Eimskip reaches agreement with bond holders


- Important support whilst the Eimskip Group reorganizes 
and works on refinancing

HF Eimskipafelag Islands reached an agreement with 90% of its bond holders in
category HFEIM081 value of ISK 1.610 million.

An agreement is in place that the holders of the bonds waive their rights to
default, with Eimskip now having the authority to postpone the due dates of the
bonds until June 30th 2009, or if earlier, 30 days after the sales of Eimskip's
cold-stores operations in North-America. Furthermore, all interests' payment be
postponed until the due date, and added to the capital, similar to the
agreements already reached with holders of bonds in categories HFEIM071 and
HFEIM072. 

Eimskip is also working on a similar arrangement with bond holders in other
categories, with results expected to be announced soon. 

A total of more than 85% of all Eimskip bond holders have now signed such
agreements. 

Further imformation: 
Gylfi Sigfússon, 
CEO Hf. Eimskipafélag Íslands.