Baugur Group was granted a moratorium on its payments in the District Court of Reykjavík yesterday, valid until March 4, 2009. Chief financial officer of Baugur, Stefán H. Hilmarsson, said he was very pleased with the decision.
Chairman of the board of Baugur Group Jón Ásgeir Jóhannesson. Photo by Páll Stefánsson.
Now Baugur will work on finding a solution with its claimants. In response to Fréttabladid’s question as to whether he believed the moratorium would have to be extended, Hilmarsson said only time will tell.
Last week the resolution committee of Landsbanki requested a moratorium on payments for Baugur’s UK subsidiary BG Holding in the UK.
At first the board of Baugur was dissatisfied with the committee’s decision, requesting that a moratorium be asked for in Iceland instead, but later withdrew the request, visir.is reports.
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