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| Claim owners come to own Kaupthing |
| Monday, 20 July 2009 12:06 |
 It looks like the largest claim owners of old Kaupthing, who are mostly owners of bonds, are going to come to own all up to 87% part of New Kaupthing. The claim owners sat a part of the discussions with the Icelandic government and the agreement about the refinancing of the banks is done with their approval said Steinar Thor Gudgeirsson chairman of the liquidating committee of Kaupthing. Because of great uncertainty about the price appraisal of the assets that were transferred over to New Kaupthing does the liquidating committee of kaupthing think that the interests of the claim owners of the bank are better off owning a part of New Kaupthing. The emergency legislation "corrected" The agreement includes that old kaupthing will be given the chance of coming to own 87% of new Kaupthing against the national treasury. Kaupthing will set forward 65% of the capital funds in the form of general equity and the Icelandic government would set forward 35% in the form of a loan and general equity. By doing this will old Kaupthing come to own again the assets and debts that were transfered over to new Kaupthing in October, after the emergency legislation was set. The national treasury will take care of financing kaupthing to begin with. Then the claim owners are offered to come to own the bank before October 31st this year. The agreement that was introduced this morning is depending on the approval of the FSA and the stability research on New kaupthing which has to be finalized before that happens. Steingrimur J. Sigfusson minister of finance was asked at the meeting in the culture houe this morning if this action is a correction to the emergency legislation. Steingrimur decided to defend the emergency legislation. The government had been attempting to protect the balances and domestic bank operations. It had been an essential action. Informs every day "A part of the claim owners were at the negotiation discussions. The largest claim owners set their claim council," said Steinar Thor Gudgeirsson. Steinar says that the claim owners were informed every single day by phone meetings about the position of things. So things seem to be approved by the majority. The USA investmentbank Morgan Stanley assisted the liquidating commitee of Kaupthing during these negotiation discussions. New logo of new Kaupthing There will be a new trademark and name of new Kaupthing introduced but the bank has been reviewing its trademark and image for the past weeks. Finnur Sveinbjornsson bank governor will have the job through out this year, but the plans are to advertise his position this fall. The agreement about financing new Kaupthing.
News Article by Thorbjorn Thordarson Translated by Anya Original Article in Icelandic
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