Due to media accounts of the past few days of a discrepancy of over EUR 750 million, which was recently revealed in reconciliation of Glitnir's accounts and disclosed at a creditors' meeting this past week, Glitnir's Resolution Committee would like to point out the following:
At 10am on 5 November 2009, the Moratorium Appointee of Glitnir held a creditors’ meeting in Reykjavik. The meeting was convened in accordance with Article 13 of Act No. 21/1991, in advance of the hearing at District Court of Reykjavik on 13 November 2009.
Further details of the meeting, including the presentations made and updated Statement of Assets and Liabilities, can be found here.
Reykjavík, 15 October 2009. Glitnir's Resolution Committee has, on behalf of its creditors, decided to exercise the option provided for in its agreement with the Icelandic state and take over 95% of share capital in Íslandsbanki. The outcome is based on thorough due diligence carried out by Glitnir's advisors on Íslandsbanki's operations. Á íslensku
The Ministry of Finance has accepted a request from the Resolution Committee of Glitnir, on behalf of its creditors, for an extension until October 15th to arrive at a final decicion whether to acquire control of Islandsbanki. Á íslensku
A meeting with creditors of Glitnir hf. was held on 22 September 2009 at Hilton Reykjavík Nordica hotel in Reykjavík.
At the meeting, the Resolution Committee, Moratorium Appointee and other presenters updated creditors in respect of the recapitalisation of Islandsbanki hf., together with other updates for creditors.
The Moratorium Appointee and Resolution Committee of Glitnir hf. ("Glitnir") have announced that they will be holding a creditors' meeting at 9am on 22 September 2009 at Hilton Reykjavík Nordica hotel, Reykjavik, Iceland.
Glitnir's Resolution Committee and the Icelandic government have signed an agreement on settlement for assets transferred from Glitnir to Íslandsbanki after the Icelandic banks' collapse in October last year. This settlement has been concluded following a preliminary agreement announced on 20 July this year, pursuant to which the Treasury decided to provide Íslandsbanki with ISK 65 billion in additional equity on 14 August.
Under the terms of the Moratorium on creditor proceedings granted to Glitnir hf. ("Glitnir") on 24 November 2008 by the District Court of Reykjavik, the Moratorium Appointee of Glitnir presented the assets and liabilities of Glitnir, together with an estimate of the value of the assets and a computation of the liabilities as at 31 December 2008.
Agreement has been reached on Íslandsbanki's capital structure. Under the agreement, Glitnir banki hf. has the right to subscribe for a majority shareholding in Íslandsbanki. This is the outcome of negotiations between the government and representatives of Glitnir's creditors. This implies that Íslandsbanki might soon be fully owned by foreign parties. According to the agreement the Icelandic government will provide the Bank with new equity to begin with which the creditors will have an option to acquire before 30 September given certain conditions. Government will as well support the capital of Islandsbanki with a subordinated loan to strengthen the bank's capital ratio and liquidity.