Please be aware that there may be creditors in certain jurisdictions who have not yet been granted access to the creditor questionnaire. Glitnir is attempting to resolve this issue and further details may be provided in due course.

The Winding-up Board (the “Winding-up Board”) of Glitnir hf. (“Glitnir”) announces that Glitnir will be releasing a questionnaire for all registered claim holders with general claims (i.e. unsecured claims), disputed priority claims and/or disputed secured claims to complete.

‪The Winding-up Board of Glitnir announces that an informal meeting of creditors will be held at the Grange St. Paul's Hotel, 10 Godliman Street, London on the 2nd day of July 2012 at 1 p.m. for the purpose of discussing the proposed terms of a composition between Glitnir and its unsecured creditors.

Any creditor who wishes to attend this meeting should send an email confirming his or her attendance to This email address is being protected from spambots. You need JavaScript enabled to view it.

For the Winding-up Board of Glitnir hf.
Steinunn Guðbjartsdóttir, Supreme Court attorney
Páll Eiríksson, District Court attorney

The Winding-Up Board of Glitnir herby present the Financial information for Q1 2012

The Winding-up Board (the “WuB”) has agreed with the Informal Creditors’ Committee (the “ICC”) to establish a committee (the “Board Selection Committee”) to assist the WuB in searching for and selecting the most competent and qualified candidates for the board of directors of Glitnir post-composition.

Glitnir hf. and twelve pension funds, together with their subsidiary funds, have reached an agreement on debt settlement. This framework agreement will provide for comparable settlements between each individual fund and Glitnir hf. of their mutual claims.  Á íslensku

The Winding-Up Board will operate a Transfer Moratorium from 2 May 2012 to 4 June 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 2 May 2012. All Claim Transfer Request Forms received after 2 May 2012 until, and including, 4 June 2012, will not be processed due to the Transfer Moratorium.  If a Claim Transfer Request Form is received during this period, it will be held and treated for all purposes (including all time periods referenced in this notice) as though received on 4 June 2012. The Transfer Moratorium is due to the open creditors' meeting scheduled for 30 May 2012.

Glitnir is pleased to announce the release of its Statement of Assets and Liabilities as at 31 December 2011.  The Statement is presented on a consolidated basis for the first time this reporting period as it is Glitnir’s opinion that this provides a more accurate representation of the financial position following the full repayment of Glitnir’s debt to the Central Bank of Luxembourg in November 2011 when Glitnir gained full control of its Luxembourg operations and associated SPVs.   A summary of key financial highlights are:

• Total consolidated assets have increased by ISK71.2bn from ISK814.3bn as at 31 December 2010 to ISK885.5bn as at 31 December 2011. The key drivers for this were:
  • a positive net impact of ISK24bn due to movements in FX rates, principally the weakening of the ISK against various currencies (USD, EUR, NOK and GBP);
  • an increase in the value of the loan portfolio of ISK27bn;
  • an increase in the value of bonds, debt instruments, shares and equity investments of ISK21bn; and
  • an increase in the value of derivative claims of ISK3bn.
• Total consolidated assets in EUR have increased by EUR280m from EUR 5,295m to EUR5,575m over the period.
• Glitnir’s cash balance has increased by ISK77bn from ISK269bn as at 31 December 2010 to ISK346bn as at 31 December 2011. This was driven by principal and interest repayments received from the portfolio of loans to customers.

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.