Glitnir Banki trustee sets bondholder meeting for securities sales

By Sheri Kasprzak

New York, May 19 – Glitnir Banki HF’s trustee Nordic Trustee ASA announced Thursday that the debtors’ bondholders are scheduled to meet on May 27 in Oslo to vote on the sale of securities.

The securities being offered – €698,099 in outstanding notes – are the only remaining assets held by the trustee on behalf of the bondholders. The trustee received the notes, as well as shares of Glitnir totaling €36.93 million. Glitnir was called Islandbanki HF when the bonds were issued.

“The trustee has since the composition was approved received several bids on the securities,” the trustee’s notice said.

“It appears to be a functioning market for the securities, and the market prices, which could form a good basis for being able to sell the securities at the right price, has been established.”

Based on this, the bondholders will vote to give the trustee a power of attorney to sell the securities at the best possible price.

During 2015, the company’s winding up proceedings were negotiated, during which time the trustee received the shares and notes. The bondholders received an initial cash distribution on Jan. 13.

Based in Reykjavik, Glitnir is a private bank.

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