Monday, Oct 27, 2008
Kaupthing default on debts
Telegraph: Kaupthing becomes first European borrower to default on samurai bond
Two holders of the Reykjavik-based bank's 50 billion yen in 1.8pc notes, who declined to be identified, said they didn't receive funds that were originally due on October 20. Kaupthing had a one-week grace period to make its payment, according to terms in the notes' sale prospectus. The default indicates Kaupthing, seized by Iceland's government on October 9 as the nation's financial system failed, may not honor all of its £17bn in outstanding bonds.
Posted by charlie brooker @ 01:52 PM (358 views) Add Comment
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