TCREUR_Public/140528.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, May 28, 2014, Vol. 15, No. 104



BDZ: To Put Up Railcars & Non-Operating Wages to Repay Debts


IRISH BANK: Ex-Chairman to Exit Bankruptcy Process in June


DINAMO BUCHAREST FC: Files for Insolvency
LEONARDO: Mulls Asset Sale to Repay Creditors

U N I T E D   K I N G D O M

BUTLER TANNER: In Administration, 100 Jobs at Risk
ENDO INT'L: June 5 Hearing Set for Capital Reduction Petition
EVANCE: Ecotricity Buys Firm Out of Administration
FALLEN HERO: In Administration, Runs Asset Sale
HOBSON & BATES: Bought Out of Administration After Failed CVA

MUSTANG MARINE: Investors Buys Firm Out of Administration
ORTAK: To Return to High Street After Administration Sale
PENTAGON PROTECTION: Lack of Short-Term Financing May Prompt CVA
PHARMACY PLUS: In Administration, Cuts 240 Jobs
PUNCH TAVERNS: Mulls Debt-for-Equity Swap Under Debt Plan



BDZ: To Put Up Railcars & Non-Operating Wages to Repay Debts
SeeNews reports that BDZ said on Monday creditors will put up for
sale railcars and non-operating wagons owned by BDZ to cover
overdue payments.

"Considering that no final agreement has been reached so far on
rescheduling BDZ Holding's second bond loan, the bondholders
approved the launch of a procedure for the sale of company assets
which have been placed as a collateral on the credit," the
company, as cited by SeeNews, said in a press release after an
extraordinary meeting of creditor banks on the bond loan.

A BDZ press officer told SeeNews that BDZ owes BGN74 million
(US$104.6 million/EUR76.7 million) in overdue payments to holders
of a EUR120 million bond loan and another BGN74 million to
Germany's KfW IPEX-Bank.

BDZ's current liabilities amount to BGN605 million, SeeNews

The press officer said that BDZ has placed 25 diesel railcars and
over 5,000 wagons as a collateral on the EUR120 million bond
loan, SeeNews notes.  She said that the company has made no
payments on the bond during the 2010-2012 period, SeeNews relays.

A transport ministry spokesperson told SeeNews on Monday that BDZ
plans to cut its debt by BGN50 million by the end of 2014.

Established in 1885, The Bulgarian State Railways, commonly known
as BDZ, is Bulgaria's state railway company and the largest
railway carrier in the country.  The company's headquarters are
located in the capital Sofia.


IRISH BANK: Ex-Chairman to Exit Bankruptcy Process in June
The Irish Times reports that former Anglo Irish Bank chairman
Sean FitzPatrick will exit the bankruptcy process early next

Mr. FitzPatrick was adjudicated bankrupt by the High Court almost
four years ago under laws which meant he could have expected to
remain a bankrupt for up to 12 years, The Irish Times notes.

According to The Irish Times, under new insolvency laws
introduced last December, the duration of bankruptcy has been cut
to three years, with the effect that bankrupts such as
Mr. FitzPatrick can emerge from bankruptcy once the Official
Assignee is satisfied they have fully co-operated with the
process.  Mr. FitzPatrick is to exit the process in June, The
Irish Times discloses.

On Monday, when Mr. FitzPatrick's bankruptcy was briefly
mentioned in the High Court, Mr. Justice Brian McGovern granted
orders allowing an interim payment of EUR1,605,667 out of the
estate to the Revenue Commissioners, a preferential creditor, The
Irish Times relates.

Following his adjudication, Mr. FitzPatrick provided a statement
of affairs in 2010 stating he had debts of EUR145 million, mostly
owed to financial institutions, including Anglo, and assets of
some EUR47 million, The Irish Times relays.

                    About Irish Bank Resolution

Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors.  Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society.  The two banks failed and were
merged into IBRC in July 2011.  IBRC is tasked with winding them
down and liquidating their assets.  In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.

IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing.  Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.

Most assets in the U.S. have been sold already.  IBRC is involved
in lawsuits in the U.S.

IBRC was granted protection under Chapter 15 of the U.S.
Bankruptcy Code in December 2013.

Kieran Wallace and Eamonn Richardson of KPMG have been named the
special liquidators.


DINAMO BUCHAREST FC: Files for Insolvency
Inside Football reports that the Dinamo Bucharest Football Club
has filed for insolvency.

According to the report, owner Ionut Negoita issued a statement
saying: "I searched for all possible solutions and I hoped until
the very last moment but a new debt of several million lei came
out of nowhere.  Our conclusion is that (filing for insolvency)
is the only solution at the moment."

An administrator is expected to take over management of the club
which enjoys the support of an estimated 16.3% of Romanian
football fans, the report relates.

The report recalls that Dinamo was decimated in 1989 when
practically the whole team went abroad following the Romanian

In recent years, Romanian football has been hit by bankruptcies
and a recent transfer scandal which has seen numerous officials
imprisoned for corruption and tax evasion over the handling of
transfer fees from foreign clubs as players are sold with the
bulk of the fees ending up in off-shore accounts instead of going
to the selling clubs, the report notes.

After a long-running prosecution, former executive chairman of
Dinamo Cristian Borcea failed in his appeal in March, being
sentenced to six years and four months in prison without parole
for tax evasion in the transfer of players whilst former Dinamo
sponsor Gigi Netoiu was also sentenced to three years and four
months, the report relays.

Dinamo Bucharest is Romania's second most popular football club.

LEONARDO: Mulls Asset Sale to Repay Creditors
Ecaterina Craciun at Ziarul Financiar, citing a proposition to
change Leonardo's reorganization plan, reports that the company
plans to sell some of its assets or shares and to enter new
markets to be able to pay off its debts to creditors.

The company is currently undergoing insolvency, Ziarul Financiar

Leonardo is a Romanian footwear retailer.

U N I T E D   K I N G D O M

BUTLER TANNER: In Administration, 100 Jobs at Risk
Frome Times reports that over 100 members of staff at Frome
company Butler Tanner & Dennis have been told by Chief Executive
Officer Gerald White that their jobs are at risk after the
company went into administration.

"After spending months considering the future of the business,
various lease options for our existing site and searching for
alternative appropriate premises from which to print, we have
unfortunately been left with no option but to put Butler Tanner &
Dennis Ltd into administration," the report quoted Mr. White as

"We very much regret the impact this will have on our loyal staff
and customers and the community of Frome. The maps operation will
continue to trade while the directors consider the future of that
business including where the operation can be sited and as a
result, we hope that some jobs will be preserved," Mr. White
said, the report notes.

The report discloses that the directors of Butler Tanner & Dennis
Ltd will now appoint Richard Rones of Thornton Rones as
administrator following court approval and will be informing
customers, suppliers, creditors, debtors and other third parties
shortly of what happens next.

Butler Tanner & Dennis is a company on Claxton Road that
specialize in the production of color books, fine art printed
projects, brochures, high end magazines and marketing literature.

ENDO INT'L: June 5 Hearing Set for Capital Reduction Petition
The Petition presented to the High Court by Endo International
plc on May 27, 2014 for an application seeking the High Court's
confirmation of a reduction of the Company's capital pursuant to
Sections 72 and 74 of the Companies Act 1963 (by the cancellation
from the Company's share premium account the amount of
US$11,800,000,000 or such other amount as the High Court may
determine so that the reserve resulting from such reduction be
treated as profits available for distribution as defined by
Section 45 of the Companies (Amendment) Act, 1983), is directed
to be heard on Thursday, June 5, 2014 at 11:00 a.m., or at the
first opportunity thereafter, before the Irish High Court
(Commercial), Four Courts, Inns Quay, Dublin 7, Ireland.

Any member of creditor who wishes to attend and be heard at the
hearing of the Petition is required to notify the Company's
Solicitors, from whom copies of the Petition and grounding
Affidavit may be obtained at the specified address, of their
intention to do so and file any Affidavit upon which they propose
to reply by 5:00 p.m. on Tuesday, June 3, 2014.

Copies of the Petition and grounding Affidavit may be obtained

          A&L Goodbody
          International Financial Services Centre
          North Wall Quay
          Dublin 1

EVANCE: Ecotricity Buys Firm Out of Administration
Wiltshire reports that Britain's leading green energy company
Ecotricity has bought small wind firm Evance out of
administration -- ensuring vital expertise is retained and green
technology comes to market in the next 12 months.

Evance have an innovative new windmill design 90% of the way
through development and nearing the production stage, following
the manufacture and supply of almost 2,000 of smaller windmills
-- between 10-20m tall -- to Britain and locations across the
globe from the USA and Madagascar over the past decade, according
to Wiltshire.

However, the report notes that with Government increasing the
anti-wind rhetoric ahead of the next election and after cutting
Feed-in-Tariffs last month for the second time in the past year,
Evance was suddenly placed into administration last month after
investors were spooked, Wiltshire relates.

The Feed-in-Tariff for small wind turbines 15kW and under
received a 20% cut from April 1 this year; a reduction came on
top of 37% FiT cut last year that led to an 80% reduction in
small wind sales in Britain, the report notes.

FALLEN HERO: In Administration, Runs Asset Sale
Scunthorpe Telegraph reports that fashion retailer Fallen Hero's
Scunthorpe store has gone into administration.

The Cole Street store is currently running a 50 per cent off
closing down sale, although further details on its future have
not been made public, according to Scunthorpe Telegraph.

The company's Gainsborough store closed its doors.

Fallen Hero was formerly based on Scunthorpe High Street but
moved to its present location in the Parishes shopping center as
part of a GBP1 million investment in April 2011, the report

The Gainsborough branch opened in the Marshall's Yard shopping
complex earlier this year, the report adds.

HOBSON & BATES: Bought Out of Administration After Failed CVA
John Brazier at Insolvency News reports that Hobson and Bates
Shoes Limited has been sold out of administration after a Company
Voluntary Arrangement or CVA failed.

The company entered administration earlier this month after
suffering financial losses as a result of the economic crash,
Insolvency News relates.  The company also suffered as a result
of supplier credit terms being reduced and a general decline in
demand for luxury footwear, Insolvency News discloses.

Simon Plant and Daniel Plant of SFP Group were appointed as joint
administrators to the company on May 8, Insolvency News recounts.

Reduced credit terms meant Hobson and Bates was unable to
maximize its stock holding, leading to a decline in cash flow,
Insolvency News says.

A CVA was sought in June 2013, however "ongoing trading
conditions" meant the deal could not be achieved, Insolvency News
relays.  A restructuring of the company was undertaken instead,
leading to the closure of one store in Grantham, Insolvency News

Hobson and Bates Shoes Limited is a Doncaster-based footwear

MUSTANG MARINE: Investors Buys Firm Out of Administration
Wales Online reports that the future of Pembroke Dock boat making
firm Mustang Marine, which went into administration in March, has
been secured after being acquired out of administration by a
consortium of individual investors.

Joint administrators of Mustang Marine (Wales), Alistair Wardell
-- -- and Nigel Morris -- -- of the Cardiff office of business
advisory firm Grant Thornton, have confirmed the sale of the
firm's boat building and marine services arms, according to Wales

The report notes that the deal secures the future of the 30 staff
who were kept on by the administrators after the business was put
into administration in March with the loss of 66 jobs.

Administrators have also confirmed that they are hopeful of
concluding a deal for the dry dock element of the business later
this week which would secure a future 10 jobs, the report

The businesses, based at Pembroke Dock, has been purchased by a
consortium of nine individuals led by Stewart Graves, the interim
managing director put in place to run the company late last year
by the Milford Haven Port Authority, the report relates.

The consortium will employ the 30 existing staff to continue
working on a number of existing projects, including the building
of a Tidal Energy Turbine that will be put into service in Ramsey
Sound later this year.

The value of the deal had not been disclosed.  The consortium was
advised by the corporate team at Douglas-Jones Mercer and Grant
Thornton was advised by Eversheds.

Founded in Fishguard in 1984, Mustang Marine (Wales) Limited has
been based at Pembroke Dock since 1997 where it has been building
and supplying boats for commercial use, including pilot boats,
wind farm support vessels, workboats and passenger vessels to
customers across the world.

ORTAK: To Return to High Street After Administration Sale
Hanna Sharpe at reports that over a year after
entering administration, Scottish jewellery brand Ortak is set to
return to the high streets, following the disposal of its assets.

Ortak was placed into administration in March last year, and has
now recently been sold by the administrators at BDO, after
marketing by intellectual property firm Metis Partners, according

The sale to five partners including Mike Gardens, Alison Firth
and her husband Grant, comprises the trademarks, a customer
database with 25,000 records, over 10,000 designs, domain names
and an e-commerce website, the report notes.

The report notes that before entering administration, which was
due to financial difficulties relating to the rise in raw
materials prices and the recession, Ortak employed 155 people
across Scotland.  All of the shops closed in the wake of the
administration with all staff made redundant, the report relates.

To start with the business will take on 14 staff.

Founded in 1967, the business grew to 15 branded retail stores in
the UK. Its list of wholesale clients includes Amazon, H Samuel
and Argos.  Numerous stars have helped to promote the business
over the years including Myleene Klass and TV presenter Carol

PENTAGON PROTECTION: Lack of Short-Term Financing May Prompt CVA
---------------------------------------------------------------- reports that Pentagon Protection said
following the disposal of SDS Group Ltd. it continues to seek
additional short-term financing while also considering potential
offers for certain assets or operations of the resultant Group.

"Without sufficient additional short-term financing being
obtained, or an acceptable offer being received, the Board will
likely seek to issue a proposal for a Company Voluntary
Arrangement within the next 6 business days,"
quotes the company as saying in a statement.

Cantor Fitzgerald Europe has resigned with immediate effect as
the Company's Nominated Adviser and further, Allenby Capital, has
resigned with immediate effect as the Company's broker, relates.

Shares in the Company will continue to be suspended from trading
on AIM until further notice, notes.

London-based Pentagon Protection provides Window Film
installation and Commercial Window Film Project Management
services anywhere in the world.

PHARMACY PLUS: In Administration, Cuts 240 Jobs
Health Investor reports that care home and NHS drug supplier
Pharmacy Plus, which Elysian Capital has a minority stake in, has
gone into administration.

Ryan Grant -- ; Anne O'Keefe -- ; and Lee Causer --
-- of restructuring firm Zolfo Cooper have been appointed joint
administrators of the company.

The report notes that 240 employees have lost their jobs.

"It is with regret that we have had to close the business.  A
reduction in trading volumes and supplier pressure were at the
root of the problem," the report quoted Mr. Grant as saying.

"We are working closely with the NHS to seek to ensure minimal
disruption to the company's care home customers and to enable
them to obtain patient prescriptions from alternative sources,"
Mr. Grant said, the report relates.

Pharmacy Plus was founded by Tariq Muhammad.  In December 2013,
Muhammad sold a minority stake in the company to private equity
house Elysian Capital.  Mr. Muhammad retained a 72.5% stake but
allowed Elysian to run Pharmacy Plus.

PUNCH TAVERNS: Mulls Debt-for-Equity Swap Under Debt Plan
Tom Freke at Bloomberg News reports that Punch Taverns Plc told
shareholders it's considering a debt-for-equity swap as part of a
revised plan to restructure about GBP2.3 billion (US$3.9 billion)
of bonds.

Punch Taverns said in a statement it is also proposing a rights
offering that would help reduce borrowings by GBP600 million,
Bloomberg relates.

According to Bloomberg, the company said that the new plans are
backed by creditors that own 34% of the Burton-on-Trent, England-
based company's bonds and more than half of its shares.

Punch Taverns has 16 classes of notes across two securitizations,
known as Punch A and Punch B, operated by independent boards,
Bloomberg discloses.

Punch Taverns plc is a United Kingdom-based pub company.  The
Company is engaged in the operation of public houses under either
the leased model or as directly managed by the Company.  The
Company operates in two business segments: punch partnerships, a
leased estate and punch pub company, a managed estate.


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.

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  Go to 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, and Peter A. Chapman,

Copyright 2014.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
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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

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