TCREUR_Public/161230.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, December 30, 2016, Vol. 17, No. 259


                            Headlines


A Z E R B A I J A N

* AZERBAIJAN: To Help Rehabilitate Insolvent Banks, NBCOs


I R E L A N D

COMMERCIAL MORTGAGE 2016-2: S&P Assigns BB- Rating to Cl. C Notes
DANUBE DELTA: S&P Lowers Ratings on 7 Note Classes to 'D(sf)'


I T A L Y

KAZKOMMERTS-POLICY: A.M. Best Assigns C++ Fin. Strength Rating


L U X E M B O U R G

GALAPAGOS HOLDING: S&P Affirms 'B-' Rating on EUR525MM Sr. Notes


N O R W A Y

AKER BP: Egan-Jones Withdraws 'B-' Sr. Unsecured Debt Ratings


R U S S I A

CB NCB: Placed on Provisional Administration, License Revoked
RED GATES: Placed on Provisional Administration, License Revoked


U K R A I N E

CB INVESTBANK: National Bank of Ukraine Declares Bank Insolvent


U N I T E D   K I N G D O M

ELDON STREET: January 31 Proofs of Debt Filing Deadline Set
LEHMAN BROTHERS PTG: Jan. 31 Proofs of Debt Filing Deadline Set
LEHMAN BROTHERS UK: Jan. 31 Proofs of Debt Deadline Set
LEHMAN COMMERCIAL: Jan. 31 Proofs of Debt Filing Deadline Set
NOBLE CORP: Egan-Jones Lowers Sr. Unsecured Ratings to BB

SOUZA HEALTHCARE: Court Winds Up Company Targeting Elderly
THAYER PROPERTIES: January 31 Claims Filing Deadline Set
WOODLANDS SOCIAL: Liquidators Sell Club to Developer

* UK: 43.6% of Fashion Retailers at Risk of Failure, Opus Says
* UK: Brexit May Lead to Rise in Corporate Insolvencies Next Year


X X X X X X X X

* BOOK REVIEW: Landmarks in Medicine - Laity Lectures


                            *********



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A Z E R B A I J A N
===================


* AZERBAIJAN: To Help Rehabilitate Insolvent Banks, NBCOs
---------------------------------------------------------
Azad Hasanli at Trend News Agency reports that Azerbaijan will
exempt the sale of toxic assets of insolvent banks and non-banking
credit organizations (NBCOs) from value added tax (VAT) for three
years starting from Jan. 1, 2017, according to the amendments to
the Tax Code approved at a plenary session of Parliament.

Trend relates that the VAT exemption will be carried out as part
of measures on restructuring and rehabilitation of insolvent banks
and NBCOs.

In the original version of the draft law, the changes applied only
to banks but following the talks in parliamentary committees, it
was decided to cover the bankrupt NBCOs as well, says Trend.



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I R E L A N D
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COMMERCIAL MORTGAGE 2016-2: S&P Assigns BB- Rating to Cl. C Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Commercial
Mortgage Funding DAC series 2016-2's class A, B, and C notes.

This transaction is a retranching of the class A notes issued by
European commercial mortgage-backed securities (CMBS) transaction
MESDAG (Delta) B.V.

At closing, Commercial Mortgage Funding, a newly incorporated
Irish issuer, purchased from the seller EUR28.0 million of class A
notes issued by MESDAG (Delta).  Commercial Mortgage Funding's
class A notes represent 84.0% of the purchased amount, and the
class B and C notes each represent 8.0%.

Commercial Mortgage Funding's payment of principal on the class A,
B, and C notes is dependent on receipt of principal from MESDAG
(Delta)'s class A notes.  Principal receipts are paid sequentially
-- first to the class A notes and then to the class B and C notes.
As the class A notes have a senior claim to principal receipts,
S&P is able to rate these notes higher than its rating on MESDAG
(Delta)'s class A notes.  The class A, B, and C notes have a 0%
interest coupon.

Issuer expenses in the transaction will be paid through a
EUR100,000 reserve fund, which was funded at closing and equates
to approximately four years of issuer expenses.  The seller
committed to replenishing the fund annually (up to a maximum
amount of EUR75,000 in the reserve fund at any time) starting on
the second anniversary of the closing date.  Additionally, the
seller funds any issuer expenses shortfalls that should occur on
any note payment date, should the reserve fund be insufficient.
Failure to pay issuer expenses on any note payment date would
result in these amounts being deferred, and would not trigger an
event of default in this transaction.

Following S&P's credit analysis it considers the available credit
enhancement for each class of notes to be commensurate with the
ratings that S&P has assigned.

RATINGS LIST

Commercial Mortgage Funding DAC
EUR27.978 mil commercial mortgage-backed notes
                                                 Amount
Class                    Rating                  (mil, EUR)
A                        BBB (sf)                23.418
B                        BB+ (sf)                2.230
C                        BB- (sf)                2.230
R                        NR                      0.100

NR--Not rated


DANUBE DELTA: S&P Lowers Ratings on 7 Note Classes to 'D(sf)'
-------------------------------------------------------------
S&P Global Ratings lowered to 'D (sf)' from 'CCC- (sf)' its credit
ratings on all classes of Danube Delta Corp.'s notes.

The downgrades follow S&P's analysis of the transaction using data
from the November trustee report data, the non-payment notice S&P
received prior to the December payment date report, and S&P's
application of its relevant criteria.

Since S&P's May 1, 2015 review, the class A notes have further
deleveraged.  However, the par coverage of the rated notes has
continued to deteriorate.  In addition, the class C and D notes
have further deferred their interest payments.

In the Dec. 8, 2016 notice to the noteholders (following the event
of default in November whereby the secured notes had been declared
due and payable), the trustee notified that no distributions
(interest and principal) will be made to the noteholders on the
Dec. 15, 2016 payment date.  The event of default was triggered as
a result of the issuer's failure to deliver the officer's
certificate.  This default was determined by the noteholders to be
material and not capable of remedy.

S&P's ratings on the A-1 VFN, A-2 VFN, and A-3 VFN notes address
the timely payment of interest.  From the November trustee report,
S&P noted that although there could have been sufficient proceeds
to pay interest on the VFN notes following this event of default,
the interest payments were missed on the Dec. 15, 2016 payment
date.  S&P has therefore lowered to 'D (sf)' from 'CCC- (sf)' its
ratings on the class A-1 VFN, A-2 VFN, and A-3 VFN notes.

S&P's ratings on the class C-1, C-2, D-1, and D-2 notes address
the ultimate payment of interest and principal.  As per the
October 2016 trustee report, defaulted assets account for more
than EUR80 million (representing approximately 37% of the total
asset portfolio).  Following the application of S&P's criteria for
collateralized debt obligations (CDOs) of pooled structured
finance assets, there is no credit enhancement available to these
classes of notes.  S&P has therefore lowered to 'D (sf)' from
'CCC- (sf)' its ratings on these classes of notes.

Danube Delta is a cash flow CDO transaction managed by Prytania
Investment Advisors LLP.  A portfolio of mainly U.S. CDOs,
residential mortgage-backed securities, asset-backed securities,
and commercial mortgage-backed securities backs the transaction.
Danube Delta closed in August 2006 and its reinvestment period
ended in August 2011.

RATINGS LIST

Danube Delta Corp.
EUR286 mil, GBP0 mil, US$36 mil Variable-Funding Notes, EUR6
Million and US$6 Million Senior Secured Deferrable Floating-Rate
Notes, $10 Million Composite Notes, And EUR9 Million and
$21 Million Subordinated Notes

                                          Rating
Class               Identifier            To         From
A-1 VFN             23642RAA4             D (sf)     CCC- (sf)
A-2 VFN             23642RAC0             D (sf)     CCC- (sf)
A-3 VFN             23642RAD8             D (sf)     CCC- (sf)
C-1                 23642RAE6             D (sf)     CCC- (sf)
C-2                 23642RAF3             D (sf)     CCC- (sf)
D-1                 23642RAG1             D (sf)     CCC- (sf)
D-2                 23642RAB2             D (sf)     CCC- (sf)



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I T A L Y
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KAZKOMMERTS-POLICY: A.M. Best Assigns C++ Fin. Strength Rating
--------------------------------------------------------------A.M.
Best has assigned a Financial Strength Rating of C++ (Marginal)
and a Long-Term Issuer Credit Rating of "b+" to JSC IC
Kazkommerts-Policy (Kazkommerts-Policy) (Kazakhstan). The outlook
assigned to these Credit Ratings (ratings) is stable. Kazkommerts-
Policy is a majority-owned subsidiary of JSC Kazkommertsbank
(Kazkommertsbank), the largest bank in Kazakhstan.

The ratings reflect Kazkommerts-Policy's developing business
profile, supportive level of risk-adjusted capitalisation and
volatile underwriting results. The ratings also consider
Kazkommerts-Policy's exposure to the heightened country risk in
Kazakhstan.

Kazkommerts-Policy's business profile has undergone material
changes in recent years due in particular to changes in its senior
management and modifications in the regulatory environment in
Kazakhstan. In 2015, Kazkommerts-Policy's premium base increased
by a third to KZT10.4 billion (approximately USD 30.5 million) as
it merged with another Kazakh insurer, JSC BTA Insurance SC of the
BTA Bank JSC (BTA Insurance), following an exchange of assets
between their parent banks. The company's premiums grew further in
2016 to KZT13.2 billion (approximately USD 38.7 million) as of
September, due to several large contracts underwritten and an
increase in premiums under certain policies as a result of the
depreciation of the Kazakh tenge in the prior year. Despite this
recent growth, A.M. Best believes that the company's small size by
international standards, combined with the intensely competitive
conditions and the deteriorating economic environment in
Kazakhstan, limits its ability to defend its market position and
maintain synergy effects from its merger with BTA Insurance.

A.M. Best expects Kazkommerts-Policy's risk-adjusted
capitalisation to be maintained at a supportive level for its
ratings in the medium term. The company's balance sheet is
impacted negatively by its high net catastrophe exposure arising
from the earthquake risk in Kazakhstan. Additionally, A.M. Best
notes the exposure of Kazkommerts-Policy's asset base to the high
financial system risk in Kazakhstan, with over 30% of its fixed-
income portfolio being of vulnerable credit quality.

Kazkommerts-Policy historically has reported underwriting losses
primarily due to its high expenses relative to premiums and losses
from its workers' compensation run-off portfolio. However,
underwriting performance improved in 2016, demonstrated by a
combined ratio of 69.4% (under national accounting standards) for
the first nine months of the year compared with the weighted
average of 114.5% reported for 2011-2015. The improvement was
attributed to strong premium growth, as well as to reserve
releases from the workers' compensation book due to some
policyholder-specific benefits and a change in claims' development
pattern following legislative amendments enforced in 2015 that
limit insurers' liability for workers' compensation claims.

Kazkommerts-Policy's financial strength currently is not
considered to be affected by the vulnerable credit profile of its
parent, Kazkommertsbank. This reflects A.M. Best's consideration
of the regulatory restrictions in Kazakhstan that prevent a
material capital withdrawal from an insurance subsidiary.

The rating assignments follow an accepted appeal from Kazkommerts-
Policy, in which new material information was provided that
enhanced A.M. Best's opinion of the company's risk-adjusted
capitalisation and subsequently resulted in a change to the
original ratings determination.



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L U X E M B O U R G
===================


GALAPAGOS HOLDING: S&P Affirms 'B-' Rating on EUR525MM Sr. Notes
----------------------------------------------------------------
S&P Global Ratings said that it has reviewed its recovery and
issue-level ratings for Galapagos Holding S.A. that were labeled
as "under criteria observation" (UCO) after publishing its revised
recovery ratings criteria on Dec. 7, 2016.  With S&P's criteria
review complete, it is removing the UCO designation from these
ratings and are revising the recovery rating on the senior secured
notes to '3' from '4', while affirming all the issue-level
ratings.

These rating actions stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in its
assessment of the corporate credit ratings for issuers of the
affected debt issues.

Key analytical factors:

   -- Following the publication of S&P's revised recovery ratings
      criteria on Dec. 7, 2016, S&P reviewed its recovery and
      issue-level ratings on Galapagos, which is a Luxembourg-
      based provider of heat-exchanger equipment.

   -- As a result of this review, S&P is revising to '3' from '4'
      the recovery rating on the group's EUR525 million senior
      secured notes due 2021 (original amount issued), while
      affirming the 'B-' issue rating on these notes.  S&P's
      recovery rating indicates our expectation of meaningful
      recovery, in the lower half of the 50%-70% range, in the
      event of a payment default.  The recovery rating has
      improved because S&P no longer considers pension deficit
      and finance leases as prior-ranking liabilities, as they
      are not deemed material compared with the total debt
      claims.

   -- In addition, S&P affirmed its 'B+' issue rating and left
      unchanged its '1' recovery rating on the EUR75 million
      super senior revolving credit facility (RCF) and the
      EUR400 million super senior bonding facility, supported by
      their super senior position in the waterfall and the
      absence of significant prior-ranking liabilities.  The
      recovery rating of '1' indicates S&P's expectation of very
      high recovery (90%-100%) in the event of a payment default.

   -- S&P also affirmed its 'CCC' issue rating and left unchanged
      its '6' recovery rating on the group's EUR250 million
      senior unsecured notes.  The recovery rating of '6'
      indicates S&P's expectation of negligible recovery of
      0%-10% in the event of a payment default, due to the notes'
      subordination to a large amount of debt.

   -- S&P's hypothetical default scenario contemplates a payment
      default resulting from a steep and sustained economic
      downturn, a broad-based decline of industrial activities
      globally, in particular those exposed to oil and gas, and a
      loss of key customers.  S&P values the group as a going
      concern given the group's solid market positions, good
      reputation, and strong customer relationships.

Simulated default assumptions

   -- Year of default: 2018
   -- Jurisdiction: Germany

Simplified recovery waterfall

   -- Emergence EBITDA: EUR59.5 million (Capex set at 1.5% of
      historical three-year average sales, slightly lower than
      anchor, reflecting historical trends.  Cyclicality
      adjustment is 5%, in line with the specific industry
      subsegment.  Operational adjustment of -15% used to reflect
      that S&P would expect the company's emergence EBITDA to be
      below the fixed charge proxy, due to the recent disposal of
      DencoHappel.

   -- Multiple: 5.0x. In line with sector base multiple.  Gross
      recovery value: EUR297 million

   -- Net recovery value for waterfall after admin expenses (5%):
      EUR283 million

   -- Estimated priority claims (securitization facility):
      EUR25 million

   -- Net value available for super senior debt claims:
      EUR257 million

   -- Estimated super senior debt claims (RCF assumed 85% drawn):
      EUR66 million*

   -- Recovery range: 90%-100%

   -- Recovery rating: 1

   -- Net value available for senior secured notes claims:
      EUR191 million

   -- Estimated first lien debt claim: EUR344 million*

   -- Recovery range: 50%-70% (lower half of the range)

   -- Recovery rating: 3

   -- Estimated unsecured debt claim: EUR412 million*

   -- Value available for second lien claim: EUR0 million

   -- Recovery range: 0%-10%

   -- Recovery rating: 6

*All debt amounts include six months of prepetition interest.



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N O R W A Y
===========


AKER BP: Egan-Jones Withdraws 'B-' Sr. Unsecured Debt Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 2, 2016, withdrew the B-
senior unsecured debt ratings and B commercial paper rating of
Aker BP ASA.

Aker BP ASA is an oil and gas exploration and production company.
The Company focuses on the exploration and development of
petroleum resources on the Norwegian Shelf.



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R U S S I A
===========


CB NCB: Placed on Provisional Administration, License Revoked
-------------------------------------------------------------
The Bank of Russia, by its Order No.OD-4840, dated December 29,
2016, revoked the banking license of Moscow-based credit
institution Commercial Bank NCB (Limited Liability Company) (LLC
CB NCB) from December 29, 2016, according to the press service of
the Central Bank of Russia.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's failure
to comply with federal banking laws and Bank of Russia
regulations, repeated violations within a year of Bank of Russia
requirements stipulated by Articles 6 and 7 (excluding Clause 3 of
Article 7) of the Federal Law "On Countering the Legalisation
(Laundering) of Criminally Obtained Incomes and the Financing of
Terrorism" as well as application of the measures stipulated by
the Federal Law "On the Central Bank of the Russian Federation
(Bank of Russia)" and taking into account a real threat to the
interests of creditors and depositors.

With its poor asset quality the credit institution failed to
adequately assess the risks assumed.  LLC CB NCB did not comply
with legislation requirements on countering the legalisation
(laundering) of criminally obtained incomes and the financing of
terrorism with regard to submitting true and full information on
operations subject to mandatory control to the authorised body.
Besides, the credit institution failed to meet the supervisor's
instructions on prohibiting certain banking operations.  The
management and owners of LLC CB NCB failed to take any effective
measures to bring the situation back to normal.

The Bank of Russia, by its Order No. OD-4841, dated December 29,
2016, appointed a provisional administration to LLC CB NCB for the
period until the appointment of a receiver pursuant to the Federal
Law "On the Insolvency (Bankruptcy)" or a liquidator under Article
23.1 of the Federal Law "On Banks and Banking Activities".  In
accordance with federal laws, the powers of the credit
institution's executive bodies are suspended.

LLC CB NCB is a member of the deposit insurance system.  The
revocation of the banking license is an insured event as
stipulated by Federal Law No. 177-FZ "On the Insurance of
Household Deposits with Russian Banks" in respect of the bank's
retail deposit obligations, as defined by law.  The said Federal
Law provides for the payment of indemnities to the bank's
depositors, including individual entrepreneurs, in the amount of
100% of the balance of funds but no more than RUR1.4 million in
total per depositor.

According to the financial statements, as of December 1, 2016, LLC
CB NCB ranked 527th by assets in the Russian banking system.


RED GATES: Placed on Provisional Administration, License Revoked
----------------------------------------------------------------
The Bank of Russia, by its Order No. OD-4838, dated December 29,
2016, revoked the banking license of Moscow-based credit
institution Joint-Stock Commercial Bank Red Gates (JSCB Bank Red
Gates (JSC)) from December 29, 2016, according to the press
service of the Central Bank of Russia.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's failure
to comply with federal banking laws and Bank of Russia regulations
and because of the application of measures envisaged by the
Federal Law "On the Central Bank of the Russian Federation (Bank
of Russia)", taking into account the real threat to the interests
of creditors and depositors.

JSCB Bank Red Gates (JSC) conducted high-risk lending policy by
placing funds in low-quality assets.  A proper assessment of the
risks assumed created grounds for initiating measures to prevent
insolvency (bankruptcy) by the credit institution.  Moreover, due
to loss of liquidity, the bank failed to timely fulfill its
liabilities to creditors.  The management and owners of the bank
did not take effective measures to bring its activities back to
normal and under such circumstances the Bank of Russia decided to
remove JSCB Bank Red Gates (JSC) from the banking market.

The Bank of Russia, by its Order No. OD-4839, dated December 29,
2016, appointed a provisional administration to JSCB Bank Red
Gates (JSC) for the period until the appointment of a receiver
pursuant to the Federal Law "On Insolvency (Bankruptcy)" or a
liquidator under Article 23.1 of the Federal Law "On Banks and
Banking Activities".  In accordance with federal laws, the powers
of the credit institution's executive bodies are suspended.

JSCB Bank Red Gates (JSC) is a member of the deposit insurance
system.  The revocation of the banking license is an insured event
as stipulated by Federal Law No. 177-FZ "On the Insurance of
Household Deposits with Russian Banks' in respect of the bank's
retail deposit obligations, as defined by law.  The said Federal
Law provides for the payment of indemnities to the bank's
depositors, including individual entrepreneurs, in the amount of
100% of the balance of funds but no more than 1.4 million rubles
per depositor.

According to the financial statements, as of December 1, 2016,
JSCB Bank Red Gates (JSC) ranked 275th by assets in the Russian
banking system.



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U K R A I N E
=============


CB INVESTBANK: National Bank of Ukraine Declares Bank Insolvent
---------------------------------------------------------------
The Board of the National Bank of Ukraine on Dec. 15, 2016,
declared CB INVESTBANK Public Joint-Stock Company insolvent in
accordance with Article 76 of the Law of Ukraine on Banks and
Banking.

The reason for this decision was that after CB INVESTBANK PJSC was
classified as problematic its shareholders failed to take
sufficient measures to bring the bank's authorized capital into
compliance with the statutory capital requirements. In view of the
above, as of December 15, 2016, CB INVESTBANK PJSC's authorized
capital failed to comply with the minimum statutory capital
requirements of UAH 120 million.

In accordance with NBU Board Resolution No.58 of February 4, 2016,
banks were required to bring their authorized capital into
compliance with the minimum statutory capital requirements of
UAH120 million by June 17, 2016.

According to information available to the NBU, 98% of all the
depositors of CB INVESTBANK PJSC will be reimbursed in full, as
amounts held in their deposit accounts fall within the insured
deposit amount of UAH 200 thousand, which is covered by the
Deposit Guarantee Fund.

As of June 7, 2016, Ukrainian businessmen Mr. Oleksii Kotkovkyi (a
41.25% stake), Mr. Oleksandr Nezvinkyi (a 19.96% stake) Ms. Tamara
Nezvinska (a 2.35% stake) and Bab-Invest LLC were the Bank's
qualifying shareholders.



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


ELDON STREET: January 31 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)
January 31, 2017, 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 http://www.pwc.co.uk/services/business-
recovery/administrations/lehman-esh-ltd-in-administration.html.

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
Bryony Ball.  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.


LEHMAN BROTHERS PTG: Jan. 31 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 a final
dividend) to the unsecured, non-preferential creditors of LB PTG.

Proofs of debt may be lodged at any point up to (and including)
January 31, 2017, 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 http://www.pwc.co.uk/business-
recovery/administrations/lehman/lbukh-ltd-in-administration.html.

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
Bryony Ball.  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.


LEHMAN BROTHERS UK: Jan. 31 Proofs of Debt 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 Lehman Brothers UK Holdings Limited, intend to
make a distribution (by way of paying a final dividend) to the
unsecured, non-preferential subordinated creditors of LBUKH.

Proofs of debt may be lodged at any point up to (and including)
January 31, 2017, 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 http://www/pwc.co.uk/business-
recovery/administrations/lehman/lbukh-ltd-in-administration.html.

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
Bryony Ball.  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 LBUKH's net property which is required to be
made available for the satisfaction of LBUKH's unsecured debts
pursuant to section 176A of the Insolvency Act 1986.  There are
no floating charges over the assets of LBUKH and accordingly,
there shall be no prescribed part.  All of LBUKH's net property
will be available for the satisfaction of LBUKH's unsecured
debts.


LEHMAN COMMERCIAL: Jan. 31 Proofs of Debt Filing Deadline Set
-------------------------------------------------------------
D.A. Howell, A.V. Lomas, S.A. Pearson, G.E. Bruce and J.G. Parr,
Joint Administrators of Lehman Commercial Mortgage Conduit
Limited ("LCMC"), in Administration, pursuant to Rule 2.95 of the
Insolvency Rules 1986, note that they intend to make a
distribution (by way of paying a final dividend) to the
preferential creditors (if any) and to the unsecured, non-
preferential creditors of LCMC.

Proofs of debt may be lodged at any point up to (and including)
January 31 2017, 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 http://pwc.to/2iKyHYv

One may 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, one 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 LCMC's net property which is required to be
made available for the satisfaction of LCMC's unsecured debts
pursuant to section 176A of the Insolvency Act 1986.  There are
no floating charges over the assets of LCMC and accordingly,
there shall be no prescribed part.  All of LCMC's net property
will be available for the satisfaction of LCMC's unsecured debts.


NOBLE CORP: Egan-Jones Lowers Sr. Unsecured Ratings to BB
---------------------------------------------------------
Egan-Jones Ratings Company, on Dec. 2, 2016, downgraded the senior
unsecured ratings on debt issued by Noble Corp plc to BB from BB+.

Noble Corporation plc is an offshore drilling contractor based in
London, United Kingdom. It is the corporate successor of Noble
Drilling Corporation.


SOUZA HEALTHCARE: Court Winds Up Company Targeting Elderly
----------------------------------------------------------
Souza Healthcare Ltd, a London-based company that sold overpriced
health supplements, specifically targeting elderly and vulnerable
consumers was wound up by the High Court following an
investigation by the Insolvency Service.

The company's sales representatives had made inaccurate claims
about health benefits and pain reduction qualities of the health
supplements, falsely implied that they had medical experience and
claimed to be calling on behalf of medical organisations. The
investigation found that the company's customers, some of whom
were suffering from severe medical conditions including Cerebral
Palsy and Dementia, were subjected to lengthy unsolicited
telesales calls from call centres in in Goa and Mumbai.

Business Minister Margot James said: "Unfortunately, companies
seeking to rip-off older people are nothing new and pray on their
politeness in not wanting to say no.

"Victims are paying a lot and get nothing in return. The old adage
remains true: if something seems too good to be true, it very
often is.

"The worst aspect of this type of scam is that due to their age,
the majority of victims will never be able to make good their
loss."

Previous Insolvency Service investigations have led to companies
who targeted vulnerable consumers selling mobility scooters,
hearing aids, home alarm systems, heritage coins and plots of land
being wound up in the public interest.

Souza Healthcare Limited was incorporated on December 18, 2012.
The company's registered office is at Avanta House, 79 College
Road, Harrow-on-the-Hill, in London HA1 1BD.

The company received an income from the sale of health supplements
of approximately GBP2.8 million between May 2013 and September
2016 the company. Supplements were priced between 13 to GBP33 per
box. Some customers were found to have paid several hundreds of
pounds in separate transactions spread over one to two years.
Customers were falsely told that they would see a significant
reduction if not eradication of pain and some were even told that
the supplements would cure or prevent serious conditions such as
Dementia.

The petition to wind-up Souza Healthcare Limited was presented
under s124A of the Insolvency Act 1986 on November 7, 2016. The
company was wound up on December 7, 2016 and the Official Receiver
has been appointed as liquidator.


THAYER PROPERTIES: January 31 Claims Filing Deadline Set
--------------------------------------------------------
Pursuant to Rule 11.2 of the Insolvency Rules 1986, Gillian Bruce,
Julian Guy Parr, and Anthony Victor Lomas, the Joint Liquidators
of Thayer Properties Limited, intend to declare a Fifth Interim
Dividend to the unsecured creditors within a period of 2 months
from the last date for proving.

Creditors must send their full names and addresses (and those of
their Solicitors, if any), together with full particulars of their
debts or claims to the Joint Liquidators to
PricewaterhouseCoopers, 7 More London Riverside, London SE1 2RT by
January 31, 2017 ("the last date for proving").

If so required by notice from the Joint Liquidators, either
personally or by their Solicitors, Creditors must come in and
prove their debts at such time and place as shall be specified in
such notice.  If they default in providing such proof, they will
be excluded from the benefit of any distribution made before such
debts are proved.

The Joint Liquidators can be reached at:

          Gillian Bruce
          Julian Guy Parr
          Anthony Victor Lomas
          PricewaterhouseCooopers
          7 More London Riverside
          London SE1 2RT
          United Kingdom

The Joint Liquidators were appointed on November 1, 2012.

Further information about this case is available from Bryony Ball
at the offices of PricewaterhouseCoopers LLP at contact number
+44-(0)207-2133731.


WOODLANDS SOCIAL: Liquidators Sell Club to Developer
----------------------------------------------------
Stephen Farrell at Insider Media reports that a grade II-listed
former social club building in Wiltshire has been sold to a
developer on behalf of liquidators.

Calne's Woodlands Social Club closed its doors in 2015. Chartered
accountancy firm Monahans was appointed as liquidator having
worked with the committee and members of the club in an effort to
save it, the report discloses.

Insider Media relates that the club, formed from the old Harris
Bacon Factory Social and Welfare Club, owed more than GBP200,000,
including about GBP90,000 due to HM Revenue & Customs (HMRC).

It had run into financial difficulties in 2013 and started to look
for funding, but in doing so discovered that the original limited
company behind the club had been dissolved by mistake in 2009,
according to Insider Media. That meant the club had no premises or
assets to secure the funds against and when attempts to resolve
the position stalled, it ran out of money.

"This was a particularly complex insolvency process, involving
restoring the original company to the register to enable the
property to be transferred into my control and ultimately sold,"
the report quotes Steve Elliott, insolvency practitioner and
partner at Monahans, as saying.

"If the restoration had not been successful, the premises would
have remained vested in the Crown and the hard work of all of the
officers, members and professionals involved would have been for
nothing, with no prospect of a return to creditors. I would
therefore like to personally thank everyone involved for making
that happen."

The building is grade II-listed and is thought to have been used
as Calne's original fire station. The site also includes the
former caretaker's cottage.

According to the report, Martin Baker of Alder King was appointed
to sell the site as part of the insolvency process. A sale has now
been completed for an undisclosed sum to a developer, who is
proposing plans to redevelop the site and refurbish the building,
adds Insider Media.


* UK: 43.6% of Fashion Retailers at Risk of Failure, Opus Says
--------------------------------------------------------------
Ravender Sembhy at The Scotsman reports that almost half of all
British fashion retailers are facing financial hardship as stiff
competition, the fall in sterling and heavy discounting take their
toll on the sector.

According to The Scotsman, figures from Opus Restructuring suggest
that 3,991 -- or 43.6% -- of UK fashion retailers are at risk of
failure, a sharp deterioration since the same time last year, when
37.1% were deemed financially vulnerable.

Nick Hood, business risk adviser at Opus, as cited by The
Scotsman, said: "The UK fashion retail sector is under exceptional
strain, with plenty of anecdotal evidence of sustained periods of
discounting as consumers demand ever-lower prices and as the fall
in sterling impacts their costs and profit margins.  "The failure
of BHS and Austin Reed earlier this year shows what fate awaits
clothing retailers who fail to invest and stay relevant to a
constantly changing market."

Using data supplied by corporate health specialists Company Watch,
Opus discovered that the at-risk fashion retailers were in its
"warning area" with a rating of 25 or less out of a 100, The
Scotsman discloses.  Firms that fall within Company Watch's
warning area could face either formal insolvency or a major
financial restructuring during the next three years, The Scotsman
states.

Opus found that UK's larger fashion outlets are in better shape
than their thousands of smaller rivals, but even major chains are
struggling to maintain profitability, The Scotsman relays.

Total profits among big high street fashion names last year were
GBP1.87 billion, down 28% from two years earlier, The Scotsman
says.  At the same time, their borrowings rose 11.6% to GBP3.5
billion, The Scotsman relays, citing numbers crunched by Opus.


* UK: Brexit May Lead to Rise in Corporate Insolvencies Next Year
-----------------------------------------------------------------
An overwhelming majority of insolvency and restructuring experts
believe the UK's decision to leave the EU will lead to a rise in
corporate insolvencies in the next year, and that the referendum
result has already hurt businesses' finances, according to a
survey of its membership by insolvency and restructuring trade
body R3.

72% of those surveyed believe the referendum result will cause
corporate insolvency numbers to rise by the end of 2017, while 55%
say business finances have been hurt since June.

Insolvency and restructuring experts are most concerned about a
"hard Brexit": 76% think it would lead to more corporate
insolvencies and 60% think such a scenario would cause personal
insolvencies to rise.  A "soft Brexit" option, meanwhile, is seen
as less risky for businesses and individuals.

Andrew Tate, president of R3, says: "The insolvency and
restructuring profession is concerned about the impact leaving the
EU will have on the financial health of UK businesses.  Even
before leaving, the effects of 'Brexit' are being felt: a suddenly
weaker pound and increased business uncertainty are already
causing problems."

"Insolvency practitioners are on the frontline when it comes to
supporting struggling businesses, and a significant minority say
they have seen an increase in businesses needing help since June.
'Brexit' is frequently coming up as an issue when businesses seek
advice."

Overall, 45% of survey respondents say "Brexit" has been mentioned
by businesses seeking help since June.

Three-in-10 insolvency and restructuring experts (30%) say they
have seen an increase in businesses seeking their advice since the
23rd of June, of which a fifth (21%) say "Brexit" has been a
significant factor in this increase (another 57% say "Brexit" is
at least mentioned as a factor).

Survey respondents say they expect manufacturing, financial
services and retail to be the three sectors most adversely
affected by Brexit; mining, defence and IT are the industries
least likely to be affected.

Survey respondents felt that a "hard Brexit", which may involve
the UK leaving the European Single Market, would have a larger
negative impact on insolvency numbers than a "soft Brexit".
37% of insolvency and restructuring experts believe "soft Brexit"
would lead to a "moderate increase" in the number of corporate
insolvencies compared to current figures, whereas a similar 41%
said the same for "hard Brexit".

However, only 1% believe "soft Brexit" will lead to a "significant
increase" in corporate insolvencies -- but 35% say the same for
"hard Brexit".  Two-in-five (39%) think a "soft Brexit" will have
no impact on corporate insolvency numbers, but only 8% think a
"hard Brexit" will have no impact.

Andrew Tate adds: "The uncertainty around what final form 'Brexit'
will take makes it difficult for businesses to plan ahead and
assess what risks and opportunities they have."

"If businesses do run into trouble, they should seek advice as
early as possible.  Ignoring problems will not make them go away."

"Although it's not a good sign that restructuring experts are
already seeing more businesses seek their help, a rise in
insolvency numbers is not inevitable.  Recent years have seen an
increasing focus in the insolvency and restructuring profession on
rescuing businesses outside of formal insolvency procedures and
that may help keep post-'Brexit' insolvency numbers down.  A lot
will depend on how the economy performs post-'Brexit', too."

Insolvency and restructuring experts are also worried that leaving
the EU will make it more difficult to resolve insolvency cases,
return money to creditors, and combat fraud when work in Europe is
required.

UK insolvency practitioners currently benefit from the European
Insolvency Regulation, which provides for the automatic
recognition of their powers across the EU.

83% of survey respondents believe losing the European Insolvency
Regulation will have a negative impact on the speed with which
cross-border insolvencies are resolved, 79% think there will be a
negative impact on the cost of cross-border work, 67% think there
will be a negative impact on the amount of money returned to
creditors, and 61% think the profession's ability to combat fraud
will be hurt.

The Personal Insolvency Picture

The R3 member survey found that respondents believe individuals
are less likely (at present) to be hurt by Brexit than businesses.
Half of respondents (50%) believe the referendum result has not
had an impact on personal finances; 43% believe there has been a
negative impact already.

Opinion on the outlook for personal insolvencies over the next
year is split: 46% think personal insolvencies will go up in the
next 12 months, while 41% think there will be no change.

A quarter (25%) of respondents thinks opting for a 'hard Brexit'
will lead to a significant increase in personal insolvencies,
while 35% think it would lead to a moderate increase.

By contrast, 49% think a "soft Brexit" would have no impact on
personal insolvency numbers, and only *33% *think there would be
an increase.

Notes

Survey results are taken from a survey of 364 members of the
insolvency and restructuring profession (approx. 1,600 licensed
IPs in 2016) conducted November 22, 2016.

R3 is the trade body for Insolvency Professionals, and represents
the UK's Insolvency Practitioners.



===============
X X X X X X X X
===============


* BOOK REVIEW: Landmarks in Medicine - Laity Lectures
-----------------------------------------------------
Introduction by James Alexander Miller, M.D.
Publisher: Beard Books
Softcover: 355 pages
List Price: $34.95
Review by Henry Berry

Order your own personal copy today at http://bit.ly/1sTKOm6

As the subtitle points out, the seven lectures reproduced in this
collection are meant especially for general readers with an
interest in medicine, including its history and the cultural
context it works within. James Miller, president of the New York
Academy of Medicine which sponsored the lectures, states in his
brief "Introduction" that this leading medical organization "has
long recognized as an obligation the interpretation of the
progress of medical knowledge to the public." The lectures
collected here succeed admirably in fulfilling this obligation.

The authors are all doctors, most specialists in different areas
of medicine. Lewis Gregory Cole, whose lecture is "X-ray Within
the Memory of Man," is a consulting roentgenologist at New York's
Fifth Avenue Hospital. Harrison Stanford Martland is a professor
of forensic medicine at New York University College of Medicine.
Many readers will undoubtedly find his lecture titled "Dr. Watson
and Mr. Sherlock Holmes" the most engrossing one. Other doctor
authors are more involved in academic areas of medicine and
teaching. Reginald Burbank is the chairman of the Section of
Historical and Cultural Medicine at the New York Academy of
Medicine. He lectured on "Medicine and the Progress of
Civilization." Raymond Pearl, whose selection is "The Search for
Longevity," is a professor of biology at Johns Hopkins University.

The authors' high professional standing and involvement in
specialized areas do not get in the way of their aim to speak to a
general audience. They are all skilled writers and effective
communicators. As the titles of some of the lectures noted in the
previous paragraph indicate, the seven selections of "Landmarks in
Medicine" focus on the human-interest side of medicine rather than
the scientific or technological. Even the two with titles which
seem to suggest concern with technical aspects of medicine show
when read to take up the human-interest nature of these topics.

"The Meaning of Medical Research", by Dr. Alfred E. Cohn of the
Rockefeller Institute for Medical Research, is not so much about
methods, techniques, and equipment of medical research, but is
mostly about the interinvolvement of medical research, the
perennial concern of individuals with keeping and recovering good
health, and social concerns and pressures of the day. "The meaning
of medical research must regard these various social and personal
aspects," Cohn writes. In this essay, the doctor does answer the
questions of what is studied in medical research and how it is
studied. And he answers the related question of who does the
research. But his discussion of these questions leads to the final
and most significant question "for what reason does the study take
place?" His answer is "to understand the mechanisms at play and to
be concerned with their alleviation and cure." By "mechanisms,"
Cohn means the natural--i. e., biological--causes of disease and
illness. The lay person may take it for granted that medical
research is always principally concerned with finding cures for
medical problems. But as Cohn goes into in part of his lecture,
competition for government grants or professional or public
notoriety, the lure of novel experimentation, or research mainly
to justify a university or government agency can, and often do,
distract medical researchers and their associates from what Cohn
specifies should be the constant purpose of medical research. Such
purpose gives medicine meaning to humankind.

The second lecture with a title sounding as if it might be about a
technical feature of medicine, "X-ray Within the Memory of Man,"
is a historical perspective on the beginnings of the use of x-ray
in medicine. Its author Lewis Cole was a pioneer in the
development of x-rays in the late 1800s and early1900s. He mostly
talks about the development of x-ray within his memory. In doing
so, he also covers the work of other pioneers, notably William
Konrad Roentgen and Thomas Edison. Roentgen was a "pure scientist"
who discovered x-rays almost by accident and at first resented the
application of his discovery to practical uses such as medical
diagnosis. Edison, the prodigious inventor who was interested only
in the practical application of scientific discoveries, and his
co-worker Clarence Dally enthusiastically investigated the
practical possibilities of the discoveries in the new field of
radiation. Dally became so committed to his work in this field
that he shortly developed an illness and died. At the time, no on
knew about the dangers of prolonged exposure to x-rays. But
sensing some connection between his co-worker's untimely death and
his work with x-rays, Edison stopped his own investigations.

Cole himself became involved in work with x-rays during his
internship at Roosevelt Hospital in New York City in 1898 and
1899. His contribution to this important field was in the area of
208 interpretation of what were at the time primitive x-rays and
diagnosis of ailments such as tuberculosis and kidney stones. Cole
writes in such a way that the reader feels she or he is right with
him in the steps he makes in improving the use of x-rays. He adds
drama and human interest to the origins of this important medical
technology. The lecture "Dr. Watson and Mr. Sherlock Holmes" uses
the popular mystery stories of Arthur Conan Doyle to explore the
role of medicine in solving crimes, particularly murder. In some
cases, medical tests are required to figure out if a crime was
even committed. This lecture in particular demonstrates the
fundamental role played by medicine in nearly all major areas of
society throughout history. The seven collected lectures have
broad appeal. All of them are informative and educational in an
engaging way. Each is on an always interesting topic taken up by a
professional in the field of medicine obviously skilled in
communicating to the general reader. The authors seem almost mind
readers in picking out the most fascinating aspects of their
subjects which will appeal to the lay readers who are their
intended audience. While meant mainly for lay persons, the
lectures will appeal as well to doctors, nurses, and other
professionals in the field of medicine for putting their work in a
broader social context and bringing more clearly to mind the
interests, as well as the stake, of the public in medicine.



                            *********

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 * * *