Iceland to host bank creditors meeting
Posted 05/11/2008 - 16:23 by steveejeb
Banks and other international investors exposed to the collapse of three Icelandic banks are set to attend a first creditors’ meeting that will be held in Iceland in coming weeks. The meeting is set to provide international creditors with greater information regarding the Icelandic banks’ restructuring processes.
“Much is being done to make sure the relationship between Iceland and the international lender community is put on a better footing, with a decent provision of information and a creditor consultation process,” said Mark Adams, restructuring partner at Deloitte.
The three banks are to have their assets divided, with domestic assets, including Icelandic depositors, to be transferred to new bank entities, leaving behind the remaining assets and liabilities in the old banks.