/raid1/www/Hosts/bankrupt/TCREUR_Public/190108.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

           Tuesday, January 8, 2019, Vol. 20, No. 005


                            Headlines


C R O A T I A

3 MAJ: Rijeka Commercial Court Launches Bankruptcy Procedure


C Z E C H   R E P U B L I C

* CZECH REPUBLIC: Business Bankruptcies Hit Record Low in 2018


G E R M A N Y

RICKMERS HOLDING: Administrator Makes Initial Distribution


N E T H E R L A N D S

SECURCASH: Granted Moratorium After Bankruptcy Request Denial


R U S S I A

CB AGROSOYUZ: Bankruptcy Hearing Scheduled for February 4
CRIMEAN INSURANCE: Declared Bankrupt by Crimea Arbitration Court
REGIONAL INSURANCE: Bankruptcy Hearing Scheduled for February 5


U N I T E D   K I N G D O M

JBE MECHANICAL: Enters Administration, 58 Jobs Affected
MONARCH AIRCRAFT: Operations Transferred to Storm, Boeing, Flybe
* UK: Collapse of Energy Companies Prompts Call for Reforms


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C R O A T I A
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3 MAJ: Rijeka Commercial Court Launches Bankruptcy Procedure
------------------------------------------------------------
SeeNews reports that the Commercial Court in Rijeka has launched a
procedure for establishing the prerequisites for opening
bankruptcy proceedings against Croatia's indebted shipyard 3 Maj.

The court has appointed Zdravko Cupkovic as temporary bankruptcy
manager as part of the procedure, SeeNews relays, citing private
TV channel N1.

A court hearing for the launch of bankruptcy proceedings is set
for Feb. 6, SeeNews discloses.

According to SeeNews, N1 said the Commercial Court in Rijeka
received the request of Croatia's Financial Agency to open
bankruptcy proceedings against 3 Maj after the shipyard's bank
account had been blocked for 120 days over debt of some HRK72
million (US$11.0 million/EUR9.6 million).

The 3 Maj shipyard is part of Croatia's indebted Uljanik
shipbuilding group, which has been in financial trouble for some
time due to the adverse effects of the global financial crisis on
the shipbuilding sector in general which has led to a drop in
orders for new vessels, SeeNews notes.



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C Z E C H   R E P U B L I C
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* CZECH REPUBLIC: Business Bankruptcies Hit Record Low in 2018
--------------------------------------------------------------
A report of CRIF - Czech Credit Bureau company presented to CTK
showed that a total of 649 businesses were declared bankrupt in
the Czech Republic last year, the lowest figure in 11 years, and
there were 5,418 bankruptcies of sole traders, which was the
lowest number in six years.

Bankruptcy numbers have been falling significantly in recent
years, by nearly a half over the past four years for companies and
by nearly a third for the self-employed, CTK notes.

CRIF analyst Vera Kamenickova said a favorable macroeconomic
situation is the reason, CTK relates.  According to CTK, she said
the ongoing high foreign demand and low unemployment and growing
real wages have been raising domestic demand and consumers'
appetite to spend more.

The number of firms' bankruptcies was 120 lower in annual terms,
which was a 16% drop, and that of sole traders' went down by 926
or 15%compared to 2017, CTK discloses.

The number of bankruptcy petitions sank as well, by 288 or 21% for
businesses, and by 1,357 or 19% for the self-employed in annual
terms, CTK states.

There were 5,211 debt discharge cases of sole traders, an annual
decrease of 738, CTK relays.

December saw 41 bankruptcies of companies, 16 fewer on the month,
and 329 bankruptcies of sole traders, 157 fewer compared to
November and the lowest number since April 2013, CTK says.

Trade reported 174 bankruptcies, industry 115 and construction 83,
according to CTK.  Agriculture and mining recorded 20
bankruptcies, and accommodation and restaurant services, and
transportation, storage and travel agent services recorded 36
cases each, CTK discloses.

Sole trader bankruptcy numbers were lower in all regions last
year, except for Prague, which saw a rise of 5%, CTK notes.



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G E R M A N Y
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RICKMERS HOLDING: Administrator Makes Initial Distribution
----------------------------------------------------------
Alexander Kell at Bloomberg News reports that the insolvency
administrator of Rickmers Holding AG made an initial preliminary
distribution of liquid assets of one percent of the expected
recovery.

According to Bloomberg, the joint representative will arrange
payment to bondholders.  The representative has asked bondholders
as of Dec. 20 to register for payment either at
rickmers@onesquareadvisors.com or in writing by postal mail,
providing proof of the bondholder's position, Bloomberg discloses.

Details will be communicated promptly, Bloomberg notes.

                     About the Rickmers Group

The Rickmers Group is an international service provider in the
maritime transport sector and a vessel owner, based in Hamburg.
In the Maritime Assets segment the Rickmers Group is active as
Asset Manager for its own vessels and also for those of third
parties.  The Group initiates and coordinates shipping
projects, organizes financing and acquires, charters and sells
ships.  In the Maritime Services business segment the Rickmers
Group provides ship management services for its own vessels as
well as for those owned by third parties; these services comprise
technical and operational management, crewing, newbuild
supervision, consultancy and insurance-related services.

On June 2, 2017, Rickmers Holding AG submitted an application for
insolvency under self-administration to Hamburg District Court
with the aim of restructuring (AG Hamburg Az. 67g IN 173/17). Dr.
Christoph Morgen, a specialist insolvency lawyer and partner in
the national law firm Brinkmann & Partner, was appointed by the
Supervisory Board of Rickmers Holdingas member of the Executive
Board and Chief Insolvency Officer.  Lawyer Dr. Jens-Soeren
Schroeder of the law firm Johlke Niethammer & Partner was
appointed as a temporary trustee by the Hamburg District Court.



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N E T H E R L A N D S
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SECURCASH: Granted Moratorium After Bankruptcy Request Denial
-------------------------------------------------------------
Wout Vergauwen at Bloomberg News, citing Dutch press agency
ANP, reports that the Hague court has granted SecurCash a
moratorium after refusing to declare the company bankrupt on
Jan. 3.

According to Bloomberg's Joost Akkermans the court says the
company still has sufficient means to pay creditors, Dutch news
agency ANP reports on Jan. 3, citing court ruling.

The court says the bankruptcy request wasn't filed for the proper
reasons, Bloomberg relays, citing ANP.

SecurCash provides money-transport service.



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R U S S I A
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CB AGROSOYUZ: Bankruptcy Hearing Scheduled for February 4
---------------------------------------------------------
The provisional administration to manage LLC CB Agrosoyuz (further
referred to as the Bank) appointed by Bank of Russia Order No. OD-
2901, dated November 7, 2018, following revocation of its banking
license, in the course of its investigation into the Bank's
financial standing established that the Bank's executives had
conducted operations which suggest the intention to siphon off
funds by transferring the Bank's borrowers' claims and selling
securities, as well as by disbursing till cash to a total of over
RUR10 billion.

Also, the provisional administration encountered obstruction of
its operations from the bank's management team that failed to
submit the credit institution's documents to enable the
provisional administration to perform its duties.

The provisional administration estimates the value of the
Company's property (assets) to be insufficient to fulfill its
liabilities to creditors.  The Bank of Russia applied on
November 29, 2018, to the Court of Arbitration of Moscow to
declare the Bank bankrupt.  The hearing is scheduled for Feb. 4,
2019.

The Bank of Russia submitted the information on the financial
transactions bearing the evidence of criminal offence conducted by
the Bank's executives to the Prosecutor General's Office of the
Russian Federation, the Ministry of Internal Affairs of the
Russian Federation and the Investigative Committee of the Russian
Federation for consideration and procedural decision making.

The current development of the bank's status has been detailed in
a press statement released by the Bank of Russia.


CRIMEAN INSURANCE: Declared Bankrupt by Crimea Arbitration Court
----------------------------------------------------------------
Following the failure of Joint-stock Company Crimean Insurance
Alliance (further referred to as the Company) to duly comply with
Bank of Russia instructions and its breach of financial stability
and solvency requirements, the Bank of Russia by force of its
Orders Nos. OD-2257 and OD-2258, dated August 30, 2018, suspended
the Company's insurance license and appointed a provisional
administration.

The Company's failure to timely remedy breaches of insurance
regulations entailed the revocation of its insurance license, by
force of Bank of Russia Order OD-2326, dated September 6, 2018.

The provisional administration, acting within its mandate,
established facts suggesting that the Company's operations
included transactions aimed at siphoning off corporate assets by
selling securities.

The provisional administration estimates the value of the
Company's property (assets) to be insufficient to meet its
liabilities to creditors and mandatory payments obligations.

On December 12, 2018, the Arbitration Court of the Republic of
Crimea recognized the bank as insolvent (bankrupt).  The Deposit
Insurance Agency State Corporation was appointed as receiver.

The Bank of Russia submitted the information on transactions
bearing the evidence of criminal offence to the Prosecutor
General's Office of the Russian Federation, the Investigative
Department of the Ministry of Internal Affairs of the Russian
Federation and the Investigative Committee of the Russian
Federation for consideration and procedural decision making.

The current development of the bank's status has been detailed in
a press statement released by the Bank of Russia.


REGIONAL INSURANCE: Bankruptcy Hearing Scheduled for February 5
---------------------------------------------------------------
Following the failure of Limited Liability Company Regional
Insurance Centre (further referred to as the Company) to duly
comply with Bank of Russia instructions and its breach of
financial stability and solvency requirements, the Bank of Russia
by force of its Orders Nos. OD-2069 and OD-2071, dated August 9,
2018, suspended the Company's insurance license starting from
August 10, 2018, and appointed a provisional administration to
manage the Company for a term of six months.

The Company's failure to timely remedy breaches of insurance
regulations entailed the revocation of its insurance license, by
force of Bank of Russia Order OD-2197, dated August 23, 2018.

The provisional administration, acting within its mandate,
established facts suggesting that the Company's owners and
officials had performed actions aimed at siphoning off corporate
assets.

The provisional administration estimates the value of the
Company's property (assets) to be insufficient to meet its
liabilities to creditors and mandatory payments obligations.

On October 16, 2018, the provisional administration submitted a
claim to the Arbitration Court of the City of Moscow to recognize
the Company as insolvent (bankrupt).  The hearing is scheduled for
February 5, 2019.

The Bank of Russia submitted the information on the financial
transactions bearing the evidence of criminal offence conducted by
the Company's officials to the Prosecutor General's Office of the
Russian Federation, the Investigative Department of the Ministry
of Internal Affairs of the Russian Federation and the
Investigative Committee of the Russian Federation for
consideration and procedural decision making.

The current development of the bank's status has been detailed in
a press statement released by the Bank of Russia.



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


JBE MECHANICAL: Enters Administration, 58 Jobs Affected
-------------------------------------------------------
Christine Carrigan at Belfast Telegraph reports that
Co Antrim-based electrical firm JBE Mechanical Electrical Ltd. has
blamed "significant losses" on Scottish contracts after going into
administration, affecting 58 jobs.

The administrator is currently assessing the options available to
the business and the 58 staff have been notified of the situation,
with a further meeting scheduled for this week, Belfast Telegraph
discloses.

According to Belfast Telegraph, the administrator is also in the
process of notifying the firm's suppliers.

JBE Mechanical Electrical Ltd., which was established in 1983, was
one of Northern Ireland's longest-established electrical and
mechanical contractors, working across the commercial, industrial,
leisure, healthcare and retail sectors.


MONARCH AIRCRAFT: Operations Transferred to Storm, Boeing, Flybe
----------------------------------------------------------------
BBC News reports that Monarch Aircraft Engineering Limited, which
has gone bust with the loss of 408 jobs, said line maintenance
operations at Gatwick, Birmingham, East Midlands, Newcastle and
Glasgow Airports will be largely transferred to Morson Group, with
the Luton Airport operations transferring to Storm Aviation.

Some Gatwick-based employees have transferred to Boeing,
BBC discloses.

Further operations at Manchester and Birmingham Airports,
including related employees, were transferred to Flybe, BBC notes.

According to BBC, administrators KPMG said these acquisitions
safeguarded 182 jobs.

Buyers are being sought for the CAMO division -- which provides
the upkeep of airworthiness records and scheduled maintenance
requirements -- and its training academy, BBC states.

Founded in 1967, the business employed about 579 staff across the
UK and Europe and provided aircraft maintenance services across
four main divisions -- base maintenance, line maintenance, fleet
technical support and a training academy.


* UK: Collapse of Energy Companies Prompts Call for Reforms
-----------------------------------------------------------
Myles McCormick at The Financial Times reports that the failure of
energy provider One Select in December was not only an unwelcome
surprise to its customers, it was a part of a growing trend of
collapses that have prompted calls for fundamental reforms of a
market that has become overcrowded and unruly.

Eight energy providers across the UK failed last year, not
counting a further four which exited through corporate
transactions, and as many as 10 more could follow suit over the
coming months, the FT relays, citing leading industry figures.

According to the FT, a combination of new technology and low
barriers to entry has fuelled a rapid rise in the number of
suppliers in a sector that was not long ago monopolized by the Big
Six.  The number of active providers has rocketed from 14 in 2011
to 73 by June last year, the FT discloses.

But the models of many of these so-called "challengers" have
proved to be unsustainable, causing them to crash out and leaving
others to pick up the tab, the FT relates.
Two of the most recent to go under, Spark Energy and Extra Energy,
which collapsed within three days of each other in November, were
the largest to fail in 14 years, the FT states.

Industry bosses say four major issues must be addressed relating
to new entrants: a lack of checks on entry, unfair cost
exemptions, loss-leading tariffs, and the lack of consequences for
failure, the FT notes.



                            *********

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.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2019.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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