Partial payments to creditors

The Winding-up Board of LBI made its fourth partial payments to priority creditors on 12 September. The payments were in total the equivalent of 69,4 billion ISK, paid in GBP, EUR and USD which were on LBI´s foreign deposit accounts on 12 March 2012 and thus exempt from the currency restrictions as provided for in paragraph five of Article 13 n of Act No 87/1992 on Foreign Exchange, as amended by Act No 17/2012.

Prior partial payments are the equivalent of 661 billion ISK which means that total partial payments to date are the equivalent of 730,4 billion ISK, reflecting a payout ratio of 55% of the total amount of claims with priorty according to Article 112 of the Bankruptcy Act No 21/1991.

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