Luxembourg court okays Landsbanki asset recovery deal

A court in Luxembourg has given the green light to a deal between the bankrupt estate of Landsbanki Luxembourg, Landsbanki Íslands, the Central Bank of Luxembourg and several of the bank’s biggest creditors.

Pall Benediktsson, Landsbanki resolution committee spokesman, told RUV that the contract means higher returns on asset recovery for Landsbanki Íslands. The contract is the result of months of negotiation.

The next creditors’ meeting of Landsbanki is on 23rd August. Figures will be released at the meeting to show exactly what effect the contract will have on asset recovery rates.

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Source: IceNews, Daily news from Iceland