Shareholders take over Straumur Investment Bank Skip to content

Shareholders take over Straumur Investment Bank

Creditors of investment bank Straumur have overtaken the company. A new board will be elected next month, ruv.is reports. Among the creditors are Icelandic pension funds as well as the resolution committees of the old commerce banks.


Straumur. Photo: ESA.

Claims for Straumur’s insolvent estate amount to 195 billion ISK (165 million USD, 129 million EUR). Among the principal claim holders are Austrian bank RZB and investment funds, resolution committees of the old commerce banks – Glitnir, Kaupthing and Landsbanki, as well as Icelandic pension funds.

According to solicitor Ragnar Hall, a member of Straumur’s resolution committee, at the stocktaking, claim holders will receive a certain portion of their claims, paid with Straumur’s equity. The old equity will be reduced. The claim holders will therefore become shareholders in the same proportion as they used to be claim holders.

A shareholder meeting will be held on October 5th. The claim holders will then take over the company, elect a new board and overtake the business.

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