TCREUR_Public/160819.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

           Friday, August 19, 2016, Vol. 17, No. 164


                            Headlines


I R E L A N D

ACA EURO CLO 2007-1: S&P Raises Rating on Class D Notes From BB+


I T A L Y

VIMA HOLDING: Bid Hearing for Assets Scheduled for Sept. 21


N E T H E R L A N D S

FORTISSIMO FILMS: Files for Voluntary Bankruptcy in Netherlands


R O M A N I A

GENIUS TRAVEL: Announces Insolvency to Customers Via Text Message


R U S S I A

BANK NATIONAL: S&P Raises Issuer Credit Ratings to B
STATE TRANSPORT: S&P Raises Counterparty Credit Ratings to 'BB-'


T U R K E Y

ALBARAKA TURK: S&P Lowers Counterparty Credit Rating to 'BB-'


U K R A I N E

MYKHAILIVSKYI BANK: Court Cancels Factoring Agreement Voidance
OKEAN SHIPYARD: Creditors Committee Mulls Sale of Property


U N I T E D   K I N G D O M

ELDON STREET: September 2 Proofs of Debt Filing Deadline Set
GHA COACHES: Former Owners Bid to Take Over Old Routes
LEHMAN BROTHERS: September 2 Proofs of Debt Filing Deadline Set
TRINITY EXPLORATION: Units File Proposal to Creditors Under BIA


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I R E L A N D
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ACA EURO CLO 2007-1: S&P Raises Rating on Class D Notes From BB+
----------------------------------------------------------------
S&P Global Ratings raised to 'AAA (sf)' from 'AA+ (sf)' its
credit rating on ACA Euro CLO 2007-1 PLC's class C notes and to
'BBB+ (sf)' from 'BB+ (sf)' its rating on the class D notes.  At
the same time, S&P has affirmed its 'AAA (sf)' and 'B+ (sf)'
ratings on the class B and E notes, respectively.

The rating actions follow S&P's assessment of the transaction's
performance using data from the July 2016 trustee report.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate (BDR) for each rated class
at each rating level.  The BDR represents our estimate of the
maximum level of gross defaults, based on our stress assumptions,
that a tranche can withstand and still fully repay the
noteholders.  In our analysis, we used the portfolio balance that
we consider to be performing (EUR71,475,854), the current
weighted-average spread (3.53%), and the weighted-average
recovery rates calculated in line with our corporate
collateralized debt obligation (CDO) criteria.  S&P also noted
the significant reported cash balance (EUR11,789,344).  S&P
applied various cash flow stresses, using its standard default
patterns, in conjunction with different interest rate and
currency stress scenarios.

Since S&P's March 2016 review, the aggregate collateral balance
has decreased by EUR19.5 million to EUR83.3 million.  The class B
notes -- now the senior most class of notes outstanding -- have
continued to amortize, and the available credit enhancement has
increased for all of the rated classes of notes, except for the
class E notes due to the transaction's structural deleveraging.
Today's upgrades of the class C and D notes reflect this
increased available credit enhancement.

Due to a change in the portfolio composition, S&P has observed
changes in the weighted-average recovery rates since its previous
review, however the weighted-average spread on the underlying
portfolio assets has remained relatively stable at 353 basis
points (bps), from 350 bps.  The portfolio's average credit
quality has remained stable at 'B+' since S&P's previous review,
while its weighted-average life has decreased to 4.45 years from
4.77 years.  The obligor concentration risk has continued to
increase due to portfolio deleveraging, with only 17 performing
obligors, down from 22 in S&P's previous review.

The issuer has entered into euro-denominated currency option
hedges with UBS AG (London Branch) to hedge any resultant
currency risk from non-euro-denominated assets (5.07% of the
portfolio balance).  The documented downgrade provisions in these
currency option contracts do not fully comply with S&P's current
counterparty criteria.  S&P has therefore applied currency
stresses on these non-euro assets to test the effect on the
ratings on the class B and C notes -- rated above the rating on
the counterparty -- if the counterparty failed to perform.

The results of S&P's credit and cash flow analysis and the
application of its current counterparty and nonsovereign ratings
criteria indicate that the available credit enhancement for the
class B notes is commensurate with the currently assigned rating.
S&P has therefore affirmed its 'AAA (sf)' rating on the class B
notes.

The results of S&P's analysis indicate that the available credit
enhancement for the class C notes is commensurate with a higher
rating than currently assigned.  S&P has therefore raised to
'AAA (sf)' from 'AA+ (sf)' its rating on the class C notes.

S&P's ratings on the class D and E notes are constrained by the
application of the largest obligor default test, a supplemental
stress test that S&P outlines in its corporate CDO criteria.
This assesses whether a CDO tranche has sufficient credit
enhancement to withstand specified combinations of underlying
asset defaults, based on the ratings on the underlying assets.
The test assumes a flat recovery of 5%.

Although S&P's cash flow analysis indicates that the class D and
E notes can support higher ratings than those currently assigned
(due to the increased available credit enhancement), the largest
obligor default test caps S&P's ratings on these classes of
notes. S&P has therefore raised to 'BBB+ (sf)' from 'BB+ (sf)'
its rating on the class D notes and have affirmed its 'B+ (sf)'
rating on the class E notes.

ACA Euro CLO 2007-1 is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.  The transaction closed in
June 2007 and its reinvestment period ended in June 2014.  The
portfolio is managed by KKR Credit Advisors (Ireland).

Class             Rating
            To              From

ACA Euro CLO 2007-1 PLC
EUR400 Million Floating-Rate Notes

Ratings Raised

C           AAA (sf)        AA+ (sf)
D           BBB+ (sf)       BB+ (sf)

Ratings Affirmed

B           AAA (sf)
E           B+ (sf)


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I T A L Y
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VIMA HOLDING: Bid Hearing for Assets Scheduled for Sept. 21
-----------------------------------------------------------
Prof. Avv. Stefano Ambrosini, the judiciary commissioner,
disclosed that the Court of Modena has arranged the opening of a
competitive tender ex art. 163-bis l. fall. with the scope of
transferring to the best bidder, in a single lot, the branch of
the company related to the production of packaging material for
pharmaceutical products owned by Lamp San Prospero s.p.a. and the
building complex situated in San Prospero (Modena) legally owned
by Vima Holding s.p.a. (and also, after perfection of the merging
to incorporate the latter in the former, by Lamp San Prospero
only).

The hearing for the examination and deliberation of the bids and
for any tender between several bidders, will be held on
September 21, 2016, at 1:15 p.m., in the Court of Modena.

The company assets subject of the competitive tender consist of
the following assets:

   -- building complex situated in San Prospero (Modena),
      Via della Pace, n. 26;
   -- equipment and machinery;
   -- stock in warehouse;
   -- some pending contracts;
   -- working relationship with 49 (forty-nine) employees.

The transfer perimeter excludes the debts of Lamp San Prospero
related to the company branch, that shall remain the exclusive
responsibility of the aforesaid company.

The bids are also to contain, on one side, the undertaking to
purchase the warehouse stock (the value of which on the date of
June 30, 2016, was equivalent to EUR693,590, to be settled on the
basis of the actual consistency of the stock at the time of
handling over the business), and on the other, the disposition to
take on certain liabilities that have matured regarding
employees, up to the extent of an amount of EUR500,000.

Bids shall not be accepted that are totally, or partially
subordinated to any condition set to totally or partially limit
or exclude the effect.

Overall basic price (excluding the warehouse stock:
EUR6,000,000 (six million/00)

Minimum increase: EUR300,000 (three hundred thousand/00);
Overall price subject to minimum revised proposal: EUR6,300,000
(six million-three hundred thousand/00);

Minimum relaunching in the case of bidding: EUR50,000 (fifty
thousand /00).

The sale of the lot is subject to imposition in compliance with
the tax provisions in force.

For further information and details, contact the judicial
commissioner prof. avv. Stefano Ambrosini, with offices in Turin,
Via Cernaia, n. 15 (Tel. 011 50.69.822 - Fax 0461 26.49.64 - E-
mail info@studio-ambrosini.it).


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FORTISSIMO FILMS: Files for Voluntary Bankruptcy in Netherlands
---------------------------------------------------------------
Scott Roxborough at The Hollywood Reporter reports that
Fortissimo Films, the Hong Kong- and Amsterdam-based
international sales agent, has filed for voluntary bankruptcy in
the Netherlands.

The Dutch authorities have appointed an administrator to manage
the bankruptcy and further filings will follow for subsidiaries
of the group's Amsterdam-based parent company, Fortissimo
Holdings, The Hollywood Reporter relates.

Fortissimo was hit hard by a shift in the market for classic art
house cinema, with fewer buyers and lower prices for all but the
biggest indie names, The Hollywood Reporter discloses.  Many of
Fortissimo's competitors have shifted to more mainstream fare to
stay competitive, but the Dutch company, founded by Wouter
Barendrecht and Helen Loveridge in 1991, stayed true to its
cutting-edge roots, The Hollywood Reporter notes.


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GENIUS TRAVEL: Announces Insolvency to Customers Via Text Message
-----------------------------------------------------------------
Romania Insider reports that Genius Travel sent a series of
contradictory messages to its customers, informing them of its
insolvency.

On Aug. 12, the clients who had acquired tickets from Genius
Travel received a text message that the company was insolvent,
Romania Insider relays, citing local Profit.ro.  The message also
informed the clients that they could recover the money paid for
touristic packages at the debtors' table, like all the rest of
the company's creditors, Romania Insider discloses.

The next day people received another message from the company
informing them that the problem was solved, Romania Insider
recounts.  The story took a new twist Aug. 16, when customers
received a third message telling them that the company had indeed
entered insolvency, Romania Insider relates.

According to Romania Insider, data from the Finance Ministry show
Genius Travel had a turnover of EUR521,000 and losses of
EUR116,000 in 2015.

Genius Travel is a Romanian travel agency.


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R U S S I A
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BANK NATIONAL: S&P Raises Issuer Credit Ratings to B
----------------------------------------------------
S&P Global Ratings raised the Long-Term Issuer Credit Rating of
Bank National Factoring Co ZAO to B from B*- on Aug. 12, 2016.

Bank National Factoring Company provides factoring and financial
logistics solutions to businesses in the Russian Federation.


STATE TRANSPORT: S&P Raises Counterparty Credit Ratings to 'BB-'
----------------------------------------------------------------
S&P Global Ratings said that it has raised its long-term
counterparty credit ratings on Russia-based State Transport
Leasing Co. PJSC (STLC) to 'BB-' from 'B+'.  The outlook is
stable.

The 'B' short-term counterparty credit rating was affirmed.

At the same time, S&P raised its Russia national scale rating on
STLC to 'ruAA-' from 'ruA+'.

The upgrade stems from S&P's view that STLC's capital, leverage,
and earnings position has improved as a result of the Russian
government's plan to inject RUB5 billion (about $77 million) into
the company in 2016 and a further RUB30 billion over 2017-2018.
S&P understands the government intends to further support demand
for Sukjoi Superjet aircrafts via leasing programs implemented by
STLC through the capital injections, as stipulated in its plan
for socio-economic development.  As a result, S&P forecasts its
risk-adjusted capital ratio for STLC before the diversification
will remain sustainably above 10% over the next 12 months.  This
has led S&P to reassess STLC's capital, leverage, and earnings to
strong from adequate, and its stand-alone credit profile (SACP)
to 'b+' from 'b'.

Even though STLC's profitability is marginal, S&P views its
business model as stable and supported by its public mandate to
modernize the Russian transport sector and support the domestic
aviation, maritime, automobile, and machinery industries.  This
mandate is particularly important in the context of tight
economic conditions and increased pressure on the transportation
industry, where STLC aims to implement countercyclical measures
as well as the government's policy for import substitution.

"Our assessment of the company's risk position reflects our view
that STLC has high single-name and sector concentrations compared
with other leasing companies; the 20 largest borrowers represent
about 90% of the gross leasing portfolio.  We view the company's
asset quality as comparable with that of its peers.
Nonperforming loans (including foreclosed assets) represented
about 5.3% of total loans at year-end 2015, in line with the peer
average of 7%. We still consider the quality of STLC's portfolio
to be vulnerable to swings in operating conditions, particularly
due to the company's single-name concentration in riskier
operating leasing activities.  We note, however, that those risks
are partly mitigated by special maintenance reserves received
upfront in cash from the leaseholder, as well as STLC's growing
expertise in residual-value risk management," S&P said.

S&P considers STLC's funding profile to be in line with the
system average for nonbank financial institutions in Russia.
Despite the wholesale nature of its funding sources, STLC
adequately finances its long-term leasing exposure with long-term
funding.  The stable funding ratio was 82.6% at year-end 2015 and
S&P expects it will move closer to 100% over the next few years.
The company has also managed to diversify its funding base by
placing a debut five-year $500 million Eurobond in July 2016.

In S&P's view, STLC's liquidity is adequate, since the company
generates enough cash to cover interest payments and other costs
on a monthly basis under S&P's base case.  S&P's cash flow
analysis shows that STLC's liquidity buffer covers its monthly
requirements by 1.3x, on average.

S&P continues to consider STLC to be a government-related entity
with a moderately high likelihood of receiving extraordinary
government.  As a result, S&P's long-term rating on STLC is one
notch higher than its SACP.  S&P's view of the likelihood of
support reflects its assessment of STLC's:

   -- Important role as one of the government's policy tools
      aimed at modernizing the transport sector by purchasing and
      leasing Russia-produced vehicles and equipment at
      subsidized rates.  S&P expects STLC will play a central
      role in the commercialization of Sukhoi Superjets, leasing
      them to potential buyers; and

   -- Strong link with the Russian government, which fully owns
      STLC and maintains strong oversight of the company's
      business and strategy.  S&P understands that the company
      will not be privatized over the next three years.

The stable outlook on STLC reflects S&P's view that ongoing
capital support from the government will sufficiently cushion
risks stemming from difficult operating conditions in Russia.

S&P could lower the ratings within the next 12 months if the
company did not obtain the envisaged capital injections or
demonstrated inappropriate capital management, with growth of
risk-weighted assets outpacing that of the capital base,
resulting in insufficient capital buffers.  S&P' could also
consider a downgrade if it observed mismanagement of additional
risks such as via deteriorated asset quality or residual-value
leasing risk, and if the company were put on a sanction list that
undermined its ability to tap the international capital markets
and reduced its usefulness and importance to the government.

S&P sees the possibility of a positive rating action as remote in
the current economic environment.


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ALBARAKA TURK: S&P Lowers Counterparty Credit Rating to 'BB-'
-------------------------------------------------------------
S&P Global Ratings said that it lowered the long-term
counterparty credit rating on Turkey-based bank Albaraka Turk
Katilim Bankasi (Albaraka Turk) to 'BB-' from 'BB'.  The outlook
is stable.  S&P affirmed its 'B' short-term counterparty credit
rating on the bank.

S&P also lowered its long-term Turkey national scale rating on
Albaraka Turk to 'trA+' from 'trAA-'.  S&P affirmed the short-
term Turkey national scale rating at 'trA-1'.

At the same time, S&P lowered the issue rating on the
subordinated Sukuk issued by Albaraka Turk subsidiaries Albaraka
Sukuk Ltd. and ABT Sukuk Ltd. to 'B-' from 'B'.  S&P also lowered
the issue rating on Bereket Varlik Kiralama Anonim Sirketi's
Sukuk to 'BB-' from 'BB'.

The rating actions primarily reflect the continued deterioration
in Albaraka Turk's capital.  S&P forecasts the bank's risk-
adjusted capital (RAC) ratio to remain below 5% in the next 12
months, the level it fell to at year-end 2015, owing to growth in
risk assets outstripping core equity.  While S&P expects the
bank's credit growth to moderate, it is likely to remain above
the system average for the next 12 months.

The 'bb+' anchor for Turkish banks, including Albaraka Turk, is
based on S&P's assessment of economic and industry risks in
Turkey.

Albaraka Turk's business position remains moderate, in S&P's
view. It has a relatively minor market position in the broader
Turkish banking sector, though the bank holds a stronger position
in the participation banking segment.  The group's capital
position has deteriorated, prompting S&P to revise its assessment
of its capital and earnings to weak from moderate.  This is based
on a RAC ratio of 4.9% as of year-end 2015, which S&P projects to
reduce to around 4.5% over the next 12-18 months.  Net interest
margins are likely to remain stable in 2016 before declining
marginally in 2017, which, along with more subdued loan growth
over the forecast period and elevated cost of risk, will reduce
Albaraka Turk's profitability.  While earnings quality remains
adequate, based on the strong share of intermediation and fee
income in revenue generation, capital quality is under pressure
given the bank's higher-than-average reliance on Tier 2
instruments.

S&P's moderate assessment of Albaraka Turk's risk position
balances the bank's satisfactory asset quality metrics with its
high exposure to the construction sector and credit growth that
is faster than the system average.  S&P assess its funding as
average and liquidity as adequate, based on its short-term but
relatively granular deposit base and adequate levels of liquid
assets.  Liquidity also benefits from Albaraka Turk's access to
the central bank's rediscount credit facility, which was recently
expanded following the recent attempted coup, along with a cut in
the reserve requirements for Turkish banks.

Overall, S&P assess Albaraka Turk's stand-alone credit profile
(SACP) at 'b+'.  S&P incorporates one notch of uplift into the
rating on Albaraka Turk to reflect group support from its parent
the Albaraka Banking Group B.S.C., in accordance with S&P's group
rating methodology.  Although the outlook on Albaraka Banking
Group is negative, the rating on Albaraka Turk would not be
affected in case of a one-notch downgrade of the parent.  This is
because there is a two-notch difference between the rating on the
parent and its Turkish subsidiary.

S&P's stable outlook on Albaraka Turk reflects S&P's expectation
that the financial profile of the bank is likely to remain
unchanged over the next 12 months despite the mounting pressure
in its operating environment.

A downgrade appears remote over the next 12 months as S&P expects
the bank's asset quality indicators to remain resilient to any
potential further deterioration in its operating environment.
Moreover, in S&P's opinion, the bank's profit margins are
sufficient to absorb a moderate rise in nonperforming financings
(NPFs) and cost of risk.

On the other hand, a rating upgrade appears also remote over the
next 12 months as it would require a significant strengthening of
the bank's capitalization through Tier 1 instruments.


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MYKHAILIVSKYI BANK: Court Cancels Factoring Agreement Voidance
--------------------------------------------------------------
Ukrainian News Agency reports that the District Administrative
Court of Kyiv has cancelled the ordinance which held the
factoring agreements between Mykhailivskyi Bank and Financial
Company Pleiad void.

The ordinance was issued by the bank's liquidator, Ukrainian News
discloses.  The award has not taken force yet and the Fund will
challenge it, Ukrainian News notes.

Moreover, in keeping with the Supreme Court resolutions of Feb.
16 and June 15, 2016, administrative tribunals' jurisdiction does
not spread onto the disputes arising at the stage of bank's
liquidation (bankruptcy), Ukrainian News states.

The Fund takes the factoring agreements as an attempt to withdraw
Mykhailivskyi Bank assets, Ukrainian News says.  According to
Ukrainian News, such agreements were held void in order to return
the loan portfolio to the bank's balance sheets and sell these
assets in the process of liquidation and use the proceeds to
satisfy the bank creditors' claims.

The Deposit Guarantee Fund underlines that Mykhailivskyi Bank,
Forte insurance company and Financial Companies Pleiad and Fagor
have the same owner, Ukrainian News notes.

PJSC Bank Mykhailivskyi is based in Kremenchuk, Ukraine.  The
company was founded in 2013.


OKEAN SHIPYARD: Creditors Committee Mulls Sale of Property
----------------------------------------------------------
Ukrainian News Agency reports that the creditors committee is
about to consider selling the property of Okean Shipyard PJSC at
the meeting today, Aug. 19.

According to Ukrainian News, the creditors committee also plans
to elect a chairman at the meeting and hear to the liquidator's
progress report on the liquidation procedure.

The meeting is taking place in Mykolayiv at 1 Zavodska Square,
Ukrainian News discloses.

On June 23, the Economic Court of Mykolayiv Region approved the
register of the enterprise's creditors, and on July 27 the
creditors at the general meeting elected the creditors committee
of five companies: Consulting Gamma, Tethys Finance, Annona
Trading House, Denkord AG and Asset Service Financial Company,
Ukrainian News relates.

The Economic Court of Mykolayiv Region has granted a motion
lodged by Consulting Gamma to open a proceeding for liquidation
of Okean Shipyard, Ukrainian News recounts.

Mykolayiv-based Okean PJSC repairs and builds container ships,
oil carriers, tug boats, and barges with displacement of up to
350,000 tons.



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U N I T E D   K I N G D O M
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ELDON STREET: September 2 Proofs of Debt Filing Deadline Set
------------------------------------------------------------
Pursuant to Rule 2.95 of the Insolvency Rules 1986, D.A. Howell,
A.V. Lomas, S.A. Pearson, G.E. Bruce and J.G. Parr, the Joint
Administrators of Eldon Street Holdings Limited ("Eldon Street"),
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 Eldon Street.

Proofs of debt may be lodged at any point up to (and including)
September 2, 2016, the last date for proving claims, however,
creditors are requested to lodge their proofs of debt at the
earliest possible opportunity.

Persons so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as
may appear to the Joint Administrators to be 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 such distribution within
the period of two months from the last date for proving claims.

For further information, contact details, and proof of debt
forms, please visit https://is.gd/5k790V

Please 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
Harmeet Harish.  Alternatively, you can email a completed proof
of debt form to lehman.affiliates@uk.pwc.com.

Rule 2.95(2)(c) of the Insolvency Rules 1986 requires the Joint
Administrators to state in this notice the value of the
prescribed part of Eldon Street's net property which is required
to be made available for the satisfaction of Eldon Street's
unsecured debts pursuant to section 176A of the Insolvency Act
1986.  There are no floating charges over the assets of Eldon
Street and accordingly, there shall be no prescribed part.  All
of Eldon Street's net property will be available for the
satisfaction of Eldon Street's unsecured debts.


GHA COACHES: Former Owners Bid to Take Over Old Routes
------------------------------------------------------
Steve Bagnall at Daily Post reports that two brothers behind
collapsed bus company GHA Coaches are bidding to take over some
of their old routes.

Gareth and Arwyn Davies were principal directors of the firm
which went into administration last month with a tax bill of
GBP700,000 and the loss of 320 jobs, Daily Post discloses.

Twenty routes across Wrexham and many more in Flintshire and
Denbighshire were left without services as councils tried to find
replacements, Daily Post notes.

The pair own two companies -- RJ's of Wem Limited and RML 2418
Limited -- which are trying to win back some of the routes lost
during the GHA collapse, Daily Post relays.

According to Companies House, the brothers were appointed
directors of RJ's of Wem on May 7, 2015, with the company now
bidding to take over five Wrexham services -- Number 6 (Wrexham
to Ruabon, Pont Adam), 17 and 64 (Llangollen to Llanarmon DC via
Chirk), 34 (Wrexham to Trevalyn via Pandy), and 146 (Wrexham to
Whitchurch), Daily Post says.

The business's registered address was moved from Shrewsbury to
Unit 10 on the Vauxhall Industrial Estate, Ruabon, Wrexham, on
May 14 last year -- next door to GHA Coaches, Daily Post notes.

The brothers are also bidding to take over other missing bus
services through RML 2418 Limited, which was also previously
based in Shrewsbury, Daily Post states.  They became directors of
the company the same day they took over RJs of Wem, and the
company is also registered to Unit 10 on the Vauxhall Industrial
Estate, according to Daily Post.

Wrexham council's lead member for environment and transport, Cllr
David A Bithell, as cited by Daily Post, said: "We were aware of
the interests of RJ's of Wem through the tendering process.

"As with all tenders, there is a procurement procedure to follow
and this will be subject to all statutory procedures.  RJ's of
Wem will also need approval from the office of the Traffic
Commissioner."

GHA Coaches is based in Ruabon.


LEHMAN BROTHERS: September 2 Proofs of Debt Filing Deadline Set
---------------------------------------------------------------
Pursuant to Rule 2.95 of the Insolvency Rules 1986 that D.A.
Howell, A.V. Lomas, S.A. Pearson, G.E. Bruce and J.G. Parr, the
Joint Administrators of Lehman Brothers (PTG) Limited ("LB PTG"),
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 LB PTG.

Proofs of debt may be lodged at any point up to (and including)
September 2, 2016, the last date for proving claims, however,
creditors are requested to lodge their proofs of debt at the
earliest possible opportunity.

Persons so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as
may appear to the Joint Administrators to be 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 such distribution within
the period of two months from the last date for proving claims.

For further information, contact details, and proof of debt
forms, please visit https://is.gd/lk5mnv

Please 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
Harmeet Harish.  Alternatively, you can email a completed proof
of debt form to lehman.affiliates@uk.pwc.com

Rule 2.95(2)(c) of the Insolvency Rules 1986 requires the Joint
Administrators to state in this notice the value of the
prescribed part of LB PTG's net property which is required to be
made available for the satisfaction of LB PTG's unsecured debts
pursuant to section 176A of the Insolvency Act 1986.  There are
no floating charges over the assets of LB PTG and accordingly,
there shall be no prescribed part.  All of LB PTG's net property
will be available for the satisfaction of LB PTG's unsecured
debts.


TRINITY EXPLORATION: Units File Proposal to Creditors Under BIA
---------------------------------------------------------------
Trinity Exploration & Production Plc, an independent E&P company
focused on Trinidad and Tobago, disclosed that its Trinidad and
Tobago incorporated wholly-owned subsidiaries Trinity Exploration
and Production (Trinidad and Tobago) Limited, Galeota Oilfield
Services Limited, Trinity Exploration and Production (Galeota)
Limited, Tabaquite Exploration & Production Company Limited,
Trinity Exploration and Production (GOP) Limited, Trinity
Exploration and Production (GOP-1B) Limited,  Oilbelt Services
Limited, Trinity Exploration and Production Services Limited and
Ligo Ven Resources Limited have filed notices of intention
("NOIs") to make a proposal to creditors under the Trinidad and
Tobago Bankruptcy and Insolvency Act Chapter 9:70 ("BIA").

The BIA allows a company to continue operating while it submits
its proposal to reach a settlement with its outstanding
creditors. The filing of the NOIs provides the Subsidiaries with
a stay of proceedings from all of their creditors and means that
no person may terminate or amend an agreement or claim an
accelerated payment under any agreement with any Subsidiary by
reason only that such Subsidiary is insolvent or that a notice of
intention or proposal has been filed.

Trinity believes that the Subsidiaries making a proposal to
creditors and benefiting from the stay on proceedings provides
the most efficient and orderly route to concluding its
restructuring negotiations with potential funders and securing a
refinancing to the benefit of all stakeholders.

Maria Daniel -- maria.daniel@tt.ey.com -- of Ernst & Young
Services Limited has been appointed and consented to act as
trustee under the proposal, formal notice of which will be sent
to creditors of the Subsidiaries in due course in accordance with
the provisions of the BIA.

The Company continues to pursue a wider financial restructuring
solution and will issue further announcements as appropriate.

This announcement contains inside information for the purposes of
Article 7 of EU Regulation 596/2014.

                    *     *    *

The Troubled Company Reporter-Europe, citing The Telegraph,
reported on July 15, 2016, that Trinidad-focused Trinity
Exploration pulled its shares from London's junior AIM market
after restructuring talks with its lender fell apart.

Trinity Exploration suspended its shares on July 13 after
Citibank called in repayments on its US$13 million debt pile.
The bank had offered the embattled explorer numerous waivers
while negotiating a wider financial restructuring of the
business, but has now scrapped the repayment moratorium and
frozen the explorer's accounts.

Trinity Exploration said in a statement on July 13 that despite
its "positive attempts" at restructuring it has been unable to
agree "suitable terms" with Citibank. It added that the shares
would remain suspended from trading on AIM until such time as
Citibank advises the company on how it would like to proceed.

Trinity Exploration is a London-listed independent oil explorer
focused solely on Trinidad and Tobago.  Trinity operates
producing and development assets both onshore and offshore, in
the shallow water West and East Coasts of Trinidad.


                            *********

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, Julie Anne L. Toledo, Ivy B. Magdadaro, and
Peter A. Chapman, Editors.

Copyright 2016.  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
202-362-8552.


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