LBI's Financial Information in Q1 of 2013
LBI's Winding-up Board has updated details of the estimated value of LBI's asset portfolio as of 31/03/2013. Actual estimated recovery has increased QoQ by ISK 9.4bn. Appreciation in the ISK has lowered reported estimated recovery by ISK 55.8bn, resulting in an overall decrease of ISK 46.5bn or total estimated recovery on LBI’s asset portfolio of ISK 906bn.
Cash has increased by an actual amount of ISK 72bn, of which the sale proceeds from the sale of Glitnir and Aurum assets accounted for ISK 45bn.
Based on the fixed exchange rate as of 22/04/2009, estimated recoveries as of the end of first quarter, including the partial payments, amounted to ISK 1,551 billion. This is ISK 226 billion more than the book value of priority claims according to Art. 112 of the Bankrupty Act.