The Winding-up Board of LBI  draws attention to those concerned to an announcement (link below) from the Icelandic Ministry of Finance.

On May 26, the Winding-up Board of LBI submitted an exemption request to the Central Bank of Iceland (CBI) in order to make payments to claims under Art. 109 -112 of the Bankruptcy Act (BA) for an amount equivalent to ISK 123.5bn. This amount reflects the total foreign currency cash balance held by LBI as of May 26.

The Winding-up Board of LBI hf. held a Creditors' Meeting today, 12 March 2015.

On Thursday, 12 March 2015, at 9:00 am, a meeting will be held with creditors in the winding-up proceedings of LBI hf. (formerly Landsbanki Íslands hf.), Reg. No. 540291-2259, at Hotel Hilton Reykjavik Nordica, Suðurlandsbraut 2 in Reykjavík.

The Central Bank of Iceland has further amended its Terms of Auction for the purchase of Icelandic krónur (ISK) in exchange for foreign currency and, among other things, vacated the condition that minimum bid from each individual creditor is one million ISK.

The Winding-up Board of LBI hf. has expanded the Markdown Process. It is now available to Beneficial Owners who:

The Central Bank of Iceland has amended its Terms of Auction for the purchase of Icelandic krónur (ISK) in exchange for foreign currency to allow commercial banks in Iceland to collect offers on non-residents´ ISK assets deriving from domestic bankruptcy estates´ payments on claims recognised with priority according to Articles 109. – 112. of the Act on Bankruptcy etc. No 21/1991.

The moratorium on 112 claim transfers put in place on 8 December 2014 has been lifted. 

Transfer MoratoriumThe Winding-up Board of LBI hf. has implemented a moratorium on 112 claim transfers from and including 8 December 2014 until further notice.  Transfers of 112 claims will not be taken into account during the moratorium in order for the Winding-Up Board to prepare updated list of claims in preparation for partial payments, which are expected to take place before the end of this year. Transfers received on or before 7 December will be processed and taken into account. 

Today, 4 December 2014, the agreement between LBI hf. and Landsbankinn hf. (“LB”) to extend and amend LB’s bond obligations to LBI took effect, whereby new bonds were issued to LBI by LB and a new pledge agreement covering the bonds was executed.

Today, November 17, 2014, LBI hf. and Landsbankinn hf. agreed to extend the deadline for completion of the extension and amendment of the Landsbankinn bonds to December 31, 2014.

Today, October 31, 2014, LBI hf. and Landsbankinn hf. agreed to extend the deadline for completion of the extension and amendment of the Landsbankinn bonds to November 17. 2014.

At the end of Q3 2014 cash already collected is the total equivalent of ISK 1,202bn, thereof the equivalent of ISK 716bn has already been distributed as partial payments to priority creditors (Art. 112).

On Thursday, 23 October 2014, at 9:00 am, a meeting will be held with creditors in the winding-up proceedings of LBI hf. (formerly Landsbanki Íslands hf.), Reg. No. 540291-2259, at Hotel Reykjavik Natura, Nautholsvegi 52 in Reykjavík.

Yesterday, September 30, Landsbankinn and LBI agreed to extend the deadline for completion of the extension and amendment of the Landsbankinn bonds to October 24, 2014.

The Winding-up Board of LBI hf. hereby presents the Financial Information for Q2 2014

The Winding-up Board of LBI hf. hereby presents the Financial Information for Q1 2014.

LBI hf. and Landsbankinn hf. have reached an agreement on amending the terms of bonds issued by Landsbankinn hf., following discussions requested by Landsbankinn hf.

A definitive agreement has been signed by shareholders representing about 89% of the equity of Highland Group Holdings Ltd (House of Fraser) to sell their shareholding in the company to the Chinese company Nanjing Xinjiekou Department Store Co., Ltd (Nanjing Cenbest).

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