The Winding-up Board of LBI hf. held a Creditors' Meeting today, 2 October 2015.

Reference is made to (i) the Senior Indenture, dated as of July 21, 2006, (the “Indenture”), between Landsbanki Íslands hf. (now known as LBI hf.), as issuer, (“LBI”) and Deutsche Bank Trust Company Americas (“DBTCA”), as trustee, as supplemented, pursuant to which the 6.10% Senior Notes, due 2011, the Floating Rate Senior Notes, due 2009, and the €950,000 Autocallable Linked Notes due 2010, Linked to Telefónica S.A. and Banco Santander Central Hispano S.A. (collectively, the “Notes”) were issued.

On Friday 2 October 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 Reykjavík Nordica, Suðurlandsbraut 2 in Reykjavík.

LBI and LB have today reached an agreement regarding prepayment of LB Bonds and funding of priority claims. More detailed information are to be found on LBI´s closed creditors website.

Today LBI hf. published on its closed creditors’ web site, a detailed financial presentation for Q2 2015 and a presentation containing further information about LBI´s Composition process and Key Considerations in that respect.

The Winding-up Board of LBI hf. intends to hold a creditors' meeting on 2 October 2015. In addition to the customary agenda for creditors' meetings, the Winding-up Board will present to the meeting its proposal with regards to a stability contribution, and its intention to make a formal decision with respect to that.

On 8 June 2015, the Winding-up Board of LBI brought to the attention of LBI´s creditors an announcement by the Ministry of Finance concerning a bill on a stability levy that was expected to be introduced in Parliament and a proposal from certain creditors holding significant claims on the estate of LBI for a voluntary stability contribution designed to neutralize the balance of payments risks posed by LBI’s domestic assets.

The Winding-up Board of LBI draws to the attention of creditors of LBI, an announcement which has been publised on the closed creditors section of the website, regarding the composition plan for LBI and the expected process ahead.

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.