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Glitnir and the Central Bank of Luxembourg (BCL) jointly announced that Glitnirs remaining debt owed to BCL has been paid in full. This marks a major milestone in the restructuring of the Luxembourg subsidiary of the collapsed Icelandic bank The Luxembourg subsidiary of Glitnir had in March 2009 gone through a successful restructuring and settlement of its interbank debt and depositors base. At that time the BCL remained its sole creditor, with an outstanding balance in excess of EUR 1 billion, collateralized by a substantial pool of assets pledged in its favour.
The agreement reached between the parties in March 2009 secured important interests of Glitnir and its stakeholders, enabled an orderly restructuring and workout to take place over a five...
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