Late Claim Forms; Changes to Entitlement Elections20.07.2010
Terms used in this press release and defined in the Information Memorandum of the Bank dated 1 May 2010, as supplemented, are used in this press release as so defined.
Late Claim Forms
Pursuant to the Information Memorandum, the Bank retained sole and absolute discretion as to whether it would accept Claim Forms submitted after the Claims Submission Date. The Bank hereby informs all Claimants that as of the date hereof it will no longer accept any further Claim Forms submitted to it.
Election of Entitlements
The Bank has received a number of requests from Claimants wishing to change the elections made in their Claim Form. The Bank would like to herby confirm that Claimants are not entitled to amend their elections and the Bank will not therefore permit any such amendments.
The Trustee for the Euronoteholders and the registered holder of the Global Note representing the CHF Notes made certain elections in the Claim Forms submitted on behalf of Euronoteholders and the holders of CHF Notes respectively (the “Noteholders”). These elections were for Noteholders to receive Entitlements denominated in U.S. Dollars, to receive their entitlement to New Notes directly (as opposed to via a Bank Creditor SPV) and to receive GDRs (as opposed to Shares).
Accordingly, the notice of Settlement Instructions which will be sent by the Bank to the Noteholders will request such holders to submit electronic instructions relating to the delivery of Entitlements only. These electronic instructions will constitute Noteholders’ Settlement Instructions for the purposes of the Restructuring Plan. Noteholders will not be required to make any elections in such electronic instructions.