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.