The Winding-Up Board of Glitnir herby present the Financial information for Q2 2013.
The Winding-up Board of Glitnir hf. has retained Lord Eatwell as an expert economist for the purposes of a macroeconomic review of various issues relating to the Icelandic economy. The issues in question are relevant to the proposed restructuring by means of composition of Glitnir hf. and the estates of other insolvent Icelandic financial institutions.
Lord Eatwell is President of Queens' College. He is also a director of SAV Credit and an adviser to the private equity firms Warburg Pincus & Company International and Palamon Capital Partners.
He has been a teaching fellow at Harvard University and a Visiting Professor at Columbia University, the University of Massachusetts at Amherst, the University of Amsterdam and the New School for Social Research, New York. Á íslensku
The Winding-up Board (the „WuB“) is committed to maximizing value for creditors of Glitnir, and asset monetisation (including a potential sale of Glitnir‘s controlling stake in Islandsbanki) is a key component of the declared strategy in achieving this goal. For further information see the 13 February 2013 announcement. Á íslensku
The Winding-Up Board of Glitnir hf. announces that an informal creditors’ meeting will be held at Moelis and Company, 399 Park Avenue, 5th Floor, New York, NY 10022, USA at at 9:30 a.m. (EST) on 6 August 2013. The purpose of the meeting will be to provide creditors with a short briefing in relation to the current status of the proposed composition, communications with the Icelandic government and authorities, the sales process for Islandsbanki, and proposed next steps.
For the Winding-up Board of Glitnir hf.
Steinunn Guðbjartsdóttir, Supreme Court attorney
Páll Eiríksson, District Court attorney
29 July 2013
The Winding-Up Board of Glitnir herby present the Financial information for Q1 2013.
Due to the open creditors meeting on 29 May 2013 the Winding-up Board of Glitnir hf. will not issue new Notices of Successful Transfers from 15 May 2013 until, and including, 30 May 2013. The open creditor meeting will not affect other notices sent from the Winding-up Board or its transfer agent, Epiq Bankruptcy Solutions, LLC, in the transfer process of requested transfers. Notices of successful transfers will be issued from 31 May 2013.
Glitnir hereby presents a summary of Glitnir's Current Business plan (BP) which is based on an opening position of 31 December 2012. The cash flow and the cash balance at the end of each year are presented in three categories; 1) ISK, 2) FX from domestic counterparties, and 3) FX from foreign counterparties.
Please also note however that the cashflows exclude the monetisation of Íslandsbanki, which is too uncertain to make reliable assumptions on regarding quantum, timing and currency. Glitnir would also like to draw attention to the other important accompanying notes and risk factors set out in the presentation.
The Winding up Board of Glitnir (the "WuB") is committed to securing the best value for creditors of Glitnir, and asset realization has been a key part of the strategy. At the time Glitnir acquired its 95% shareholding in Islandsbanki at the end of 2009, it was publicly stated that the shareholding would be for sale in the future , with the sales process expected to take 3 to 5 years. Since then, Islandsbanki has been successful in its operations during the turbulent aftermath of the banking crisis in Iceland, and is a highly respected and professional domestic bank in Iceland.
Due to the open creditor meeting on 27 February 2013 the Winding-up Board of Glitnir hf. will not issue new Notices of Successful Transfers from 13 February 2013 until, and including, 27 February 2013. The open creditor meeting will not affect other notices sent from the Winding-up Board or its transfer agent, Epiq Bankruptcy Solutions, LLC, in the transfer process of requested transfers. Notices of successful transfers will be issued from 28 February 2013.