News


22.06.2017

Landsbankinn fully repays remaining Bond owed to LBI

On 22 June 2017, Landsbankinn fully prepaid the outstanding balance under Bond Series 2024 of USD 160 million and has thereby fully repaid all outstanding Bonds owed to LBI. The prepayment totals USD 161.33 million, including accrued and unpaid interest (EUR 144.7 million at the exchange rate of 22 June 2017). LBI expects to announce an unscheduled payment in partial redemption of the Convertible Notes shortly.

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09.06.2017

Scheduled payment confirmed to be €43,615,742

Pursuant to 9.1(c) of the Conditions, and in furtherance of the Payment Notice issued on the 2 June 2017, the Issuer hereby notifies the Noteholders that the final amount of Euro Equivalent Available Cash paid on the 15 June 2017 will be €43,615,742.

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02.06.2017

SCHEDULED PAYMENT ESTIMATED TO BE €43.9 MILLION

Terms defined in this notice shall be constructed in accordance with the conditions set out in the Schedule 1 to the Trust Deed, dated March 23rd, 2016 and made between the Issuer, the Trustee and the U.S. Trustee (the “Conditions“) (as amended in a noteholder meeting on 28 November 2016).

Pursuant to the Condition 9.1(b) of the Conditions, the Issuer hereby notifies the Noteholders of a payment which will be applied in partial redemption of the Notes on the Payment Date of 15 June 2017. The estimated Euro Equivalent Available Cash for this payment is € 43,888,508.

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12.05.2017

LBI has settled outstanding disputes with Glitnir

Glitnir HoldCo ehf. („Glitnir“) and LBI ehf. („LBI“) have signed a settlement agreement concerning a disputed guarantee granted by Glitnir to LBI in relation to a loan which LBI made to a company called Stytta ehf. The dispute concerned a claim that LBI lodged in the winding-up proceedings of Glitnir and a claim that Glitnir lodged in the Winding-up proceedings of LBI.

Pursuant to the settlement, Glitnir will accept LBI’s claim, as an unsecured claim pursuant to Article 113 of the Bankruptcy Act No. 21/1991, for the total amount of 13.5 bn ISK.

Glitnir will also withdraw the claim lodged by Glitnir in the Winding-up procedure of LBI, which was lodged as a proprietary claim pursuant to Article 109 of the Bankruptcy Act No. 21/1991.

Further information concerning payment to noteholders due to this settlement will be provided by either party in due course.

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11.05.2017

LBI loses its rescission case against LGT Bank Ltd.

On 11 May 2017, the Supreme Court of Iceland found against LBI in the rescission case against LGT Bank Ltd.

The Court affirmed the ruling of the District Court of Reykjavik and principally the same grounds.

The Court found that the payment appeared ordinary under the circumstances as the terms of the bonds stated that LBI could buy back securities without limitation, that LBI actually did so to a substantial degree between 2006 and 2008. The Court furthermore supports its decision on the basis that financial institutions routinely purchase their own bonds before maturity.

Cost is not awarded to either side.

LBI is currently reviewing the effects of Supreme‘ s Court ruling on remaining 18 voiding/bond buy-back cases.

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