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.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies