US Investor Interested in Baugur’s Debts Skip to content

US Investor Interested in Baugur’s Debts

A large US investment fund has expressed interest in taking over Baugur Group’s debts to Kaupthing Bank and its representatives are expected to arrive in Iceland today to meet with the Financial Authority committee that currently controls the bank.

According to Morgunbladid, British businessman Philip Green is still in Iceland and has met with both the committees of Landsbanki Bank and Kaupthing Bank.

On Friday Green met with representatives of Baugur Group Jón Ásgeir Jóhannesson, Gunnar Sigurdsson and Ingibjörg Pálmadóttir and he allegedly wanted to take over Baugur’s debts for five percent of their real value.

Green’s offer was allegedly not well received and the US investor seems to have other and more appealing ideas of how to settle Baugur’s debts.

Baugur’s combined debts to Landsbanki and Kaupthing amount to ISK hundreds of billions (ISK 100 billion = USD 0.9 billion, EUR 0.7 billion).

Click here to read more about the nationalization of Iceland’s largest banks.

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