Thursday, 18. December 2008 10:47
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.

This was the second meeting held, following the first meeting on 14th

The Resolution Committee has achieved many notable successes in
protecting and thus preserving value in Old Landsbanki's assets since
the first meeting. These were shared with the ICC. This included
specific actions involving the bank's UK assets and the entering into
a moratorium without any impact on the banks business or operations
due to extensive preparation. In regard to the moratorium, Kristinn
Bjarnason, the court appointed assistant to Landsbanki under the
moratorium introduced himself and discussed his role with creditors.
The Resolution Committee also presented to the ICC a detailed
description of the banks assets, and its asset strategy. Branch
managers responsible for managing the branch assets were present at
the meeting to provide their hands-on knowledge.

Specifically in response to ICC members requests prior to the
meeting, the Resolution Committee arranged for relevant third parties
to discuss topics relevant to the restructuring process. This
included a representative from the Prime Minister's Office involved
in discussions with the International Monetary Fund (IMF) to present
the program and to discuss points specific to bank restructuring
under the program with the ICC. Oliver Wyman, the firm appointed to
conduct the valuation in regard to the transfer of assets to NBI hf,
and a representative from the Icelandic financial regulator (FME),
the body overseeing the valuation process, were on hand to present
the process and valuation principles and to hear the ICC's views on
the process, as was a representative from NBI hf, to present the new
banks' operations and strategy.

Discussions were constructive and the Resolution Committee will
continue to consult and discuss with the ICC in carrying out its
mandate to maximise recovery for all stakeholders.

Further information about the ICC including contents of the meeting
will be made available at. .

This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
Related Links: 
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.