Glitnir has today executed the Deed of Issuance and issued the New Notes and New Ordinary Shares pursuant to the Composition. The existing ordinary shares have been cancelled and the Company has adopted the New Articles of Association.

Certificates for the New Notes and the New Ordinary Shares have been despatched to Eligible Creditors with recognised claims who have returned duly completed Creditor Forms.

Each such creditor will be able to view copies of their certificates, together with the terms and conditions of the notes and the form of transfer certificate (which have also been sent to them with their certificates) on the secure section of the company’s website.

Words and expressions defined in the Explanatory Memorandum published on 6 November 2015 (the “Explanatory Memorandum”) have the same meanings when used in this announcement. For further information on the Composition, creditors are referred to the Explanatory Memorandum.

Glitnir's CEO steps down
Kristján Óskarsson, CEO of Glitnir hf., will leave the company at the end of this year. Kristján was appointed a member of the Resolution Committee of Glitnir Bank hf. at the end of October 2008 and subsequently took over as the CEO of Glitnir at the beginning of August 2009 after leaving the Resolution Committee. As CEO he has been responsible for Glitnir's day-to-day operations, including managing monetisation of the assets of the company.

Glitnir's new CEO
Ingólfur Hauksson, CFO of Glitnir hf., will take over as the company's CEO at year-end. He has served as Glitnir's CFO since April 2009.Ingólfur graduated with a degree in business administration from the University of Iceland in 1986 and became a certified public accountant in 1989. From 2005 to 2009 he worked in the Finance Division of Eimskipafélag Íslands, where he was responsible for the group financial accounts. Prior to that he worked as an auditor from 1986 to 2004, most of the time at KPMG where he was a partner.

The Central Bank of Iceland has today granted Glitnir the final exemption to permit Glitnir to proceed with the implementation of the Composition. This follows the Composition which was approved by creditors on 20 November and confirmed by the District Court on 7 December, which court approval became final and binding under Icelandic law with effect from 14 December.

Glitnir will make the De Minimis Payment to creditors who have returned duly completed De Minimis Creditor Forms on 17 December 2015.

The Initial Cash Distribution will be made to entitled Composition Creditors who have returned duly completed Creditor Forms on 18 December 2015.

New Notes and New Ordinary Shares will be issued to entitled Composition Creditors who have returned duly completed Creditor Forms no later than 11 January 2016.

The entitlements of each creditor will be disclosed later today on the secured section of Glitnir 's website. For login details or questions in relation to the secured section of the website, please contact This email address is being protected from spambots. You need JavaScript enabled to view it..

The entitlements of Ineligible creditors and creditors who have not returned duly completed Creditor Forms or De minimis Creditor Forms (as applicable) will be subject to the Custody Arrangements as described in the Explanatory Memorandum.

A meeting of Glitnir’s shareholders to appoint the new board of directors will be held in due course after the New Notes and the New Ordinary Shares have been issued.

Words and expressions defined in the Explanatory Memorandum have the same meanings when used in this announcement. For further information on the Composition, creditors are referred to the Explanatory Memorandum.

The Winding-up Board of Glitnir hf.,

Steinunn Guðbjartsdóttir
Páll Eiríksson

On 7 December 2015, Glitnir announced that the District Court of Reykjavik had issued its ruling confirming the Composition. That confirmation became final and binding under Icelandic law at the close of court on 14 December 2015.

Accordingly, 14 December 2015 is the Effective Date of the Composition for the purposes of the Explanatory Memorandum.

Glitnir will make a further announcement once it receives the final exemption from the Central Bank of Iceland to permit it to proceed with the implementation of the Composition.

Words and Expressions defined in the Explanatory Memorandum have the same meanings when used in this announcement. For further information on the Composition, creditors are referred to the Explanatory Memorandum, which can be found on the secured website.

Following the confirmation hearing which was held at the District Court of Reykjavik on 4 December 2015, the District Court has today, 7 December 2015, issued its ruling confirming the Composition.

For further information on the Composition, creditors are referred to the Explanatory Memorandum.

The Winding-up Board of Glitnir hf.

Steinunn Guðbjartsdóttir
Páll Eiríksson

With this announcement Glitnir hf. informs creditors that the Winding-up Board of Glitnir hf. has sent to the District Court of Reykjavik a formal request asking the court to confirm the Composition. A confirmation hearing will be held at the District Court of Reykjavik at 09:30 am on 4 December 2015.

The Winding-up Board wants to give creditors a reminder that in order for creditors to receive payments they will need to fill out and send in hard copy form a customised Creditor Form that is available on Glitnir’s secured website. Glitnir therefore encourages those creditors who have not already submitted a sufficiently filled out Creditor Form to do so as soon as possible, or by 4 December 2015. Forms that are received after 4 December 2015 might result in payments being subject to the Custody Arrangements until a completed Creditor Form is returned and/or Glitnir hf. has been able to process the information contained in the completed Creditor Form.
Those creditors that do not have login details to the secured website can contact This email address is being protected from spambots. You need JavaScript enabled to view it..

* Please note that words and expressions used in this announcement have the same meanings given to them in the Explanatory Memorandum which is accessible from the secured website of creditors.

At the Composition Meeting which was duly convened by a notice published in the Icelandic Law and Ministerial Gazette on 4 November 2015 and held at Silfurberg, the Harpa Conference Centre, Austurbakka 2, 101 Reykjavik, at 11.00 a.m. on 20 November 2015, the Composition Proposal which was published on 6 November 2015 was approved by Composition Creditors by the majorities set out below:

Votes by value
For: 99.999%
Against: 0.001%

Votes by number
For: 544 (99.634%)
Against: 2 (0.366%)

The meeting was attended by Composition Creditors representing 91% of claims by value.

At the open creditors meeting which was duly convened by a notice dated 6 November 2015 and held at Silfurberg, the Harpa Conference Centre, Austurbakka 2, 101 Reykjavik, at 9.30 a.m. on 20 November 2015, the following resolutions set out in the notice of meeting were duly passed by the majorities set out below:

Resolution 1 - approval of the Revised Stability Contribution and consequential amendments

For: 99.9% by value of creditors voting

Resolutions 2 - release of liability (including for government parties)

For: 99.9% by value of creditors voting

The meeting was attended by creditors representing 91% of claims by value.

By a notice published in the Icelandic Law and Ministerial Gazette on 4 November 2015, Glitnir convened a composition meeting to be held on 20 November to consider a Composition proposal which was published on 6 November 2015.

By a notice which was posted to the creditors on 6 November 2015, Glitnir convened an open creditors meeting to be held on 20 November to consider the Revised Stability Proposal and related matters and certain releases from liability.

As at 16 November 2015, Composition Creditors representing 53.89% by value of all Composition Claims have entered into lock-up agreements pursuant to which they have undertaken to vote in favour of each of these resolutions and not to transfer their claims prior to the meetings without obtaining a similar undertaking from the transferee.

On 11 November 2015, The Winding-up Board received a letter from the Central Bank of Iceland (“CBI”) in response to its Further Exemption Request in relation to the Revised Stability Proposal announced on 20 October 2015 giving its provisional approval to that request.

This provisional approval is granted subject to Glitnir complying in full with the terms of the Revised Stability Proposal and taking into account any comments which the CBI’s representative may have on the implementing documentation and any other conditions which may attach to the exemption.

In assessing the grant of the exemption, the CBI will also have regard to whether the proposal to release the Government Parties (which is to be considered at the Open Creditors’ Meeting convened for 20 November 2015) had been approved in a final and binding manner.

The terms of the Revised Stability Proposal are set out in the Explanatory Memorandum which Glitnir published on 6 November 2015.

“Government Parties” is defined in the Notice dated 6 November 2015 convening the Open Creditors’ Meeting convened for 20 November 2015.

The Winding-up Board of Glitnir hf.
Steinunn Guðbjartsdóttir, hrl.
Páll Eiríksson, hdl.