Update - second LBIE admitted claims auction results - 21 July 2016
On 15 June 2016, the Joint Administrators announced the launch of the second LBIE admitted claims auction (“LACA II”) which successfully concluded today.
The Joint Administrators are pleased to confirm that, following the auction, clearing price and the discount applicable to each Claim Pool are as follows for the LACA II:
| Approximate Pool Size (£m) | Claim Pool Reserve Price (£m) | Clearing Price (£m) | Discount* | ||
| Reserve (%) | Actual Achieved (%) | ||||
| USD | 73 | 31.246 | 35.010 | 20 | 10.36 |
| EUR | 52 | 21.473 | 23.376 | 17 | 9.64 |
| Other | 5 | 2.467 | 2.540 | 15 | 12.48 |
*Discount applied to participating creditors’ potential entitlements to the Surplus.
Please note it is anticipated the Transfer Date for the LACA II will be 27 July 2016 and the Settlement Date will be 29 July 2016.
Through the first LBIE admitted claims auction (the “LACA”) and the LACA II, the Joint Administrators are pleased to have enabled creditors who held 266 claims with a value of circa £230 million (pursuant to the LACA) and 95 claims with a value of circa £130 million (pursuant to the LACA II) to conclude their relationship with LBIE. The Joint Administrators continue to monitor developments closely but have no immediate plans for a further variant of an auction process at this time.
No further general announcements will be made on the LACA II.
Should you have any queries regarding this update, please contact LBIE’s Communications and Counterparty Management team at generalqueries@lbia-eu.com.
Contact us
Restructuring and Insolvency Partner, UK Head of Insolvency, PwC United Kingdom
Tel: +44 (0)7974 332659
