With a ruling of the District Court of Reykjavik published yesterday, Glitnir hf. has formally entered winding-up procedure. Icelandic law provides for automatic end of the moratorium period upon entering into winding-up procedure. The Resolution Committee and Winding-up Board jointly applied to the District Court of Reykjavik to formally recognize that Glitnir banki hf. is in a winding-up procedure to ensure the bank enjoys the same protections from litigation, collection measures and other depletion of assets as it has had during the moratorium. Á íslensku
A creditors' meeting will be held on Thursday, 2 December 2010, at 10:00 am at Hilton Hotel Nordica, Suðurlandsbraut 2, 108 Reykjavík. Parties who have submitted claims against the bank are entitled to attend the meeting. Decisions of the Winding-Up Board insofar will be presented and discussion on the list of lodged claims continues.
Glitnir hf announces that the hearing scheduled for November 9, 2010 in connection with the New York Complaint against Defendant Jon Asgeir Johannesson and others has been adjourned.
The hearing was adjourned to permit the parties to submit additional briefs to the Court commenting on newly discovered documents which, in the last two weeks, were the subject of correspondence between the parties and the Court. In addition, the Defendants have advised that they will be withdrawing the affidavit filed by Brynjar Nielsson and submitting an affidavit from another, presently unidentified, Icelandic law expert.
Glitnir will announce the new date for the hearing once it has been agreed between the parties and the Court.
The Resolution Committee and the Winding-Up board have held various discussions with the Informal Creditors´ Committee (“ICC”) to determine the most appropriated FX strategy, and feedback received from the ICC has been incorporated into the overall currency strategy.
Yesterday, September 16th 2010, the Supreme Court ruled in the case concerning which interest rates to use to settle an FX linked car loan. The verdict confirmed the verdict of the District Court, that the lowest Central Bank rates at each interest date should be used to calculate the outstanding balance. This is a result that was expected by the RC and corresponds with the work currently being done to settle the Íslandsbanki car loans.
The Resolution Committee and Winding-Up Board of Glitnir hf. are pleased to present the Statement of Assets and Liabilities, incorporating an estimate of the value of Glitnir's assets as at 30 June 2010 and a computation of liabilities.
Yesterday in New York, Glitnir responded to the motions to dismiss the New York Complaint that Defendant Jón Ásgeir Jóhannesson and his co-defendants filed in July. Glitnir reaffirmed in its response its strong commitment to pursuing the New York Complaint as part of its worldwide effort to recover assets for the Bank’s creditors. Íslenska.