London - Landsbanki Islands hf. reports that its petition to place BG Holding ehf into administration under English law has been granted at the High Court of Justice in London today. As a result Tony Lomas and Zelf Hussain of PricewaterhouseCoopers LLP become joint administrators of BG Holding ehf.
London - Following the petition by Landsbanki Islands hf. to place BG Holding ehf. into administration under English law, Landsbanki Islands hf. has exercised its rights over selected securities that BG Holding ehf. holds and has nominated receivers from PricewaterhouseCoopers LLP to hold the shares on their behalf.
London - Landsbanki yesterday filed a petition to place BG Holding ehf into administration under English law, nominating Tony Lomas and Zelf Hussain of PricewaterhouseCoopers LLP to act as joint administrators of BG Holding ehf.
The Bankruptcy Court, Southern District of New York, has recognised the moratorium granted to Landsbanki Íslands hf. on 5 December 2008 by the Reykjavík District Court, Iceland.
Fitch Ratings today affirmed and simultaneusly withdrew the credit ratings of Landsbanki Íslands (Old Landsbanki). Fitch has also affirmed and simulteneusly withdrawn the ratings of Old Landsbanki's UK subsidiary, Landsbanki Heritable Bank Plc.
The Resolution Committee of Landsbanki Íslands ("Old Landsbanki") and Kepler Capital Markets ("Kepler") are pleased to announce the sale of Kepler to management and staff through a management-led buy-out (MBO).
The Resolution Committee held an informal creditors' committee (ICC) meeting on 12 December 2008. The ICC is made up of creditors and creditors' representatives of Old Landsbanki representing the interests of different classes and types of creditors.
Landsbanki Islands hf. ("Landsbanki") is currently being controlled by a Resolution Committee appointed by the Icelandic Finance Supervisory Authority (the "FME") under emergency legislation passed at the beginning of October. The bank is not in any form of administration or liquidation process.
The Chairman of the Resolution Committee of Landsbanki Íslands hf ("Old Landsbanki"), Mr Lárus Finnbogason, announced that the first informal creditors' committee meeting (ICC) had been held on Friday 14th November, in Reykjavík, Iceland. The ICC is made up of creditors and creditor's representatives of Old Landsbanki representing the interests of different classes and types of creditors.
The Board of Directors of Landsbanki Íslands hf. (administration committee), in a letter dated 13 October 2008, has requested that the Iceland Stock Exchange Ltd. (Kauphöll Íslands hf.) remove the listed equities of Landsbanki Íslands hf. from trading on the Nasdaq OMX Nordic Stock Exchange in Iceland, cf. Paragraph 2, Article 24 of Act No. 110/2007, on Stock Exchanges.
A new banking institution fully owned by the Government of Iceland has been established, taking over part of the operations of Landsbanki Íslands hf. The new bank's formal name will be New Landsbanki Íslands hf.
Due to press reports and claims concerning fund transfers between Landsbanki subsidiaries and the parent company during the period leading up Icelandic financial enterprises being placed in receivership by the Icelandic FSA, as provided for by newly adopted legislation, Landsbanki would like to state the following:
Landsbanki Íslands announces that the Icelandic Financial Services Authority, the Fjármálaeftirlitið (FME) has decided to take over the powers invested in Landsbanki's shareholders meeting and Landsbanki's Board of Directors. The FME has appointed a receivership committee which has assumed the role of the Board of Directors with immediate effect.
Recent weeks have demonstrated deterioration in the world financial markets not seen since beginning of this century. Established banking institutions have failed and many others are ailing. Governments are taking extraordinary measures to adapt to these challenging times.