Baugur Group HF, the Icelandic owner of stakes in U.K. retailers from Hamleys Plc to Iceland Foods Ltd., asked for protection from creditors after talks with Landsbanki Islands Hf broke down.
Baugur and its subsidiaries applied in a Reykjavik court to enter a “moratorium process” to protect its assets and “all creditors,” according to a statement today, after Landsbanki decided to end talks aimed at restructuring the company.
Jon Asgeir Johannesson describes today’s moratorium actions of Landsbankinn against Baugur as a kick in the balls to visir.is. This means that Britons will get some of the best companies owned by Icelanders for next to nothing.
“I am sure Philip Green is dancing in his living room now that he will become owner of a large part of our businesses for a cut-down price”.
A couple of bloggers have pointed to the eerie fact that David Oddson and Jon Asgeir Johannesson are finally facing the music in the same week.