Glitnir hereby presents a summary of Glitnir's Current Business plan (BP) which is based on an opening position of 31 December 2013. 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.
A list of claims for the open creditors' meeting on 9 April 2014 has now been published on the closed area for creditors only. If a creditor wishes to object to any of the amended decisions of the Winding-up Board of Glitnir hf. he or she must deliver such objection to the Winding-up Board no later than at the meeting on 9 April 2014. If no objection is received, the amended decision of the Winding-Up Board on the claim in question can be expected to be considered final, cf. the third paragraph of Article 120 of Act No. 21/1991, on Bankruptcy etc. Objections may be delivered in three ways:
1. To the Winding-Up Board's address at, Sóltún 26, 105 Reykjavík.
3. At the creditors´ meeting held at Hilton Reykjavik Nordica, Sudurlandsbraut 2, 108, Reykjavík, at 10:00 AM on April 9 2014.
Due to the open creditors meeting on 9 April the Winding-up Board of Glitnir hf. will not issue new Notices of Successful Transfers from 26 March 2014 until, and including, 10 April 2014. 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 11 of April 2014.
The Winding-up Board of Glitnir has engaged MP Bank's Corporate Finance Division as Icelandic financial advisor in the finalization of a composition agreement. Among other things MP bank will independently review and evaluate solutions to that end. The WuB of Glitnir consulted a few local financials before engaging MP bank. Á íslensku
The Winding-up Board of Glitnir wants to make it clear, because of the inaccuracy of a news report by Morgunbladid, on Thursday 9 January 2013, that no plans have been made to “hire a new financial advisor instead of the UK firm Talbot Hughes & McKillop…”
THM is the Financial Advisor (FA) on behalf of all the creditors in Glitnir engaged by the Informal Creditors’ Committee (ICC). No indication has been received from creditors that THM does not enjoy their support and accordingly THM will continue in its current role going forward.
Furthermore, there is reason to emphasize, because of statements to the contrary in the newspaper, that Glitnir has twice presented the Central Bank of Iceland with detailed proposals concerning settlement of the estate, including a request for exemption from the law on capital controls. The proposal presented on 18 November 2013 was designed, as quoted on Glitnir’s homepage, “to fulfil the financial conditions in Icelandic law which stipulate that monetary and exchange rate stability should not be jeopardized, as outlined by the Central Bank in its letter of 23 September 2013”.
A response to the latest proposal is still awaited. Á íslensku
The Winding-up Board of Glitnir. met with representatives of the Central Bank of Iceland today to present a proposal designed to fulfill the financial conditions in Icelandic law which stipulate that of monetary and exchange rate stability should not be jeopardized, as outlined by the Central Bank in its letter of 23 September 2013.
The proposal was put forward in relation to Glitnir’s exemption request for its proposed composition
The Central Bank of Iceland received the proposal without any commitments other than to submit it to analysis. Á íslensku
The Winding up Board of Glitnir hf. („Glitnir“) has commissioned an analysis of trading activity in Glitnir claims since the default in October 2008 (the „Default“) to September 2013 from the financial advisory firm Moelis & Company („Moelis“).
According to the analysis, whilst the market in buying and selling („transferring“) Glitnir claims has been very active, pre-Default creditors who have not subsequently sold their claims still hold 29% of Glitnir‘s claims by value (by number, 93% of Glitnir´s creditors). Á íslensku
The Winding-Up Board of Glitnir herby present the Financial information for Q3 2013.
Today in London Lord Eatwell presented his views on macroeconomic balances and capital account liberalisation in Iceland. This presentation is now available.
Lord Eatwell's presentation
Questions and Answers
Due to technical difficulties it was not possible to dial-in to the informal meeting with Lord Eatwell. Lord Eatwell’s presentation will be made available on Glitnir’s website as soon as possible.