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Friday, 19 February 2010 04:30 |
JP Lawyers have been assigned to take care of the official process of the security company Securitas. The company is the largest asset of the bankrupt estate of Fons, company formerly owned in majority by Palmi Haraldsson. The plan is that the new owners take over Securitas around March 20th this year.
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Monday, 26 October 2009 08:47 |
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Lyst ehf will in the end of this month quit the partnership with the McDonalds fast food chain, but the company is running three diners according to the special license from McDonalds. The diners will continue to operate under the name Metro. This is said in the announcement.
It is said that the reason for the change is the difficult economic situation in Iceland. The collapse of the exchange rate of the króna controls most. Lyst ehf has for the past years bought most ingredients for the McDonalds dishes, meat, cheese, vegetables and other products from foreign suppliers, according to the demand and standards of McDonalds.
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Monday, 28 September 2009 16:42 |
Close to two thousand employees of Landspitali Hospital (LSH) have in the last few days received letters where they are introduced changes that are going to be done to their employment benefits. From what Bjorn Zoega chairman of the hospital says is the discontinuance of driving contracts in question as well as the set overtime is reduced to 10 percent of employment ratio.
Bjorn says that if the employees do not want to approve the new benefits are they free to leave the hospital after three months. |
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Thursday, 24 September 2009 17:23 |
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Oskar Magnusson publisher of Morgunbladid confirms that David Oddsson and Haraldur Johannessen have been hired as the editors of Morgunbladid in the announcement he has now sent out.
In the statement says that David has a clear view of the future and his voice has always reached the ears of the nation. Haraldur Johannessen, who is an economist from the University of Iceland, is arriving to the newspaper from the editors chair of Vidskiptabladid which he has run with much confidence and professionalism.
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Monday, 14 September 2009 18:27 |
The claim owners of Milestone rejected a distress contract that was set forward for them at a meeting today to be approved or rejected. Glitnir the largest claim owner supported the conrtact.
It is not clear what comes after this but it seems that the company will end up being taken into bankruptcy. The claim owners of Milestone, around 60 claim owners, were called in for a meeting at two pm to vote about the distress contract of the company, which included the reorganizing of the companies operations. |
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Thursday, 10 September 2009 15:22 |
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The sale of the part of Reykjavik Energy (OR) in HS energy to Magma Energy was approved by the city council today with the votes of the majority but the minority voted against the contract which will then be projected by the city administration of Reykjavik.
The representatives of the progressive party and the independence party in the city council say in an announcement regarding the sale of the part in HS energy important for the interests of OR and the city of Reykjavik and iterate that they are not selling natural resources.
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Saturday, 05 September 2009 19:00 |
Bauhaus has no plans to move the house that was built in Iceland to another country. A spokesperson of the company says that the plan is to wait for the economic situation in Iceland to get back to what it was. Bauhaus had just finished building 22 thousand square meter house at Vesturlandsvegur when the depression hit. They had hired most of the one hundred and fifty employees that were to work there and the opening hours had been decided around last new years. |
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Friday, 04 September 2009 12:19 |
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The Landspitali hospital has to cut down by 2,8 billion króna this year. The administrators of the hospital met with the employees this morning to announce the coming down cut actions. The medical CEO of Landspitali does not expect the services to be cut this year.
It was written in Frettabladid today that Landspitali Haskolasjukrahus needs to cut down by 2,8 billion króna this year. Further down cuts are announced for the coming years. The hospital has already cut down by 70% of this amount but the weakening of the króna this year means that the hospital has to cut down even further.
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Thursday, 13 August 2009 08:58 |
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The real estate company Landic Protperty hf. has sold real estate of Magasin and Illum to a group of investors amongst other Straumur Burdaras investment bank. The real estate collection is six real estates in Denmark but five of the houses are housing the stores Magasin and Illum as well as a warehouse. There is an agreement between parties to not give up the purchase price.
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Thursday, 18 June 2009 06:13 |
Egilsson hf, which amongst other runs the Office 1 stores in Iceland has decided to request a moratorium while the finances of the company is reorganized. The moratorium will be made with a consult of the largest claim owner of the company, New Landsbanki Islands. The plan is to finish the reorganizing of the company before the end of august so the future of the operations and the interests of the lenders are safe. This is written in the news announcement from the company.
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Monday, 08 June 2009 08:50 |
CB Holding ehf which is mostly owned by Straumur Burdaras investment bank has taken over the holding company WH Holding Ltd. and its subsidiary, including the English football club West Ham. This is written in the announcement of Straumur Burdaras.
In the announcemnt says: "Since the positive results of the chairman and the coach of the team during last season have been clear, has CD Holding decided to support the current executives to continue their work. |
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Friday, 22 May 2009 13:12 |
The lowering of the pension rights of the pension fund Gildi will take effect in the end of this month. The fund members who have started to accept their pensions will so receive lower amounts than before. The approval for the lowering of the pension by 10% was made at the annual meeting of the fund.
More pension funds have taken a decision to reduce the rights. So the pension fund Stafir approved this week to reduce the rights by 6%. It is not clear when the reduction will take effect but it will probably be around the fall or new years.
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Monday, 18 May 2009 15:40 |
Islandsbanki has taken over 42% shares of Icelandair Group. In the announcement from the bank says that this will not affect the daily operations of the company. The aim is for selling the shares in an open and transparent sales process. The bank now owns 47% of the company.
Islandsbanki took over the shares on the rate of 4,5 per share which is the last registered rate of the shares in the company. The shares that Islandsbanki hf has taken over today were insurances for loans because of purchases of shares in Icelandair Group.
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Monday, 18 May 2009 15:24 |
The sale of 29,26% share of the bankrupt estate of Fons of the Nordic travel agency Ticket Travel Group. The buyer is a Norwegian company, Braganza AS, and the sale rate was 7,45 Swedish króna per share. That means that the bankrupt estate received 620 million Icelandic króna for the sale.
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Monday, 18 May 2009 05:28 |
The loss of the operations of the investment bank Askar Capital equals to 12,4 billion króna last year but was 0,8 billion króna the year before. The own capital ratio of the bank is negative by 5,3% in the end of last year. The claim owners are taking over the bank in a share holders meeting which will be held in the end of May.
In the announcement about the annual payoff of Askar which has been sent to the Iceland Stock Exchange says that the precautionary down transfer because of the price drop of assets has lead to that the own capital ratio of the group has reduced below the legal minimum. |
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Monday, 11 May 2009 22:08 |
The district court of Reykjavik decided today to approve the request of Landic Property hf. of a prolonged moratorium of the company. The moratorium was prolonged till August 6th 2009.
The owners equity of Landic Property is negative according to the payoff of 2008 which was not been reworked. This was amongst other in the announcement from the company last week.
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Saturday, 09 May 2009 15:54 |
Landsvirkjun has been put on the so-called observation list of the evaluation company Standard & Poors, which beliefs the position of the company has weakened and the loan rating might be assumed as negative.
The long term rating of Landsvirkjun is now BBB- and was for a short period A-3. The uncertainty about if the Icelandic government has the ability to support the operations of Landsvirkjun is thought to have had the effect of the loan rating reduction.
News Article by noname Translated by Anya Original Article in Icelandic |
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Thursday, 07 May 2009 23:16 |
The contract of the bankrupt estate of BT stores ehf and Hagar Invest ehf about the purchase of Hagar of the stores and the goodwill of the computer stores of BT. This is done because of the comments from the competition supervision.
Ardegi, parent company of BT was ruled bankrupt in November. The purchase contract of Hagar and the bankrupt estate of BT stores was made on November 20th. The bankrupt estate will reclaim the assets and advertise the company for sale. BT now runs two stores, in Smaralind and Akureyri.
News Article by noname Translated by Anya Original Article in Icelandic |
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Saturday, 02 May 2009 22:51 |
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The name of FL Group was formally changed on Thursday to Stodir, but that change has been on the plan for a long time. At the shareholders meeting which was closed for the media, was a decision taken about the name change.
Then the decision was taken to reduce all owners equity of the company and issue new equity in four million króna to fulfill the legal duty.
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Thursday, 23 April 2009 18:39 |
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"The rumor that the government might take over the operations of Icelandair is ungrounded," says in the announcement sent by the ministry of finance. The occasion is news from the open meeting of Steingrimur J. Sigfusson on east Iceland and his comments about the operational problems of Icelandair.
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Monday, 20 April 2009 10:20 |
The preparation of the water factory of Glacier World ehf. started up again in March after five months delay.
"They intended to start operations next year but everything ran to a halt in the big collapse in October," said Mar Sveinbjornsson harbor director. "Of course they had to look around on the financial market and it froze everywhere for a while. They wanted to see how that would develop but now everything is up on full speed again."
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