General Questions
Kaupthing hf. (“Kaupthing”, the “Company”) is an Icelandic company controlled by a court ordered winding-up committee (the “Winding-up Committee”). Kaupthing is currently in a court-ordered winding-up proceedings in accordance with the Act on Financial Undertakings No. 161/2002 (the “Act on Financial Undertakings”), having previously been subject to moratorium on payments to creditors under the Act on Bankruptcy no. 21/1991 (the “Bankruptcy Act”).
The Winding-up Committee holds authority and powers of the Company’s board of directors as well as those of the Company’s shareholders at shareholders’ meetings. The Winding-up Committee is responsible for all of the Company’s affairs, including directing its daily operations, managing the Company’s assets, administrating the claims process and safeguarding the Company’s other interests with the principal objective of preserving the interest of the creditor body as a whole.
The Company operates in accordance with the provisions of the Act on Financial Undertakings which set out the legal framework for the winding-up proceedings. These provisions are supplemented by the general provisions of the Bankruptcy Act and together these set out the manner in which the Company should manage its assets and determine its liabilities.
During the winding-up proceedings a winding-up committee shall endeavour to obtain as high a value as possible for assets of the financial undertakings, for instance, by waiting if necessary for outstanding claims to mature rather than realising them at an earlier date.
The capital controls provided for in the Act on Foreign Exchange no. 87/1992 (the “Foreign Exchange Act”) provides certain restrictions on the operations of the Company and affects i.a. the ability to make distributions to its creditors and to manage the Company’s daily operations.
The Act on Financial Undertakings furthermore implements Directive 2001/24/EC on the reorganisation and winding up of credit institution into Icelandic law and the Company’s winding-up proceedings are accordingly automatically recognized within the EEA.
The Winding-up Committee is comprised of the following members: Ms. Feldis L. Oskarsdottir, District Court Attorney, Mr. Johannes R. Johannsson, Supreme Court Attorney and Mr. Theodor S. Sigurbergsson, Certified Public Accountant.
According to Act no. 161/2002, Art. 102. paragraph 6, the winding-up committee of a financial institution is only authorised to distribute payments, interim payments or full and final payments, to creditors who hold claims that have been accepted as priority claims, according to Art. 109-112 of the Bankruptcy Act (the “Priority Claims”). According to the Act on Financial Undertakings no interim payment distributions can be made during the winding-up proceedings to creditors holding general claims under Art. 113 of the Bankruptcy Act (the “Unsecured Claims”). Before any distributions can be made to creditors holding Unsecured Claims, the winding-up proceedings need either be concluded by way of composition with creditors or by placing the estate into bankruptcy proceedings, as further explained below.
Kaupthing's Informal Creditors' Committee (“ICC”) and numerous other creditors, have indicated that implementation of a composition proposal is the preferred route to making distributions to general unsecured creditors. The Winding-up Committee has therefore been working in close consultation with the ICC and their respective advisers on a potential composition proposal. Although documentation and technical preparations are well underway it is uncertain whether or when a composition agreement will be proposed to Kaupthing’s unsecured creditors. Introduction of a composition proposal is subject to a number of prerequisite conditions, the fulfilment of which may be in third party control. Ultimate implementation of a composition agreement can therefore not be guaranteed.
An introduction of a composition proposal and payment distributions is among other things contingent on Kaupthing receiving an exemption from the capital controls that are in effect in Iceland, by the Central Bank of Iceland (the “CBI”). In October 2012, the Winding-up Committee submitted a request for exemption to the CBI in relation to a proposed composition proposal with its creditors. As of yet, the CBI has not responded to the request but the Winding-Up Committee will continue to work towards a composition proposal in close collaboration with the ICC.
Accordingly, it is uncertain as to how and when Kaupthing’s winding-up proceedings will be concluded and when distribution of payments to creditors holding Unsecured Claims will begin as further described in the chapter Composition Proposal and Issues Relating to the Currency Controls in Kaupthing’s Creditors’ Report, dated 10 April 2014, which is available at the Company’s website http://www.kaupthing.com/home/creditors-report/.
It is highly suggested that creditors holding Unsecured Claims continue to monitor Kaupthing’s Creditors’ Secure Website, https://creditors.kaupthing.com for any news, information or updates. Further information on the timing of payments to creditors holding Unsecured Claims will be released when they become available.
The Company endeavours to maintain comprehensive information disclosure to all creditors. The Company has regularly throughout its moratorium, and subsequently during its winding-up proceedings, convened formal and informal meetings with representatives of the Company’s creditors. All creditors have an access to financial information and updates of the Company through the website, www.kaupthing.com.
In 2012, the Company created Kaupthing Creditor Secure Website, an online portal for its creditors, https://creditors.kaupthing.com in the context of preparing for a potential composition. Kaupthing Creditor Secure Website will be the portal through which creditors will be able to provide relevant information as the Company may need to obtain for the purposes of any payment distributions.
In addition creditors are invited to direct any general questions they may have to a specific e-mail addresses. General questions pertaining to the general operations of the Company should be sent to creditorcontact@kaupthing.com.
All general requests shall be made via the following email: creditorcontact@kaupthing.com.
All requests regarding the claiming process shall be made via the following e-mail: winding-up@kaupthing.com.
We will make every effort to get back to you as quickly as possible.
From the outset Kaupthing has followed a structured process when and how decisions are being made regarding potential asset disposals. Kaupthing is not actively trying to sell off assets and has strongly refused any fire sale bids; however, all reasonable potential monetization possibilities are examined. To that end, all loan and equity positions managed by the asset management team have a dedicated account- and portfolio manager who constantly monitors the performance and monetization opportunities for each asset. Interested parties can send enquiries to creditorcontact@kaupthing.com.
Arion bank hf. (“Arion bank”), which is the Company’s largest asset by value, is a commercial bank with operations in Iceland. On 21 October 2008, the FME issued a decision to divide the operations, assets and liabilities of the Company. The decision stated that certain specific assets and certain specific obligations of the Company would be transferred to a newly formed bank, originally named New Kaupthing Bank hf., now Arion bank. As a result, Arion bank took over the entire deposit liabilities of the Company in Iceland and also most of the Company’s assets that related to its Icelandic operations. According to the FME, these actions were taken to secure the continuation of vitally important domestic banking and payment services.
The Company‘s Resolution Committee together with its financial advisor, Morgan Stanley and creditors’ representatives, negotiated with the Icelandic government during the summer 2009 on the disposition of the assets and liabilities taken over by Arion Bank in October 2008. On 1 December 2009, a decision was made in consultation with the creditor‘s representatives to acquire 87% of common equity in Arion bank while the Icelandic Government kept 13%. As a consequence, the Company indirectly owns 87.0% of the equity in Arion bank through its intermediate holding company Kaupskil. Further information on Arion bank can be found on Arion bank's website.
Kaupthing owns 87% of the share capital in Arion bank and the Icelandic Government owns 13%. In accordance with FME‘s conditions, Kaupthing's subsidiary Kaupskil ehf. holds Kaupthing's shares in Arion bank.
The Board of Directors of Arion bank was appointed in accordance with the terms stipulated by the FME on Kaupskil’s ownership of Arion bank, which stated that the majority of board members, including the Chairman, should be independent of Kaupthing and individual creditors.
IMPORTANT NOTICE
Dear Sirs,
Re: Kaupthing hf. – New Secure Website Username
You have been sent this letter because you, or if applicable, any person or institution for which you are acting or that you represent, have filed or registered the transfer of a claim against Kaupthing hf. (“Kaupthing”).
If you believe that you have received this letter in error, please contact Epiq Bankruptcy Solutions, LLC (“Epiq”) as a matter of urgency, using the contact details given below.
Kaupthing’s Winding-up Committee has launched a new secure website (the “New Secure Website”), which will be used to provide important information to creditors about Kaupthing’s ongoing restructuring.
Your username for the New Secure Website is:
%Username%
For security reasons, your password for the New Secure Website will be sent to you in a separate letter to reduce the risk of other persons logging in to your account. If you have not received your password within 5 days of receiving this letter, please contact Epiq using the following contact details:
Epiq Bankruptcy Solutions, LLC
757 Third Avenue, 3rd floor
New York, NY 10017 U.S.A.
Attn: Kaupthing Information Agent
Phone: 1 (646) 282-2423
E-mail: KaupthingInfo@epiqsystems.com
In order to log on to the New Secure Website, please visit www.kaupthing.com and follow the link to the New Secure Website. When logging on to the New Secure Website with any given username and password combination, you will be required to confirm that you are, or that you represent, the claimant to whom the relevant username and password have been issued.
For the time being, you may continue to transfer your claim as normal (please see http://www.kaupthing.com/pages/4355 for details). Any registered purchaser of your claim will receive a new username and password. If you transfer your claim in its entirety, your username and password will be suspended, and you will need to register the trade with Kaupthing or its agent as soon as possible so that the new claim holder can obtain a username and password. Further, if you transfer any part of your claim you will need to register such transfer with Kaupthing or its agent as soon as possible in order for the new claim holder to obtain a username and password. Please note however that the Winding-up Committee may impose a deadline after which no further transfers will be registered (the “Transfer Deadline”). Provided that you continue to hold a claim against Kaupthing, you will be notified of the Transfer Deadline via the New Secure Website.
An English, German and Icelandic version of this letter is available under the FAQs section at www.kaupthing.com.
Ensk, þýsk og íslensk útgáfa af þessu bréfi er fáanleg í “FAQ” hlutanum á www.kaupthing.com.
Eine englische, deutsche und isländische Version dieses Schreibens steht im FAQ-Bereich der Website www.kaupthing.com zur Verfügung
Yours Faithfully,
The Winding-up Committee
IMPORTANT NOTICE
Dear Sirs,
Re: Kaupthing hf. – New Secure Website Password
You have been sent this letter because you, or if applicable, any person or institution for which you are acting or that you represent, have filed or registered the transfer of a claim against Kaupthing hf. (“Kaupthing”).
If you believe that you have received this Letter in error, please contact Epiq Bankruptcy Solutions, LLC (“Epiq”) as Information Agent for Kaupthing as a matter of urgency, using the contact details below.
You should also have received your username for Kaupthing’s Winding-up Committee’s new secure website (the “New Secure Website”). If you have not yet received your username, please contact Epiq using the following contact details:
Your password for the New Secure Website is:
In order to log on to the New Secure Website, please visit www.kaupthing.com and follow the link to the New Secure Website. When logging on to the New Secure Website with any given username and password combination, you will be required to confirm that you are, or that you represent, the claimant to whom the relevant username and password have been issued.
If you are unable to access the New Secure Website, despite correctly entering your username and password, please contact Epiq, using the above contact details, for assistance.
An English, German and Icelandic version of this letter is available under the FAQs section at www.kaupthing.com.
Ensk, þýsk og íslensk útgáfa af þessu bréfi er fáanleg í “FAQ” hlutanum á www.kaupthing.com.
Eine englische, deutsche und isländische Version dieses Schreibens steht im FAQ-Bereich der Website www.kaupthing.com zur Verfügung
Yours Faithfully,
The Winding-up Committee
WICHTIGE BENACHRICHTIGUNG
Betrifft: Kaupthing hf. – Benutzername fuer die neue gesicherte Website
Sehr geehrte Dame, sehr geehrter Herr,
Sie erhalten diesen Brief, weil Sie selbst, oder soweit zutreffend, jedwede natuerliche oder juristische Person, fuer die Sie handeln oder die Sie vertreten, einen Anspruch gegen die Kaupthing hf. (“Kaupthing”) geltend gemacht haben bzw. hat.
Wenn Sie der Ansicht sind, dass Ihnen dieser Brief irrtuemlicherweise zugegangen sei, kontaktieren Sie bitte dringend und unter Nutzung der nachstehenden Kontaktdaten die Firma Epiq Bankruptcy Solutions, LLC (“Epiq”).
Kaupthings Winding-up Committee hat eine neue gesicherte Website in Betrieb genommen (die “neue gesicherte Website”), die dazu genutzt werden wird, fuer die Glaeubiger wichtige Informationen ueber Kaupthings fortdauernde Restrukturierung bereitzustellen.
Ihr Benutzername fuer die neue gesicherte Website lautet:
[Username]
Aus Sicherheitsgruenden, insbesondere aber um das Risiko zu verringern, dass sich unbefugte Personen auf Ihrem Benutzerkonto anmelden, wird Ihnen Ihr Passwort mit einem gesonderten Schreiben zugehen. Sollte Ihnen das Passwort nicht innerhalb von 5 Tagen nach Erhalt dieses Briefes zugegangen sein, kontaktieren Sie bitte die Firma Epiq unter Nutzung der folgen Kontaktdaten:
Epiq Bankruptcy Solutions, LLC
757 Third Avenue, 3rd floor
New York, NY 10017 U.S.A.
Attn: Kaupthing Information Agent
Telefon: 1 (646) 282-2423
E-mail: KaupthingInfo@epiqsystems.com
Zur Anmeldung auf der neuen gesicherten Website gehen Sie bitte zunaechst auf www.kaupthing.com. Folgen Sie dort dann dem Link zur neuen gesicherten Website. Bei Anmeldung auf der neuen gesicherten Website mit jeder beliebigen bestehenden Kombination aus Nutzernamen und Passwort, werden Sie dazu aufgefordert werden, zu bestaetigen, dass Sie der jeweilige Glaeubiger oder dessen Vertreter sind, dem der betreffende Nutzername und das dazugehoerige Passwort zugeteilt wurden.
Bis auf weiteres besteht wie gehabt die Moeglichkeit fuer Sie, einen Anspruch zu transferieren (Weitere Details hierzu finden Sie unter http://www.kaupthing.com/pages/4355). Jeder registrierte Erwerber Ihres Anspruchs wird einen neuen Benutzernamen und ein neues Passwort erhalten. Wenn Sie einen Anspruch in seiner Gesamtheit transferieren, werden Ihr Benutzername und Ihr Passwort deaktiviert, und Sie muessen den Handel unverzueglich bei Kaupthing oder deren Beauftragten registrieren lassen, damit der neue Forderungsinhaber einen Benutzernamen und ein Passwort erhalten kann. Auch wenn Sie einen Teil Ihres Anspruchs transferieren, muessen Sie den Transfer unverzueglich bei Kaupthing oder deren Beauftragten registrieren lassen, damit der neue Forderungsinhaber einen Benutzernamen und ein Passwort erhalten kann. Beachten Sie allerdings bitte, dass das Winding-up Committee eine Ausschlussfrist bestimmen kann, nach deren Ablauf keine weiteren Transfers mehr registriert werden (die “Transfer Deadline”). Vorausgesetzt, dass Sie damit fortfahren, einen Anspruch gegen Kaupthing zu halten, werden Sie durch die neue gesicherte Website ueber eine Transfer Deadline benachrichtigt.
Eine englische, deutsche und islaendische Version dieses Schreibens steht im FAQ-Bereich der Website www.kaupthing.com zur Verfuegung.
Mit freundlichem Gruss,
das Winding-up Committee
WICHTIGE BENACHRICHTIGUNG
Betrifft: Kaupthing hf. – Passwort fuer die neue gesicherte Website
Sehr geehrte Dame, sehr geehrter Herr,
Sie erhalten diesen Brief, weil Sie selbst, oder soweit zutreffend, jedwede natuerliche oder juristische Person, fuer die Sie handeln oder die Sie vertreten, einen Anspruch gegen die Kaupthing hf. (“Kaupthing”) geltend gemacht haben bzw. hat.
Wenn Sie der Ansicht sind, dass Ihnen dieser Brief irrtuemlicherweise zugegangen sei, kontaktieren Sie bitte dringend und unter Nutzung der nachstehenden Kontaktdaten die Firma Epiq Bankruptcy Solutions, LLC (“Epiq”), welche fuer Kaupthing als sogenannter Information Agent taetig ist.
Sie sollten ferner bereits Ihren Benutzernamen fuer die neue gesicherte Website (die „neue gesicherte Website“) des Winding-up Committees der Kaupthing erhalten haben. Sollten Sie Ihren Benutzernamen indes noch nicht erhalten haben, kontaktieren Sie bitte die Firma Epiq unter Nutzung der nachstehenden Kontaktdaten:
Ihr Passwort fuer die neue gesicherte Website lautet:
[Password]
Zur Anmeldung auf der neuen gesicherten Website gehen Sie bitte zunaechst auf www.kaupthing.com. Folgen Sie dort dann dem Link zur neuen gesicherten Website. Bei Anmeldung auf der neuen gesicherten Website mit jeder beliebigen bestehenden Kombination aus Nutzernamen und Passwort, werden Sie dazu aufgefordert werden, zu bestaetigen, dass Sie der jeweilige Glaeubiger oder dessen Vertreter sind, dem der betreffende Nutzername und das dazugehoerige Passwort zugeteilt wurden.
Sollte es Ihnen trotz korrekter Eingabe Ihres Nutzernamens und Passworts nicht gelingen, Zugang zu der neuen gesicherten Website zu erhalten, kontaktieren Sie zwecks Hilfestellung bitte die Firma Epiq, und zwar unter Nutzung der oben stehenden Kontaktdaten.
Eine englische, deutsche und islaendische Version dieses Schreibens steht im FAQ-Bereich der Website www.kaupthing.com zur Verfuegung.
Mit freundlichem Gruss,
das Winding-up Committee
ÁRÍÐANDI TILKYNNING
Ágæti viðtakandi,
Varðar: Kaupþing hf. – Notendanafn á nýja læsta vefsvæðið
Þetta bréf er sent þér þar sem þú, eða umbjóðandi þinn, hefur lýst kröfu eða fengið framselda kröfu við slitameðferð Kaupþings hf. („Kaupþing”).
Ef þetta bréf hefur borist þér fyrir mistök, ert þú vinsamlegast beðinn um að hafa samband við Epiq Bankruptcy Solutions, LLC („Epiq”) án tafa, sbr. upplýsingarnar hér að neðan.
Slitastjórn Kaupþings hefur opnað nýtt læst vefsvæðið fyrir kröfuhafa (“nýja læsta vefsvæðið), sem verður notað til þess að koma mikilvægum upplýsingum til kröfuhafa varðandi endurskipulagningu Kaupþings.
Notendanafn þitt fyrir nýja læsta vefsvæðið er:
[Notendanafn]
Til að gæta fyllsta öryggis verður lykilorðið að nýja læsta vefsvæðinu sent þér í öðru bréf til að minnka áhættu á að óviðkomandi aðilar skrái sig inn á þitt svæði. Ef þér hefur ekki borist lykilorð innan 5 daga frá móttöku þessa bréfs, vinsamlegast hafðu samband við Epiq, sbr. eftirfarandi:
Epiq Bankruptcy Solutions, LLC
757 Third Avenue, 3rd floor
New York, NY 10017 U.S.A.
Attn: Kaupthing Information Agent
Phone: 1 (646) 282-2423
E-mail: KaupthingInfo@epiqsystems.com
Til að skrá sig inn á nýja læsta vefsvæðið, vinsamlegast farðu á www.kaupthing.com og fylgdu hlekknum á nýja læsta vefsvæðið. Þegar þú skráir þig inn á nýja læsta vefsvæðið með notendanafni og lykilorði verður þú beðinn um að staðfesta að þú sért viðkomandi kröfuhafi, eða fyrirsvarsmaður hans, sem fékk úthlutað umræddu notendanafni og lykilorði.
Að svo stöddu verður áfram hægt að framselja kröfur með hefðbundnum hætti (til upplýsingar sjá http://www.kaupthing.com/pages/4355). Allir skráðir framsalshafar að kröfu þinni munu fá nýtt notendanafn og lykilorð. Ef þú framselur kröfu þína að fullu þá verður lokað fyrir aðgang þinn að nýja læsta vefsvæðinu, og þú þarf að skrá framsalið hjá Kaupþingi eða umboðsaðila þess eins fljótt og möglegt er svo að nýji framsalshafinn geti fengið notendanafn og lykilorð. Ef þú framselur kröfu þín að hluta þarftu að skrá slíkt framsal hjá Kaupþingi eða umboðsaðila án tafa til að nýr framsalshafi geti fengið notendanafn og lykilorð. Vinsamlegast athugaðu að slitastjórn getur sett tímamörk, þar sem að eftir það tímamark verða frekari framsöl ekki skráð (lokadagur framsala). Að því gefnu að þú haldir áfram að eiga kröfu á hendur Kaupþingi munt þú fá uplýsingar um lokadag framsala í gegnum nýja læsta vefsvæðið.
Ensk, þýsk og íslensk þýðing af bréfi þessu er aðgengileg undir liðnum FAQ á www.kaupthing.com.
Virðingarfyllst,
slitastjórn Kaupþings
ÁRÍÐANDI TILKYNNING
Ágæti viðtakandi,
Varðar: Kaupþing hf. – Lykilorð á nýja læsta vefsvæðið
Þetta bréf er sent þér þar sem þú, eða umbjóðandi þinn, hefur lýst kröfu eða fengið framselda kröfu við slitameðferð Kaupþings hf. („Kaupþing”).
Ef þetta bréf hefur borist þér fyrir mistök, ert þú vinsamlegast beðinn um að hafa samband án tafa við Epiq Bankruptcy Solutions, LLC („Epiq”), sem veitir upplýsingar um málið f.h. Kaupþings, sbr. upplýsingarnar hér að neðan.
Þér ætti nú þegar að hafa borist notendanafn fyrir nýja læsta vefsvæði slitastjórnar Kaupþings („nýja læsta vefsvæðið”). Ef þér hefur ekki enn borist notendanafnið vinsamlegast hafðu samband við Epiq, sbr. eftirfarandi:
Epiq Bankruptcy Solutions, LLC
757 Third Avenue, 3rd floor
New York, NY 10017 U.S.A.
Attn: Kaupthing Information Agent
Phone: 1 (646) 282-2423
Tölvupóstur: KaupthingInfo@epiqsystems.com
Lykilorð þitt fyrir nýja læsta vefsvæðið er:
[Lykilorð]
Til að skrá sig inn á nýja læsta vefsvæðið, vinsamlegast farðu á www.kaupthing.com og fylgdu hlekknum á nýja læsta vefsvæðið. Þegar þú skráir þig inn á nýja læsta vefsvæðið með notendanafni og lykilorði verður þú beðinn um að staðfesta að þú sért viðkomandi kröfuhafi, eða fyrirsvarsmaður hans, sem fékk úthlutað umræddu notendanafni og lykilorði.
Ef þú getur ekki skráð þig inn á nýja læsta vefsvæðið, þrátt fyrir að hafa slegið inn rétt notendanafn og lykilorð, vinsamlegast hafðu samband við Epiq til að fá aðstoð, sbr. upplýsingarnar hér að framan.
Ensk, þýsk og íslensk þýðing af bréfi þessu er aðgengileg undir liðnum FAQ á www.kaupthing.com.
Virðingarfyllst,
slitastjórn Kaupþings