TCREUR_Public/150107.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, January 7, 2015, Vol. 16, No. 4


U N I T E D   K I N G D O M

BANK: In Administration, Cuts 1,500 Jobs
CITY LINK: 3 Jobs Loss at Depot in Isle of Wight
CITY LINK: Cuts 31 Jobs at Edmonton Depot
CITY LINK: DX Buys More Than GBP1 Million of Assets
RANGERS FOOTBALL CLUB: Spared Liquidation by Sandy Easdale Loan

RANGERS FOOTBALL: Rejects Sarver's GBP18-Mil. Takeover Offer
TESCO PLC: CEO Mulls Closure of Define-Benefit Pension Scheme
VIDEO DUPLICATING: In Administration, Client To Take GBP500K Hit


U N I T E D   K I N G D O M

BANK: In Administration, Cuts 1,500 Jobs
itv News reports that more than 1,500 jobs at fashion chain Bank
have been put at risk after the loss-making business went into

Bury-based Bank, which operates 84 stores primarily in the
Midlands, North of England and Scotland, was part of JD Sports
Fashion until November, according to itv News.

The report notes that Deloitte was appointed as administrator
after a review of the business determined that a solvent
turnaround would not be possible.

All stores are open as normal and no redundancies have been made
while Deloitte considers potential interest in the business from
several parties, the report adds.

CITY LINK: 3 Jobs Loss at Depot in Isle of Wight
Isle of Wright County Press Online reports that three people have
been made redundant at the City Link depot on the Isle of Wight.

The parcel delivery firm went into administration on Christmas
Eve and has since made 2,356 redundancies, according to Isle of
Wright County Press Online.

The report notes that four people were employed at the company's
depot on Mariners Way, Cowes.

The company's joint administrators confirmed on New Year's Eve
that three members of staff had been made redundant, the report

One person will remain as part of the 371 strong workforce
retained to deal with parcels left in the system and to assist
the joint administrators in realizing the company's assets and
winding down of its operations, the report notes.

"At meetings across City Link Limited's UK sites on Monday,
December 29 and Tuesday, December 30, employees were informed
that there would be substantial redundancies as no new business
was being taken on.  Many of these employees were sent home, and
informed that they would shortly receive formal correspondence to
confirm their work status," the report quoted Hunter Kelly, joint
administrator of City Link Limited, as saying.

City Link remains in administration after a bid from a consortium
was rejected on the grounds it undervalued the company and
provided no money up front, the report adds.

CITY LINK: Cuts 31 Jobs at Edmonton Depot
This is Local London reports that more than 30 people have been
made redundant at a delivery service's Edmonton depot.

The workers at City Link's depot in Bestway Business Park, in
Ardra Road, were laid off on New Year's Eve, according to This is
Local London.

The report notes that five staff have been kept on at the depot
to deal with outstanding parcels, but 31 were made redundant
after the firm fell into administration on Christmas Eve.

A total of 2,356 people of the 2,727 employed by the company have
been made redundant, the report relates.

"The company endured substantial losses, which ultimately became
too great for it to continue as a going concern," the report
quoted Hunter Kelly, joint administrator of City Link Limited, as

CITY LINK: DX Buys More Than GBP1 Million of Assets
BBC News reports that the administrators of City Link have sold
more than GBP1 million of assets to rival firm DX Group.

According to BBC, DX announced it had bought assets including
scanners and cages as well as certain intellectual property for
GBP1.125 million.

The DX chief executive, as cited by BBC, said: "It is very sad
that City Link has been unable to continue as a going concern,
particularly for its employees and contractors.

"The administrators are now proceeding with an orderly sale of
assets and we have made a limited investment to acquire certain

"We are also doing all we can to provide opportunities for former
City Link employees and contractors and to offer solutions to
Customers who may need a new carrier."

City Link's administrators announced 2,356 job losses on
New Year's Eve after rejecting an unnamed consortium's last
minute offer to save the company, BBC recounts.

The possible buyer "offered no money up front and significantly
undervalued the assets to be acquired," BBC quotes the
administrators as saying.

The company was founded in 1969 and employed 2,727 people, but
suffered years of losses, BBC relays.

City Link was bought by Better Capital for GBP1 in April 2013 but
the administrators from Ernst & Young say the GBP40 million the
investment company put into the firm was not enough to turn it
around, BBC notes.

City Link is a Coventry-based parcel delivery company.

RANGERS FOOTBALL CLUB: Spared Liquidation by Sandy Easdale Loan
International Business Times reports that Rangers Football Club
PLC came within a whisker of liquidation in December 2014, and
the club was only saved by a last-minute cash injection.

The crisis-stricken Scottish outfit was on the verge of being
wound up by the taxman, before Sandy Easdale stepped in by
providing cash to pay National Insurance, according to
International Business Times.

BBC said that a seven-day notice letter was sent to Ibrox by Her
Majesty's Revenue and Customs containing the threat, the report

The report discloses that shareholder Easdale stumped up a
GBP500,000 loan as working capital to get the club through the
coming days.

The episode lays bare the full depths of the financial crisis,
which engulfs the fallen giant of Scottish and European football,
the report notes.

The report relays that Easdale's loan was secured against the
sale of star player Lewis MacLeod, 20, to Championship club
Brentford for a reported GBP1 million, the report says.

The cash loan was announced to the stock exchange by the club at
the same time an approach was revealed by Robert Sarver, owner of
US NBA team Phoenix Suns, the report adds.

                  About Rangers Football Club

Rangers Football Club PLC --
-- is a United Kingdom-based company engaged in the operation of
a professional football club.  The Company has launched its own
Internet television station,  The station combines
the use of Internet television programming alongside traditional
Web-based services.  Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary.  The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action.  Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.

RANGERS FOOTBALL: Rejects Sarver's GBP18-Mil. Takeover Offer
BBC News reports that Rangers International Football Club has
rejected a possible GBP18 million takeover offer from American
Robert Sarver, saying it undervalues the Ibrox outfit.

But the board has invited the owner of the Phoenix Suns
basketball outfit to invest in the Scottish Championship club
along with other shareholders, BBC states.

The news comes the day after football chairman Sandy Easdale
loaned the club GBP500,000 to avoid a winding-up order, BBC

RIFC admits that it will require further funding by the end of
January, BBC discloses.

"The directors are in discussions with Rangers' significant
stakeholders with a view to arranging finance for the club," BBC
quotes a statement to the Stock Exchange as saying.  "This is
likely to comprise loans in the short term and possibly equity in
the medium term.

"The board has invited Mr. Sarver to consider participating in a
similar discussion alongside other supportive shareholders."

Rangers revealed that Mr. Sarver's plan for the Glasgow club
involved buying 100 million shares at 18p per share -- below the
current share price of 26p, BBC relates.

"While the directors welcome Mr. Sarver's approach, they believe
that, notwithstanding the current financial difficulties, the
proposal does not adequately value a controlling interest in the
company," the RIFC statement, as cited by BBC, said.

"And, accordingly, the resolution to approve the placing is
unlikely to achieve the 75% majority required.

"The directors do not intend to hold the general meeting, which
would be necessary to implement the proposal."

In a separate Stock Exchange statement, Mr. Sarver stressed that
his approach for Rangers was a serious one, BBC relays.

TESCO PLC: CEO Mulls Closure of Define-Benefit Pension Scheme
Graham Ruddick at The Telegraph reports that Dave Lewis, chief
executive of Tesco, is considering closing the retailer's
defined-benefit pension scheme to new members as part of his plan
to shore up the company's battered balance sheet.

Tesco's pension scheme is one of the biggest in the country, The
Telegraph notes.  It has 350,000 members, including 203,000
active members of staff, The Telegraph discloses.  The scheme is
famously generous, offering a predetermined monthly payout based
on average career earnings, according to The Telegraph.

However, Britain's biggest retailer is nursing a GBP3.4 billion
pension deficit in the face of falling sales and threats from
credit rating agencies to downgrade its debt to junk status, The
Telegraph states.

It is understood that an overhaul of the scheme is one of the
options being considered by Mr. Lewis as he looks at ways to
bolster Tesco's finances, The Telegraph says.

The company's latest annual report shows it cost Tesco GBP542
million in the last financial year to service the pension scheme
and that its obligations under the defined benefit pension scheme
are more than GBP11 billion, The Telegraph discloses.

According to The Telegraph, Tesco could announce changes to its
pension schemes as early as Thursday, Jan. 8, when Mr. Lewis is
scheduled to update on his plans to shore up the retailer's
balance sheet alongside a Christmas trading statement.

Tesco PLC is a multinational grocery and general merchandise
retailer headquartered in Cheshunt, Hertfordshire, England,
United Kingdom.

VIDEO DUPLICATING: In Administration, Client To Take GBP500K Hit
Alliance News reports that Coral Products Ltd saw its shares drop
Monday after it said one of its major media customers to which it
supplies DVD and CD boxes, The Video Duplicating Co Ltd, was
placed into administration on December 22.

Coral has estimated it will lose around GBP500,000 due to the
customer going into administration, assuming that there is no
recovery from the administration, but also said the figures have
not yet been finalized, according to Alliance News.

The report notes that the figure includes around GBP25,000 of
"work in progress" where Coral believes it may be able to
mitigate the loss, it said in a statement.

"Whil[e] the anticipated write-off is significant, it is much
less so than it would have been in previous years due to the
board's strategy of greatly reducing our media exposure," the
report quoted Chairman Joe Grimmond as saying.  "Taking into
account profitability on sales to other sectors, the board is
confident that the group can absorb this loss and will overcome
this disappointment," Mr. Grimmond added.


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 2015.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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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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