Update – third LBIE admitted claims auction – 15 November 2016
Further to the announcement published on the PwC LBIE Website on 17 October 2016 in respect of the third LBIE admitted claims auction (“LACA III”), LBIE is pleased to confirm that approximately 100 creditors have made an offer to LBNL opting to participate in the LACA III. This represents an aggregate value of admitted claims in excess of £330 million. Please be advised that this offer is now closed.
Subject to final checking and diligence, the approximate pool sizes by admitted claim value and their metrics are as follows:
Pool A |
Pool B |
|
Approximate Admitted Claim Value* of Eligible Creditor population |
£760m |
£825m |
Number of offers made |
98 |
4 |
Approximate Admitted Claim Value of participating claims |
£128m |
£203m |
Aggregate UCC2** potential surplus entitlement for participating claims |
£67m |
£109m |
Total Offered Price of participating claims |
£64.9m |
£106.4m |
% of total Offered Price to total Admitted Claim Value |
50.79% |
52.33% |
Aggregate % discount to UCC2** potential surplus entitlement |
2.67% |
2.59% |
* Terms used but not defined in this announcement can be found in the Participation and Sale Agreement on the LACA III Announcement page linked above
** UCC2 potential surplus entitlement is based on FX rates as at 29 April 2016 ($1.465 / €1.279)
A further update will be provided on or around 2 December 2016 once the auction has ended.
Contact us
Restructuring and Insolvency Partner, UK Head of Insolvency, PwC United Kingdom
Tel: +44 (0)7974 332659
