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Article: Fallen retailer Baugur filing for bankruptcy
- Article from:
- AP Worldstream
- Article date:
- March 11, 2009
- Author:
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Baugur Group HF, the high-flying Icelandic retail group that crashed along with its nation's banks, said Wednesday it would file for bankruptcy after a court called time on its efforts to reorganize.
The announcement followed a ruling earlier in the day by the District Court in Reykjavik against extending the moratorium process, which protected Baugur from its creditors.
BG Holding EHF, Baugur's vehicle for its British holdings, is already in administration.
"We believe that the company fulfills all the conditions for the extension and that the restructuring plan was viable," said Kristin Johannesdottir, chairman of Baugur Group.
"However, following ...