Hf. Eimskipafélag Ãslands
– The District Court of Reykjavík grants Hf. Eimskipafélag Íslands authorisation to seek composition
Hf. Eimskipafélag Íslands / Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Yesterday morning, Hf. Eimskipafélag Íslands submitted a request to the District Court of Reykjavík for authorisation to seek composition. Plans to such effect were presented at the company's Annual General Meeting on 30 June 2009. The District Court of Reykjavík has agreed to authorise the company to seek composition in accordance with the company's motion. Gardar Gardarsson, Supreme Court Attorney, was appointed supervisor of the company's composition efforts. The motion for composition proceedings is as follows: Creditors holding contractual claims (creditors) are invited to transfer their claims against Eimskip to L1003 ehf. (which will be changed to Eimskipafélag Íslands ehf.), State Reg. No. 690409-0460, (New Eimskip). This offer is equivalent to the payment of 11.9% of their claims. 1. Eimskip will deliver 54.1% of the shares in New Eimskip to creditors. This is equivalent to the payment of 11.9% of their claims. The delivery will take place as soon as possible and not later than within 30 days from the date of entry into effect of the composition agreement. 2. No interest will be paid on the claims of creditors from the date of entry into effect of this motion to the date that shares in New Eimskip are transferred to creditors. 3. No guarantees for payment pursuant to the above are provided. News Source: NASDAQ OMX 02.07.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Hf. Eimskipafélag Íslands Iceland Phone: Fax: E-mail: Internet: ISIN: IS0000011039 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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