ALMC is an asset management company with approximately €1bn of assets under management and presence in three locations, Copenhagen, London and Reykjavik. Deutsche Bank AG, Amsterdam Branch, in its capacity as custodian on behalf of Thingvilir B.V., represents over 99% of ALMC‘s share capital.
- ALMC, formerly known as Straumur-Burdaras Investment Bank, was an investment bank which went into moratorium in March 2009 following the global financial turmoil and the collapse of the Icelandic financial sector
- During the moratorium period, which lasted until August 2010, the Company ceased its investment banking activities and downsized the operation. Significant time and effort was spent on protecting value of the Company's assets, restructuring the finances of the Company and developing a composition proposal
- Over 99% of the Company's creditors approved on the composition proposal in July 2010. The composition became effective in August same year after being approved by the Icelandic Courts. Consequently, the existing share capital was cancelled and the Company's unsecured creditors converted their claims to zero-coupon bonds and shares
- The Company's business plan is to maximise returns for the Company's creditors and shareholders in a managed work-out of the Company's assets
- Over 50% of ALMC's shareholders acquired their stakes after March 2009 and are committed to support the company to achieve the highest possible returns on their investment