Composition Proposal confirmed by the District Court

The composition agreement for SPB hf. (the “Composition”), which was accepted by SPB‘s creditors in a voting on the 16th of December 2015, was confirmed by the Reykjavík District Court on the 28th of January 2016. The Composition became effective on the 4th of February 2016, a week after the date of the District Court´s order confirming it, as is provided for in art. 59 in the act on bankruptcy etc., no. 21/1991.

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District Court ruling regarding claim no. 190

On the 2nd of February 2016 the District Court of Reykjavik issued a ruling in the dispute between SPB and the Asset Holding Company of the Central Bank of Iceland (AHC). The dispute concerns the claim of AHC no. 190 in SPB´s list of claims, originally in the amount of ISK 200 billion but now in the amount of ISK 165,7 billion.

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Results of the Voting on the Composition Proposal

The creditors´ meeting of SPB was held on 16 December 2015 at SPB´s offices in Borgartun 25, Reykjavik, as had previously been announced to SPB´s creditors. The composition proposal of SPB was presented at the meeting for creditors´ acceptance.

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SPB hf. (formerly Icebank)

With a decision made on the 21st of March 2009, the Financial Supervisory Authority (FME) assumed the power of a shareholders meeting of SPB (formerly Icebank). On the 27th of March FME appointed a Resolution Committee for SPB, which has taken over all authority of the Board of Directors in accordance with the articles of Company Law - Act No. 2/1995 Respecting Public Limited Companies, in accordance with Article 100 a of the Act on Financial Undertakings.

Transfer of Claims

From 3 November 2009 if a creditor wishes.....

Creditors' Report


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