Following the recent comments made by the Governor of the Central Bank of Iceland (“CBI”), Már Guðmundsson, in the Icelandic media, regarding the conditions necessary for the CBI to approve exemptions required to complete the composition of Glitnir hf. (“Glitnir”), the Winding-up Board of Glitnir (“WuB”) has sought further clarification as to the implications for the previously announced target timetable for launch of a composition of Glitnir.
The Winding-up Board of Glitnir announces that an informal meeting of creditors will be held at the offices of Slaughter and May, One Bunhill Row, London EC1Y 8YY on 16 October 2012 at 10 a.m. to update creditors about the selection process for the post-composition board of directors of Glitnir and to introduce the candidate who has been nominated for the role of Chairman of the board of directors. An update on the progress in implementing the proposed composition work will also be provided.
Announcement regarding the selection of a candidate for chairman of the post-composition board of Glitnir
The Winding-up Board (the “Winding-up Board”) of Glitnir hf. (“Glitnir”) has identified a candidate for the role of chairman of the post-composition board of directors, as part of the planning for a potential composition proposal, which would see Glitnir exit the winding-up process.
If a composition proposal is approved by the requisite majority of Glitnir’s creditors, the proposed chairman, along with other members of a proposed board of directors, would be nominated at a shareholders’ meeting held at a later date. The board of directors would then be constituted and play a key role in the preservation and return of value to the creditors. Á íslensku
Glitnir hf. herby present the Statement of Assets and Liabilities, incorporating an estimate of value of Glitnir's assets as at 30 June 2012 and a computation of liabilities.
The Winding-Up Board will operate a Transfer Moratorium from 30 August 2012 to 23 of September 2012, 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 30 August 2012. All Claim Transfer Request Forms received after 30 August 2012 until, and including, 23 September 2012, 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 23 September 2012. The Transfer Moratorium is due to the open creditors' meeting scheduled for 20 September 2012.
Announcement from the Winding-up Board of Glitnir hf. regarding extension of deadline for submitting creditor questionnaire
On 30 July 2012, the Winding-up Board (the “Winding-up Board”) of Glitnir hf. (“Glitnir”) announced that Glitnir had released a questionnaire for all registered claim holders with general claims (i.e. unsecured claims), disputed priority claims and/or disputed secured claims to complete.
At the informal creditors’ meeting on 2 July 2012, the Winding-up Board presented the proposed terms of a potential composition which would involve a proposal to Glitnir’s unsecured creditors to release their existing claims in return for cash or cash, debt securities and equity securities. Further details are available in the secure area of the website (http://glitnirbank.com/).
Please be aware that there may be creditors in certain jurisdictions who have not yet been granted access to the creditor questionnaire. Glitnir is attempting to resolve this issue and further details may be provided in due course.
Announcement from the Winding-up Board of Glitnir hf. regarding the launch of the creditor questionnaire
The Winding-up Board (the “Winding-up Board”) of Glitnir hf. (“Glitnir”) announces that Glitnir will be releasing a questionnaire for all registered claim holders with general claims (i.e. unsecured claims), disputed priority claims and/or disputed secured claims to complete.
The Winding-up Board of Glitnir announces that an informal meeting of creditors will be held at the Grange St. Paul's Hotel, 10 Godliman Street, London on the 2nd day of July 2012 at 1 p.m. for the purpose of discussing the proposed terms of a composition between Glitnir and its unsecured creditors.
For the Winding-up Board of Glitnir hf.
Steinunn Guðbjartsdóttir, Supreme Court attorney
Páll Eiríksson, District Court attorney
The Winding-up Board (the “WuB”) has agreed with the Informal Creditors’ Committee (the “ICC”) to establish a committee (the “Board Selection Committee”) to assist the WuB in searching for and selecting the most competent and qualified candidates for the board of directors of Glitnir post-composition.