LBI's Financial Situation in Q3 of 2013
The Winding-up Board of LBI hf. has updated information on the estimated value of LBI's asset portfolio as of 30/09/2013. The real increase in estimated value quarter-over-quarter was almost ISK 18 billion, due mostly to an update of the estimated value of LBI's portfolio. Based on the situation at the end of Q3, total recoveries are expected to amount to around ISK 1,556 billion or around 51% of recognised claims (ISK 3,077 billion). Based on this figure for total recoveries, around ISK 230 billion is expected to be available after payment of priority claims, or the equivalent of a 13% recovery rate for general claims.
In Q3 the Winding-up Board made a fourth partial payment of just over ISK 67 billion to priority creditors. This brings the total distributions to priority creditors to ISK 715 billion, or 54% of recognised priority claims.