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Icelandic troubles deepen with Baugur bankruptcy

Thursday, March 12, 2009

The district court of Reykjavik refused Baugur Group's request for extention of moratorium on 11 March. As a result, the company has decided to file for bankruptcy.

The company obtained a moratorium on 11 February that expired on 4 March. According to various media sources, Landsbanki owns most of Baugur's debt. Price Waterhouse Coopers was asked to run the company on 4 February, according to the Financial Times.

Baugur's total amount of outstanding debt was not immediately available.


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