KSFIOM Liquidator 21 April 2016: Quarterly Update, with news re the Parental Guarantee Claim

Category: Newsflash

During the quarter to 31 March 2016, cash balances decreased by approximately £0.4 million. There were no repayments to any of the outstanding facilities.

The value of KSFIOM's claim against Kaupthing hf under the Parental Guarantee has been agreed at £3.2 million.

Under the terms of the recent composition agreement between Kaupthing and its creditors, creditors will get 30% of the value of their agreed claims, of which 8.3% in cash and the rest in shares (0.5%) and 'Kaupthing convertible notes' (21.2%). Accordingly KSFIOM should shortly receive cash, shares and notes with a total face value of £960k. The intention is that the shares and notes will then be sold in the short term in order to realise value for creditors.

See the bank website for full details.

Hits: 844