LBI hf. Íslenska Creditors Login Home Status of Operations Winding-up Proceedings Claims News Upcoming Events Contact Us Links FAQ You are here: Home / News News News announcement from LBI hf. - Creditors Meeting 02.10.2015 The Winding-up Board of LBI hf. held a Creditors' Meeting today, 2 October 2015. LBI hf. has already recovered almost ISK 1,335 billion of the ISK 1,663 billion estimated total recoveries, based on its position as of the end of June this year, which means that as of the same point in time recoveries in cash amount to almost 80% of total recoveries. Bonds issued by Landsbankinn hf. amount to just over ISK 200 billion or some 60% of the almost ISK 328 billion which remains to be recovered. Partial payments totalling ISK 1,117.6 billion have been made to priority claims with reference to Art. 112 of the Act on Bankruptcy etc. equivalent to around 84.14% of the total amount of such claims. As of the end of June this year, the estimated value of LBI's assets was around ISK 264 billion more than the outstanding balance on priority claims recognised with reference to Articles 112 of the Act on Bankruptcy etc. The status of the composition process and the key aspects of the anticipated composition proposal were discussed at the meeting. A decision by the Winding-up Board to deliver a stability contribution as provided for in Point 4 of the second paragraph of Art. 103 of the Act on Financial Undertakings, No. 161/2002, cf. Temporary Provision III of the Act on the Central Bank of Iceland, No. 36/2001, met with no objections from creditors. The same applies to Deeds of Release and Indemnity for LBI's Winding-up Board, employees and advisors in connection with the stability contribution, the composition process and measures taken in connection with the preparation and fulfilment of a proposed composition. Read Announcement from LBI hf 30.09.2015 Reference is made to (i) the Senior Indenture, dated as of July 21, 2006, (the “Indenture”), between Landsbanki Íslands hf. (now known as LBI hf.), as issuer, (“LBI”) and Deutsche Bank Trust Company Americas (“DBTCA”), as trustee, as supplemented, pursuant to which the 6.10% Senior Notes, due 2011, the Floating Rate Senior Notes, due 2009, and the €950,000 Autocallable Linked Notes due 2010, Linked to Telefónica S.A. and Banco Santander Central Hispano S.A. (collectively, the “Notes”) were issued. Please note that LBI has established a record date of 2 October 2015, entitling beneficial owners of Notes as of that date to direct DBTCA to vote their beneficial interests with respect to the proposal for a compositon to be made by the Winding-up Board on behalf of LBI. Read Archive 25.09.2015 ANNOUNCEMENT FROM LBI HF. 19.09.2015 Announcement from LBI hf 08.09.2015 Announcement from LBI hf. 27.08.2015 Announcement from LBI hf. 05.08.2015 Announcement from LBI 28.07.2015 Announcement from LBI 08.06.2015 Announcement from LBI 04.06.2015 Announcement from LBI 12.03.2015 News announcement from LBI hf. - Creditors Meeting 02.03.2015 Creditors Meeting 12345678910111213 LBI hf. | Álfheimar 74, 2nd floor | 104 Reykjavík Reg. no. 540291 2259 | Phone: +354 4203900 | Fax: +354 4203920 | Email: info@lbi.is Disclaimer | Privacy Policy | Webtree | Creditors Reports