Straumur-Burdaras Investment Bank hf. Files For Chapter 11

Straumur-Burdaras Investment Bank hf. filed for chapter 15 bankruptcy protection yesterday at the US Bankruptcy Court for the Southern District of New York.  The debtor’s petition lists both assets and liabilities as over $1 billion USD.  According to a declaration filed by an assistant approved to oversee the reorganization proceedings, the debtor has assets of $190 million USD within the US.  Download the source documents here. 

On March 18, 2009, Straumur-Burdaras Investment Bank Ltd. filed a Petition for Authorization of a Moratorium on Payments at the District Court in Reykjavik, Iceland.  In this petition, the bank listed assets of €2.889 billion EUR and liabilities of €2.077 billion EUR, both as of March 6, 2009. http://www.chapter11library.com/CaseDetail.aspx?CaseID=182778