The Icelandic Financial Supervisory Authority has revoked Saga Investment Bank’s operating license. The reason for the revocation is that the bank's capital base is under the statutory minimum requirement, which amounts to EUR 5 million, the equivalent of ISK 800 million.
The revocation...
With a court ruling today, Saga Investment Bank was authorized to seek composition. Under the proposed bill creditors get their claims paid in full, but creditors with claims of more than 11 million defer payment of their claims for up to nine months and get 1% of their claims paid in new shares in...
An agreement on funding for a tunnel under Vaðlaheiði was signed today in Akureyri, 17th of August. The agreement is between the Ministry of Finance and Vaðlaheiðargöng hf., a company owned by the The Icelandic Road Administration and Greið Leið ehf. The agreement secures...
Alterra Power, formerly Magma Energy, has sold a stake in the energy company HS Orka to fourtenn pension funds. Under the agreement, the funds buy a 25 percent stake in HS Orka for 4.63 per share. The purchase price amounts to ISK 8.1 billion. The pension funds also have an option to buy new shares...
