Notice of a litigation against Glitnir HoldCo ehf.
Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 (Remaining balance EUR 253,747,615)
Amortising Zero-Coupon Convertible Notes due 2030 (the “Notes”)
This notice is given to holders of the Notes (hereafter, the “Noteholders”) pursuant to Condition 12.1(e) of the Terms and Conditions of the Notes (the “Conditions”) and is published in accordance with Condition 21. Capitalized terms used but not defined in this notice shall have the meanings given to them in the Conditions.
On 5 October 2018 the Issuer was served a subpoena by the liquidator of Mainsee Holding ehf., a private limited liability company, of which the Issuer has been 100% share owner since 2009. The company was taken into bankruptcy on 7 February 2018. According to the subpoena, which was filed to the District Court of Reykjavik yesterday, the liquidator claims that a transaction which took place in 2011, and to which the Issuer was a party, should be rescinded and that the Issuer should pay the bankrupt estate in total apr. 10.7 m EUR. Considering Glitnir’s accepted claim in the bankruptcy, the worst economic outcome for Glitnir would be a payment of appr. 3.3 m EUR.
Reykjavík, 12 October 2018
On behalf of Glitnir HoldCo ehf.