Extension of the period for response to the consensual proposal to facilitate the return of the Omnibus recovery – 26/03/2013

Following the publication of the proposal to clients with LBI asset claims and the announcement on 1 March 2013 publishing the legal documentation in respect of the proposal on this website, this announcement provides the notices for the extension of the period for response to the consensual proposal that was sent by email to clients with LBI asset claims. The period for response to the consensual proposal is extended as follows:

• the Designated Time for the Resolution is extended to Midday New York time on 2 April 2013; and
• the OSA Offer Period is also extended to Midday New York time on 2 April 2013.

Please see below the formal notices in respect of the above extensions.

• Notice of extension of Resolution Designated Time
• Notice of extension of OSA Offer Period

The Joint Administrators are encouraged by the responses to date all of which have been in favour. Subject to final diligence of the acceptances, the Joint Administrators are very optimistic that the thresholds will be exceeded. However, recognising that positive support is required, the Joint Administrators believe that this short extension of time will be helpful to those counterparties who have not yet responded to the consensual proposal.

A further announcement will be made in due course.  

If you have any queries in relation to the content of this update, please call your existing LBIE contact or send an email to generalqueries@lbia-eu.com.