News announcement from LBI hf. - Creditors Meeting

The Winding-up Board of LBI held a Creditors' Meeting today, 12 March 2014.

Financial Situation of LBI hf.

At this meeting the Winding-up Board presented information to creditors on the estimated value of LBI's asset portfolio as of 31 December 2013 (Q4).

It was stated that cash held by LBI increased in real terms by ISK 93 billion from Q3 2013 and amounted to almost ISK 318 billion at year-end.

It was also pointed out that the estimated value of LBI's assets had increased in real terms by around ISK 2 billion from Q3.

Including four partial payments, equivalent to around ISK 716 billion, LBI's estimated recoveries as of 31 December 2013 were equivalent to ISK 1,534 billion.

The total estimated value of LBI's assets has therefore increased by the equivalent of ISK 434 billion during the period from 30 April 2009 until year-end 2013.

It could be mentioned that estimated recoveries as of year-end 2013 are equivalent to around ISK 208 billion higher than the amount of recognised priority claims in the winding-up proceedings.

Partial payments (Interim distributions)

The Winding-up Board announced that the total of all partial payments and lump sum payments made as of the end of last year was equivalent to just under ISK 716 billion, or to 53.9% of the total amount of priority claims as of year-end. Two requests for exemptions from capital controls for payment of ISK 265 billion in further partial payments proposed by the Winding-up Board are being discussed by the Central Bank of Iceland.

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