United Kingdom

The court-appointed trustee overseeing the liquidation of Lehman Brothers Holdings Inc.'s broker-dealer business is in line for more than $4 billion in a little noticed portion part of a bankruptcy judge's ruling turning aside Lehman's bid to revisit the sale of the business to Barclays PLC, Dow Jones Daily Bankruptcy Review reported. In U.S.

British marketing group Aegis said it expects to take a one-off charge of 25 million pounds ($40.4 million) this year to cover the risk that a struggling Spanish client will not be able to settle its bills, Reuters reported. The provision will have no effect on Aegis' underlying results, which will be in line with analysts' current expectations, the company said in a statement on Tuesday. Aegis shares were down 3.1 percent at 141.9 pence by 1456 GMT having earlier fallen as low as 141.2 pence, underperforming the FTSE 250 share index, which was 0.7 percent lower.

Defunct law firm Halliwells owes unsecured creditors more than £190m, according to the latest report from administrators BDO, Legalweek.com reported. To date BDO has received claims worth £191.5m from unsecured creditors. Landlord and lease creditors account for £182.2m of claims received to date, with HM Revenue & Customs the next largest creditor with some £4.3m in taxes and £1.1m in VAT. The debt figure is significantly higher than the £14.1m originally thought to be owed to unsecured creditors.

Struggling British sportswear retailer JJB Sports said it plans to close another 45 stores as it proposed a second company voluntary arrangement (CVA) to creditors in as many years to keep the business afloat, Reuters reported. The firm, in which Bill Gates holds 5.5 percent, said approval from shareholders and creditors of its new CVA would let it continue trading while striking a deal with landlords to close stores and pay only part of the rent.

International rig and drilling contractor KCA Deutag's restructuring neared the finish line Friday as creditors approved a proposal that includes what is believed to be Europe's biggest cash injection into a company since the financial crisis began, Dow Jones Daily Bankruptcy Review reported. KCA Deutag's wider senior lender group Friday agreed to be locked into a restructuring deal which includes a $550 million check underwritten by the company's private equity owners, Pamplona Capital Management, and the company's junior creditors. Full approval from creditors follows the Jan.

Bank of Scotland said yesterday it was prepared to restructure the debt of buy-to-let borrowers in Ireland who have fallen deep into negative equity although it said it would only do so in exceptional circumstances, the Irish Times reported. The property crash has left many small-scale property investors in serious financial difficulty as they cannot meet their mortgage repayments or sell their properties for anything close to the sums they paid for them.

The U.K. government increased its bank levy for this year to raise an additional £800 million ($1.29 billion), an incremental move for banks more likely aimed at taking some of the steam out of Britain's heated annual debate over bankers' bonuses, The Wall Street Journal reported. Treasury Chief George Osborne still faces a raft of dilemmas over taxation as he balances public calls for tax reductions on items such as fuel with the need to whittle down the country's debt mountain. Mr.

The UK's largest pre-pack administration in which EMI's executives in effect wrested control of the music company from private equity firm Terra Firma last week may prompt financial sponsors of other highly leveraged businesses to review their groups' structures to prevent such management seizures, International Financing Review reported. Citigroup took control of EMI through the largest pre-pack administration seen in the UK at 3.4bn pounds.

Alexander Knaster's Pamplona Capital Management seems set to retain a stake in oil drilling contractor KCA Deutag, after agreeing jointly with holders of the mezzanine debt to write one of the largest equity checks ever offered for a debt restructuring-led takeover in Europe, said sources close to the matter, Dow Jones Daily Bankruptcy Review reported. Around 50% of KCA Deutag's senior lenders have accepted the proposal from private equity firm Pamplona and holders of its mezzanine debt, a form of quasi-equity, to inject $550 million of new money into the company.

One of Northern Ireland’s leading family-owned development and building companies has revealed it has been forced to enter into talks with its creditors because of “economic pressures”, the Irish Times reported. The Belfast-based Carvill Group, which has been in business for more than 60 years, has contacted creditors to discuss an insolvency procedure that involves a legally binding agreement between a company and its creditors.