Icelandic news translated into English

November 7, 2008

Samson petition in bankruptcy

Filed under: economy — newsfrettir @ 6:41 pm
Tags: , ,

The board of Samson Holdings have taken a desicion to ask from the district court that the estates of Samson to be taken to a petition of bankruptcy. The company is owned by Björgúlf Guðmundsson and Björgúlfur Thor Björgúlfsson.

The 4th of November the district court declined the request of Samson Holdings to prolong the moratorium.

It was the German bank Commerzbank that demanded from the district court that the request for a continuance of the moratorium would be denied but the bank loan Samson had for over 23 billion krónur was upset.

The shares that Samson Holdings had in Landsbankinn was valued for over 90 billion krónur before the government took over the bank, but after the the bank was nationalized those shares were near worthless.

(News Article by noname)
Original Article in Icelandic

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