Landsbanki confirms Iceland sale process

LANDSBANKI Resolution Committee (LRC), the body set up to wind up the affairs of the failed Icelandic Bank, has confirmed that it has begun a sale process for supermarket giant Iceland.

Speculation regarding a sale has been underway for months, with Iceland founder Malcolm Walker being linked to a potential bid for the 700-store chain.

A statement issued by LRC yesterday said: “The Committee can confirm that it has initiated a process to evaluate its options with regards to its holding in Iceland Foods.
“The management of Iceland Foods has been kept fully informed of developments, and the Committee will make further statements as and when there is a significant development to announce.”

LRC added that its job was to maximise the potential returns of Landsbanki’s remaining assets for its creditors, and that it would provide an update on the disposal to creditors “as and when appropriate”.