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28.12.2015

Final and binding Composition Agreement of LBI hf.

The Composition Agreement of LBI hf., which was confirmed by the District Court of Reykjavik on 18 December 2015, has become final and binding under Icelandic law as the appeal period provided for under Article 59 of the Act on Bankruptcy etc. No. 21/1991 lapsed on 25 December without any appeal being filed.

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18.12.2015

Composition confirmed by the District Court

The Composition Proposal of LBI hf., which was approved at the Composition Voting Meeting on 23 November 2015, has as of today 18 December 2015 been confirmed by the District Court of Reykjavik as the Composition Agreement of LBI hf.

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01.12.2015

NOTICE OF A COURT HEARING ON THE MOTION TO CONFIRM THE COMPOSITION PROPOSAL OF LBI HF.

On Tuesday, 15 December 2015, at 10:00 a.m., a hearing will be held in the District Court of Reykjavik, Courtroom No. 301, at Laekjartorg Square, Reykjavik, Iceland, to address the Request of the Winding-up Board of LBI hf. for confirmation the composition proposal of LBI hf., (formerly Landsbanki Íslands hf.), Reg. No. 540291-2259.

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23.11.2015

Outcome of voting on the Composition Proposal of LBI hf.

A creditors' meeting of LBI hf. was held today at Hilton Hótel Nordica in Reykjavík to vote on the company's composition proposal.

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12.11.2015

Provisional approval received from the Central Bank of Iceland

On 11 November 2015 the Winding-up Board received a letter from the Central Bank of Iceland, in response to LBI´s exemption request based on the Composition Proposal, giving its provisional approval to that request and the intended Stability Contribution.

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06.11.2015

Sale of the Landsvirkjun Bond

In accordance with the agreement of 18 September 2015, Landsbankinn hf. has purchased of LBI its Landsvirkjun Bond and the purchase price has been paid.

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06.11.2015

Composition Proposal of LBI – legislative amendments and new timing of the meeting to vote

Last Wednesday, 4 November, the Icelandic Parliament passed law amending the Act on Income Tax, the Act on Special Levy on Financial Undertakings, the Act on Financial Undertakings and Act on Stability Levy (composition of the estates of failed financial undertakings).

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03.11.2015

Transfer Register

In preparation for the anticipated meeting to vote on the intended composition proposal, the Winding-up Board of LBI hf. (the “WuB”) strongly encourages creditors to submit all outstanding claim transfer requests to Epiq Systems, as soon as possible.

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28.10.2015

Announcements from MoF and CBI from today

“Consultation between Central Bank and Minister of Finance and Economic Affairs on exemptions for the three failed banks' estates

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14.10.2015

Announcement from LBI hf.

Last Monday LB issued bonds under its Euro Medium Term Note (EMTN) program of total EUR 300m.  In accordance with LBI‘s and LB‘s agreement from 18 September 2015 LB will use the proceeds from this Bond issuance to prepay (i) LB Bond tranches B1, B2 and B3 with maturity 9 October 2016 and (ii) 45% of LB Bond tranches C1, C2 and C3 with maturity 9 October 2018.   LB‘s prepayment is expected to happen within the next 3-4 days.     

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