TCREUR_Public/140827.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, August 27, 2014, Vol. 15, No. 169

                            Headlines

A U S T R I A

HYPO ALPE ADRIA: Former BayernLB Execs Settle Criminal Charges


B U L G A R I A

BULGARIA: Needs BGN6 Billion in Loans by 2015 to Avert Bankruptcy


L A T V I A

LATVIJAS KRAJBANKA: Administrators Sue Former Owner Over Loan


R O M A N I A

ROMAVIA: Declared Bankrupt by Ilfov Court


U N I T E D   K I N G D O M

CHERRY TREE: Creditors May File Proofs of Claim Til Sept. 9
ELECTRICAL SAFETY: In Voluntary Administration, Cuts 14 Jobs
FERGUSON SHIPBUILDERS: Clyde Blowers Named Preferred Bidder
MABLE COMMERCIAL: Creditors May File Claims Until Sept. 8
MONACO NPL: Creditors May File Claims Until Sept. 9

SCM PHARMA: Shire Buys Firm Out of Administration
STORM FUNDING: Sept. 8 Claims Submission Deadline Set


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A U S T R I A
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HYPO ALPE ADRIA: Former BayernLB Execs Settle Criminal Charges
--------------------------------------------------------------
Alice Ross at The Financial Times reports that four former
executives at BayernLB have reached a settlement over criminal
charges of breach of trust relating to the German Landesbank's
botched purchase of Austrian bank Hypo Alpe Adria on the eve of
the financial crisis.

The men had been on trial in Munich since January this year over
charges they paid too much for a majority stake in the Austrian
lender in 2007, leading to billions in losses for the Bavarian
state-backed bank, the FT relates.  Hypo Alpe Adria was
nationalized and sold to the Austrian government in 2009 for one
euro, the FT recounts.

The Munich court said on Tuesday, Aug. 26, that there had been
insufficient evidence in the trial so far to prove the guilt of
the four accused men, and that the agreed settlement was in the
public interest, the FT relays.  The largest payment, of
EUR20,000, will be paid by Michael Kemmer, now general manager of
Germany's association of private banks and BayernLB's chief
executive from 2008 to 2009, the FT discloses.  Theo
Harnischmacher, a former board member, will pay EUR15,000, while
Ralph Schmidt and Stefan Ropers will each pay EUR5,000, the FT
states.

Two other former board members, however, remain on trial in
Munich, the FT notes.  Werner Karl Schmidt, chief executive of
BayernLB in 2007 when the bank made its decision to buy Hypo Alpe
Adria and Rudolf Hanisch, a former board member, have been
accused, among other charges, of bribing Austrian politician
Joerg Haider, now deceased, to smooth the takeover of the
Austrian bank, according to the FT.  All six board members have
denied the charges against them, the FT says.

                      About Hypo Alpe-Adria

Hypo Alpe-Adria International AG is a subsidiary of BayernLB.  It
is active in banking and leasing.  In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.

Hypo Alpe has received EUR1.75 billion in aid in emergency
capital from the Austrian government.  European Union Competition
Commissioner Joaquin Almunia said in March 2013 that Hypo faced
possible closure for failing to adequately restructure.
The European Commission approved Hypo's recapitalization in
December 2013, but made it conditional on the management
presenting a thorough plan to overhaul the group.  The Austrian
finance ministry, which effectively runs Hypo Alpe, submitted a
restructuring plan to the Commission on Feb. 5.



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


BULGARIA: Needs BGN6 Billion in Loans by 2015 to Avert Bankruptcy
-----------------------------------------------------------------
StandartNews reports that the economic team of the Bulgarian
policital party GERB is predicting a financial apocalypse in
Bulgaria, unless the country looks seriously into BGN6 billion in
loans by the end of 2015.

"There is no money.  Making ends meet this year will be a huge
challenge, but to survive 2015 would be an incredible skill,"
StandartNews quotes GERB party leader Boyko Borisov as saying.
He urged the caretaker government to start preparing the
procedure for new debt, StandartNews relates.

According to StandartNews, GERB financier Vladislav Goranov said
that the first tranche should be an amount of BGN4.5 billion
for the next five months.  This would cover the repayment of
maturing loans, StandartNews says.  Mr. Goranov, as cited by
StandartNews, said that by the end of 2015, debt should reach
BGN6 billion.  He pointed out that there are payments on loans
totaling nearly BGN3.7 billion, StandartNews notes.

"If there will be no quick measures taken to ensure funding early
next year, the state may be in bankruptcy to cover running
costs," StandartNews quotes Mr. Goranov as saying.



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L A T V I A
===========


LATVIJAS KRAJBANKA: Administrators Sue Former Owner Over Loan
-------------------------------------------------------------
Aaron Eglitis and Milda Seputyte at Bloomberg News report that
administrators for Latvijas Krajbanka AS, a Latvian lender that
went bankrupt in 2011, are suing its former owner,
Vladimir Antonov, in London over a loan to a member of the
Russian parliament.

Krajbanka gave a US$10 million loan to Denis Davitiashvili, a
Liberal Democrat lawmaker at the time, in June 2008, that was
contrary to the bank's interests and was only made possible by
his association with Mr. Antonov, Bloomberg says, citing a claim
filed in London's High Court of Justice in June this year and
made public last week.  The claim asserted that the loan
defaulted and the security was unenforceable or worthless,
Bloomberg notes.

The 2011 collapse of Lithuanian lender Bankas Snoras AB,
Krajbanka's parent, rocked the two Baltic nations, prompting
about US$2.1 billion of deposit-insurance payouts and a run on
savings in Latvia, Bloomberg  recounts.  Mr. Antonov is already
fighting criminal and civil charges and an extradition request
from Lithuania and Snoras, Bloomberg discloses.  This latest
claim is the first from Krajbanka in London and follows criminal
charges filed in a local Latvian court in January, Bloomberg
states.

Mr. Antonov, as cited by Bloomberg, said on Aug. 22 by phone that
a lawyer hadn't yet been appointed to represent him in the
Krajbanka case, declining further comment.  His extradition
proceedings were adjourned until December, Bloomberg relays.  He
disputes all the claims and denies any wrongdoing, Bloomberg
notes.

                     About Latvijas Krajbanka

Headquartered in Riga, Latvia, AS Latvijas Krajbanka provides
commercial banking services to businesses and private individuals
in Latvia and the markets of the Commonwealth of Independent
States.  As of Dec. 31, 2009, AS Latvijas Krajbanka had 115
customer service centers and 190 automated teller machines.  AS
Latvijas Krajbanka is a subsidiary of AS banka Snoras.

As reported in the Troubled Company Reporter-Europe on May 10,
2012, Baltic Business News said the Riga District Court on
May 8 decided to start the bankruptcy procedure of Latvijas
Krajbanka.  The move was initiated by Krajbanka's insolvency
administrator SIA KPMG Baltics, BBN disclosed.  The company
believes that it is impossible to revive the bank without state
support, which is not coming, BBN noted.

Latvian regulators halted Krajbanka's operations on Nov. 21,
2011, after discovering LVL167 million (US$301 million) was
missing, Bloomberg News recounted.



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R O M A N I A
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ROMAVIA: Declared Bankrupt by Ilfov Court
-----------------------------------------
The Diplomat-Bucharest reports that the aviation company Romavia
entered into bankruptcy procedures, following a decision taken at
the beginning of August by the court law in Ilfov county.

According to The Diplomat-Bucharest, Rovigo SPRL has been named
judicial administrator.

In 2013, Romavia posted a turnover of RON1.9 million and losses
worth RON7.2 million, with debts of RON70.6 million, The
Diplomat-Bucharest relates.

Romavia is a Romanian aviation company.  It was founded in April
1991.



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


CHERRY TREE: Creditors May File Proofs of Claim Til Sept. 9
-----------------------------------------------------------
A.V. Lomas, S.A. Pearson, G.E. Bruce and J.G. Parr, the Joint
Administrators of Cherry Tree Mortgages Limited, notified
interested parties that they intend to make a distribution (by
way of paying an interim dividend) to the preferential creditors
(if any) and to the unsecured, non-preferential creditors of
Cherry Tree.

Creditors may file their proofs of debt at any point no later
than September 9, 2014.  Creditors are requested to lodge their
proofs of debt at the earliest possible opportunity.

Creditors may be required, if so requested, to provide further
details or produce documents or other evidence to their proofs of
debt as the Joint Administrators deem necessary.

The Joint Administrators will not be obliged to deal with proofs
of debt filed after the bar date but may do so if they think fit.

The Joint Administrators intend to make the announced
distribution within the period of two months from the last date
of proving claims.

For further information, contact details, and proof of debt
forms, creditors may visit http://is.gd/8643CF

Creditors must complete and return a proof of debt form together
with relevant supporting documents, to PricewaterhouseCoopers
LLP, 7 More London Riverside, London SE1 2RT marked for the
attention of Claire Taylor.  Alternatively, they may email a
completed proof of debt form to cherrytree@lbia-eu.com


ELECTRICAL SAFETY: In Voluntary Administration, Cuts 14 Jobs
------------------------------------------------------------
Chemford Weekly News reports that the business owned by former
Chelmsford City chairman Mansell Wallace has gone into voluntary
administration, leaving up to 14 people jobless.

Electrical Safety Consultants Ltd, based in Springfield Road, has
been put into the hands of LB Liquidation.

Redundant staff have said they were laid off on Thursday, July
24, and still haven't been paid for the two weeks previous work,
and are now worried they won't see any money at all, according to
Chemford Weekly News.

Explaining his decision to go into administration, Mr. Wallace
told the Weekly News: "We lost a big contract and just haven't
been making money, so I thought it best to put it into
administration and closed it down.  We had a bit of interest in
the company but they pulled out and I was left with no choice.
The administrators are handling the money."

When asked if staff would be paid in full, Mr. Wallace said:
"Staff are preferential creditors, all of them will get their
money.  The money is there to pay them."

Mr. Wallace, 65, was recently made honorary life president of the
Clarets. He stepped down from his role of chairman and board
member at the Clarets in June citing health reasons.


FERGUSON SHIPBUILDERS: Clyde Blowers Named Preferred Bidder
-----------------------------------------------------------
BBC News reports that Jim McColl's Clyde Blowers Capital has been
announced as the preferred bidder for the troubled Ferguson
Shipbuilders.

The announcement from administrators KPMG is expected to lead to
the sale of the Port Glasgow yard within 14 days, BBC says.

Three bids had been made for Ferguson's business which went bust
on Aug. 15 with the loss of 70 jobs, BBC relays.

Clyde Blowers Capital was founded by its chairman Mr. McColl, who
is one of Scotland's wealthiest people with a fortune estimated
to be about GBP1 billion, BBC discloses.

According to BBC, Mr. McColl said that work would now begin to
save the financially-stricken shipyard.

While best known for its shipbuilding capability, Ferguson
Shipbuilders is also known for engineering and joinery, materials
handling, fluids distributions, system hydraulics, power
distribution and management and civil engineering.


MABLE COMMERCIAL: Creditors May File Claims Until Sept. 8
---------------------------------------------------------
The Joint Administrators of Mable Commercial Funding Limited
notify parties-in-interest that they intend to make a
distribution (by way of paying an interim dividend) to the
preferential creditors (if any) and to the unsecured, non-
preferential creditors of Mable.

Proofs of debt may be lodged at any point until September 8,
2014.  Creditors, however, are requested to lodge their proofs of
debt at the earliest possible opportunity.

Creditors may be required to provide further details or produce
documents or other evidence to their claims as the Joint
Administrators deem necessary.

The Joint Administrators will not be obliged to deal with proofs
lodged after the last date for proving but they may do so if they
think fit.

The Joint Administrators intend to make the announced
distribution within the period of two months from the last date
of proving claims.

For further information, contact details, and proof of debt
forms, please visit http://is.gd/RgGSdP

Creditors must complete and return a proof of debt form together
with relevant supporting documents, to PricewaterhouseCoopers
LLP, 7 More London Riverside, London SE1 2RT marked for the
attention of Alison Lieberman.  Alternatively, they may email a
completed proof of debt form to mable.claims@uk.pwc.com


MONACO NPL: Creditors May File Claims Until Sept. 9
---------------------------------------------------
A.V. Lomas, S.A. Pearson, G.E. Bruce and J.G. Parr, the Joint
Administrators of Monaco NPL (No.1) Limited, intend to make a
distribution (by way of paying an interim dividend) to the
preferential creditors (if any) and to the unsecured, non-
preferential creditors of Monaco NPL.

Proofs of debt may be lodged at any point until September 9,
2014.  Creditors, however, are requested to lodge their proofs of
debt at the earliest possible opportunity.

Creditors may be required to provide further details or produce
documents or other evidence to their claims as the Joint
Administrators deem necessary.

The Joint Administrators will not be obliged to deal with proofs
lodged after the last date for proving but they may do so if they
think fit.

The Joint Administrators intend to make the announced
distribution within the period of two months from the last date
of proving claims.

For further information, contact details, and proof of debt
forms, please visit http://is.gd/tvLELW

Creditors must complete and return a proof of debt form together
with relevant supporting documents, to PricewaterhouseCoopers
LLP, 7 More London Riverside, London SE1 2RT marked for the
attention of Claire Taylor.  Alternatively, they may email a
completed proof of debt form to monaco@lbia-eu.com


SCM PHARMA: Shire Buys Firm Out of Administration
-------------------------------------------------
Insider Media reports that Dublin-based Shire has bought SCM
Pharma Ltd out of administration.

Andrew Ross -- alan.ross@sg.pwc.com -- and Toby Underwood --
toby.s.underwood@uk.pwc.com -- of PricewaterhouseCoopers were
appointed joint administrators to Northumberland-based SCM Pharma
Ltd on August 6, 2014.

The report notes that Shire has now bought assets of the
business.  The deal has saved 74 jobs.

The administrators were called in after the Medicines and
Healthcare products Regulatory Agency (MHRA) revoked one of SCM's
production licenses, which resulted in manufacturing operations
at its Prudhoe site coming to a halt, the report relates.

Founder Fiona Cruickshank said she, and the non-executive team,
"worked tirelessly" with the senior management team and the MHRA
to address the issues at Prudhoe and agree a remediation plan,
the report discloses.

But Ms. Cruickshank added: "However, given the high costs
associated with operating a complex manufacturing business, SCM
Pharma did not have the funds to operate with limited
manufacturing and also invest in the agreed remedial work
required to address the issues raised," the report notes.

The report relays that Shire then informed the company of its
intention to "exercise its step in rights" and acquired the
firm's assets after SCM had entered administration.  The purchase
has safeguarded the entire workforce across SCM's two sites in
Prudhoe and Newburn, the report discloses.

"Following a successful MHRA inspection of the Newburn site, I
decided to resign my position as non-executive director and
handed over the operational responsibility to a competent
management team and Shire, knowing the non-executive directors
and I had done everything we could to retain jobs at Prudhoe and
Newburn," the report quoted Ms. Cruickshank as saying.

SCM Pharma Ltd is a pharmaceutical manufacturer, which
specializes in the production of clinical trial drugs.


STORM FUNDING: Sept. 8 Claims Submission Deadline Set
-----------------------------------------------------
The Joint Administrators of Storm Funding Limited intend to make
a distribution (by way of paying an interim dividend) to the
preferential creditors (if any) and to the unsecured, non-
preferential creditors of Storm Funding.

Proofs of debt may be lodged at any point until September 8,
2014.  Creditors however are requested to lodge their proofs of
debt at the earliest possible opportunity.

Creditors may be required to provide further details or produce
documents or other evidence to their claims as the Joint
Administrators deem necessary.

The Joint Administrators will not be obliged to deal with proofs
lodged after the last date for proving but they may do so if they
think fit.

The Joint Administrators intend to make the announced
distribution within the period of two months from the last date
of proving claims.

For further information, contact details, and proof of debt
forms, please visit http://is.gd/NMR5AK

Creditors must complete and return a proof of debt form together
with relevant supporting documents, to PricewaterhouseCoopers
LLP, 7 More London Riverside, London SE1 2RT marked for the
attention of Sean Dedross.  Alternatively, you can email a
completed proof of debt form to storm.claims@uk.pwc.com


                            *********

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 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, and Peter A. Chapman,
Editors.

Copyright 2014.  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.


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