As announced in a press release to the Nasdaq OMX Iceland on 27th of April, SPM was granted a moratorium on payments for 3 weeks. Today the moratorium period was extended to the 30th of June. As explained earlier the purpose of the moratorium is to seek a composition agreement with SPM's creditors. The court appointed attorney during the moratorium period is Sigurður Arnalds, supreme court attorney. Creditors will be presented with a draft of a composition agreement in the next few days. If composition is made with creditors it is the intention to merge SPM and New Kaupthing Bank hf.