Following the confirmation hearing which was held at the District Court of Reykjavik on 4 December 2015, the District Court has today, 7 December 2015, issued its ruling confirming the Composition.

For further information on the Composition, creditors are referred to the Explanatory Memorandum.

The Winding-up Board of Glitnir hf.

Steinunn Guðbjartsdóttir
Páll Eiríksson

With this announcement Glitnir hf. informs creditors that the Winding-up Board of Glitnir hf. has sent to the District Court of Reykjavik a formal request asking the court to confirm the Composition. A confirmation hearing will be held at the District Court of Reykjavik at 09:30 am on 4 December 2015.

The Winding-up Board wants to give creditors a reminder that in order for creditors to receive payments they will need to fill out and send in hard copy form a customised Creditor Form that is available on Glitnir’s secured website. Glitnir therefore encourages those creditors who have not already submitted a sufficiently filled out Creditor Form to do so as soon as possible, or by 4 December 2015. Forms that are received after 4 December 2015 might result in payments being subject to the Custody Arrangements until a completed Creditor Form is returned and/or Glitnir hf. has been able to process the information contained in the completed Creditor Form.
Those creditors that do not have login details to the secured website can contact This email address is being protected from spambots. You need JavaScript enabled to view it..

* Please note that words and expressions used in this announcement have the same meanings given to them in the Explanatory Memorandum which is accessible from the secured website of creditors.

At the Composition Meeting which was duly convened by a notice published in the Icelandic Law and Ministerial Gazette on 4 November 2015 and held at Silfurberg, the Harpa Conference Centre, Austurbakka 2, 101 Reykjavik, at 11.00 a.m. on 20 November 2015, the Composition Proposal which was published on 6 November 2015 was approved by Composition Creditors by the majorities set out below:

Votes by value
For: 99.999%
Against: 0.001%

Votes by number
For: 544 (99.634%)
Against: 2 (0.366%)

The meeting was attended by Composition Creditors representing 91% of claims by value.

At the open creditors meeting which was duly convened by a notice dated 6 November 2015 and held at Silfurberg, the Harpa Conference Centre, Austurbakka 2, 101 Reykjavik, at 9.30 a.m. on 20 November 2015, the following resolutions set out in the notice of meeting were duly passed by the majorities set out below:

Resolution 1 - approval of the Revised Stability Contribution and consequential amendments

For: 99.9% by value of creditors voting

Resolutions 2 - release of liability (including for government parties)

For: 99.9% by value of creditors voting

The meeting was attended by creditors representing 91% of claims by value.

By a notice published in the Icelandic Law and Ministerial Gazette on 4 November 2015, Glitnir convened a composition meeting to be held on 20 November to consider a Composition proposal which was published on 6 November 2015.

By a notice which was posted to the creditors on 6 November 2015, Glitnir convened an open creditors meeting to be held on 20 November to consider the Revised Stability Proposal and related matters and certain releases from liability.

As at 16 November 2015, Composition Creditors representing 53.89% by value of all Composition Claims have entered into lock-up agreements pursuant to which they have undertaken to vote in favour of each of these resolutions and not to transfer their claims prior to the meetings without obtaining a similar undertaking from the transferee.

On 11 November 2015, The Winding-up Board received a letter from the Central Bank of Iceland (“CBI”) in response to its Further Exemption Request in relation to the Revised Stability Proposal announced on 20 October 2015 giving its provisional approval to that request.

This provisional approval is granted subject to Glitnir complying in full with the terms of the Revised Stability Proposal and taking into account any comments which the CBI’s representative may have on the implementing documentation and any other conditions which may attach to the exemption.

In assessing the grant of the exemption, the CBI will also have regard to whether the proposal to release the Government Parties (which is to be considered at the Open Creditors’ Meeting convened for 20 November 2015) had been approved in a final and binding manner.

The terms of the Revised Stability Proposal are set out in the Explanatory Memorandum which Glitnir published on 6 November 2015.

“Government Parties” is defined in the Notice dated 6 November 2015 convening the Open Creditors’ Meeting convened for 20 November 2015.

The Winding-up Board of Glitnir hf.
Steinunn Guðbjartsdóttir, hrl.
Páll Eiríksson, hdl.

With this announcement Glitnir informs creditors that a proposal for a composition, along with related documents, has now been published on the secured section of this website. In order to access the secured website, creditors will need their unique username and password.

Glitnir urges all creditors to log on to the website as soon as possible and fill out the available Creditor Form which all Composition Creditors are required to complete, print, sign and return in a hard copy form to Glitnir or Glitnir’s information agent by 16 November 2015.

Glitnir hereby announces that Glitnir will hold two creditors' meetings on Friday, 20 November 2015. Below are the publications that have been sent and published in the Icelandic Legal gazette. Á íslensku.

NOTICE OF GLITNIR’S OPEN CREDITORS’ MEETING

Notice is hereby given that an open creditors' meeting in the winding-up proceedings of Glitnir hf., id. number 550500-3530, will be held at the Silfurberg, Harpa Conference Centre, Austurbakki 2, 101 Reykjavík on Friday 20 November 2015 at 09:30 am.

Creditors' attention is brought to the fact that in addition to the normal business of an open creditors' meeting the following items will be on the meeting agenda:

1. Revised Stability Contribution and consequential amendments
2. Release of liability (including for government parties)
3. Vote on resolution regarding Revised Stability Contribution and consequential amendments
4. Vote on resolution regarding release of liability (including for government parties)

Creditors that are entitled to attend the meeting are those who have lodged a claim against Glitnir hf. that has not been finally rejected, and creditors that have lawfully gained interests in such lodged claims by way of transfer. Meeting material will be made available on Glitnir's secured website, www.glitnir.info.

NOTICE OF GLITNIR'S HF. COMPOSITION MEETING

Notice is hereby given pursuant to Article 151 of the Act No. 21/1991 on Bankruptcy etc. (as amended) that a meeting (the “Composition Meeting”) to consider a composition proposal by Glitnir hf., with registered number 550500-3530 (“Glitnir”) to its composition creditors pursuant to Chapter XXI of the Act No. 21/1991 on Bankruptcy (as amended) and Article 103a of Act No. 161/2002 on Financial Undertakings (as amended) (the “Composition Proposal”) will be held at the Silfurberg, Harpa Conference Centre, Austurbakki 2, 101 Reykjavík on Friday 20 November 2015 at 11.00 a.m.

All creditors who have duly filed their claims, and whose claims have not been finally rejected, are entitled to attend the Composition Meeting. However, only Composition Creditors who do not hold Contingent Claims and who are not Related Parties in accordance with Act No. 21/1991 on Bankruptcy etc., are entitled to vote on the Composition Proposal.

The Composition Proposal, as well as a list of Composition Creditors, and their respective voting rights, will be published on Glitnir’s website at www.glitnir.info. These can also be inspected at Glitnir’s office at Sóltún 26, 105 Reykjavik, Iceland for two weeks prior to the Composition Meeting.

Reykjavik, 4 November 2015

The Winding-up Board of Glitnir hf.
Steinunn Guðbjartsdóttir, hrl.
Páll Eiríksson, hdl.

The Winding-up Board of Glitnir hf. notes yesterday’s statements from the Central Bank of Iceland and the Ministry of Finance and Economic Affairs and welcomes the confirmation that the Company’s Revised Stability Proposal (which was announced on 20 October 2015) satisfies the requirements of the Foreign Exchange Act and has been presented to the Parliamentary Economic Affairs and Trade Committee as required by that Act.

Copies of the press releases from the Ministry of Finance and Economic Affairs and the Central Bank of Iceland can be found at the following links:

http://www.ministryoffinance.is/news/nr/20191 (English)
http://www.fjarmalaraduneyti.is/frettir/nr/20190 (Icelandic)
http://www.cb.is/publications/news/news/2015/10/28/Central-Bank-concludes-assessment-of-preliminary-composition-proposals/ (English)
http://www.sedlabanki.is/utgefid-efni/frettir-og-tilkynningar/frettasafn/frett/2015/10/28/Sedlabanki-Islands-hefur-lokid-mati-sinu-a-fyrirliggjandi-drogum-ad-naudasamningum/ (Icelandic)

The Winding-up Board looks forward to receiving the letter of intent from the Central Bank of Iceland in relation to the exemption it has requested in order to proceed with its proposed composition on the basis of the Revised Stability Proposal.

The Winding-up Board also looks forward to the publication of the amending legislation referred to in yesterday’s presentation by the Ministry of Finance and Economic Affairs. The Winding-up Board will assess this proposed legislation, once it is available, in order to evaluate its implications for the Glitnir estate with a view to launching the proposed composition as soon as it is practicable to do so.

The Ministry of Finance and Economic Affairs announced this morning that it has received a proposal to amend the stability contribution originally proposed by a group of Glitnir’s creditors (the “Creditor Group”) on 8 June 2015 (the “Revised Stability Proposal”). Under the Revised Stability Proposal Glitnir would transfer ownership of its entire interest in Islandsbanki to the Icelandic State and would be entitled to retain a greater proportion of its ISK cash and cash equivalents, which would be immediately exchangeable for FX.

This announcement can be found at the following link:

http://www.ministryoffinance.is/news/nr/20164 (English)

http://www.fjarmalaraduneyti.is/frettir/nr/20163 (Icelandic)

The Revised Stability Proposal was made following private consultations between the Task Force on the Liberalization of Capital Controls and advisers to the Creditor Group to review the original 8 June 2015 proposal. The Creditor Group represents approximately 25% of claims by value against the Glitnir estate.

The Winding-up Board has today submitted a further request to the Central Bank of Iceland for the necessary exemptions from Act No. 87/1992 on Foreign Exchange, as amended, to enable Glitnir to proceed with a composition on the basis of the Revised Stability Proposal. This request is subject (amongst other things) to the approval of the Revised Stability Proposal by a majority of the members of the Informal Creditors’ Committee in accordance with the resolution passed at the open creditors’ meeting on 8 September approving the stability contribution as original proposed.