Fló með fróðgum tívi
fangsæll of veg langan
sveita nagr, svát slitna
sundr ulfs faðir mundi.
Þá varð Þórs of rúni
— þungr* vas Loptr of sprunginn —
môlunaut*, hvats mátti,
Miðjungs friðar biðja.
Nagr sveita fló fangsæll of langan veg með fróðgum tívi, svát faðir ulfs mundi slitna sundr. Þá varð of rúni Þórs biðja môlunaut* Miðjungs friðar, hvats mátti; þungr* Loptr vas of sprunginn.
The bird of blood [RAVEN/EAGLE = Þjazi] flew happy in its catch over a long distance with the wise god, so that the father of the wolf [= Loki] was about to be torn apart. Then the confidant of Þórr [= Loki] had to beg the speech-companion of Miðjungr <giant> [GIANT = Þjazi] for quarter, as hard as he could; heavy Loptr <= Loki> was shattered.
[4] faðir: so all others, fǫður R
[4] faðir ulfs ‘the father of the wolf [= Loki]’: The wolf in question is Fenrir, one of Loki’s three children by the giantess Angrboða (SnE 2005, 27), who was destined to swallow Óðinn at Ragnarǫk.
case: nom.