Straumur-Burdaras Investment bank hf. delays the publication of annual accounts

Tuesday, 02. June 2009 11:21
2 June 2009
On 9 March 2009 the Financial Supervisory Authority of Iceland (FME)
assumed the powers of the shareholders meeting of Straumur Burdaras
Investment Bank hf. ("Straumur" or "the Bank") and suspended the
Banks' Board immediately. Further, the FME appointed a Resolution
Committee that took over all authority of the Board of Directors. On
17 March a new CEO was hired.
On 19 March the District Court of Reykjavik granted Straumur a
moratorium on payments to creditors; the moratorium process expires
on 11 June 2009, as announced on 19 March.
The restructuring of Straumur is now in process and the management of
the Bank has met with Straumur's creditors to facilitate a financial
and operational restructuring of the Bank as announced on 30 March
and 17 April.
Due to Bank's situation the preparation of final audited financial
statements for year ended 31 December 2008 has yet to be finalized
therefore the publication of it will be delayed.

For further information contact:
Georg Andersen
Head of Corporate Communications
Tel +354 585 67 07

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