Iceland Bank Collapse Nears End as Creditors Reach Last Accord
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A seven-year standoff between Iceland and the international creditors of its failed banks is nearing an end after a court approved the last remaining settlement.
The agreement signed by the caretakers of LBI hf paves the way for creditor payments from the bank’s 455.6 billion kronur ($3.5 billion) estate. It follows similar deals involving Glitnir Bank hf and Kaupthing Bank hf. The three banks hold combined assets of $17.6 billion, according to their latest financial statements.