Glitnir banki hf ("Old Glitnir")

On 24 November 2008 the District Court of Reykjavik granted a Moratorium order on Old Glitnir. The Moratorium is not a bankruptcy proceeding and does not affect Old Glitnir's banking licences or its ability to operate as a bank in those jurisdictions where that is appropriate. Rather it is a specialised proceeding under Icelandic law designed to provide Old Glitnir with appropriate global protection from legal action taken, or anticipated to be taken, by its creditors.

The Moratorium order will ensure that all creditors of Old Glitnir are treated fairly and appropriately under Icelandic law and EEA directives. It will also give Old Glitnir time to consider all strategic alternatives including an arrangement with its creditors that will permit Old Glitnir to emerge from the Moratorium as a going concern. In order to allow for due consideration of those alternatives, the Resolution Committee has no intention of selling significant assets other than in exceptional circumstances. The Resolution Committee believes that retaining and managing the assets of Old Glitnir will maximise the value of those assets, and will support a restructuring of Old Glitnir and its emergence from the Moratorium procedure.

Steinunn Gudbjartsdottir, supreme court attorney, a former member of the Glitnir Resolution Committee, has been appointed Moratorium Administrator, reporting to the District Court of Reykjavik, and will supervise the actions taken by the Resolution Committee.


Old Glitnir's Resolution Committee has begun meeting with representatives of its creditors to solicit their input on strategic alternatives and Steinunn has indicated her desire to have those discussions continue. Many of Old Glitnir's creditors have expressed support for this process and the Resolution Committee expects it to continue during the Moratorium period. The Resolution Committee's goal is to work with representatives of its creditors towards a negotiated framework for maximising Old Glitnir's ability to repay its creditors over time.

For the avoidance of doubt, New Glitnir banki hf, which assumed the domestic Icelandic operations of Old Glitnir on 14 October 2008, is completely unaffected by the Moratorium and will continue to provide a full service to its clients in Iceland.

For and on behalf of
The Resolution Committee of Old Glitnir

The Resolution Committee of Glitnir Banki hf. („Old Glitnir“), has appointed Kristjan Davidsson as Managing Director. Mr. Davidsson formerly acted as Managing Director within Old Glitnir‘s Global Seafood division. He will work closely with the Resolution Committee, Old Glitnir‘s employees and advisors.

For and on behalf of
The Resolution Committee of Old Glitnir

The Resolution Committee of Old Glitnir today held the first meeting of the Informal Creditors’ Committee (the “ICC”), made up of representatives of key creditors of Old Glitnir. The meeting proved constructive and covered a broad range of topics. Further information in respect of the meeting will be made available on the website (www.glitnirbank.com) in due course. It is anticipated that the next meeting will be held within one month.
The Resolution Committee looks forward to working closely with the ICC towards a solution that maximises recovery for all stakeholders.

For and on behalf of
The Resolution Committee of Old Glitnir

The Resolution Committee of Old Glitnir are pleased to announce the appointment of the UK limited liability partnership of Deloitte & Touche LLP (“Deloitte”) to assist with the communication and consultation with all remaining creditors of Old Glitnir including its international branches, following the transfer of all of Old Glitnir’s deposits in Iceland into New Glitnir Bank hf, as announced on 15 October 2008.

It is the Resolution Committee's intention to provide regular update information to all creditors of Old Glitnir through a dedicated website, details of which will be announced shortly.

Deloitte will be assisting the Old Glitnir Resolution Committee to set up an informal committee of creditors representing a broad cross section of financial institutions, international deposit holders, and other creditors. Subject to the creditors' committee members entering into strict confidentiality undertakings, the Resolution Committee, with the assistance of Deloitte, intend to consult with the creditors' committee on their plans for realising the assets of Old Glitnir and making payments to creditors. In this regard, contact will be made with known creditors of Old Glitnir over the next few days.

Those creditors of Old Glitnir wishing to register their interest in this regard are invited to contact Old Glitnir through the following email address creditorcontact@glitnirbank.com

For and on behalf of:
The Resolution Committee of Old Glitnir