Glitnir Files For Bankruptcy In US

The 104-year-old Icelandic bank Glitnir has filed for bankruptcy in the US listing both debts and assets of more than $1 billion in Chapter 15 documents filed Wednesday in U.S. Bankruptcy Court in Manhattan.

According to court documents, the banks assets are bank accounts and loans made to U.S. companies.

Glitnir is one of Iceland's biggest three banks, all of which were recently seized by the government there, after they were unable to secure short-term funding.

The three banks together amassed debt of $61 billion, equivalent to about 12 times the size of the economy.