TCREUR_Public/130103.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, January 3, 2013, Vol. 14, No. 2

                            Headlines



B U L G A R I A

* BULGARIA: Several Bankrupt Cosmetic Firms in 2012 Reopened


F R A N C E

TV NUMERIC: Ceases Activities on Dec. 7


G R E E C E

NEWLEAD HOLDINGS: Posts US$3.1MM Net Income in 2012 1st Half


I R E L A N D

TI ROYAL THEATRE: In Receivership Battle
POLIMEX-MOTOSTAL: ING OFE to Take Over N1-Series Shares
POLIMEX-MOTOSTAL: Unit Files Motion for Liquidation Bankruptcy
* IRELAND: Corporate Failures Up 3% in 2012 to 1,684


S P A I N

* SPAIN: Big Companies Mull Overseas Asset Sales & Debt Reorg.
* SPAIN: Faces EUR207-Bil. Financing Headache This Year


S W E D E N

SAS AB: Was on Verge of Bankruptcy, Deputy Chairman Says


U N I T E D   K I N G D O M

BRISTOL FERRY: Founder Saves Ferry Business From Liquidation
EUROCOM: In Administration, Cuts 150 Jobs
GULISTAN CARPET: To File for Bankruptcy & Close Two Plants
HMV GROUP: Lenders to Block Apollo's Takeover Plan
HMV GROUP: Key Suppliers Face Liability of GBP150MM Upon Collapse

MF GLOBAL: Deal Could Net 100% Recovery for Customers' Claims
NIDD VALE: Goes Into Administration, Condemns Bank
SPEYMILL CONTRACTS: Puts Contracting Arm Into Administration
TRICOR PLC: Warns of Liquidation if Investing Policy Not Met
UNI-PIXEL INC: Denies Allegations in UK Patent Litigation

* UK: Hundreds of Scottish Firms on Brink of Insolvency


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            *********


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


* BULGARIA: Several Bankrupt Cosmetic Firms in 2012 Reopened
------------------------------------------------------------
Emily Vasileva at FOCUS News Agency reports that Daniela Spasova,
chairwoman of the Health and Beauty National Association of
Cosmeticians said a lot of cosmetic firms have gone bankrupt in
2012, but a lot of new ones have been opened as well.

This is not the first year that that Bulgarian cosmetic industry
saw bankruptcies, FOCUS News notes.  The trend started two years
ago.  A lot of beauty salons are being opened, but at the same
time, at least 60% of newly opened salons do not manage to stay
open for more than half a year, FOCUS News discloses.  According
to FOCUS News, Ms. Spesova said that beauty salons that were
opened more than five years ago also were shut down in 2012.

Ms. Spasova said that the hard situation on the market is a
challenge to the best companies in the sector and a hurdle to
those that are not very good, FOCUS News relates.  According to
FOCUS News, she said that the beauty salons of low quality have
fallen and clients prefer higher quality.



===========
F R A N C E
===========


TV NUMERIC: Ceases Activities on Dec. 7
---------------------------------------
Pascale Paoli-Lebailly at Rapid TV News reports that after being
placed into receivership on October 4, the independent pay DTT
distributor TV Numeric ceased its activities on December 7,
marking the failure of pay DTT in France.

TV Numeric offered just five channels - Eurosport, Paris
Premiere, LCI, Planete+ and TF6 - for EUR10 per month, but these
are also available on all cable satellite and IPTV platforms too,
according to Rapid TV News.

The report relates that Pay-DTT has never really taken off in
France, and several channels including Canal J, AB1 and CFoot,
left the sector in previous years.

In a statement, the company, owned by Hugues d'Annoux, said "the
shrinking of DTT thematic offers, to be compared to the
significant growth of Free DTT channels, as six new nets are to
be launched on 12 December, along with the lack of any new pay
DTT line-up, following CSA's call for bids, clearly ruined the
company's development efforts," the report says.

TV News notes that employing 15 people, TV Numeric had dropped
from 100,000 subs at the beginning of 2012 to 40,000 subs.

As receivership didn't include the push video DTT offer SelecTV,
the launch of which has already been announced several times, the
service is not affected by this compulsory liquidation, but its
future still remains unclear, the report adds.



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


NEWLEAD HOLDINGS: Posts US$3.1MM Net Income in 2012 1st Half
------------------------------------------------------------
NewLead Holdings Ltd. reported net income of US$3.08 million on
US$4.93 million of operating revenues for the six months ended
June 30, 2012, compared with a net loss of US$38.32 million on
US$6.63 million of operating revenues for the same period during
the prior year.

The Company reported a net loss of US$290.39 million in 2011,
compared with a net loss of US$86.34 million in 2010.

Newlead Holdings's balance sheet balance sheet at June 30, 2012,
showed US$111.28 million in total assets, US$299.37 million in
total liabilities and a US$188.08 million total shareholders'
deficit.

A copy of the Form 6-K is available for free at:

                       http://is.gd/neD2o9

                      About NewLead Holdings

NewLead Holdings Ltd. -- http://www.newleadholdings.com-- is an
international, vertically integrated shipping company that owns
and manages product tankers and dry bulk vessels.  NewLead
currently controls 22 vessels, including six double-hull product
tankers and 16 dry bulk vessels of which two are newbuildings. N
ewLead's common shares are traded under the symbol "NEWL" on the
NASDAQ Global Select Market.

PricewaterhouseCoopers S.A. in Athens, Greece, said in a May 15,
2012, audit report NewLead Holdings Ltd. has incurred a net loss,
has negative cash flows from operations, negative working
capital, an accumulated deficit and has defaulted under its
credit facility agreements resulting in all of its debt being
reclassified to current liabilities.  These raise substantial
doubt about its ability to continue as a going concern, PwC said.



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


TI ROYAL THEATRE: In Receivership Battle
----------------------------------------
Irish Independent reports that a Christmas production of 'The
Nutcracker' could have fallen flat on its face because of a
receivership battle involving a theatre.

Patrons arriving for the performance by the National Ballet of
Ireland at the TI Royal Theatre in Castlebar were confronted by
barriers which had been erected, according to Irish Independent.

The report relates that up to 1,000 patrons, many of them
youngsters accompanied by their parents, were able to gain entry
after being diverted by theatre staff around the wire mesh
blockade.


POLIMEX-MOTOSTAL: ING OFE to Take Over N1-Series Shares
-------------------------------------------------------
Posadzy Magdalena at Polska Agencja Prasowa reports that Polimex-
Mostostal said in a market filing private pension fund ING OFE
will take over 75,543,585 N1-series Polimex shares for
PLN39.28 million, based on the agreement signed by the sides on
December 28.

According to PAP, on October 15, Polimex-Mostostal's shareholders
approved an issue of up to 416,666,666 M-series shares addressed
to bondholders, between 300 and 396.15 million N1-series shares
with 300 million addressed to strategic investor, 192.3 million
N2-series rights shares as well as a conditional issue of up to
256.63 million O-series shares addressed to subscription warrant
holders.

Polimex has recently inked a long-awaited restructuring deal with
its major creditors, including new operational restructuring, and
should get fresh capital from Poland's state industrial agency
ARP by end-January, PAP relates.

Polimex-Mostostal -- https://www.polimex-mostostal.pl/ -- is an
engineering and construction company that has been on the market
since 1945.  The Company is distinguished by a wide range of
services provided on general contractorship basis for the
chemical as well as refinery and petrochemical industries, power
engineering, environmental protection, industrial and general
construction.  The Company also operates in the field of road and
railway construction as well as municipal infrastructure.
Polimex-Mostostal is the largest manufacturer and exporter of
steel products, including platform gratings, in Poland.


POLIMEX-MOTOSTAL: Unit Files Motion for Liquidation Bankruptcy
--------------------------------------------------------------
Posadzy Magdalena at Polska Agencja Prasowa reports that Polimex-
Mostostal said in a market filing that its unit Turbud filed a
motion for liquidation bankruptcy with a Plock-based court.

Polimex-Mostostal -- https://www.polimex-mostostal.pl/ -- is an
engineering and construction company that has been on the market
since 1945.  The Company is distinguished by a wide range of
services provided on general contractorship basis for the
chemical as well as refinery and petrochemical industries, power
engineering, environmental protection, industrial and general
construction.  The Company also operates in the field of road and
railway construction as well as municipal infrastructure.
Polimex-Mostostal is the largest manufacturer and exporter of
steel products, including platform gratings, in Poland.


* IRELAND: Corporate Failures Up 3% in 2012 to 1,684
----------------------------------------------------
Peter Flanagan at Irish Independent reports that nearly 1,700
businesses went under in 2012, as market conditions continued to
worsen.

According to Irish Independent, new statistics from the
InsolvencyJournal.ie Web site show that 1,684 companies failed
last year, up 3% on 2011, and 10% higher than 2010.

Five years into the crash, the construction sector is still the
biggest problem, Irish Independent notes.  About a quarter of all
businesses that closed were involved in that industry, Irish
Independent discloses.

Ken Fennell of the accounting firm Kavanaghfennell, which runs
the Insolvency Journal, said that 2012 had seen a shift in the
type of insolvency companies were facing, Irish Independent
relates.

"There was an increase in examinerships and receiverships and a
decrease in both creditor voluntary liquidations and court
liquidations.

"This would indicate a move towards restructuring of companies
instead of company closures," Irish Independent quotes
Mr. Fennell as saying.

The retail sector accounted for 13%of all insolvencies during
2012, according to Irish Independent.  At 220, however, the
number of retail failures was down 3.5% on the previous year,
Irish Independent states.

There were 171 failures tied to the hospitality sector, down 16%
year on year, but the manufacturing sector endured a grim year,
with the number of insolvencies surging 26% to 130, Irish
Independent discloses.

Failures in the motoring sector tumbled by 47% while transport
insolvencies fell 34% when compared to 2011 totals, Irish
Independent notes.

There were 399 corporate receiverships recorded in 2012, an
increase of 40% on the 284 in 2011 and 77% more than the number
recorded in 2010, Irish Independent says.

According to Irish Independent, examinership activity during 2012
also increased significantly from 16 cases in both 2010 and 2011
to 27 in 2012, almost a 70% hike,

Looking ahead to 2013, Mr. Fennell said he expected insolvencies
to fall slightly this year for the first time in five years,
Irish Independent relates.



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


* SPAIN: Big Companies Mull Overseas Asset Sales & Debt Reorg.
--------------------------------------------------------------
Miles Johnson at The Financial Times reports that large Spanish
companies are planning a new round of overseas asset sales and
debt reorganization this year, as executives prepare for the
consequences of a possible downgrade of the country's credit
rating.

Following the spin-offs of Telefonica's German unit and the
Mexican arm of Banco Santander earlier this year, executives and
investment bankers believe a further spate of asset sales and
corporate restructuring could be seen in the next six months, the
FT says.

According to the FT, alongside more conventional asset sales --
such as a continuing process by Bankia, the nationalized lender,
to sell its US division based in Miami -- a distinguishing
feature of recent spin-offs has been the desire of Spanish
companies to place as much of their debt as possible within
separately listed overseas businesses.

"Spanish companies are now trying to decouple their financing
routes from their Spanish parent companies as much as possible by
using overseas subsidiaries," the FT quotes Ignacio Gutierrez-
Orrantia, head of corporate and investment banking for southern
Europe at Citigroup, as saying.

"They are looking for liquid markets to tap and better cost of
funding and, in some cases, aiming at ringfencing their
international operations."

In the summer of 2012, as Spain's borrowing costs reached their
highest levels since joining the euro and a sovereign bailout
seemed more likely, it appeared that a fire sale of all assets
linked to the country was under way.

Many boardrooms had begun to make contingency plans should the
previously unimaginable outcome of Spain leaving the euro come to
pass.


* SPAIN: Faces EUR207-Bil. Financing Headache This Year
-------------------------------------------------------
Amelie Baubeau at Agence France-Presse reports that Spain defied
the markets by averting a sovereign bailout last year but high
interest rates could yet force Madrid to its knees as the nation
confronts a EUR207-billion (US$274 billion) financing headache
this year.

Prime Minister Mariano Rajoy's government reached out in June for
a eurozone rescue loan of up to EUR100 billion to fix the balance
sheets of Spanish banks, crushed by bad loans since a 2008
property crash, AFP recounts.

But even as investors fled Spain, sending its 10-year-bond yield
above 7% mid-year as they watched Madrid struggle to curb soaring
public debt, Mr. Rajoy managed to swerve the politically costly
option of pleading for international help, AFP relates.

European Central Bank chief Mario Draghi gave decisive support in
September when he announced the bank's readiness to buy an
unlimited sum of bonds to curb borrowing costs for member states
that accept strict conditions, AFP discloses.

Spain's budget for 2013 anticipates that the Treasury will have
to issue EUR207.2 billion in gross debt in 2013, almost all
through bonds and bills, to cover debt repayments and new
financing needs, AFP discloses.

That compares to the EUR186.1 billion in gross debt that last
year's budget previewed for 2012, AFP notes.

"The country is heading in the right direction in reducing its
deficit.  But in the end, it will all depend on the markets," AFP
quotes Rafael Pampillon, head of economic analysis at Madrid's IE
Business School, as saying.

Mr. Pampillon, as cited by AFP, said that concern over a shift in
Italian economic policy with February 24-25 elections on the
horizon, and doubts over Spain's ability to finance its debts or
meet its deficit-cutting targets could yet push up Spanish
borrowing costs.

Most economists now believe Spain can skirt a rescue at least in
the immediate future, AFP states.

A sovereign rescue is not impossible, said Edward Hugh, economist
based near Barcelona in the northeastern region of Catalonia, AFP
relates.

"But they will definitely put it off for as long as they can, and
at the moment it seems that they can put if off for quite a long
time," AFP quotes Mr. Hugh as saying.

In the meantime, Spain still faces steep financing costs, said
Jesus Castillo, economist at French investment bank Natixis,
according to AFP.

AFP relates that Mr. Castillo said the Spanish 10-year bond yield
affected not only the state's borrowing cost but also that of
many households and businesses.  According to AFP, he warned that
the risk premium charged on Spanish debt, even now, was "not
viable over the long term".

"If the Spanish economy is being strangled today it is because a
high interest rate is killing off investment plans as they are
born," AFP quotes Mr. Castillo as saying.

It is an argument that seems to plead for a bailout, AFP notes.

If the ECB could bring down interest rates, some say, it would
breathe new life into the economy, which is expected to shrink
1.5% this year, AFP discloses.



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


SAS AB: Was on Verge of Bankruptcy, Deputy Chairman Says
--------------------------------------------------------
The Associated Press reports that SAS Deputy Chairman Jacob
Wallenberg said the carrier was only days away from bankruptcy,
should November's brutal savings plan not have been approved by
the company's pilot and cabin crews.

According to the AP, in an interview with Swedish daily Dagens
Nyheter on Saturday, Mr. Wallenberg said the company had cash
left for only another 10 days when it announced an annual
SEK$3 billion (US$460 million) cost-cutting plan in November.

Despite some protestations, the unions agreed to the tougher
conditions, the AP notes.

Mr. Wallenberg, as cited by the AP, said that "if we hadn't got
the agreements into place, SAS would have gone bankrupt and
15,000 employees would have lost their jobs."

SAS AB -- http://www.sasgroup.net/-- is a Sweden-based company,
engaged in the air transport services.  It is a parent company
within SAS Group, which operates within two business areas.  The
Core SAS segment encompasses airline services in the Nordic
countries, as well as intercontinental flights through SAS
Scandinavian Airlines, as well regional airlines in Norway
through Wideroe and in Finland through Blue1.  The SAS Individual
Holdings segment comprises operations of Estonian Air, bmi, All
Cargo, Skyways, Air Greenland, Spirit and Trust.  SAS AB's fleet
encompasses ten planes.  In addition, the Company offers ground
handling services and technical maintenance for the aircraft, as
well as air freight solutions and cargo capacity on passenger
aircraft, purely cargo aircraft and cargo handling.  The Group is
also involved in the trainings within the technical aviation
field.



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


BRISTOL FERRY: Founder Saves Ferry Business From Liquidation
------------------------------------------------------------
The Post reports that The Bristol Ferry Boat Company, a Bristol
ferry boat company that went bust earlier last year, is to be
resurrected by the man who launched the business more than 30
years ago.

According to the report, businessman Ian Bungard, and a group of
six others with an interest in transport issues in the city,
successfully bid to buy the fleet of five yellow and blue boats
of The Bristol Ferry Boat Company at auction earlier this month.

The Post relates that the consortium, including Mr. Bungard, 65,
founder of Sustrans John Grimshaw and co-ordinated by local
architect and sustainable transport campaigner Keith Hallett,
rallied together to raise the cash to buy the boats in less than
72 hours after agreeing they were determined to see the service
back on the water.  More than 30 local people agreed to invest in
the project, pledging money for the purchase, the report says.

The report notes that a Community Interest Company (CIC) will now
be set up to run the service and local people given the
opportunity to invest in the project.  All profits will be
ploughed back into the company to maintain, improve and extend
the services.

It is hoped that one ferry will be running again at weekends
within the next few weeks with the entire fleet of five boats
returning to the water by Easter, adds The Post.


EUROCOM: In Administration, Cuts 150 Jobs
-----------------------------------------
Play.tm reports that Eurocom has gone into administration.

It was only a couple of weeks ago that Eurocom laid off 150 of
its 200-strong workforce and explained that they have been forced
into administration as they are "experiencing financial
difficulties due to expected contracts being delayed," according
to play.tm.

The report relates that with the administrators called in,
Eurocom has been shuttered and the remaining 50 staff have been
let go calling time on 25 years of games development for the
Derby-based studio.

The report notes that Eurocom blamed their woes on the slow-down
in the console and PC games business resulting in a reduction in
titles being commissioned.

It hasn't helped that of their most recent releases 007 Legends
was universally panned by critics and Harry Potter Kinect
disappeared without a trace in the midst of a sea of huge triple-
A releases, the report adds.

Eurocom is a 007 Legends developer.


GULISTAN CARPET: To File for Bankruptcy & Close Two Plants
----------------------------------------------------------
The Associated Press reports that Gulistan Carpet says it is
closing two plants this summer, leaving almost 400 workers
without jobs in Moore and Scotland counties.

According to the AP, the company told employees in a letter
Friday it will file for bankruptcy and close its plants in
Aberdeen and Wagram.

Moore County Chamber of Commerce President Patrick Coughlin says
his group is doing everything it can to help Gulistan find a
buyer and try to save jobs, the AP discloses.

Gulistan Carpet is a Scottish carpet company.


HMV GROUP: Lenders to Block Apollo's Takeover Plan
--------------------------------------------------
Neil Craven at Financial Mail On Sunday reports that HMV Group's
lenders plan to block efforts by turnaround fund Apollo to buy
the firm's debt as they plot a revival of the firm's fortunes.

According to Financial Mail, music industry sources said Apollo
Global Management had been planning to buy the retailer's debt,
which would give it control of HMV.

Apollo has already acquired 10% of the debt and must now
negotiate with about six banks, Financial Mail notes.

However, the lenders are understood to be reluctant to sell their
loans too cheaply and are still hopeful that HMV can survive
without a takeover, Financial Mail relates.

Financial Mail reported in June that restructuring firms were
looking to take over the debt as a cheap way of gaining control
of HMV.  Its stock market value is only GBP8.6 million and the
debts are GBP176 million, Financial Mail discloses.

This month, HMV faces crunch talks with banks, Financial Mail
states.

It warned just before Christmas that it could miss looming
financial targets, Financial Mail recounts.

United Kingdom-based HMV Group plc is engaged in retailing of
pre-recorded music, video, electronic games and related
entertainment products under the HMV and Fopp brands, and the
retailing of books principally under the Waterstone's brand.  The
Company operates in four segments: HMV UK & Ireland, HMV
International, HMV Live, and Waterstone's.


HMV GROUP: Key Suppliers Face Liability of GBP150MM Upon Collapse
-----------------------------------------------------------------
Graham Ruddick at The Telegraph reports that hopes for HMV
Group's survival have been boosted after it emerged key suppliers
face a potential liability of GBP150 million if the entertainment
retailer collapses this year.

It is understood Universal is liable for the rent on
approximately 40 HMV stores after buying the retailer's former
parent company EMI earlier this year, the Telegraph discloses.

EMI guaranteed rental agreements on HMV stores when the retailer
was spun out of the record label in 1998, the Telegraph recounts.
It is understood that Universal then assumed these guarantees
when it acquired troubled EMI, the Telegraph notes.

According to the Telegraph, the bill would only reach
GBP150 million if HMV collapsed into administration and the
stores were not re-let.

HMV warned earlier in December that is there is "material
uncertainty" about its future because of a likely breach of
banking covenants in January, the Telegraph  recounts.  HMV,
which has 238 UK shops, is in talks with a syndicate of eight
banks that holds the company's debt about a deal, the Telegraph
discloses.

The high street retailer is under fierce pressure as sales of
CDs, DVDs and games transfer to the internet and it tries to
manage GBP220 million of bank debt, the Telegraph says.

However, HMV has attracted strong support from its suppliers, led
by Universal, the Telegraph states.  It is understood that music
and film studios have provided about GBP40 million of financial
support to HMV because they want the retailer to survive on the
high street, the Telegraph notes.

Suppliers have also taken a 5% stake in HMV after activating
warrants that were issued over the shares, the Telegraph relates.

The retailer's last financial results in August show it had
already booked GBP15 million to its income statement following
the deal with suppliers, the Telegraph discloses.

United Kingdom-based HMV Group plc is engaged in retailing of
pre-recorded music, video, electronic games and related
entertainment products under the HMV and Fopp brands, and the
retailing of books principally under the Waterstone's brand.  The
Company operates in four segments: HMV UK & Ireland, HMV
International, HMV Live, and Waterstone's.


MF GLOBAL: Deal Could Net 100% Recovery for Customers' Claims
-------------------------------------------------------------
Between US$500 million and US$600 million dollars will be
returned to the MF Global Inc. (MFGI) estate under an agreement
announced by James W. Giddens, trustee for the Securities
Investor Protection Act (SIPA) liquidation of MFGI, and Richard
Heis, a joint administrator of MF Global UK Ltd. (MFGUK).

Separately, Mr. Giddens and the Chapter 11 Trustee for MF Global
Holdings Ltd. (MFGH), Louis J. Freeh, announced that they will
resolve all claims between their respective estates.

Once certain conditions are satisfied to make the agreements
effective and if approved by the United States Bankruptcy Court
for the Southern District of New York, Mr. Giddens anticipates
the agreement between MFGI and MFGUK will result in 100%
satisfaction of allowed securities customers' claims and
significant additional distributions to commodities customers who
traded on US and non-US exchanges.

SIPC President Stephen Harbeck said: "These agreements are a
major accomplishment that will benefit customers and creditors
worldwide.  Not only will the agreements with MFGH and MFGUK
likely allow for the return of 100 percent of allowed securities
customers claims, it will also result in significant
distributions to be made to commodities customers.  SIPC commends
the efforts of Trustee Giddens, Mr. Heis and Mr. Freeh, whose
work has yielded agreements in the best interests of all
creditors that will minimize legal costs and allow for an
expeditious resolution of all open matters."

Mr. Harbeck added: "SIPC looks forward to continuing to work with
the Trustee and other parties to make sure all conditions are met
and the agreements are approved by the Court, so that the
distributions of funds to customers can occur."

Full details on the agreements can be found at:

                  http://www.mfglobaltrustee.com/

                            About SIPC

The Securities Investor Protection Corporation is the U.S.
investor's first line of defense in the event of the failure of a
brokerage firm owing customers cash and securities that are
missing from customer accounts.  SIPC either acts as trustee or
works with an independent court-appointed trustee in a brokerage
insolvency case to recover funds.

                          About MF Global

New York-based MF Global (NYSE: MF) -- http://www.mfglobal.com/
-- is one of the world's leading brokers of commodities and
listed derivatives.  MF Global provides access to more than 70
exchanges around the world.  The firm is also one of 22 primary
dealers authorized to trade U.S. government securities with the
Federal Reserve Bank of New York.  MF Global's roots go back
nearly 230 years to a sugar brokerage on the banks of the Thames
River in London.

MF Global Holdings Ltd. and MF Global Finance USA Inc. filed
voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-
15059 and 11-5058) on Oct. 31, 2011, after a planned sale to
Interactive Brokers Group collapsed.  As of Sept. 30, 2011, MF
Global had US$41,046,594,000 in total assets and
US$39,683,915,000 in total liabilities.  It is easily the largest
bankruptcy filing so far this year.

Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel.  The Garden City Group, Inc., serves as
claims and noticing agent.  The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of
MF Global Finance USA Inc.

The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers.  James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act.  He is a partner at
Hughes Hubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO of
Goldman Sachs Group Inc., stepped down as chairman and chief
executive officer of MF Global just days after the bankruptcy
filing.

U.S. regulators are investigating about $633 million missing from
MF Global customer accounts, a person briefed on the matter said
Nov. 3, according to Bloomberg News.

Bankruptcy Creditors' Service, Inc., publishes MF GLOBAL
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by MF Global Holdings and other insolvency and
bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000  )


NIDD VALE: Goes Into Administration, Condemns Bank
--------------------------------------------------
The Northern Echo reports that Nidd Vale has condemned a bank
after being placed in administration.

Dealer group Nidd Vale, which was established in 1922 and has
more than 100 staff, accused Santander Consumer Finance of
"pulling the rug" from under the firm, according to The Northern
Echo.

The report relates that Nidd Vale's directors said they would do
"everything in their power" to save as many jobs as possible.

Nidd Vale is one of North Yorkshire's car dealerships.


SPEYMILL CONTRACTS: Puts Contracting Arm Into Administration
------------------------------------------------------------
Construction Enquirer reports that Speymill Contracts is putting
its contracting business into administration.

Speymill Contracts concentrated on construction and refurbishment
work for the hotel and leisure industries and hit a peak turnover
of GBP41 million in 2007, according to Construction Enquirer.

However, the report relates, the combination of a steep downturn
in work and loss-making contracts has forced the directors to
take the decision to place the Huntingdon-based contractor into
administration.

The remainder of AIM-listed Speymill Group, consisting of its
property investment portfolio, continues to trade normally, the
report discloses.

Earlier this year, more than GBP2 million was injected into the
struggling contractor to prop up the business, the report
discloses.

However, the report relates that the firm suffered a
GBP1.76 million loss in the first six months of 2012 and saw
results deteriorate further in the harsh trading environment.

A group statement said: "The board has regrettably concluded that
the Contracts business is not viable and represents an
unsupportable burden on Speymill . . . . Thus the board of
Contracts has lodged with the Court a 'Notice of Intention to
Appoint Administrators."

Speymill Constracts is a property and construction group.


TRICOR PLC: Warns of Liquidation if Investing Policy Not Met
------------------------------------------------------------
Benjamin Chiou at Sharecast reports that Tricor PLC could be
wound down if it cannot continue its investing policy, the firm
warned on Monday in it half-year results.

Sharecast relates that Tricor, whose policy is to seek
acquisitions that may amount to a reverse takeover, said that the
"uncertainty surrounding the ongoing VAT Tribunal and the
increased timescales that have occurred have resulted in
unforeseen delays in the investment process and the ability of
the company to implement its investing policy satisfactorily."

According to the report, shares have been suspended from trade
since September 27th and will be delisted from trading on AIM
unless the firm can "satisfactorily implement the investing
policy or undertake a reverse takeover by March 27th 2013."

Tricor also said that it is facing "mounting pressure" from
short-term creditors as it has not been able to raise enough cash
to settle liabilities while it awaits the VAT Tribunal outcome,
the report adds.  This outcome is not expected before the end of
March.

"While the board continues to pursue opportunities to implement
the investing policy and raise additional funding, the directors
are currently evaluating strategies to ensure the continued
survival of the Company and to retain its admission to trading on
AIM," the report quotes Executive Chairman Chan Fook Meng as
saying.

"However, if the directors efforts are unsuccessful, there is a
risk that the company will be placed into liquidation and in such
circumstances there are unlikely to be any returns to
shareholders."

Sharecast notes that the company did not generate any revenue
during the six months to September 30, the same as last year,
while the loss before tax reduced from GBP1,045,000 to
GBP232,000.

Based in the United Kingdom, Tricor Plc engages in the
development of the carbon credit business.


UNI-PIXEL INC: Denies Allegations in UK Patent Litigation
---------------------------------------------------------
UniPixel, Inc., is vigorously denying allegations contained in
litigation filed in the United Kingdom by UK-based Carclo PLC
through its subsidiary, Conductive Inkjet Technology.

"These claims are based on unfounded speculation and inaccurate
assumptions, and are completely without merit," said UniPixel
President & CEO Reed Killion.  "We fully expect the plaintiffs
will be ordered to pay whatever legal fees our company might
incur to defend these baseless claims."

In its filings before the English High Court, Conductive Inkjet
Technology alleges that UniPixel made unauthorized use of CIT's
patented processes in developing catalytic ink and metallization
technologies for touch-screen applications.

"The high-definition field encompasses a fast-growing and dynamic
market characterized by rapid technological development," said
Killion.  "UniPixel's extensive and dedicated research and
development efforts are not dependent on appropriating the
knowledge of our competitors.  To make such a claim is simply
false, and we look forward to defending our company in court if
necessary."

UniPixel is represented by the international law firm Fish &
Richardson, which has been named by Corporate Counsel magazine as
the top patent litigation law firm in the U.S. for nine
consecutive years.  The firm recently was named as the nation's
"Law Firm of the Year" for intellectual property law in the 2013
"Best Law Firms" rankings published by U.S. News & World Report
and The Best Lawyers in America.

                        About Uni-Pixel Inc.

The Woodlands, Tex.-based Uni-Pixel, Inc. (OTC BB: UNXL)
-- http://www.unipixel.com/-- is a production stage company
delivering its Clearly Superior(TM) Performance Engineered Films
to the Lighting & Display, Solar and Flexible Electronics market
segments.

The Company reported a net loss of US$8.57 million in 2011
compared to a net loss of US$3.82 million in 2010.

The Company's balance sheet at Sept. 30, 2012, showed US$16.39
million in total assets, US$103,588 in total liabilities and
US$16.29 million in total shareholders' equity.


* UK: Hundreds of Scottish Firms on Brink of Insolvency
-------------------------------------------------------
Daily Mail reports that hundreds of Scottish firms are
dangerously close to insolvency after being plunged into debt by
falling sales.

Daily Mail relates that a new report shows small businesses are
particularly at risk, with almost two in five reporting
plummeting profits.

Across Scotland, a third of firms have seen falls in sales, with
another third forced to regularly use their overdraft to stay
afloat, Daily Mail says.

The survey by insolvency trade body R3 shows the economic
downturn has hit Scottish companies harder than those in the rest
of the UK, Daily Mail discloses.

A third of UK businesses said their profits have dropped in the
last three months, compared to 35 per cent in Scotland, Daily
Mail notes.

According to Daily Mail, John Hall, R3 council member for
Scotland, said a "significant number" of businesses were being
kept alive by the 'forbearance' of key creditors, such as banks.

Mr. Hall, as cited by Daily Mail, said that "any change in
circumstance, such as a loss of a major customer or increased
creditor pressure, could easily push them into insolvency."



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


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

Jan. 24-25, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Four Seasons Hotel Denver, Denver, Colo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 7-9, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Involvency Symposium
         Eden Roc Renaissance, Miami Beach, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 17-19, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Advanced Consumer Bankruptcy Practice Institute
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

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

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact:   1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

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

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/


                            *********

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

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

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

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


                            *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., 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 2013.  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$775 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 215-945-7000 or Nina Novak at
202-241-8200.


                 * * * End of Transmission * * *