BusinessBusiness RecoveryIcelandic bank investor Stodir enters administration

Icelandic bank investor Stodir enters administration

Investor in Icelandic bank enters adminstration after government takes stake in the bank

One of Iceland’s biggest investors in Glitnir Bank filed for administration
after the government took a 75% stake in the bank.

Stodir, the biggest shareholder in Glitnir at 32%, filed for administration
after the government’s stake diluted those of the original stakeholders.

The insolvency came just a day before Stodir was to vote to approve
purchasing a stake in Baugur, the huge retail investor, reported the
FT.

Baugur, like Stodir, is controlled by Jón Ásgeir Jóhannesson.

Johannesson had been making moves to protect Baugur from the worst-performing
parts of his portfolio in recent months. Baugur had sold its stake in Stodir
earlier in the year.

Further reading:

Read
the FT’s story

Administrators warn sharp rise in
pub insolvencies

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