Glitnir herby present the Financial Statements for the year 2011. Glitnir hf. Financial Statements 2011
In addition to the Claim Transfer Process, the Winding- up Board has created an option for transfer parties who wish to later amend the transfer amount of their successful partial transfer. This process requires transfer parties to complete, a “Request to Amend a Successful Transfer” form. This is only available to those parties who made an error in calculating the amount to be transferred and did not object to the transfer during the objection period provided in the claim transfer process. Transfer parties have 90 calendar days from the date of the Notice of Successful Transfer to submit a “Request to Amend a Successful Transfer” form. In addition to submission of the form, a USD 2,000 administrative fee is required in order to complete this process. Once all of the required documentation and fee are received, Epiq will issue an Amended Notice of Successful Transfer with the corrected transfer amount via e-mail. For additional information please refer to the “Request to Amend a Successful Transfer” form along with detailed instructions on the Glitnir website at: http://www.glitnirbank.com/the-winding-up-proceedings.html.
The Winding-up Board of Glitnir hf. announces that it intends to make a distribution to Glitnir’s priority creditors on Friday, 16 March 2012.
At a creditors’ meeting held in Reykjavik, Iceland on 31 January 2012 Glitnir’s Winding-up Board presented a proposal for payment to priority creditors that set out:
- the basis on which the Winding-up Board intends to make payments to priority creditors in Icelandic kroner (ISK), Euros, US dollars, pounds sterling, and Norwegian krona (including how the proportion of each currency has been determined);
- the exchange rates at which each non-ISK payment would be converted from ISK;
- the arrangements for each disputed priority claim to be paid into escrow accounts pending resolution of the dispute; and
- the conditions to be met for payment to creditors with undisputed priority claims, including the requirement for an undertaking to Glitnir to return over-payments.
Under Icelandic insolvency law, creditors of Glitnir could object to the proposed distribution. A number of objections were received. Some were determined as invalid by the Winding-up Board, and those creditors were notified of this. All other objections by creditors have been withdrawn following meetings with Glitnir’s Winding-up Board. The distribution proposal can now, therefore, be implemented. Á íslensku
Further to its announcement on 16 February 2012, Glitnir announces the completion of the sale of the entire shareholdings held by Glitnir and Landsbanki Islands hf. (together with Glitnir, the "Sellers") in Iceland Foods Group Limited ("Iceland Foods") to Oswestry Acquico Limited, a company owned by members of the senior management team of Iceland Foods, including Malcolm Walker, and other equity investors (the "Transaction"). The Transaction represents an equity value for 100% of Iceland Foods of £1,550m.
Glitnir hf. confirms that the company together with Landsbanki Islands hf. have entered into exclusive discussions with ManagerCo, a company owned by the senior management team of Iceland Foods, including Malcolm Walker, to sell their respective shareholdings in Iceland Foods. Glitnir believes that this approach delivers the most certainty around sale completion whilst achieving the objective of maximising the proceeds from the sale of the shares.
A meeting has been convened of creditors of Glitnir hf., Reg. No. 550500-3530, of Sóltún 26, Reykjavík, Iceland on Tuesday, 31 January 2012, at 10:00 am at Grand Hótel Reykjavík, Sigtúni 38, Reykjavík. This meeting of creditors was convened at the preceding meeting of creditors of Glitnir hf. held on 31 August 2011. Á íslensku
Glitnir hf. has signed an agreement with Árkaup hf., the owner of the pharmacy chain Lyfja hf. for the financial restructuring of Lyfja, subject to the approval of the competition authorities. This action ensures Lyfja's activities will continue and adjusts its debts to fit the company's debt service capacity. Á íslensku
As of 1 January 2012, Glitnir's Winding-up Board formally assumes all tasks of the bank's Resolution Committee, whose work is now concluded. This change is in accordance with amendments to the Act on Financial Undertakings, No. 161/2002, adopted by the Icelandic parliamentAlthingias Act No. 78/2011. Following the adoption of the Act, work has been underway to transfer tasks from the Resolution Committee to the Winding-up Board in order to implement the organisational change which took place at the end of the year 2011 without causing a disturbance to Glitnir's activities. This change has proceeded smoothly and is now fully implemented. On this occasion, thanks are due to the members of Glitnir's Resolution Committee for their positive efforts on behalf of the bank through more than three years of challenging times. Á íslensku
The Winding-Up Board will operate a Transfer Moratorium from 1January 2012 to 6 February 2012, but will continue to process Claim Transfer Request Forms already in its possession or in the possession of its agent, Epiq Bankruptcy Solutions, LLC, as at 1 January 2012.
The next creditors‘ meeting is scheduled for Tuesday, 31 January 2012, at 10:00 am at Grand Hotel, Sigtun 38, 105 Reykjavik, Iceland. Parties who have submitted claims against the bank are entitled to attend the meeting.