30 March 2009 On 19 March, 2009 Straumur Burdaras Investment Bank hf. (Straumur) was granted an authorisation for a moratorium process from the District Court of Reykjavík. The process enables Straumur to facilitate a financial and operational restructuring in co-operation with the bank's creditors. Since 19 March Straumur management has met regularly with its major creditors and presented a restructuring plan for the company. As a result of these discussions the major creditors have agreed to participate in the restructuring process. Such process includes a due diligence of the assets and liabilities, establishment of the future business plan for the company and addressing the legal issues related to the structuring of the future platform. Major creditors, including both Icelandic and international banks, are in the process of forming a Creditors Coordination Committee, and Straumur will appoint this committee to lead this work together with its management, and the bank's Resolution Committee. The plan aims at re-establishing Straumur as a company which the main purpose would be to manage its assets and liabilities in order to maximize value for the benefit of its creditors and other stakeholders of the company. The aim is to complete this work within the announced moratorium process. For further information contact: Georg Andersen Head of Corporate Communications Tel: +354 5856707 georg@straumur.com
Straumur initiates work on a debt restructuring plan together with its creditors
| Source: Straumur-Burðarás Fjárfestingabanki hf.