Klakki

Skipti hf. Financial restructuring to commence

24.01 2013

The Board of Directors of Skipti hf. has decided to launch the financial restructuring of the company. Co-operation on the project will be sought with the company's creditors, and it is hoped that proposals will be available in the first or second quarter of this year. It is probable that the proposals will include requests for the owners of listed bonds to accept amended terms or a conversion of debt into equity.

Over the past two years, Skipti has been working on the basis of a three-year plan designed to improve the company's operation and thereby increase its value. The plan has returned results, with the company's performance improving significantly. The interim accounts for 2012 are now available. According to the accounts, Skipti hf.'s earnings before depreciation and financial items (EBITDA) will amount to ISK 8 billion for the year, net of one-off items, as compared to ISK 6,230 million in 2011 and 5,278 in 2010.

Three new members have been elected to Skipti's Board of Directors. Mr Benedikt  Sveinsson, Ms Heiðrún Jónsdóttir and Mr Helgi Magnússon will take seat on the Board of Directors. Other Board members are Ms Dagný Halldórsdóttir and Mr Magnús Scheving Thorsteinsson. Mr Benedikt Sveinsson will be the Chairman of the Board and Ms Heiðrún Jónsdóttir Vice-chairman. Mr Skúli Valberg Ólafsson, Ms Jóhanna Waagfjörd and Mr Jón Örn Gudmundsson will step down from the Board of Directors. Klakki ehf. holds 100% of the shares in Skipti hf.

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