  Located in the "Solar Sun Belt" of the
American Southwest, the project sites have extremely high solar
radiation levels, and allow the Debtors' projects to harness high
levels of solar power generation.  Projects include the rights to
develop one of the world's largest permitted solar plant
facilities with capacity of 1,000 MW in Blythe, California.  Two
other projects contemplated 500 MW solar power facilities in
Desert Center, California and Amargosa Valley, Nevada.

Although the Debtors have obtained highly valuable transmission
right and permits, each project is only in the developmental
phase and does not generate revenue for the Debtors.  Ferrostaal
ceased providing funding two years ago and SMAG, due to its own
deteriorating financial condition, stopped providing funding
after December 2011.

                   Previous Sale Process Fails

SMAG initiated insolvency proceedings in Germany in December.
Since that time, SMAG has been under control of a German
insolvency administrator, Voker Boehm.

The German Administrator arranged a sale of SEMAG's equity
interests in the Debtors to solarhybrid AG.  The sale was
scheduled to close mid-February 2012 but SHAG was unable to
consummate the sale due to its own deteriorating financing
condition.  SHAG attributed its woes to the recent decision by
the German government to reduce certain subsidies for solar
energy production.  SHAG sought insolvency protection in Germany
in March 2012.

The Debtors said that, due to a lack of funding, their cash is
insufficient to cover major obligations, prompting the Chapter 11
filing.  The Debtors failed to pay the first two quarterly rent
payments due April 1, 2012, to the Bureau of Land Management.
The Debtors are also required to post security postings in the
first week of April.

NextEra Energy Resources LLC has committed to provide a
postpetition secured credit facility and has expressed an
interest in serving as stalking horse purchaser for certain of
the Debtors' assets.

Attorneys at Young Conaway Stargatt & Taylor, LLP, serve as
counsel to the Debtors.

Judge Kevin Gross convened a hearing on the first day motions on
April 3.  The judge granted orders (i) authorizing payment of
employee wages, (ii) allowing access to DIP financing on an
interim basis, and (iii) barring utilities from discontinuing
service.


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


ALLIED IRISH: To Cease Operations on Jersey, Isle of Man
--------------------------------------------------------
Allied Irish Banks, p.l.c., is winding down operations on the
islands of Jersey and the Isle of Man and will cease operations
on Dec. 31, 2013.  AIB currently has two subsidiaries in these
locations, AIB Bank (CI) Limited and AIB International Savings
Limited.

The decision to wind-down the business by the end of next year is
part of an on-going strategic review being undertaken by AIB.  It
forms part of the overall plan to become a smaller, domestically
focused bank.  A consultation period with staff will begin
immediately.

Customers of the subsidiaries will be contacted shortly to
discuss future arrangements and will be facilitated with banking
services until alternative arrangements are put in place.
However, customers can contact the helplines on: 01534 883000
(Jersey) 01624 639639 (Isle of Man) 01624 698000 (AIBISL).

Joe Moynihan, AIB Jersey & Isle of Man CEO, said, "Ongoing
uncertainty in financial markets since 2009 has had implications
for the business and created difficulties that challenge the
viability of the offshore business model for AIB.  The decision
has been taken following lengthy and due consideration.  I would
like to thank our excellent management team and staff in the
business over a long period.  The orderly wind-down process of
the business will begin today."

                      About Allied Irish Banks

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.

KPMG did not include a "going concern" qualification in its
report on the Company's 2011 financial results.

The Company reported a loss of EUR2.29 billion in 2011, compared
with a loss of EUR10.16 billion in 2010.

AIB's selected balance sheet data at Dec. 31, 2011, showed
EUR136.65 billion in total assets, EUR113.21 billion in deposits
by central bank and banks, customer accounts and debt securities
in issue, and EUR14.46 billion shareholders' equity.


=================
L I T H U A N I A
=================


BANKAS SNORAS: Administrator Gets 20 Bids from Potential Buyers
---------------------------------------------------------------
Bloomberg News reports that Bankas Snoras AB administrator, Neil
Cooper, said the sale of the bank's assets may be concluded as
early as this month after the Lithuanian lender's administrator
received 20 bids from potential investors, including Baltic,
Scandinavian and U.K. companies.

As reported by the Troubled Company Reporter-Europe on Nov. 28,
2011, Bloomberg News related that the central bank said
Bankas Snoras is insolvent and intended to file for court
protection from creditors to avoid a costly bailout for
taxpayers.  The central bank said in a statement that the bank's
financial situation is "worse than previously identified" and
saving the bank "would cost significantly more and would take
longer than the available liquidity" at Snoras, Bloomberg
disclosed.  Governor Vitas Vasiliauskas said at a news conference
on Nov. 24 that some LTL3.4 billion (US$1.3 billion) in assets
are missing, according to Bloomberg.

Bankas Snoras AB is Lithuania's fifth biggest lender.  Snoras
held LTL6.05 billion in deposits and had assets of LTL8.14
billion at the end of September.  It competes with Scandinavian
lenders including SEB AB, Swedbank AB (SWEDA), and Nordea AB.  It
also controls investment bank Finasta and Latvian lender Latvijas
Krajbanka AS.


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


INTELSAT SA: Holdings Enters Into Reorganization Transactions
-------------------------------------------------------------
Intelsat Global S.A. and certain of its subsidiaries engaged in a
series of transactions that resulted in Intelsat Global Holdings,
a new holding company, acquiring all of the outstanding shares of
Intelsat Global.  As a result, Intelsat Global, which was
previously owned by BC Partners, Silver Lake, certain other
equity sponsors and members of management and certain designated
employees, became a wholly-owned subsidiary of Intelsat Global
Holdings, and all of Intelsat Global Holdings' equity is now
beneficially owned by BC Partners and its affiliates, Silver Lake
and its affiliates, certain other equity sponsors and members of
management and certain designated employees in the same
proportions as those entities' and individuals' former ownership
in Intelsat Global.

In connection with the reorganization transactions, all of the
shareholder and equity agreements, as well as the employment
letter agreements of two named executive officers, of Intelsat
Global S.A., the ultimate parent company of Intelsat S.A., were
amended to provide that all obligations, liabilities, rights,
title and interest thereunder were assigned by Intelsat Global to
Intelsat Global Holdings, and that Intelsat Global Holdings
assumed that assignment.  These agreements are:

   * Management Shareholders Agreement (entered into on May 6,
     2009, and effective as of Feb. 4, 2008) and the letter
     agreements related thereto.  In particular, Intelsat Global
     and Intelsat Global Holdings entered into Amendment No. 2 to
     the Management Shareholders Agreement with the other parties
     thereto;

   * Amended and Restated Intelsat Global 2008 Share Incentive
     Plan, and all Grant Agreements thereunder;

   * Intelsat Global Unallocated Bonus Plan; and

   * Employment letter agreements, dated as of May 8, 2009, by
     and between Intelsat Global and each of Stephen Spengler and
     Thierry Guillemin.

In addition, the employment agreements with David McGlade,
Michael McDonnell and Phillip Spector were modified as of
March 30, 2012, so that their positions would be at Intelsat
Global Holdings.

                           About Intelsat

Intelsat S.A., formerly Intelsat, Ltd., provides fixed-satellite
communications services worldwide through a global communications
network of 54 satellites in orbit as of Dec. 31, 2009, and ground
facilities related to the satellite operations and control, and
teleport services.  It had US$2.5 billion in revenue in 2009.

Washington D.C.-based Intelsat Corporation, formerly known as
PanAmSat Corporation, is a fully integrated subsidiary of
Intelsat S.A., its indirect parent.  Intelsat Corp. had US$7.70
billion in assets against US$4.86 billion in debts as of Dec. 31,
2010.

The Company reported a net loss of US$433.99 million in 2011, a
net loss of US$507.77 million in 2010, and a net loss of
US$782.06 million in 2009.

The Company's balance sheet at Dec. 31, 2011, showed US$17.36
billion in total assets, US$18.45 billion in total liabilities,
US$1.14 billion total Intelsat S.A. shareholder's deficit, and
US$50.92 million noncontrolling interest.

                          *     *     *

Luxembourg-based Intelsat S.A. carries 'B' issuer credit ratings
from Standard & Poor's.  It has 'Caa1' corporate family and
probability of default ratings from Moody's Investors Service.


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


GENMED HOLDING: Shareholders Approve New Bylaws
-----------------------------------------------
A special meeting of the shareholders of Genmed Holding Corp. was
held at their office located in Zoetemeer, The Netherlands, on
the April 4, 2012.  At said meeting, the shareholders approved
the new Bylaws of the Company.  A copy of the Bylaws is available
for free at http://is.gd/pNKVTG

                        About Genmed Holding

Based in The Netherlands, Genmed Holding Corp. through its wholly
owned Dutch subsidiary Genmed B.V. is focusing on the delivery of
low cost generic medicines directly to distribution chains
throughout Europe.  Generic medicines, which become available
when the originator medicines patents has expired, are, due to
continuing governmental pressure and new insurance policies,
increasingly used as equally effective alternatives to higher-
priced originator pharmaceuticals by general practitioners,
specialists and hospitals.

For the nine months ended Sept. 30, 2011, the Company has
reported a net loss of US$2.37 million on $nil revenue, compared
with a net loss of US$1.71 million on $nil revenue for the
corresponding period last year.

At Sept. 30, 2011, the Company's balance sheet showed
US$1.29 million in total assets, US$2.94 million in total
liabilities, and a stockholders' deficit of US$1.65 million.

As reported in the TCR on April 27, 2011, Meyler & Company, LLC,
in Middletown, N.J., expressed substantial doubt about Genmed
Holding's ability to continue as a going concern, following the
Company's 2010 results.  The independent auditors noted that the
Company has incurred cumulative net losses of US$69.99 million
since inception, and had net losses of US$7.73 million and
US$8.59 million for the years ended Dec. 31, 2010, and 2009.


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R O M A N I A
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MIC.RO: Administrator to Seek Bankruptcy After Sale Talks Fail
--------------------------------------------------------------
Ziarul Financiar reports that Romanian liquidator RVA Insolvency,
court-appointed administrator of retail networks Mic.ro and
miniMax, will ask creditors to allow bankruptcy for the two
firms, since sale talks failed.

As reported by the Troubled Company Reporter-Europe on Feb. 16,
2012, Business Review related that Mic.ro filed for insolvency on
Feb. 14.  Mic.ro stores have been facing difficulties for several
months now due to outstanding debts to suppliers and banks,
Business Review disclosed.  Among the company's suppliers that
asked for Mic.ro Retail's insolvency were Romaqua Borsec, Dorna
Lactate, Dr. Oetker, Vel Pitar, Ocean Fish and more recently
Tiriac Auto, the company owned by local businessman Ion Tiriac,
Business Review noted.

Mic.ro is a retailer owned by Romanian businessman Dinu Patriciu.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


AGROBANKA AD: Minority Shareholders Demand Another Audit
--------------------------------------------------------
Gordana Filipovic at Bloomberg News reports that the minority
shareholders of Agrobanka AD demand another audit before the
lender is overhauled.

According to Bloomberg, Branislav Bogdanovic, chairman of AC
Broker, a Belgrade-based brokerage, said in a phone interview on
April 6 that a new shareholders' meeting to pick the auditor will
be held by the end of April.  The bank, in which the government
holds a 20% stake, had an unaudited 2011 loss of RSD29.7 billion
(US$348 million), Bloomberg discloses.

AC Broker represents more than 20% of the mostly foreign
institutional investors with stakes in Agrobanka, who have
requested a new audit to check on the 2010 financial statement
signed by KPMG's Serbian arm, Bloomberg notes.

Serbia's central bank fired Agrobanka's management on Dec. 29 and
placed it in receivership after inspectors discovered its capital
didn't match the risk it had assumed with its business, Bloomberg
recounts.

Mr. Bogdanovic, as cited by Bloomberg, said that the government
agreed with the lender's shareholders on an overhaul plan, aimed
at boosting the bank's capital.

Mr. Bogdanovic said that the plan, approved by the central bank,
calls on the government to replace Agrobanka's bad assets with
"interest- yielding government bonds," which will boost its
capital adequacy ratio from zero to 6%,, Bloomberg relates.  The
bank, Bloomberg says, will try to meet the required minimum
capital adequacy ratio of 12% by the end of September.

According to Bloomberg, Mr. Bogdanovic said part of the agreement
is that there will be neither a major ownership change nor
"recapitalizations" until the bank meets the capital requirement.
Deputy Finance Minister Goran Radosavljevic said on Feb. 1 that
the bank would need at least EUR100 million to put it back in
business, Bloomberg recounts.

The bank reported the loss after a full-year pretax profit of
RSD1.18 billion in 2010 and a loss of RSD2.27 billion at the end
of September 2011, Bloomberg discloses.

Agrobanka AD is a commercial bank.  The Bank offers retail and
corporate services in loans for current agricultural productions,
such as cattle and plant production, farming machinery, food
processing, delivery vehicles, and other agricultural operations.


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


SAAB AUTOMOBILE: Receivers Estimate Debt at SEK9.4 Billion
----------------------------------------------------------
Deutsche Presse-Agentur reports that receivers handling Saab
Automobile's bankruptcy estate on Tuesday said the debt of the
estate was about SEK9.4 billion (US$1.38 billion), after the
value of assets was subtracted.

According to DPA, the inventory filed at the Vanersborg district
court said the total debt was about SEK13 billion, while the
assets were worth about SEK3.6 billion.

The estate comprises the carmaker Saab, along with subsidiaries
Saab Automobile Powertrain and Saab Automobile Tools, DPA
discloses.

The court in December appointed attorneys Hans Bergqvist and
Anne-Marie Pouteaux as receivers when the carmaker's Dutch owner,
Swedish Automobile, filed for bankruptcy, DPA recounts.

The inventory listed preferential and non-preferential creditors,
and debts to authorities like the Swedish tax agency and former
owner, General Motors, DPA says.

The inventory said that the Swedish National Debt Office, which
had guaranteed a SEK2.2-billion Saab had with the European
Investment Bank, was expected to receive funds from the estate,
DPA notes.

A week ago, the attorneys said they had asked for final bids to
be filed by April 4 and stated that "a handful" of companies were
interested, DPA relates. They have not given further details on
the process or give a timeline for the possible sale, as they
would need to study the bids and perhaps ask for additional
information or answer queries, DPA states.

                            About Saab

Saab, or Svenska Aeroplan Aktiebolaget (Swedish Aircraft
Company), was founded in 1937 as an aircraft manufacturer and
revealed its first prototype passenger car 10 years later after
the formation of the Saab Car Division.  In 1990, Saab
Automobile AB was created as a separate company, jointly owned by
the Saab Scania Group and General Motors, and became a wholly
owned GM subsidiary in 2000.  In February 2010, Spyker Cars N.V.
was renamed Swedish Automobile N.V. (Swan) on June 15, 2011.

Saab Automobile AB currently employs approximately 3,700 staff in
Sweden, where it operates production and technical development
facilities at its headquarters in Trollhattan, 70 km north of
Gothenburg.  Saab Cars North America is located in Royal Oak,
Michigan employing approximately 50 people responsible for sales,
marketing and administration duties for the North American
market.

On Dec. 19, 2011, Swedish Automobile N.V. disclosed that Saab
Automobile AB (Saab Automobile), Saab Automobile Tools AB and
Saab Powertrain AB filed for bankruptcy with the District Court
in Vanersborg, Sweden.  After having received the recent position
of GM on the contemplated transaction with Saab Automobile,
Youngman informed Saab Automobile that the funding to continue
and complete the reorganization of Saab Automobile could not be
concluded.  The Board of Saab Automobile subsequently decided
that the company without further funding will be insolvent and
that filing bankruptcy is in the best interests of its creditors.
Swan does not expect to realize any value from its shares in Saab
Automobile and will write off its interest in Saab Automobile
completely.


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


BFEC LTD: Has Ceased Trading; 40 Workers Lose Jobs
--------------------------------------------------
BBC News reports that about 40 jobs have been lost after building
services firm BFEC Ltd stopped trading.

BFEC Ltd blames the economic downturn as well as problems with
late payments from some customers, the report says.

According to BBC, administrators said that the company was likely
to go into liquidation.

A meeting of the company's creditors was due to be called this
week, the report adds.

BFEC Ltd is a Plymouth-based building services firm.


CENTURY PROPERTY: High Court Orders Company Into Liquidation
------------------------------------------------------------
Century Property Group Ltd, formerly Century Land Group Limited,
has been ordered into liquidation in the High Court on grounds of
public interest following an investigation by Company
Investigations (CI) of the Insolvency Service.

The company traded from Tower 42 building in the City of London
marketing plots of land for sale to the public as an investment
opportunity.

The investigation found that the company made exaggerated and
misleading claims regarding the investment potential of the land
and that investors were misled into believing that the plots they
were buying had serious development potential when, in fact,
there was no credible evidence to support the assertions made to
investors.

The investigation uncovered that 225 plots had been missold to
the public on at least 10 separate sites raising over
GBP2.6 million.

A further 3 sites have since been identified and in all around
GBP10 million has been raised from the public including one case
where a family invested GBP600,000.

The company was closed down on Aug. 18, 2011, as a result of the
Service's actions.

Company Investigations Supervisor Chris Mayhew said:

"Unscrupulous land banking companies who target vulnerable
people, especially through cold calling, and persuade them to
invest in land at exaggerated prices are peddling the myth of
easy money and ruining lives.

"I would urge anyone who receives a call from an unknown source
asking them to part with money or information to question it,
take time to reflect and seek independent advice.

"Don't be afraid to say no thank you: If a scheme sounds too good
to be true, it usually is. Not one of the land banking companies
we have investigated and wound up has seen a profit for the
investor.

"Indeed in one liquidation case being handled by the Official
Receiver he was advised the cost of obtaining a professional
valuation of the land in question would cost more than the value
of the land itself".


CLS & PARTNERS: High Court Appoints Provisional Liquidator
----------------------------------------------------------
CLS & Partners Limited and Sterling Mortimar Limited have been
put into provisional liquidation by the High Court on public
interest grounds, following an investigation by Company
Investigations, part of the Insolvency Service.

The two companies, which are connected, operated a landbanking
business selling small plots of land located in Ossett, Wakefield
to investors. Landbanking is a practice whereby agricultural
land, often situated in the green belt, is bought at nominal
value, then divided into smaller plots and sold on to investors
for a substantial mark-up based on claims that large returns will
be received when planning permission is granted.

The petitions to wind up both companies were presented by The
Secretary of State for Business, Innovation and Skills.

The court appointed the Official Receiver to act as provisional
liquidator of the companies. The role of the Official Receiver is
to protect the assets and financial records of the companies
pending determination of the petitions.

The provisional liquidator also has the power to investigate the
affairs of the companies insofar as it is necessary to protect
their assets including any third party or trust monies or assets
in the possession of or under the control of the companies.

The case is now subject to High Court action and no further
information will be made available until the petitions are heard
in the High Court on May 9, 2012.

The petitions were presented under s124A of the Insolvency Act
1986 on March 21, 2012.

The Official Receiver was appointed as provisional liquidator of
the companies on March 29, 2012.


FITNESS FIRST: New Owners Mull CVA Plan; Hundreds of Jobs at Risk
-----------------------------------------------------------------
Helia Ebrahimi at The Telegraph reports that the new owners of
Fitness First are considering plans to place part of the UK
estate into a company voluntary arrangement (CVA), potentially
putting many hundreds of jobs at risk.

Fitness First breached its banking covenants last month and
missed a GBP18.8 million interest payment, the Telegraph
discloses.

Fitness First is backed by private equity firm BC Partners, the
Telegraph notes.  However, more than 75% of its debt has been
bought by Oaktree and Marathon, giving the pair effective control
over the future of the health club group, the Telegraph states.
The two funds agreed to waive all covenant breaches and give BC
Partners until April 24 to put together an emergency-rescue plan
for the business, the Telegraph relates.

BC Partners has already parachuted in ex-Northgate chief
executive Chris Stone to help manage the company during the
restructuring, the Telegraph notes.

Work on the new business plan also includes a review of all
strategic options for the UK estate, including use of a CVA, the
Telegraph states.  This part has been led by Oaktree and
management and will assess how to manage the 140 UK clubs, the
Telegraph says.

According to the Telegraph, no decisions have yet been made on
whether a CVA is possible, with one insider saying the process
was still "at the club by club review stage".

If Oaktree and BC Partners agree to move forward with a CVA next
month, it is likely that unprofitable clubs could be closed, with
many placed under further review with a move to monthly rental
payments or reduced lease terms, the Telegraph  says.

Lenders are also likely to undertake a full debt for equity swap
which would write off Fitness First's entire GBP623 million debt
burden, the Telegraph states.  The balance sheet restructuring,
which would be done through a scheme of arrangement alongside a
CVA of the operations, would see control of the group pass to
Oaktree and see a cash injection of GBP100 million, the Telegraph
discloses.  BC Partners is also expected to retain a stake in the
business it helped grow into the world's largest gym chain, the
Telegraph notes.

Fitness First is a gym chain.  The company has 430 clubs and 1.2
million members worldwide.  It employs more that 13,000 people.


GAME GROUP: To Appoint Martyn Gibbs as New Chief Executive
----------------------------------------------------------
Jennifer Thompson at The Financial Times reports that Game Group
plans to appoint Martyn Gibbs as new chief executive to drive a
turnaround.

The move comes a day after a deal to buy the company's British
assets out of administration was announced, the FT relates.

Mr. Gibbs, a former executive at the group, will take over the
chain following the acquisition by private investment firm
OpCapita of the 333 stores that remained open after the group
entered administration last month, the FT discloses.

Game's former chief executive, Ian Shepherd, stepped down from
the group last week, the FT recounts.

Game went into administration on March 26 after it was unable to
pay a GBP21 million quarterly rent bill, resulting in the
immediate closure of 277 of its 610 UK stores and just over 2,000
job losses, the FT recounts.

Game Group is a video games retailer.


TULLETT BROWN: Placed Into Provisional Liquidation
--------------------------------------------------
Tullett Brown Limited and three connected companies -- Tamar
(London) Limited, Johnnystone Limited and Brad Baker Limited --
have been ordered into provisional liquidation by the High Court
on public interest grounds, following an investigation by Company
Investigations, part of The Insolvency Service.

The petitions to wind up the companies were presented in the High
Court on March 28, 2012, under the provisions of section 124A of
the Insolvency Act 1986.

The Official Receiver was appointed as provisional liquidator of
the companies on March 30, 2012.

Between them the four companies were involved in the marketing of
land, precious metals and carbon credits to the public as
investment opportunities. The petitions to wind up the companies
were presented by the Secretary of State for Business, Innovation
and Skills.

The court appointed the Official Receiver as provisional
liquidator of the companies, whose role is to protect the assets
and financial records of the companies pending determination of
the petitions.

The provisional liquidator also has the power to investigate the
affairs of the companies where necessary to protect their assets
including any third party, trust funds or assets in the
possession of or under the control of the companies.

As the matter is before the Court, no further information will be
made available until the petitions are determined. The petitions
are listed for hearing on June 29, 2012.


* UNITED KINGDOM: Retail Administrations Up 15% in First Quarter
----------------------------------------------------------------
Erikka Askeland at the Scotsman reports that shoppers abandoning
high street stores for internet rivals helped trigger a 15% rise
in retail administrations in the first quarter of 2012.

According to the Scotsman, accountancy firm Deloitte said 69
retailers collapsed, up from 60 in the same period the previous
year, as the squeeze on consumer spending and the growing
popularity of online retailers took their toll.


                            *********

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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