The board of Landic Property hf. has requested a bankruptcy petition of the
company's holdings before the District Court in Reykjavik.
The creditors of Landic Property hf. rejected the composition proposal for the
company. 79 creditors passed the proposal, 6 stood by or were not present,
but 2 rejected the proposal. Those who control 97,65% of the claim amount
passed the proposal, but the percentage of the headcount of those who passed
the proposal was 83,5%. Both percentages would have needed to be at least
96% so the proposal would be considered approved. In regard to the results of
the creditors meeting the company has decided to request a bankruptcy petition.
After the reconstruction over the past months Landic Property hf. has become a
holding company. The company's main assets are cash, about 900 million ISK,
rights of claimants around 300 million ISK, and 16% equity in the real estate
company Reitir. The company's total debt is around 120 billion ISK.
For further information please contact:
Eiríkur S. Jóhannsson
Chairman, Landic Property hf.
Tel: 669-9010
Email: esj@steinvirki.is
