Glitnir hereby presents a summary of Glitnir's Current Business plan (BP) which is based on an opening position of 30 June 2013. The cash flow and the cash balance at the end of each year are presented in three categories; 1) ISK, 2) FX from domestic counterparties, and 3) FX from foreign counterparties.

Please also note however that the cashflows exclude the monetisation of Íslandsbanki, which is too uncertain to make reliable assumptions on regarding quantum, timing and currency. Glitnir would also like to draw attention to the other important accompanying notes and risk factors set out in the presentation.

Glitnir_Business_Plan_23_October_2013.pdf

The Winding-up Board (the “Winding-up Board”) of Glitnir hf. (“Glitnir”) announced on 20 September 2012 that, as part of its planning for a potential composition proposal, it had identified Jan Kvarnström as the prospective chairman of the post-composition board of directors of Glitnir, and had entered into a consultancy agreement with him to cover the period prior to the composition becoming effective.

At that time, it had been anticipated that Glitnir would shortly be able to propose a composition to its creditors for their approval. In that respect an application (the “Application”)was made on 28 November 2012 to the Central Bank of Iceland (the “CBI”) for an exemption from the Foreign Exchange Act. No. 87/1992 in order to proceed with the proposed composition which was detailed in the Application. However, and as the Winding-up Board recently announced, the first response to the Application was only received from the CBI on 23 September 2013. Although the Winding-up Board is seeking to arrange a meeting as soon as possible with the CBI to discuss the Application, it is not currently clear when it will be possible to proceed with a composition.

As announced on Friday 6 September  2013, an informal meeting of the creditors’ of Glitnir hf. („Glitnir“) will be held at Moelis & Company, 399 Park Avenue, 5th Floor, New York, NY 10022, USA at 10:00 a.m. (EST) on 8 October 2013.  The purpose of the meeting will be to provide creditors with a short briefing in relation to amongst other:

• Communication/ process update
• Islandsbanki update
• Next steps

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 security reasons meeting attendees are asked to bring an ID, a reference to a claim number and allow  for extra  time for check- in at the meeting location. A dial-in number will be provided for those not able to attend the meeting in person, and dial-in arrangements will be published closer to the meeting.

For the Winding-up Board of Glitnir hf.

Steinunn Guðbjartsdóttir, Supreme Court attorney
Páll Eiríksson, District Court attorney

Due to the open creditors meeting on 23 October 2013 the Winding-up Board of Glitnir hf. will not issue new Notices of Successful Transfers from 9 October 2013 until, and including, 24 October 2013. The open creditor meeting will not affect other notices sent from the Winding-up Board or its transfer agent, Epiq Bankruptcy Solutions, LLC, in the transfer process of requested transfers. Notices of successful transfers will be issued from 25 October 2013.

The Central Bank of Iceland (“CBI”) has sent a letter to the Winding-up Board (the “CBI Letter”)., dated 23 September 2013

The CBI Letter is the first response to the application which the Winding-up Board made on 28 November  2012 for an exemption from the capital controls under the Foreign Exchange Act No. 87/1992 in order to proceed with a proposed composition which was detailed in that application.

It also responds to a request which the Winding-up Board submitted to the CBI on 27 August, 2013 to engage in an orderly process to discuss how the composition of the Glitnir estate might be resolved.

While the contents of the letter indicate potential misunderstandings about the terms of Glitnir’s proposed composition, the Winding-up Board welcomes the Governor’s statement that the CBI is now prepared to discuss Glitnir’s detailed ideas to address any outstanding issues relating to the impact of the proposed composition on Iceland’s financial stability.  

Having consulted with representatives of the informal creditors committee and having taken account of their views, the Winding-up Board is in the process of responding to the Governor and will be requesting that a meeting be arranged for as soon as possible.

For the Winding-up Board of Glitnir hf.

Steinunn Guðbjartsdóttir, Supreme Court attorney 
Páll Eiríksson, District Court attorney

The Winding-Up Board of Glitnir hf. announces that an informal creditors’ meeting will be held at Moelis and Company, 399 Park Avenue, 5th Floor, New York, NY 10022, USA at 10:00 a.m. (EST) on 8 October 2013.  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.. A dial-in number will be provided for those not able to attend the meeting in person, and dial-in arrangements will be published closer to the meeting.

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 Q2 2013.

Glitnir Statement of Assets and Liabilities 30 June 2013

The Winding-up Board of Glitnir hf. has retained Lord Eatwell as an expert economist for the purposes of a macroeconomic review of various issues relating to the Icelandic economy. The issues in question are relevant to the proposed restructuring by means of composition of Glitnir hf. and the estates of other insolvent Icelandic financial institutions.

Lord Eatwell is President of Queens' College. He is also a director of SAV Credit and an adviser to the private equity firms Warburg Pincus & Company International and Palamon Capital Partners.
He has been a teaching fellow at Harvard University and a Visiting Professor at Columbia University, the University of Massachusetts at Amherst, the University of Amsterdam and the New School for Social Research, New York. Á íslensku

The Winding-up Board (the „WuB“) is committed to maximizing value for creditors of Glitnir, and asset monetisation (including a potential sale of Glitnir‘s controlling stake in Islandsbanki) is a key component of the declared strategy in achieving this goal. For further information see the 13 February 2013 announcement. Á íslensku

The Winding-Up Board of Glitnir hf. announces that an informal creditors’ meeting will be held at Moelis and Company, 399 Park Avenue, 5th Floor, New York, NY 10022, USA at  at 9:30 a.m. (EST) on 6 August 2013. The purpose of the meeting will be to provide creditors with a short briefing in relation to the current status of the proposed composition, communications with the Icelandic government and authorities, the sales process for Islandsbanki, and proposed next steps.  
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.. A dial-in number will be provided for those not able to attend the meeting in person and dial-in arrangements will be published closer to the meeting.

For the Winding-up Board of Glitnir hf.

Steinunn Guðbjartsdóttir, Supreme Court attorney
Páll Eiríksson, District Court attorney
29 July 2013