In 2019,LBT concluded a Partial Wind-Down,which included a solicitation process with its creditors,the sale of a portion of LBT’s intercompany claim against LBHI,and a final distribution to certain of its creditors funded in large part by the proceeds of this sale transaction.
The objectives of the Partial Wind-Downwere simplificationof the LBT estate, reduction of operating costs and preparation of the LBT estate for a final wind-down
LBT finalised the solicitation process on 18 March 2019 pursuant to which certain qualified noteholders were given the option to receive Substitute Notes(defined below)in exchange fortheiroutstanding eligible notes.
Based on the solicitation, noteholders representing 56.8% of the LBT allowed claims pool of EUR 24.8 billion,opted to receive Substitute Notesin exchange fortheir eligible notes.
Holders of 30.3% of the allowed claims pool, receiveda final cash distribution. This final distribution (the “Final Distribution”) was in large part funded by LBT’s sale of USD 10.5 billion of its intercompany claim against LBHI.The sale was executed on 20 March 2019 and generated gross sale proceeds of USD 179.5 million.Theformer affiliates LBHI and LBSF(representing 12.9% of the allowed claims pool) received an in-kind distribution,by way of an assignment of a portionof LBT’s intercompany claim against LBHI with a principal amount of USD 4.4 billion and a final cash distribution of USD 8.5 million. On 2 April 2019, LBT issued 19,648,952,905 substitute notes(“Substitute Notes”), including 22,502,313 treasury notes.
Each substitute note has a nominal amount of USD 1.00, andall payments on these Substitute Notes are made in US Dollars.At the conclusion of the Partial Wind-Down, LBT has retained USD 19.6 billion of its intercompany claim against LBHI andhas reduced the allowed claims pool to EUR 14.1billion, represented by the Substitute Notes onissue.
Thenew and simplified structure of the LBT estate provides the Liquidators with a good starting point to pursuea final wind-down of LBT in 2020and/or 2021.This accelerated final wind-down leads to a lower estimated future operating expenses balance sheet position per 31 December 2019, compared to 31 December 2
Per la prima volta ufficialmente si parla di concludere la procedura fallimentare eventualmente nel 2021
