Icelandic bank investor Stodir enters administration

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

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:

the FT’s story

Administrators warn sharp rise in
pub insolvencies

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