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       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, January 7, 2022, Vol. 23, No. 0

                           Headlines



G E R M A N Y

DEUTSCHE LUFTHANSA: Egan-Jones Keeps B Senior Unsecured Ratings
DEUTSCHE POSTBANK I: Moody's Hikes Pref. Stock Rating to Ba2(hyb)
DRESDNER FUNDING: Moody's Hikes Tier 1 Instruments From Ba1(hyb)
FRESENIUS MEDICAL: Egan-Jones Keeps BB+ Senior Unsecured Ratings
MAIN CAPITAL: Moody's Affirms Ba1(hyb) Ratings



N E T H E R L A N D S

VZ SECURED: Moody's Rates New Secured Notes Due 2032 'B1'


U K R A I N E

UKRAINE: Egan-Jones Keeps BB+ Senior Unsecured Ratings


U N I T E D   K I N G D O M

CREATE CONSTRUCTION: Owes GBP12 Million at Time of Administration
GEORGE'S TRADITION: Bought Out of Administration
PUSH DOCTOR: Square Health Acquires Business
TURBINE EFFICIENCY: Owes Almost GBP10MM at Time of Collapse
[*] UK: NatWest in Talks Over Rescue Scheme for Ailing Energy Cos



X X X X X X X X

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace

                           - - - - -


=============
G E R M A N Y
=============

DEUTSCHE LUFTHANSA: Egan-Jones Keeps B Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on December 7, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Deutsche Lufthansa Aktiengesellschaft.

Headquartered in Cologne, Germany, Deutsche Lufthansa
Aktiengesellschaft provides passenger and cargo air transportation
services worldwide.


DEUTSCHE POSTBANK I: Moody's Hikes Pref. Stock Rating to Ba2(hyb)
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Deutsche
Postbank Funding Trust I (ISIN DE000A0DEN75) and Deutsche Postbank
Funding Trust III (ISIN DE000A0D24Z1), which are funding vehicles
of Deutsche Bank AG (DB; Baseline Credit Assessment baa3, Senior
Unsecured A2 positive), to Ba2(hyb) from Ba3(hyb).

The rating action was driven by a change in the legal insolvency
rank of these instruments under German law, following the end of
their grandfathering as regulatory capital effective 1 January
2022, which prompted a reassessment of the loss severity for these
hybrid instruments under Moody's Advanced Loss Given Failure (LGF)
analysis applied to DB.

DB's ratings were unaffected by the rating action.

RATINGS RATIONALE

Following the revisions to Germany's insolvency legislation for
banks effective 9 December 2020, the instruments' derecognition
from regulatory capital effective 1 January 2022 has changed their
legal rank in insolvency, now placing them above Common Equity Tier
1 (CET1), Additional Tier 1 (AT1), as well as above Tier 2 capital
instruments according to Article 46f(7a) of the German Banking Act
(Kreditwesengesetz). The article clarifies the legal insolvency
ranking of certain subordinated debt instruments no longer
benefiting from grandfathering provisions in accordance with the
Capital Requirements Regulation (CRR).

In accordance with their now higher ranking, Moody's revised the
treatment of the respective instruments in its Advanced LGF. The
instruments now rank senior to the aforementioned liability
classes, i.e. above regular Tier 2-eligible subordinated debt as
well as above AT1 and CET1 instruments, but they remain
subordinated to junior senior (non-preferred) unsecured debt.

With the instruments benefitting from higher subordination at
failure, Moody's Advanced LGF analysis now indicates a moderate
loss given failure, leading to no notching uplift from DB's baa3
Adjusted BCA, from which the ratings are notched. The rating agency
continues to apply additional negative notching of two notches,
reflecting the instruments' non-cumulative coupon skip mechanisms
tied to the breach of a balance-sheet loss trigger or regulatory
interventions. Interest (capital) payments continue to depend on
regulatory approval and DB's performance, including that the bank
has an amount of sufficient distributable profits for the preceding
fiscal year on a local GAAP basis (HGB).

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade of the hybrid debt instrument ratings could be triggered
by an upgrade of DB's BCA or a significant increase in the volume
of instruments subordinated to the funding trusts in DB's liability
waterfall.

A downgrade of the hybrid debt instrument ratings could be
triggered by a downgrade of DB's BCA; a meaningful reduction in the
volume of instruments subordinated to the funding trusts in DB's
liability waterfall; or skipped coupon payments.

LIST OF AFFECTED RATINGS

Issuer: Deutsche Postbank Funding Trust I

Upgrade:

  Pref. Stock Non-cumulative, Upgrade to Ba2(hyb) from Ba3(hyb)

  No Outlook Assigned

Issuer: Deutsche Postbank Funding Trust III

Upgrade:

Pref. Stock Non-cumulative, Upgrade to Ba2(hyb) from Ba3(hyb)

No Outlook Assigned

DRESDNER FUNDING: Moody's Hikes Tier 1 Instruments From Ba1(hyb)
----------------------------------------------------------------
Moody's Investors Service has upgraded to Baa3(hyb) from Ba1(hyb)
the Tier 1 instruments (dated silent partnership certificates)
issued by Dresdner Funding Trust I (ISIN: XS0097772965), which is a
funding vehicle of Commerzbank AG (Commerzbank, Baseline Credit
Assessment (BCA) baa2, Deposits A1 stable / Senior Unsecured A1
negative).

The rating action was driven by a change in the legal insolvency
rank of these instruments under German law, following the end of
their grandfathering as regulatory capital effective January 1,
2022, which prompted a reassessment of the loss severity for these
hybrid instruments under Moody's Advanced Loss Given Failure (LGF)
analysis applied to Commerzbank.

Commerzbank's ratings were unaffected by the rating action.

RATINGS RATIONALE

Following the revisions to Germany's insolvency legislation for
banks, effective December 9, 2020, the instruments' derecognition
from regulatory capital, effective January 1, 2022, has changed
their legal rank in insolvency, now placing them above Common
Equity Tier 1 (CET1), Additional Tier 1 (AT1), as well as above
Tier 2 capital instruments according to Article 46f(7a) of the
German Banking Act (Kreditwesengesetz). The article clarifies the
legal insolvency ranking of certain subordinated debt instruments
no longer benefiting from grandfathering provisions in accordance
with the Capital Requirements Regulation (CRR).

In accordance with their now higher ranking, Moody's revised the
treatment of the respective instruments in its Advanced LGF
analysis. The instruments now rank senior to the aforementioned
liability classes, i.e., above regular Tier 2-eligible subordinated
debt as well as above AT1 and CET1 instruments, but they remain
subordinated to junior senior (non-preferred) unsecured debt.

With the instruments benefitting from higher subordination at
failure, Moody's Advanced LGF analysis now indicates a moderate
loss given failure, leading to no notching uplift from
Commerzbank's baa2 Adjusted BCA. Previously, the rating agency's
Advanced LGF analysis indicated a high loss given failure for these
instruments, which yielded a one notch deduction from the bank's
baa2 Adjusted BCA.

The Baa3(hyb) rating also incorporates an unchanged additional one
negative notch, reflecting the instruments' non-cumulative coupon
skip mechanisms tied to the breach of minimum regulatory capital
ratios.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

An upgrade of the Tier 1 instruments issued by Dresdner Funding
Trust I could be triggered by an update of Commerzbank's Adjusted
BCA or a significant increase in the volume of instruments
subordinated to the funding vehicle in Commerzbank's liability
waterfall.

A downgrade of the Tier 1 instruments issued by Dresdner Funding
Trust I could be triggered by a downgrade of Commerzbank's Adjusted
BCA; a meaningful reduction in the volume of liabilities
subordinated to the funding trusts in Commerzbank's liability
waterfall; or following a write down of the instruments' principal
or coupon cancelations.

LIST OF AFFECTED RATINGS

Issuer: Dresdner Funding Trust I

Upgrade:

  Non-cumulative Preferred Stock (Foreign Currency), Upgrade to
  Baa3(hyb) from Ba1(hyb)

  No Outlook assigned

FRESENIUS MEDICAL: Egan-Jones Keeps BB+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on December 6, 2021 maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Fresenius Medical Care AG & Co.

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG &
Co. KGaA offers kidney dialysis services and manufactures and
distributes equipment and products used in the treatment of
dialysis patients.


MAIN CAPITAL: Moody's Affirms Ba1(hyb) Ratings
----------------------------------------------
Moody's Investors Service has affirmed the Ba1(hyb) ratings of Main
Capital Funding Limited Partnership (ISIN DE000A0E4657) and Main
Capital Funding II Limited Partnership (ISIN DE000A0G18M4), which
entered into silent partnership agreements with Landesbank
Hessen-Thueringen GZ (Helaba; Baseline Credit Assessment (BCA)
baa2, Senior Unsecured Aa3 stable).

The rating actions were driven by a change in the legal insolvency
rank of these silent partnership agreements under German law,
following the end of their grandfathering as regulatory capital
effective 1 January 2022, which prompted a reassessment of the loss
severity for these hybrid instruments under Moody's Advanced Loss
Given Failure (LGF) analysis applied to Helaba. As part of the
rating action, Moody's also corrected the additional negative
notching incorporated in the instruments' ratings, which should
have been positioned at Ba2(hyb) instead of Ba1(hyb) since 19 June
2015.

Helaba's ratings were unaffected by the rating actions.

RATINGS RATIONALE

Following the revisions to Germany's insolvency legislation for
banks effective December 9, 2020, the instruments' derecognition
from regulatory capital effective January 1, 2022 has changed their
legal rank in insolvency, now placing them above Common Equity Tier
1 (CET1), Additional Tier 1 (AT1), as well as above Tier 2 capital
instruments according to Article 46f(7a) of the German Banking Act
(Kreditwesengesetz). The article clarifies the legal insolvency
ranking of certain subordinated debt instruments no longer
benefiting from grandfathering provisions in accordance with the
Capital Requirements Regulation (CRR).

In accordance with their now higher ranking, Moody's revised the
treatment of the respective instruments in its Advanced LGF
analysis. The instruments now rank senior to the aforementioned
liability classes, i.e., above regular Tier 2-eligible subordinated
debt, as well as above AT1 and CET1 instruments, but they remain
subordinated to junior senior (non-preferred) unsecured debt.

With the instruments benefitting from higher subordination at
failure, Moody's Advanced LGF analysis now indicates a moderate
loss given failure, leading to no notching uplift from Helaba's
baa1 Adjusted BCA. Previously, the rating agency's Advanced LGF
analysis indicated a high loss given failure for these instruments,
which yielded a one notch deduction from the baa1 Adjusted BCA.

The Ba1(hyb) ratings also incorporate additional negative notching,
reflecting the instruments' non-cumulative coupon skip mechanisms
tied to the breach of a net loss trigger or regulatory
interventions, as well as the instruments' principal write-down
feature. Interest (capital) payments depend on regulatory approval
and Helaba's performance, including that the bank has an amount of
sufficient distributable profits for the preceding fiscal year on a
local GAAP basis (Handelsgesetzbuch - HGB).

Since June 19, 2015, the rating agency had incorporated two
additional negative notches in the instruments' ratings, rather
than the three additional negative notches applied to
non-cumulative coupon instruments with a net loss trigger. Hence,
the instruments' ratings should have been positioned at Ba2(hyb),
four notches below the baa1 Adjusted BCA, rather than at Ba1(hyb)
since June 19, 2015. With the rating action this error was
corrected, which resulted in an affirmation of the Ba1(hyb)
ratings, because the more pronounced additional negative notching
was offset by the more favourable outcome from Moody's Advanced LGF
analysis for these instruments following their changed legal rank
in insolvency effective January 1, 2022.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade of the hybrid debt instrument ratings could be triggered
by an upgrade of Helaba's Adjusted BCA or a significant increase in
the volume of instruments subordinated to the funding vehicles in
Helaba's liability waterfall.

A downgrade of the hybrid debt instrument ratings could be
triggered by a downgrade of Helaba's Adjusted BCA; a meaningful
reduction in the volume of instruments subordinated to the funding
vehicles in Helaba's liability waterfall; or skipped coupon
payments and principal write-downs.

LIST OF AFFECTED RATINGS

Issuer: Main Capital Funding Limited Partnership

Affirmation:

Preferred Stock Non-cumulative, affirmed Ba1(hyb)

No Outlook

Issuer: Main Capital Funding II Limited Partnership

Affirmation:

Preferred Stock Non-cumulative, affirmed Ba1(hyb)

  No Outlook




=====================
N E T H E R L A N D S
=====================

VZ SECURED: Moody's Rates New Secured Notes Due 2032 'B1'
---------------------------------------------------------
Moody's Investors Service has assigned a B1 instrument rating to
the proposed senior secured $-denominated and EUR-denominated notes
due 2032 to be issued by VZ Secured Financing B.V., a newly created
special purpose vehicle. The outlook is stable.

The proceeds from the proposed senior secured notes due 2032 issued
by VZ Secured Financing B.V. will be on-lent to Ziggo B.V., a
subsidiary of VodafoneZiggo Group B.V. (VodafoneZiggo, B1 stable),
in the form of new $-denominated and EUR-denominated Finco Loans
under the existing VodafoneZiggo Credit Facility. Ziggo B.V. will
then use the proceeds from the new Finco Loans to refinance the
outstanding USD1.6 billion backed senior secured notes due 2027 and
the outstanding EUR620 million backed senior secured notes due
2027. The new Finco Loans will benefit from the same guarantee and
security packages as the existing loans raised under the
VodafoneZiggo Credit Facility.

RATINGS RATIONALE

The B1 instrument rating assigned to the proposed senior secured
notes due 2032 reflects their pari passu ranking with senior
secured bank credit facilities and other senior secured notes,
rated B1, in line with VodafoneZiggo's B1 corporate family rating
(CFR). The pari passu ranking of the proposed senior secured notes
and senior secured bank credit facilities reflects Moody's view
that the on-lending of the proposed senior secured notes within the
VodafoneZiggo senior secured restricted group via the new Finco
Loans establishes a claim position for holders of such notes that
is broadly equivalent to that of existing lenders under the
VodafoneZiggo bank facility.

The first-ranking position of the senior secured debt and senior
secured credit facilities reflects the fact that they benefit from
a comprehensive guarantor coverage -- guarantors represented 81.7%
of the group's total assets, 98.1% of pro forma EBITDA, and 97.0%
of group's revenue for the nine months ended 30 September 2021 --
and are secured by certain property and assets of guarantors,
including certain real estate, bank accounts, intellectual property
right, receivables and moveable and immovable assets of the
guarantors. The company has the option to remove the all-asset
security granted for the senior secured facilities and senior
secured bonds although Moody's does not expect this option to be
exercised. The senior secured debt benefits from the buffer
provided by the vendor-financing obligations and senior notes which
rank behind this debt. Receivables under the vendor financing
programme and the VFZ facility are unsecured obligations of VZ
Vendor Financing II B.V. and VodafoneZiggo Group B.V. VZ Vendor
Financing II B.V. is structurally subordinated to the obligors of
the senior secured indebtedness of VodafoneZiggo but is
structurally senior to the obligors of the senior notes.

The stable outlook on VodafoneZiggo reflects Moody's expectation
that the company will continue to experience growth in revenue and
EBITDA supported by increasing fixed mobile convergence with a
stable competitive environment while maintaining Moody's adjusted
gross leverage at or below 6.0x.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Upward rating pressure could develop if (1) VodafoneZiggo's
operating performance continues to improve significantly reflected
in an acceleration of revenue and EBITDA growth; (2) its Moody's
adjusted gross debt-to-EBITDA falls below 5.0x on a sustained
basis; and (3) VodafoneZiggo's cash flow generation improves such
that Moody's-adjusted cash flow from operations (CFO)/debt
increases to above 15%. Downward rating pressure is likely if (1)
the operating performance of the group weakens significantly on a
sustained basis because of intense competition in the market and
(2) adjusted gross debt-to-EBITDA increases to well above 6.0x and
CFO/debt falls below 10% on a sustained basis.

COMPANY PROFILE

VodafoneZiggo is a 50-50 joint venture owned by Liberty Global plc
(Ba3 stable) and Vodafone Group Plc (Baa2 stable). The joint
venture was created in December 2016. VodafoneZiggo is the
second-largest operator in the Dutch telecommunications market and
the only significant cable communications operator in the
Netherlands. Neither Liberty Global nor Vodafone consolidates the
joint-venture in its accounts.



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

UKRAINE: Egan-Jones Keeps BB+ Senior Unsecured Ratings
------------------------------------------------------
Egan-Jones Ratings Company, on December 7, 2021 maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Ukraine.

Ukraine is a country in Eastern Europe.




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

CREATE CONSTRUCTION: Owes GBP12 Million at Time of Administration
-----------------------------------------------------------------
Ian Weinfass at Construction News reports that a contractor that
suffered from a "lack of experience and knowledge" when it expanded
rapidly into new markets owed GBP12 million when it went into
administration.

Blackpool-headquartered Create Construction went into
administration in October with the loss of 50 jobs, Construction
News recounts.  It had turned over GBP93 million in the year to
February 28, 2020, a time in which its revenue grew by a third
while its year-on-year pre-tax profit remained flat at around
GBP4.4 million, Construction News states.

According to Construction News, an administrator's report by RSM
Restructuring Advisory released last week said the jump in revenue
came when Create expanded from its traditional North West market
into "the national market".

However, it noted that this caused problems: "Management's lack of
experience and knowledge of subcontractor expertise in the national
sector led to the company paying a premium price for subcontractor
services, which in turn caused the company's profit margin to
fall."

The firm, which was formed in 2006 and specialised in the hotel,
student accommodation and private rental markets, was hit hard by
several issues in the wake of COVID-19 and, by the end of February
2021, its turnover fell to GBP42.8 million and it made a pre-tax
loss of GBP772,000, Construction News relates.  The administrators
said lockdowns, increased labour and materials costs and the
reverse VAT charge had created problems and increased pressure on
cashflow, Construction News notes.

Create was threatened with legal action by more than 20 suppliers
before filing for administration, Construction News recounts.  RSM
estimated that the company owed 303 creditors -- including many
small contractors and material suppliers -- a total of GBP12
million, Construction News discloses.  Preferential creditors
including Lloyds Bank are set to be repaid GBP2.85 million, but
administrators have identified a £10m shortfall in the amount
available to pay others, Construction News notes.

Create Construction was part of the wider Create Group of companies
of which sister firms continue to trade.


GEORGE'S TRADITION: Bought Out of Administration
------------------------------------------------
Faith Pring and Callum Parke at Derby Telegraph report that
George's Tradition, a fish and chip shop chain with branches across
Derbyshire and Nottinghamshire, has been saved after it was sold to
new owners.

George's Tradition went into administration in November due to
historical debts relating to the launch of a different restaurant
chain, Derby Telegraph recounts.

While all 137 staff members were retained, the future of the
company looked uncertain, Derby Telegraph notes.

But now the fish and chip chain, which has branches in Allestree,
Chellaston, Ilkeston and Long Eaton, has confirmed it has been
bought by new owners, Derby Telegraph relates.

According to Derby Telegraph, when approached by Derbyshire Live
for further comment, a spokesperson said that all stores would now
remain open and no staff were being made redundant.




PUSH DOCTOR: Square Health Acquires Business
--------------------------------------------
Phil Taylor at Pharmaphorum reports that Push Doctor -- a digital
platform that virtually connects patients with GPs -- has been
acquired by private healthcare service provider Square Health for
an undisclosed fee.

Rumours of a deal first emerged last November, amid reports that
Push Doctor had been at risk of insolvency and going into
administration, Pharmaphorum recounts.

According to Pharmaphorum, the company reported a loss of nearly
GBP8 million (almost US$11 million) in the year to July 31, 2021,
and finished the period with just over GBP1 million in cash,
reportedly only enough to last less than 12 months.

Once the Square Health acquisition goes through, Push Doctor will
become a division and trading brand of the private health group,
Pharmaphorum states.

The nine-year-old company began life as the UK's first platform to
offer online consultations online and via smartphone -- offering
quick, easy and convenient access to NHS-registered doctors.


TURBINE EFFICIENCY: Owes Almost GBP10MM at Time of Collapse
-----------------------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that a provider of
maintenance, repair and overhaul for industrial gas turbines owed
almost GBP10 million to creditors when it fell into administration
in November.

James Clark and Howard Smith from Interpath Advisory were appointed
joint administrators of Turbine Efficiency (TEL) and Turbine
Efficiency Group (TEG) on November, 2021, TheBusinessDesk.com
relates.  Over 20 people lost their jobs at the firm,
TheBusinessDesk.com discloses.

Operating from a leasehold facility in Witham St Hughes in
Lincolnshire and incorporated in January 2000, TEL provided
services to the utilities, oil and gas, power generation, and
industrial process support sectors.

Documents seen by TheBusinessDesk.com show that Turbine Efficiency
Group owes GBP9,994,511 to creditors at the time it called
Interpath in, TheBusinessDesk.com states.

TEG was incorporated in December 2011 and operated as an
intermediate holding company, and was the 100% shareholder of TEL.

Turnover had been dropping at the firm for some time,
TheBusinessDesk.com relays.  Revenue in the 15 months ended 31
March 2020 was GBP20.3 million, while in the 12 months ended March
31, 2021 it was down to GBP16.9 million, TheBusinessDesk.com
notes.

According to TheBusinessDesk.com, the administrators said that TEL
suffered "significant capital constraints" in its FY21 as a result
of customers reducing capital expenditure projects following the
impact of COVID-19.  The directors undertook an early options
process to try to secure new investment for the business, but with
no offers for the business and assets on the table, the directors
took the decision to place the companies into administration.


[*] UK: NatWest in Talks Over Rescue Scheme for Ailing Energy Cos
-----------------------------------------------------------------
Helen Cahill, Rachel Millard and Oliver Gill at The Telegraph
report that NatWest is in talks with ministers over a rescue scheme
for struggling energy companies as part of efforts to avoid a
Treasury bailout.

According to The Telegraph, the taxpayer-owned bank has been
drafted into discussions aimed at helping to ease
financial burdens on the industry, as fears mount that consumer
bills will soar to GBP2,000 when the price cap increases in April.

Ofgem, the industry watchdog, is seeking to protect providers and
the public after 26 suppliers went bust last year in the face of
soaring wholesale gas prices, The Telegraph discloses.

It has already set out plans to establish a private sector loan
scheme to help providers cover the substantial upfront costs of
taking on customers when rivals go bust, The Telegraph states.

However, the watchdog's own documents show that only one, unnamed,
lender has signed up for this scheme in a sign of deep scepticism
across the City, The Telegraph notes.  Major banks including HSBC,
Santander and Lloyds have not committed to providing loans, The
Telegraph relays.

Sources close to NatWest -- in which the Government has a 55% stake
-- said it is involved in wider talks about how to ease financial
pressures on energy suppliers. Discussions are at an early stage
and it is not yet known what support the taxpayer-backed bank could
provide, The Telegraph notes.

Industry leaders have said energy price rises are by far the
biggest financial threat they face, with companies fearful they
will be stung with up to GBP20 billion of costs, The Telegraph
relates.

Prices have been pushed up by a global supply squeeze as societies
reopened after Covid, with Russia accused of adding to the pressure
by restricting exports to Europe, The Telegraph says.

Consumers in Britain have so far been spared from a surge in their
bills because of the energy price cap, although this has had the
side effect of triggering a wave of bankruptcies because suppliers
were unable to pass higher costs on, according to The Telegraph.

The cap will be increased to reflect average wholesale prices in
April, with its new level due to be announced by Ofgem within
weeks, The Telegraph states.

Energy bosses have warned the Government that a large jump in
tariffs could wreck Boris Johnson's chances of reelection, and the
taxpayer is expected to face pressure to stump up funding if City
institutions refuse to step in, according to The Telegraph.

According to The Telegraph, a Whitehall insider said discussions on
Jan. 5 between the industry and Business Secretary Kwasi Kwarteng
were "constructive" and that the Government would continue to work
with companies and Ofgem to find potential mitigations.

However, City sources warned that lenders will be reluctant to fund
any rescue scheme unless their loans are guaranteed by the
Government over fears that higher prices pose a long-term risk, The
Telegraph notes.

One investment banker even suggested that industry efforts to find
a private sector solution are little more than a negotiating tactic
to persuade the Treasury the only viable option is taxpayer help,
The Telegraph discloses.

It is feared that more energy providers will go bust in coming
months, The Telegraph says.




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

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace
-------------------------------------------------------------
Author: Warren E. Agin
Publisher: Bowne Publishing Co.
List price: $225.00
Review by Gail Owens Hoelscher

Red Hat Inc. finds itself with a high of 151 5/8 and low of 20 over
the last 12 months! Microstrategy Inc. has roller-coasted from a
high of 333 to a low of 7 over the same period! Just when the IPO
boom is imploding and high-technology companies are running out of
cash, Warren Agin comes out with a guide to the legal issues of the
cyberage.

The word "cyberspace" did not appear in the Merriam-Webster
Dictionary until 1986, defined as "the on-line world of computer
networks." The word "Internet" showed up that year as well, as "an
electronic communications network that connects computer networks
and organizational computer facilities around the world."
Cyberspace has been leading a kaleidoscopic parade ever since, with
the legal profession striding smartly in rhythm. There is no
definition for the word "cyberassets" in the current
Merriam-Webster. Fortunately, Bankruptcy and Secured Lending in
Cyberspace tells us what cyberassets are and lays out in meticulous
detail how to address them, not only for troubled technology
companies, but for all companies with websites and domain names.
Cyberassets are primarily websites and domain names, but also
include technology contracts and licenses. There are four types of
assets embodied in a website: content, hardware, the Internet
connection, and software. The website's content is its fundamental
asset and may include databases, text, pictures, and video and
sound clips. The value of a website depends largely on the traffic
it generates.

A domain name provides the mechanism to reach the information
provided by a company on its website, or find the products or
services the company is selling over the Internet. Examples are
Amazon.com, bankrupt.com, and "swiggartagin.com." Determining the
value of a domain name is comparable to valuing trademark rights.
Domain names can come at a high price! Compaq Computer Corp. paid
Alta Vista Technology Inc. more than $3 million for "Altavista.com"
when it developed its AltaVista search engine.

The subject matter covered in this book falls into three groups:
the Internet's effect on the practice of bankruptcy law; the ways
substantive bankruptcy law handles the impact of cyberspace on
basic concepts and procedures; and issues related to cyberassets as
secured lending collateral.

The book includes point-by-point treatment of the effect of
cyberassets on venue and jurisdiction in bankruptcy proceedings;
electronic filing and access to official records and pleadings in
bankruptcy cases; using the Internet for communications and
noticing in bankruptcy cases; administration of bankruptcy estates
with cyberassets; selling bankruptcy estate assets over the
Internet; trading in bankruptcy claims over the Internet; and
technology contracts and licenses under the bankruptcy codes. The
chapters on secured lending detail technology escrow agreements for
cyberassets; obtaining and perfecting security interests for
cyberassets; enforcing rights against collateral for cyberassets;
and bankruptcy concerns for the secured lender with regard to
cyberassets.

The book concludes with chapters on Y2K and bankruptcy; revisions
in the Uniform Commercial Code in the electronic age; and a
compendium of bankruptcy and secured lending resources on the
Internet. The appendix consists of a comprehensive set of forms for
cyberspace-related bankruptcy issues and cyberasset lending
transactions. The forms include bankruptcy orders authorizing a
domain name sale; forms for electronic filing of documents;
bankruptcy motions related to domain names; and security agreements
for Web sites.

Bankruptcy and Secured Lending in Cyberspace is a well-written,
succinct, and comprehensive reference for lending against
cyberassets and treating cyberassets in bankruptcy cases.



                           *********


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 2022.  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.


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