The Resolution Committee and Winding-Up Board of Glitnir hf. herby present the Statement of Assets and Liabilities, incorporating an estimate of value of Glitnir's assets as at 30 June 2011 and a computation of liabilities.
A creditors' meeting will be held on Wednesday, 31 August 2011, at 10:00 am at Hilton Hotel Nordica, Suðurlandsbraut 2, 108 Reykjavík. Parties who have submitted claims against the bank are entitled to attend the meeting. Decisions of the Winding-Up Board insofar will be presented and discussion on the list of lodged claims continues. An updated list of claims will be publised on Glitnirs secure creditors website and access to submit objections electronically made available at midnight 23/24 August 2011. If you see reason to object to the decision of your claim or other claims, which the Winding-Up Board has decided on from 14 April 2011 to 31 August 2011, such objection(s) must be delivered to the Winding-Up Board no later than at the meeting 31 August 2011.
The Winding-Up Board will operate a Transfer Moratorium from 3 August 2011 to 4 September 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 3 August 2011. All Claim Transfer Request Forms received after 3 August until, and including, 4 September 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 4 September 2011. The Transfer Moratorium is due to the open creditors' meeting scheduled for 31 August 2011.
On Friday 10 June 2011 the Icelandic Parliament passed an amendment to Act No. 161/2002 on Financial Undertakings. This amendment includes a provision, only announced the preceding Wednesday, which prohibits the payment of interim distributions to creditors with claims under Article 113 of the Bankruptcy Act. Article 113 creditors are ordinary unsecured creditors.
The effect of this change in the law is to prevent Glitnir from making the planned interim distribution to unsecured creditors which has previously been announced. The Winding-up Board of Glitnir will assess the consequences of this change in law and will consider what alternative proposals may be made to Article 113 creditors of Glitnir.
Further to the Creditor Update released on 13 April 2011 in respect of Glitnir’s interim distributions to creditors, the Winding-Up Board and Resolution Committee of Glitnir hf. would like to provide creditors with a further update in relation to the expected timing of the first interim distribution.
A new claim transfer process will be operated by the Winding-Up Board and its agent Epiq Bankruptcy Solutions, LLC from the date of this notice. Please see the updated FAQs in the ‘Winding Up Proceedings’ section of this website for details of the new process.
Claim Transfer Request Forms
As part of the new process, an amended Claim Transfer Request Form is now available in the ‘Winding Up Proceedings’ section of this website. Parties submitting new transfer requests should use the amended Claim Transfer Request Form .
The Winding-Up Board has established certain fees to defray the costs associated with administering claim transfers. Please note that these fees have recently been reviewed by the Winding-Up Board. For new transfer requests, the fee for the transfer of the full amount of a claim is now USD 2,000; and the fee for the transfer of part of a claim is now USD 4,000.
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.