Glitnir’s Creditors May Get as Little as between 22%-36% of Claims Covered

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2009-09-27 23

May or may not be indicative of Kaupthing hf creditor position. The KSFIOM Parent Company Guarantee currently stands as one such unsecured creditor.

Creditors of Glitnir Bank hf, the first Icelandic bank to need a state rescue after running out of funds, will get between 22 percent and 36 percent of what they’re owed, according to the bank’s resolution committee.

“The main explanation for the decrease in the asset value is a lower estimated value for” the bank, Arni Tomasson, chairman of the committee, said in an interview.