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.

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