TCREUR_Public/160916.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, September 16, 2016, Vol. 17, No. 184



* GERMANY: Number of Insolvent Companies Down 5% in 1st Half 2016


CARPATICA ASIG: High Court Halts Bankruptcy Procedure


ABENGOA SA: Plans to Return to Work on Giant Chilean Solar Plant
TP FERRO: Fails to Get Approval for Debt Plan, Faces Liquidation

U N I T E D   K I N G D O M

ALBYN BAR: In Administration, Seeks New Buyers for Business
BHS GROUP: MPs to Discuss on Stripping Sir Philip's Knighthood
MARBLES HOMEMAKERS: Goes Into Liquidation After Shutting Up Shop
SILVERSMITHS: Accountant Buys Restaurant Out of Liquidation
ZERO CASES: Funding Woes Prompt Administration, 17 Jobs at Risk


* BOOK REVIEW: The First Junk Bond



* GERMANY: Number of Insolvent Companies Down 5% in 1st Half 2016
Michael Nienaber at Reuters reports that the number of German
companies filing for insolvency fell further in the first half of
the year after reaching a record low in 2015, as Europe's biggest
economy enjoys a prolonged upswing.

According to Reuters, the Federal Statistics Office said the
number of companies registering as insolvent fell by 5% to some
11,000 compared to the first six months in the previous year.

The office said the sum of probable claims by creditors of
insolvent firms nearly doubled to EUR16.5 billion (US$18.5
billion), however, because there were several big companies among
the overall fewer firms that filed for insolvency, Reuters


CARPATICA ASIG: High Court Halts Bankruptcy Procedure
Romania Insider reports that Romania's High Court of Cassation
and Justice has admitted the request of the National
Anticorruption Directorate (DNA) related to the bankruptcy of
Carpatica Asig.

DNA had requested the court to block the company from going
bankrupt as Carpatica Asig is involved in a corruption case DNA
has been investigating, Romania Insider relates.  Following the
decision, the bankruptcy procedure will be stopped, until
mid-October, Romania Insider relays, citing local

This also means that the compensation of the Carpatica Asig
customers will be delayed, Romania Insider states.  The decision
affects millions of Romanians, as Carpatica Asig has over one
million policies, most of them being mandatory car insurance
(RCA) policies, Romania Insider notes.

The Financial Supervisory Authority (ASF) withdrew the company's
operating license at the end of July, Romania Insider recounts.
According to Romania Insider, the DNA prosecutors argued that the
company would be quickly liquidated and dissolved if the court
confirmed its bankruptcy.  This means that the insurer could no
longer be held responsible in a criminal case, Romania Insider

Carpatica Asig was the seventh biggest insurer in Romania, in
2015, with gross premiums underwritten of over EUR130 million and
a market share of 6.7%.  The company was one of the leaders on
the mandatory car insurance (RCA) segment, according to Romania


ABENGOA SA: Plans to Return to Work on Giant Chilean Solar Plant
Vanessa Dezem and Rodrigo Orihuela at Bloomberg News report that
Abengoa SA plans to resume work in the next few months on Latin
America's first solar-thermal plant, as the Spanish renewable
energy company comes back from the brink of bankruptcy, people
with knowledge of the matter said.

Work on the $1 billion Atacama I project in northern Chile, a
joint venture between Abengoa and private equity firm EIG Global
Energy Partners, will restart once agreements on Abengoa's debt
restructuring plan are completed, said one of the people, asking
not to be named because the decision isn't public, according to
Bloomberg News.

About 1,500 workers were fired from the project in January,
leaving only maintenance personnel on site, Bloomberg News notes.
Resumption of work could begin in the fourth quarter, said one of
the people, Bloomberg News relates.

"The project will be a milestone in Latin America," said
Carlos Barria, former chief of the government's renewable-energy
division and a professor at Pontifical Catholic University of
Chile, in Santiago, Bloomberg News relays.  "It is an important
alternative way of producing energy as it puts together the
sunlight and power storage," he added.

Unlike solar panel projects, Atacama I is comprised of 10,600
mirrors that focus sunlight on a liquid salt solution atop a
giant tower in the center, which drives a turbine to produce
electricity, Bloomberg News notes.  It's location in Chile's
northern desert is one of the sunniest and driest spots on Earth,
Bloomberg News says.

A surfeit of solar energy in Chile has resulted in spot power
prices falling to zero on more than 100 days through the first
four months of this year, Bloomberg News notes.

Spokesmen for Abengoa and EIG declined to comment on the project.

                           Not Cheap

Electricity from the project won't come cheaply.  The plant has a
generating capacity of 110 megawatts, compared with 160 megawatt
capacity at Enel Green Power SA's nearby Finis Terrae solar farm,
which cost only US$270 million to build, Bloomberg News relays.

Abengoa SA hasn't notified labor unions that work will resume,
according to Luiz Reyes, a former worker on the project and union
representative, Bloomberg News notes.  "The company has yet to
comply with indemnities for some workers as we were unfairly
fired," he told Bloomberg News in a telephone interview from
Santiago.  "The company might not resume construction before
complying with all payments," he added.

Abengoa SA this month won an agreement from major creditors for a
rescue plan, potentially averting Spain's largest corporate
insolvency, Bloomberg News relays.  The Seville-based company
filed for preliminary court protection in November following a
failed attempt to raise capital as it buckled under about EUR9.4
billion (US$10.6 billion) of debt built up through years of
overseas expansion, Bloomberg News adds.

                       About Abengoa S.A.

Spanish energy giant Abengoa S.A. is an engineering and
clean technology company with operations in more than 50
countries worldwide that provides innovative solutions for a
diverse range of customers in the energy and environmental
sectors.  Abengoa is one of the world's top builders of power
lines transporting energy across Latin America and a top
engineering and construction business, making massive renewable-
energy power plants worldwide.

As of the end of 2015, Abengoa, S.A. was the parent company of
687 other companies around the world, including 577 subsidiaries,
78 associates, 31 joint ventures, and 211 Spanish partnerships.
Additionally, the Abengoa Group held a number of other interests
of less than 20% in other entities.

On Nov. 25, 2015 in Spain, Abengoa S.A. announced its intention
to seek protection under Article 5bis of Spanish insolvency law,
a pre-insolvency statute that permits a company to enter into
negotiations with certain creditors for restricting of its
financial affairs.  The Spanish company is facing a March 28,
2016, deadline to agree on a viability plan or restructuring plan
with its banks and bondholders, without which it could be forced
to declare bankruptcy.

On March 16, 2016, Abengoa presented its Business Plan and
Financial Restructuring Plan in Madrid to all of its

                        U.S. Bankruptcies

Abengoa, S.A., and 24 of its subsidiaries filed Chapter 15
petitions (Bankr. D. Del. Case Nos. 16-10754 to 16-10778) on
March 28, 2016, to seek U.S. recognition of its restructuring
proceedings in Spain.  Christopher Morris signed the petitions as
foreign representative.  DLA Piper LLP (US) represents the
Debtors as counsel.

Gavilon Grain, LLC, et al., on Feb. 1, 2016, filed an involuntary
Chapter 7 petition for Abengoa Bioenergy of Nebraska, LLC
("ABNE") and on Feb. 11, 2016, filed an involuntary Chapter 7
petition for Abengoa Bioenergy Company, LLC ("ABC").  ABC's
involuntary Chapter 7 case is Bankr. D. Kan. Case No. 16-20178.
ABNE's involuntary case is Bankr. D. Neb. Case No. 16-80141.  An
order for relief has not been entered, and no interim Chapter 7
trustee has been appointed in the Involuntary Cases.  The
petitioning creditors are represented by McGrath, North, Mullin &
Kratz, P.C.

On Feb. 24, 2016, Abengoa Bioenergy US Holding, LLC and 5 five
other U.S. units of Abengoa S.A., which collectively own,
operate, and/or service four ethanol plants in Ravenna, York,
Colwich, and Portales, each filed a voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Code in the
United States Bankruptcy Court for the Eastern District of

Missouri.  The cases are pending before the Honorable Kathy A.
Surratt-States and are jointly administered under Case No. 16-

Abeinsa Holding Inc., and 12 other affiliates, which are energy,
engineering and environmental companies and indirect subsidiaries
of Abengoa, filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Proposed Lead Case No. 16-10790) on March 29, 2016.

TP FERRO: Fails to Get Approval for Debt Plan, Faces Liquidation
Luca Casiraghi at Bloomberg News reports that TP Ferro will be
liquidated after its debt restructuring proposal wasn't passed at
a meeting on Sept. 15 due to lack of quorum.

According to Bloomberg, the court in Girona, Spain, will set the
terms of liquidation, which will likely take "some months".

Activities and employees will be transferred to the new company
formed by French and Spanish state rail companies, Bloomberg

The company owes EUR391.5 million to lenders, Bloomberg states.
Its total debt equals EUR557.2 million, Bloomberg notes.

TP Ferro is a Franco-Spanish rail operator.

U N I T E D   K I N G D O M

ALBYN BAR: In Administration, Seeks New Buyers for Business
Erikka Askeland at The Press and Journal reports that three
well-known north-east business ventures, including the Albyn Bar,
have gone into administration.

The companies behind the Albyn, the Holiday Inn and the Holiday
Inn Express, next to the Aberdeen Exhibition and Conference
Centre have pulled the plug on the businesses -- although
administrators have ensured they will continue trading until
buyers are found, The Press and Journal relates.

On Sept. 9, a manager at the Albyn, confirmed that former owner
Ivor Finnie was "no longer with the business", The Press and
Journal discloses.

It emerged that two other registered companies -- the European
Development Company (Bridge of Don Hotels) and Verase, which are
each behind the two hotels at the Bridge of Don -- were also in
the control of administrators, AlixPartners, The Press and
Journal relays.

According to The Press and Journal, in a statement, the latter
said it would continue to trade the hotels and the bar and
restaurant while it sought new buyers.  The firm has appointed
Michels and Taylor to run the hotels and Asset Managers
Solutions, to run the Albyn, The Press and Journal states.

"We believe both hotels and the [Albyn] bar are commercially
viable and will continue to trade," The Press and Journal quotes
Ryan Grant -- -- joint administrator at
AlixPartners, as saying in a statement.

"We would also like to thanks the staff for their continued
support and professionalism during this process."

BHS GROUP: MPs to Discuss on Stripping Sir Philip's Knighthood
Ashley Armstrong at The Telegraph reports that MPs are refusing
to loosen their grip on Sir Philip Green and will discuss next
month whether the retail tycoon should be stripped of his
knighthood following the collapse of BHS.

Frank Field, chairman of the work and pensions committee who
co-authored a report that claimed Sir Philip bore "ultimate
responsibility" for the retailer's demise, has called a Commons
debate to be held in the second week of October, The Telegraph

Fellow MP Richard Fuller is seeking a separate vote on
Sir Philip's knighthood, The Telegraph discloses.

The sale of BHS by Sir Philip's Arcadia Group to a former
bankrupt, Dominic Chappell, and its subsequent collapse a year
later has also prompted questions about how corporate governance
at private companies should be tightened, The Telegraph relays.

According to The Telegraph, even if the House wants the
knighthood withdrawn, MPs do not have the power to make the
decision.  The Honours Forfeiture Committee must weigh the case
and submit any recommendation through the Prime Minister to the
Queen, The Telegraph says.

BHS Group was a high street retailer offering fashion for the
whole family, furniture and home accessories.

MARBLES HOMEMAKERS: Goes Into Liquidation After Shutting Up Shop
Express & Star reports that a Black Country charity that helps
those battling mental health problems has gone into liquidation
after unexpectedly shutting up shop, it has been revealed.

Marbles Homemakers Ltd, based in Great Bridge -- whose patron was
boxing legend Frank Bruno -- had a shop and cafe in the High
Street, along with large warehouse units in Great Bridge Street
and Charles Street, according to Express & Star.

Marbles, which was founded in 2005, closed unexpectedly and
voluntary liquidators K J Watkin & Co, based in Walsall, was
appointed for the company in July, the report notes.

It sold second hand furniture, household goods and clothing as
well as offering support to those facing welfare and housing
issues, mental health challenges and counselling, the report

The report discloses that councilor Joanne Hadley, who represents
the Great Bridge ward, said: "I was told that Marbles had gone
into administration. We all wanted answers to what had happened
after they disappeared.

"From what I can gather all the goods leftover have now been
taken elsewhere, the report quoted Ms. Hadley as saying.  "It is
a shame because people who are in need of places like this are
having to go to Brighthouse and such places."

Frank Bruno had heaped praise on the charity after launching the
High Street warehouse in 2013, the report recalls.

Mr. Bruno returned last August as patron alongside 'Allo 'Allo
star Vicki Michelle to attend an open day, the report relates.

The report notes that speaking last month following its sudden
closure, Bruno's agent Dave Davies, said: "We have known Marbles
for a couple of years now and it a fantastic charity that did a
brilliant job in the area.

"They even named a room after Frank last year so if it has closed
then it will be a real shame," Mr. Davies said, notes the report.
"We have heard that the owner may be unwell at the minute so we
really hope this is not the end. It was one of our favourite
charities to visit," he added.

The unit in Great Bridge Street was put up for sale with Sellers
Surveyors for a guide price of GBP350,000 last month, the report

An advert for the unit in Great Bridge Street on Sellers states
it is 'prominently situated' with toilets, a works rest room and
offices, stores and toilets at first floor level, the report

SILVERSMITHS: Accountant Buys Restaurant Out of Liquidation
------------------------------------------------------------ reports that Sheffield restaurant
Silversmiths, which made headlines following a visit from Gordon
Ramsay has been bought out of liquidation.

Michael Standerline, a former accountant who qualified in 1977,
was introduced to the food and drink industry after launching his
own accountancy firm in 1980, according to

Key clients including Michelin-trained sommelier Xavier LeBellego
introduced Mr. Standerline to the restaurant world, the report

ZERO CASES: Funding Woes Prompt Administration, 17 Jobs at Risk
Express & Star reports that the jobs of 17 workers are under
threat as administrators are called in at Zero Cases.

Zero Cases has been hit by trading and funding pressures,
compounded by problems at its US parent company, Express & Star

According to Express & Star, there have been no initial
redundancies and the administrators, from KPMG, are looking at
the option of keeping Zero Cases trading in the short term as
they seek a buyer.

Chris Pole -- -- director at KPMG and
joint administrator, as cited by Express & Star, said: "Like many
suppliers in the manufacturing industry, Zero Cases has been
affected by difficult trading conditions and funding pressures,
which recently have been compounded by its US parent and largest
supplier and creditor, Zero Manufacturing Inc, entering into
Chapter 11. This ultimately resulted in the directors taking the
difficult decision to place the UK business into administration.

"We are currently reviewing options for the company, including
the option to continue to trade in the short term, while we seek
a buyer for the business and its assets.

"We would encourage anybody who may be interested to contact the
joint administrators as soon as possible."

Zero Cases is a manufacturer of fabricated aluminum and deep
drawn, molded plastic cases, enclosures and assemblies.


* BOOK REVIEW: The First Junk Bond
Author: Harlan D. Platt
Publisher: Beard Books
Softcover: 236 pages
List Price: $34.95
Review by Gail Owens Hoelscher

Order your personal copy today and one for a colleague at
Only one in ten failed businesses is equal to the task of
reorganizing itself and satisfying its prior debts in some
fashion. This engrossing book follows the extraordinary journey
of Texas International, Inc (known by its New York Stock
Exchange stock symbol, TEI), through its corporate growth and
decline, debt exchange offers, and corporate renaissance as
Phoenix Resource Companies, Inc. As Harlan Platt puts it, TEI
"flourished for a brief luminous moment but then crashed to
earth and was consumed." TEI's story features attention-grabbing
characters, petroleum exploration innovations, financial
innovations, and lots of risk taking.

The First Junk Bond was originally published in 1994 and
received solidly favorable reviews. The then-managing director
of High Yield Securities Research and Economics for Merrill
Lynch said that the book "is a richly detailed case study. Platt
integrates corporate history, industry fundamentals, financial
analysis and bankruptcy law on a scale that has rarely, if ever,
been attempted." A retired U.S. Bankruptcy Court judge noted,
"(i)t should appeal as supplementary reading to students in both
business schools and law schools. Even those who the
areas of business law, accounting and investments can obtain a
greater understanding and perspective of their professional

"TEI's saga is noteworthy because of the company's resilience
and ingenuity in coping with the changing environment of the
1980s, its execution of innovative corporate strategies that
were widely imitated and its extraordinary trading history,"
says the author. TEI issued the first junk bond. In 1986 it
achieved the largest percentage gain on the NYSE, and in 1987
suffered the largest percentage loss. It issued one of the first
bonds secured by a physical commodity and then later issued one
of the first PIK (payment in kind) bonds. It was one of the
first vulture investors, to be targeted by vulture investors
later on. Its president was involved in an insider trading
scandal. It innovated strip financing. It engaged in several
workouts to sell off operations and raise cash to reduce debt.
It completed three exchange offers that converted debt in to

In 1977, TEI, primarily an oil production outfit, had had a
reprieve from bankruptcy through Michael Milken's first ever
junk bond. The fresh capital had allowed TEI to acquire a
controlling interest of Phoenix Resources Company, a part of
King Resources Company. TEI purchased creditors' claims against
King that were subsequently converted into stock under the terms
of King's reorganization plan. Only two years later, cash
deficiencies forced Phoenix to sell off its nonenergy
businesses. Vulture investors tried to buy up outstanding TEI
stock. TEI sold off its own nonenergy businesses, and focused on
oil and gas exploration. An enormous oil discovery in Egypt made
the future look grand. The value of TEI stock soared. Somehow,
however, less than two years later, TEI was in bankruptcy. What
a ride!

All told, the book has 63 tables and 32 figures on all aspects
of TEI's rise, fall, and renaissance. Businesspeople will find
especially absorbing the details of how the company's bankruptcy
filing affected various stakeholders, the bankruptcy negotiation
process, and the alternative post-bankruptcy financial
structures that were considered. Those interested in the oil and
gas industry will find the book a primer on the subject, with an
appendix devoted to exploration and drilling, and another on oil
and gas accounting.

Harlan Platt is professor of Finance at Northeastern University.
He is president of 911RISK, Inc., which specializes in
developing analytical models to predict corporate distress.


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, 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

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