/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/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 ********* ============= I R E L A N D ============= 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) ========= I T A L Y ========= 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). ===================== N E T H E R L A N D S ===================== 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. ============= R O M A N I A ============= 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. =========== R U S S I A =========== 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. =========== T U R K E Y =========== 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. ============= U K R A I N E ============= 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. =========================== U N I T E D K I N G D O M =========================== 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. * * * End of Transmission * * *