Composition Agreement Confirmed

08.01.2016
The District Court of Reykjavik confirmed the Composition Agreement of Byr Savings Bank on 8 January 2016.
Decision no M-12/2015.
 
This means that the company is no longer in a winding-up proceedings.  The former Winding-up Board will now work in accordance with the Composition Agreement.  First it will change the structure of the company and distribute to creditors a De Minimis payment, an EUR bond and shares in Old Byr Holding ehf.  Then it will continue solving the disputes with Islandsbanki hf. and Hedinsreitur ehf.