Islandsbanki has made comments to the statements of the representatives of Baugur Group in relations of the request of the company to prolong the moratorium and say »»
Islandsbanki has made comments to the statements of the representatives of Baugur Group in relations of the request of the company to prolong the moratorium and say that it is not correct that the banks had in the pleading at the district court partially covered the fund that was supposed to be founded according to the so called project sunrise project. That fund was never discussed at the district court. The statement is as here says:
“Islandsbanki wants to make the following statements because of the statements of the representatives of Baugur Group in relations of the request of the company to prolong their moratorium.
It has been made public that the international accounting company Pricewaterhouse coopers has reviewed the suggestions of Baugur Group because of the project sunrise and evaluated the suggestions as unrealistic and inoperable and not in the interests of the claim owners. In continuance of that decided the liquidating committee of Landsbanki to request a moratorium of BG Holding in England, but the company is subsidiary of Baugur Group and has shares in Iceland Foods, Hamley´s, House of Fraiser and other smaller companies.
The comments are not correct that are made in the statement of Gunnar Sigurdsson and Stefan H. Hilmarsson that the banks had in the pleading at the district court in some parts covered the fund that was supposed to be founded according to Project Sunrise project. That fund was never discussed at the district court. What is on the other hand correct in this matter is that the lawyers of the bank mentioned a incongruity in the information about the value of the subsidiaries of Baugur Group, which the company has handed over to the claim owners.
At the meeting with the general claim owners, which was held on February 27th recently, introduced Baugur Group the balance sheet where the asset collection of the company was evaluated much higher than reasonable. In relations of that is reference of that the most valuable companies in the asset collection of Baugur Group have either been put into the process of liquidating, bankrupt or taken over by individual claim owners. The financial information that was introduced to the claim owners did not take this situation into consideration.
If it is the will of the representatives of Baugur Group to take all doubt off the financial position and the matters of the company it is easy for them to provide the public and the media access to the data that were set forward at the district court on Tuesday morning. Islandsbanki will on it´s behalf not stand in the way of the publishing of the data nor the statements of the lawyers.”
News Article by noname
Original Article in Icelandic
Please show your appreciation for the translations, click here to donate! (PayPal)
Translated by Anya