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Icelandic Bank Dives For Bankruptcy Protection

Law360 (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...
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