With this announcement Glitnir is providing information to its creditor that after 11th of September 2015 (the "Transfer Cut-off Time"), Glitnir will no longer process transfer request forms through the Glitnir Transfer Process. Additionally no Notices of Successful Transfer will be issued for any claim transfer request form received after the Transfer Cut-off Time.
If creditors want their transfer to be considered valid, claim transfer requests therefore must be submitted to Epiq or Glitnir before the Transfer Cut-off Time. It is necessary to close the transfer process so that proper notice can be given to all creditors regarding the convening of a meeting to approve a proposed Composition in accordance with a timeline which is designed for the Composition to complete before 31st of December 2015.
Notice to convene such a meeting to approve the Composition cannot be given until the Composition Record Time, which is the date Glitnir will use to calculate the votes for each creditor in the proposed Composition. Glitnir will require between 4-9 days to process any claim transfer requests submitted.
Transfer requests submitted to Glitnir or Epiq prior to the Transfer Cut-off Time will be processed and, if that transfer is deemed perfected by Glitnir and the relevant fees are paid, the relevant transferee will be sent a Notice of Successful Transfer prior to the Composition Record Time.
Glitnir and Epiq will use reasonable endeavours to process any claim transfer requests received after the Transfer Cut-Off Time ("Late-Filed Transfers"). However, with respect to these Late-Filed Transfers, Glitnir reserves any and all right to:
- Make distribution under the Composition into an escrow arrangement as more particularly described in the Composition documents
- Mark the relevant claim as a disputed claim for voting purposes for the meeting to be convened to consider and approve the Composition
Further information on the Closing of Transfer Register will be provided at the Open Creditors' Meeting on 8th of September 2015.