Second payment to creditors of SPB in accordance with the Composition


The composition agreement for SPB hf. (the “Composition”), which was accepted by SPB‘s creditors (the “Composition Creditors”) in a voting at a meeting 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.


According to the Composition the following payments shall be paid within 30 days from the final court decision in the dispute no. X- 575/2010:


The Company´s shareholding will be decreased and new shares issued and allocated (the “New Shares”) to AHC and other Composition Creditors who so chose.


A Composition Creditor who did not choose to receive New Shares will be paid in cash an amount, which according to the list of claims, reflects what would have been his share of the New Shares had he not declined payment in New Shares.


All Composition Creditors will be paid an amount in cash stemming from remaining liquid funds proportionally to their Composition claims.

SPB hf. has now paid the following payments according to the Composition:


Accepted General claims                                                  ISK 251,363,679,684


First payment according to the Composition                  

De Minimis payment                                                         ISK 13,993,253

15% payment to composition creditors                         ISK 37,703,993,404

General claims after first payment                                 ISK 213,645,693,027


Second payment according to the Composition 1 June 2016

Payment in form of new shares in SPB                          ISK 4,600,000,000

Cash payment                                                                     ISK 4,817,607,644

Total payment                                                                    ISK 9,417,607,644

Payment as a ratio of original claims                              3.75%


Total payments under the Composition                       ISK 47,135,594,301

Total payments as a ratio of original claims                  18.75%


In a shareholders´ meeting on 1 June 2016, the company‘s shares in the company were decreased and new shares issued for a nominal ISK 4,600 millions and allocated to SPB‘s creditors.  At the aformentioned shareholder´s meeting  the former Winding-up Board stepped down and a new board of directors was elected.  The new board of directors comprises of Haukur. C. Benediktsson and Guðmundur Ingvi Sigurðsson, both representing AHC which currently owns 97.3% of SPB‘s shares.