Here you can find general news items from Kaupthing Singer & Friedlander. Press releases and regulatory announcements from the Kaupthing Bank Group can be found under press releases.

03.11.2009

Singer & Friedlander Funding Plc (in administration) Update

TO ALL KNOWN CREDITORS

Singer & Friedlander Funding Plc (in administration)
High Court No.: 9081 of 2008
Registered No.: 05084823
Registered office: 1 More London Place, London SE1 2AF

Singer & Friedlander Funding Plc (in administration) - Update

“The Joint Administrators of Kaupthing Singer & Friedlander Limited (In Administration) ("KSF" and the "KSF Administrators") published a progress report on 30 October 2009 announcing that they intend to make a second interim distribution of not less than 7p/£ during December 2009 and a total distribution in the range of 60 to 75p/£ (subject to the comments in this report), to those creditors of KSF whose proofs of debt have been accepted.

The Joint Administrators of Singer & Friedlander Funding Plc (in administration) (“Funding” and the “Funding Administrators”) are aware that the trustee of the £250m guaranteed floating rate notes of Funding (the "Notes") submitted a proof of debt to KSF as guarantor of the Notes which was approved by the KSF Administrators.

As previously announced on 14 May 2009, Funding’s claim (the "Claim") against KSF in respect of a debt owed to Funding by KSF has not been approved. The KSF Administrators have stated that they have received legal advice that it is unclear whether the Claim should be admitted and, if the Claim should be admitted, for what amount. The KSF Administrators have applied to the High Court for directions on these issues and a hearing is scheduled to take place between 7-10 December 2009”.