On 28 March 2011, the Winding-Up Board and Resolution Committee published on its website an update for creditors on the progress being made regarding a first interim distribution. The Winding-Up Board and Resolution Committee have made some minor typographical amendments to Example 1 of the document to add clarity and have published an updated version.
The Winding up Board and its legal advisers have considered the detail of the judgement and will confirm publically over the next few days that they are to lodge an appeal with the Supreme Court in Iceland. As noted previously, the Winding Up Board considered that whichever party was unsuccessful at first instance would likely make an appeal to the Supreme Court.
The Resolution Committee is pleased to be able to publish a revised Business Plan as at 31 December 2010. The Business Plan contains the Resolution Committee’s assumptions regarding the timing and quantum of future cash receipts. This is an important document and creditors are advised to review it thoroughly.
The Winding-Up Board and Resolution Committee of Glitnir hf. are pleased to be able to provide creditors with an update on progress being made regarding a first interim distribution of cash to creditors. The update is provided in the attached document and contains:
- A progress update in relation to unresolved priority and unsecured claims, decisions by the Winding-Up Board and likely timescales going forward;
- An outline of the process for making a first interim distribution;
- Financial information regarding a first interim distribution; and
- Key features of the likely distribution mechanism.
Glitnir is pleased to announce the release of its Statement of Assets and Liabilities as at 31 December 2010 .
Creditors are advised to read the Statement for full details of Glitnir’s updated asset and liability position. However, a summary of the key financial highlights are below: Á íslensku
The Resolution Committee and Winding-up Board of Glitnir hf. herby present the Financials Statements of the bank for the year 2010 .
The Winding-Up Board will operate a Transfer Moratorium from 15 March 2011 to 18 April 2011, but will continue to process Claim Transfer Request Forms already in its possession or in the possession of its agent, Epiq Bankruptcy Solutions, LLC, as at 14 March 2011. All Claim Transfer Request Forms received after 14 March 2011 until, and including, 18 April 2011, will not be processed due to the Transfer Moratorium. If a Claim Transfer Request Form is received during this period, it will be held and treated for all purposes (including all time periods referenced in this notice) as though received on 19 April 2011. The Transfer Moratorium is due to the open creditors' meeting scheduled for 14 April 2011.
The management of Islandsbanki, upon the request of Glitnir’s Resolution Committee, is holding a presentation for Glitnir’s creditors in relation to Islandsbanki’s recently published financial results for the year ended 31 December 2010. The presentation is being held on 17 March 2011 from 9:30am (GMT).
With a ruling of the District Court of Reykjavik published yesterday, Glitnir hf. has formally entered winding-up procedure. Icelandic law provides for automatic end of the moratorium period upon entering into winding-up procedure. The Resolution Committee and Winding-up Board jointly applied to the District Court of Reykjavik to formally recognize that Glitnir banki hf. is in a winding-up procedure to ensure the bank enjoys the same protections from litigation, collection measures and other depletion of assets as it has had during the moratorium. Á íslensku