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                           E U R O P E

          Tuesday, January 10, 2017, Vol. 18, No. 007



OSBERSTOWN DEVELOPMENTS: Patrick Horkan Appointed as Liquidator


ALITALIA SPA: Etihad Executives Meet with Italian Ministers
ITALY: Losses Suffered by Failed Banks' Shareholders EUR24BB
MONTE DEI PASCHI: Egan-Jones Hikes Sr. Unsec. Debt Ratings to B-


DELO PRODAJ: Enters Preventive Debt Restructuring Process
DZS: Ljubljana Court Orders Preventive Restructuring
TERME CATEZ: Enters Preventive Debt Restructuring Process


* UKRAINE: Fund Earns UAH3BB From Insolvent Banks' Asset Sale

U N I T E D   K I N G D O M

AEI CABLES: GMB Union Calls for Investigation Into Ducab
BATH BAKERY: Placed Into Liquidation and Staff Let Go
LLOYDS BANKING: UK Government No Longer Majority Shareholder
MR. RUBBLE: In Liquidation, Ceases Trading
VICTORIA ROAD: Goes Into Liquidation

* UK: 61% of SME Invoices Go Unpaid within Debtor Period



OSBERSTOWN DEVELOPMENTS: Patrick Horkan Appointed as Liquidator
Ciaran Hancock at The Irish Times, citing documents filed with the
Companies Registration Office, reports that Patrick Horkan of KPMG
has been appointed liquidator to Osberstown Developments Ltd., a
property development company that was involved in one of the
biggest pre-crash land deals in the State.

In 2006, they paid about EUR312 million to acquire the Millennium
Park complex in Naas, Co Kildare, which comprised more than 400
acres of offices and land suitable for development, The Irish
Times recounts.

It was then sold by the National Asset Management Agency in mid-
2015 for about EUR36 million to investors headed by Tetrarch
Capital, The Irish Times relays.

Millennium Park comprised a business park and about 340 acres of
development and agricultural land when purchased by Osberstown in
a deal backed by loans from AIB, The Irish Times discloses.  The
loans were transferred to NAMA following the crash, The Irish
Times notes.

The latest set of accounts filed for Osberstown was for 2013, when
it closed the year with net liabilities of EUR460 million, The
Irish Times recounts.

Some EUR160 million in bank loans and overdrafts were due to be
repaid within one year, The Irish Times discloses.  The company
was dependent on working capital funding from NAMA, The Irish
Times relays, citing the accounts.


ALITALIA SPA: Etihad Executives Meet with Italian Ministers
Tommaso Ebhardt, Chiara Vasarri, John Follain and Deena Kamel at
Bloomberg News report that executives from key investor Etihad
Airways and Alitalia -- which went bankrupt in 2008 after rescue
attempts involving the state and private investors failed, and
which teetered on the brink of collapse in 2014 -- met Italian
ministers on Jan. 9.

Economic Development Minister Carlo Calenda and Transport Minister
Graziano Delrio asked Alitalia to put forward within weeks "a
detailed industrial plan agreed to by shareholders, banks and
creditor financial institutions," Bloomberg relays, citing an e-
mailed statement by Mr. Calenda's ministry.  The ministers said
any possible discussion on job levels would be tackled only after
this, Bloomberg notes.

According to Bloomberg, three people familiar with the discussions
said before the meeting the executives had planned to discuss new
restructuring measures.  The plan could include as many as 1,600
job cuts, Bloomberg says, citing two of the people, who asked not
to be identified before an official announcement.

Less than three years after Abu Dhabi-based Etihad bought a 49%
stake as part of a plan to revive the Italian airline, Alitalia
was notified in December by investors and creditors that it had 60
days to come up with a viable cost-cutting plan, Bloomberg
recounts.  Etihad Group CEO James Hogan and other shareholders
took part in the Jan. 9 meeting, Bloomberg relates.

Alitalia has also authorized Etihad to pump in an additional
US$231 million in funding via "semi-equity" financial instruments
that lack voting rights, according to minutes of an extraordinary
shareholders' meeting for the Italian carrier held on Dec. 22,
Bloomberg discloses.

Alitalia said Dec. 22 after reaching an agreement with
shareholders, including short-term financing deals with Italy's
two biggest banks, Intesa Sanpaolo SpA and UniCredit SpA, the
Rome-based carrier plans talks with labor unions, suppliers,
aircraft leasing companies and other partners on potential
spending reductions, including a road map for job cuts, Bloomberg
recounts.  Two people said after losing almost EUR200 million
(US$211 million) in 2015, Alitalia's deficit for last year could
be near EUR400 million, Bloomberg notes.

                           About Alitalia

Alitalia-Compagnia Aerea Italiana has navigated its way through
a successful restructuring.  After filing for bankruptcy
protection in 2008, Alitalia found additional investors, acquired
rival airline Air One, and re-emerged as Italy's leading airline
in early 2009.  Operating a fleet of about 150 aircraft, the
airline now serves more than 75 national and international
destinations from hubs in Fiumicino (Rome), Milan, Turin, Venice,
Naples, and Catania.  Alitalia extends its network as a member of
the SkyTeam code-sharing and marketing alliance, which also
includes Air France, Delta Air Lines, and KLM.  An Italian
investor group owns a majority of the company, while Air France-
KLM owns 25%.

ITALY: Losses Suffered by Failed Banks' Shareholders EUR24BB
Fabio Pavesi at ItalyEurope24 reports that the EUR24 billion that
went up in smoke -- losses suffered by shareholders of banks that
failed and were rescued by the state -- is the bitter epilogue to
Italy's banking crisis.

This massive failure involved more than 380,000 people:
shareholders who saw their investment in MPS, Popolare di Vicenza,
Veneto Banca and four so-called "good banks" (Banca Etruria, Banca
Marche, CariChieti and Cassa Ferrara) shrink to zero,
ItalyEurope24 discloses.

The lion's share of the loss, obviously, was from MPS, the oldest
bank in the world, which will be nationalized with the state
injecting EUR6 billion into the failed institution and becoming
its primary shareholder, with a 70% stake, ItalyEurope24 notes.
For the Siena bank and its 175,000 shareholders, who bought in
over time, the market value that was destroyed comes to a whopping
EUR12 billion, ItalyEurope24 states.

Another EUR11 billion is the extent of the bloodbath that's
overwhelmed 200,000 shareholders of Veneto Banca and Popolare
Vicentina, according to ItalyEurope24.

Banca Etruria -- the only bank of the four that was publicly
traded -- had a market cap of EUR400 million just after the Lehman
crisis, ItalyEurope24 discloses.  Now that number is zero,
ItalyEurope24 notes. Hundreds of million worth of shares of Banca
Marche of Chieti and Ferrara have also gone up smoke,
ItalyEurope24 relays.

MONTE DEI PASCHI: Egan-Jones Hikes Sr. Unsec. Debt Ratings to B-
Egan-Jones Ratings Company, on Jan. 3, 2017, raised the
senior unsecured ratings on debt issued by Banca Monte dei Paschi
di Siena SpA to B- from CCC+.

Banca Monte dei Paschi di Siena S.p.A. is the oldest surviving
bank in the world and the third largest Italian commercial and
retail bank by total assets, according to research from Ricerche
e Studi, using 2014 data.


DELO PRODAJ: Enters Preventive Debt Restructuring Process
SeeNews reports that Delo Prodaja on Jan. 6 announced it entered a
process of preventive restructuring of its financial liabilities.

In December, Slovenia's "bad bank", the Bank Assets Management
Company (DUTB), said it signed a receivables purchase agreement
(RPA) with an affiliate of YORK Capital Management for claims held
against Delo Prodaja, publishing and tourism group DZS and spa
operator Terme Catez, with a total gross value of EUR79 million
(US$83.6 million), SeeNews relates.

DZS controls a 27.97% shareholding in Delo Prodaja, SeeNews

Delo Prodaja is a Slovenian press distributor and retailer.

DZS: Ljubljana Court Orders Preventive Restructuring
SeeNews reports that DZS said Ljubljana District Court has ordered
the preventive restructuring of its financial liabilities.

According to SeeNews, the group said in a filing to the Ljubljana
Stock Exchange on Jan. 5 the process will have no impact on the
regular activities of the company and will allow DZS and its
creditors to employ appropriate debt restructuring measures.

In December, Slovenia's "bad bank", the Bank Assets Management
Company (DUTB), said it signed a receivables purchase agreement
(RPA) with an affiliate of YORK Capital Management for claims held
against DZS, press distributor and retailer Delo Prodaja and spa
operator Terme Catez, with a total gross value of EUR79 million
(US$83.6 million), SeeNews relates.

DZS is a Slovenian publishing and tourism group.

TERME CATEZ: Enters Preventive Debt Restructuring Process
SeeNews reports that Terme Catez on Jan. 3 announced it entered a
process of preventive restructuring of its financial liabilities.

In December, Slovenia's "bad bank", the Bank Assets Management
Company (DUTB), said it signed a receivables purchase agreement
(RPA) with an affiliate of YORK Capital Management for claims held
against Terme Catez, publishing and tourism group DZS, press
distributor and retailer Delo Prodaja, with a total gross value of
EUR79 million (US$83.6 million), SeeNews relates.

DZS holds a 45.79% stake in Terme Catez, SeeNews discloses.

Terme Catez is a Slovenian spa operator.


* UKRAINE: Fund Earns UAH3BB From Insolvent Banks' Asset Sale
Interfax-Ukraine reports that the Individuals' Deposit Guarantee
Fund of Ukraine tentatively earned around UAH3 billion from
selling property of insolvent banks in 2016.

"We received around UAH3 billion.  We are summarizing the results
of the year, as it takes a couple of weeks to calculate
everything.  The final statistics will be published in the middle
of January," Interfax-Ukraine quotes Yulia Bereschenko, director
of the consolidated sale and asset management department of the
fund, as saying on Vesti radio on Jan. 5.

Ms. Bereschenko said that sale of assets of insolvent banks are a
part of income the fund receives thanks to management of assets of
bankrupt banks, Interfax-Ukraine relates.  Payments of credit
debts by clients of the banks also bring money, Interfax-Ukraine
notes.  Ms. Bereschenko said total income at the end of the year
is around UAH7 billion, Interfax-Ukraine relays.

U N I T E D   K I N G D O M

AEI CABLES: GMB Union Calls for Investigation Into Ducab
Steven Hugill at The Northern Echo reports that bosses behind
collapsed cable AEI Cables maker are an "absolute disgrace" and
must foot redundancy payments of hundreds of workers, a union has

According to The Northern Echo, GMB has called for a full
investigation into Ducab after accusing the AEI Cables owner of
neglecting its duties over staff payouts.

The union has also alleged Ducab will strip assets from the
business for future gain, The Northern Echo discloses.

However, Ducab has denied the claims, telling The Northern Echo it
has done all it can to make AEI Cables a success, The Northern
Echo relays.  It also added it leases the land where AEI Cables'
factory is based and is committed to fulfilling orders and paying
creditors, The Northern Echo notes.

It was confirmed that 200 jobs will go at the loss-making Birtley
business, based near Chester-le-Street, after turnaround plans
fell flat, The Northern Echo relays.

Ducab, which rescued AEI in 2014, has since been accused of
treating workers disrespectfully and criticized for entering into
a Company Voluntary Arrangement (CVA), meaning staff will have to
apply to the Government for statutory redundancy pay, The Northern
Echo states.

The GMB union, which previously told The Northern Echo it felt
Ducab had no interest in finding a solution to AEI's troubles, has
now accused the Dubai firm of shirking its duties.

BATH BAKERY: Placed Into Liquidation and Staff Let Go
Tim_MacFarlan at Bath Chronicle reports that Bath Bakery has been
placed into liquidation and its staff let go.

The chain had sold nine of its 11 high street stores to
Bristol-based Parsons in order to concentrate on its wholesale
business, according to Bath Chronicle.

A spokeswoman for Bath Bakery told the Bath Chronicle there would
be no job losses as staff at the shops would be kept on by

Jan. 6 was the last day of trading as Bath Bakery for the shops in
Chelsea Road, Weston High Street, Foxhill, Odd Down, Bradford on
Avon, Midsomer Norton, Corsham, Frome and Westbury, the report

The stores were set to be rebranded and opened again as Parsons
outlets, though it is unclear whether that will still happen, the
report relays.

Employees across the rest of the business who turned up for work
on Jan. 6 were sent home having been told Bath Bakery had failed,
the report says.

The company's website has been taken down.

LLOYDS BANKING: UK Government No Longer Majority Shareholder
Sam Dean at The Telegraph reports that the British Government is
no longer the biggest shareholder in Lloyds Banking Group after
selling down its stake to less than 6%.

According to The Telegraph, the Government has now recovered more
than GBP18 billion, the lender said, as it continues to reduce its
stake from the 43% it held after rescuing Lloyds with a GBP20.5
billion bailout during the financial crisis.

UK Financial Investments, the body that manages the taxpayer's
stake in Lloyds, was forced to stop selling shares earlier this
year due to stock market volatility, but resumed the process of
returning the lender to private ownership in October, The
Telegraph relates.

"Returning Lloyds to the private sector and recovering all of the
cash the taxpayer injected into the bank during the financial
crisis is a priority for the Government," The Telegraph quotes
Philip Hammond, the Chancellor of the Exchequer, as saying.

"Confirmation that we are no longer the largest shareholder in the
bank and that we've now recouped over GBP18 billion for UK
taxpayers is further evidence that we are on track to recover all
of the GBP20 billion injected into the bank during the financial

The Treasury, as cited by The Telegraph, said all proceeds from
the sales are used to reduce the national debt.

Lloyds Bank plc is a British retail and commercial bank with
branches across England and Wales.

MR. RUBBLE: In Liquidation, Ceases Trading
Wilson Field reports that Iconic Sheffield domestic and commercial
skip hire company Mr. Rubble has ceased to trade and has been
placed into liquidation.

Wilson Field Limited has stepped in to handle matters at the
Recycling Centre on Stevenson Road, with the loss of all 20 staff.

The firm, known for its bright orange skips, has traded since 2001
and had heavily invested in recycling systems to meeting
increasing regulations on waste management and disposal, the
report notes.

It was blighted by cash flow problems following a sharp decline in
the demand for their service due to increased competition in the
market over the last 18 months and the financial increase in
permits for handling waste, the report relays.

Andy Wood and Robert Dymond from Sheffield-based insolvency
specialists Wilson Field were appointed joint liquidators of Mr.
Rubble Skip Hire on December 21, 2016 at a meeting of members and
creditors, the report relays.

The report notes that Andy Wood, associate director and insolvency
practitioner at Wilson Field, said: "Despite implementing a number
of cost saving initiatives, recently introduced legislation
relating to Landfill Tax, and environmental issues with the site,
rendered the business model unviable.

"The directors came to Wilson Field for advice. We recommended
seeking the opinion, and advice, from an independent specialist
agent regarding the saleability of the business as a going concern
to preserve the intellectual property value of the business.

"Potential environmental issues prohibited this and regrettably
the company entered liquidation. As a consequence all 20 jobs have
been lost. It is always sad to see a long-standing company go out
of business with the loss of jobs."

The company assets have been sold to an independent competitor
within the local area, Richard Fletcher Plant Limited, the report

Director Carl Brittain started Mr Rubble Skip Hire in 2001 after
leaving his job at a national waste company.  He started with one
truck, an innovative design for skips which meant easy loading and
15 years' experience in the industry, the report relays.

The company grew quickly, running trucks fitted with the latest
technology. It opened a purpose-built waste transfer station in
March 2006 boasting a 93 per cent waste recycling figure, the
report adds.

VICTORIA ROAD: Goes Into Liquidation
------------------------------------ reports that Victoria Road Pub Management
Company, a pub group which owned 18 pubs in Keighley, Bradford and
Leeds, has gone into liquidation.

Mark Wilson of RSM Restructuring Advisory was appointed liquidator
of Victoria Road Pub Management Company on December 8.

The decision to appoint liquidators was made due to an inability
to cover debts and the company entered into a Creditors Voluntary
Liquidation on September 23 with Rushtons Insolvency as
liquidators, according to

However, prior to this date, on September 13, British Gas Trading
had presented a petition to compulsorily wind up the company and
the High Court issued the order on November 7, and Mr. Wilson from
RSM was subsequently appointed liquidator by the Secretary of
State, the report notes.

Mr. Wilson said: "We are working with our professional advisors to
review the current assets with a view to maximizing realizations
for creditors. We also understand that the pub premises had been
returned to the landlords prior to our appointment," the report

* UK: 61% of SME Invoices Go Unpaid within Debtor Period
According to a new report commissioned by Amicus Commercial
Finance, well over half (61%) of invoices issued by UK small and
medium sized enterprises (SMEs) remain unpaid within the debtor
day period.  Of these, almost three-quarters (70%) of firms say
they rely on getting paid during their debtor day period to avoid
facing a shortage of working capital.

The research shows that one in six (16%) SME invoices remains
unpaid after 90 days and of these, almost half (7%) have yet to be
settled after six months.

Medium-sized businesses with between 50 and 249 employees are the
worst affected by delayed payments with a quarter (24%) of
invoices remaining unpaid after their debtor day period or not at

The study underlines the extent to which SMEs often rely on a
small number of customers and delayed payments from these can have
serious consequences; according to the findings, SMEs' top three
customers on average account for almost half (49%) of their
overall revenue.

As well as the financial implications, Amicus Commercial Finance
examined the psychological impact on business owners caused by
lengthy payment delays.  Almost a third (28%) said it has caused
them considerable stress and anxiety and a fifth (19%) reported
that their frustration had turned into anger.  One-in-ten (10%)
admitted they became scared their business would go bust.
In order to mitigate the impact of late payments, growing numbers
of SMEs are turning to invoice finance to secure reliable
cashflow.  While 8% of firms said they currently use invoice
finance an additional 19% of business owners plan to use it in
future, including 11% in the next 12 months.

Amicus Commercial Finance provides a revolving working capital
facility based on a proprietary invoice discounting platform which
utilizes the latest available technology and data extraction
methodology.  The firm's proposition has proved to be very
attractive to a broad range of businesses with a turnover between
GBP1 million and GBP20 million.

Its "Intelligent Cashflow" solution is user friendly, making it
straightforward for firms to access working capital. It integrates
seamlessly with a business's accounting system, reconciling sales
in real time, updating availability of funds and providing quick
and easy access to additional cashflow.
John Wilde, Managing Director of Amicus Commercial Finance,
commented: "Invoice payment terms are all too often ignored and
for small firms this can put their cashflow under intolerable
pressure, particularly when late payers are also large customers.
For business owners with healthy sales, the frustration of being
forced to take out business loans or extend their overdraft to
avoid becoming insolvent can be overwhelming.

Given this, it's understandable that small firms are increasingly
turning to invoice finance as a way of converting unpaid debts
into instant working capital.  Here at Amicus Commercial Finance,
we combine deep sector experience with a high-touch personal
service and cutting-edge technology to make the process as
straightforward and efficient as possible."


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 2017.  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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