Icelandic news translated into English

November 5, 2008

Samson bankrupt

“This is not an economic decision. They simply will not extend our deadline as we asked for. The share in Landsbankinn was the mail property of the company and it has been confiscated. There were debts in the company and now the owner of those debts is demanding bankruptcy,” says Ásgeir Friðgeirsson. He is the spokesman of Björgólfur Guðmundsson and Björgólfur Thor Björgólfsson, who own Samson holdings. District court of Reykjavík denied them today for continuance of the moratorium.

The German bank Commerzbank demanded from the District Court that the continuance of the moratorium would be denied but Samson has 23 billions in loans that are upset.

Samsons share in Landsbankinn was valued at 90 billion króna when the government took over the bank, but after the bank was nationalized that share is near worthless.

“A decision has not been made still about giving the company up for bankruptcy proceedings and we are not familiar with the Commerzbank demanding so,” says Ásgeir Friðgeirsson.

He also says that the conclution with Samson has not direct affect on other companies owned by the Björgólf family, but first and foremost their own finance.

(News Article by Kristinn)
Original Article in Icelandic

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