Announcement from the Winding Up Board of Glitnir hf.
Following the recent comments made by the Governor of the Central Bank of Iceland (“CBI”), Már Guðmundsson, in the Icelandic media, regarding the conditions necessary for the CBI to approve exemptions required to complete the composition of Glitnir hf. (“Glitnir”), the Winding-up Board of Glitnir (“WuB”) has sought further clarification as to the implications for the previously announced target timetable for launch of a composition of Glitnir.
Further to these discussions, it has become apparent that the target launch date of December 2012 is no longer achievable. Whilst the WuB continues to work towards launching a composition as soon as practicable, given these uncertainties, it is not possible to provide creditors with a revised launch date at this time. The WuB has been and continues to work closely with the Icelandic authorities.
The WuB is aiming to be in a position to give a more detailed update to creditors at the next open creditors meeting scheduled for 10am on November 29th 2012 at the Hilton Nordica Hotel, Reykjavik.
For the Winding-up Board of Glitnir hf.
Steinunn Guðbjartsdóttir, Supreme Court attorney
Páll Eiríksson, District Court attorney