Washington Post 18 Dec 15: Iceland Bank Collapse Nears End as Creditors Reach Last Accord

Category: Newsflash

A seven-year standoff between Iceland and the international creditors of its failed banks is nearing and end after a court approved the last remaining settlement.

 The agreement signed by the caretakers of LBI hf paves the way for creditor payments from the bank’s 455.6 billion kronur ($3.5 billion) estate. It follows similar deals involving Glitnir Bank hf and Kaupthing Bank hf. The three banks hold combined assets of $17.6 billion, according to their latest financial statements.


Glitnir’s administrators said they planned to make the first payments to creditors on Friday. Theodor S. Sigurbergsson, a member of Kaupthing’s winding up committee, said in an interview this week that he expects "to start payments to creditors early next year."


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