| Want to get rid of the directors of Exista |
| Tuesday, 26 May 2009 15:57 |
 The largest domestic claim owners of Exista want to take over the company and put all of its administrators to the side. The letter containing this was sent to Exista just before last weekend and gave the directors a time limit till midnight last night to react to it. If they would not comply with the demand of the claim owners would they call in the entire debt of Exista and put the company into moratorium. The directors of Exista are Erlendur Hjaltason and Sigurdur Valtysson. Lydur Gudmundsson is the operating board director of the company. The sources of Morgunbladid say that the claim owners do not trust the current directors of Exista to inform about the actual position of the company. The claim owners in question are the liquidating committees of the three old banks as well as New Kaupthing. Together they have formed an informal claim owner council of domestic claim owners of Exista with three pension funds, Gildi, Pension fund of tradespeople and the pension fund of government employees. In the answer of the directors of Exista says the company that "of course it is not possible to comply with the claims that are set forward in a letter from the banks without looking for consultation with other claim owners of the company especially in the light of that there is a dispute of if the three old banks have any claims on Exista." So it can only be seen that the will of the banks is to throw out all of the analysis work and suggestion creation that has been done during the past months. The three pension funds did not sign this letter and do want to continue working with the current directors of Exista. The sources of Morgunbladid say that the funds want to change the debts of Exista to them into bonds with a long lifetime. Then they would not have to write off the whole claim on the company at once.
News Article by Thordur Snaer Juliusson Translated by Anya Original Article in Icelandic
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