Iceland's Largest Bank Acts To Guard US Assets

Law360, New York (December 2, 2008, 12:00 AM EST) -- Stung by a currency free fall and the collapse of other Icelandic banks, Kaupthing Bank HF, Iceland's largest, has sought protection of its U.S. assets, filing a Chapter 15 petition as it navigates a reorganization in its home country.

The petition, filed Sunday in the U.S. Bankruptcy Court for the Southern District of New York, was filed by Olafur Gardarsson, the court-appointed assistant in the bank's reorganization proceedings, which currently are pending before the the District Court of Reykjavik, Iceland's capital city.

Kaupthing’s assets, worth approximately...
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