
Following the announcement on 27 February 2013 that settlement terms had been reached with LBI, we are very pleased to announce details of the consensual proposal being made by LBIE to facilitate the return of the LBI Omnibus recovery to clients with LBI asset claims (the “Proposals”).
This announcement provides the legal documentation that has been published separately to clients with LBI asset claims through the Portal.
The Joint Administrators are recommending acceptance of the Proposals (either by voting in favour of the resolution to amend the CRA for CRA signatories, or by making an offer to LBIE to enter into the OSA for non-CRA signatories) and the Joint Administrators’ letter included within the Information Memorandum sets out their reasons for doing so.
The approval hearing for the settlement with LBI is scheduled for 16 April 2013. We have asked that clients make their decision on the Proposals prior to the deadline on 26 March 2013.
Over the coming weeks there will be a range of opportunities for interested parties to interact with LBIE commencing with a webinar update on 7 March 2013. “Townhall” style meetings are also planned in London and New York. Details have been made available separately.
Interested parties are encouraged to check this website routinely for updates.
Restructuring and Insolvency Partner, UK Head of Insolvency, PwC United Kingdom
Tel: +44 (0)7974 332659