Icelandic Bank Dives For Bankruptcy Protection

Law360, New York (December 9, 2008, 12:00 AM EST) -- Landsbanki Islands HF has filed for bankruptcy protection in the United States, becoming the third national Icelandic bank to collapse in the wake of a currency free fall.

The Reykjavik-based Landsbanki lodged a petition for Chapter 15 bankruptcy in the U.S. District Court for the Southern District of New York on Tuesday, listing over $1 billion in assets and between 10,001 and 25,000 creditors. The bank has issued over $2.6 billion worth of notes in the U.S. since 2006, it said.

The bank's filing followed close...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.