The holding company Stodir made ISK 1.2 billion (USD 9.3 million) after taxes and deductions in 2009 after massive losses a year before.

Stodir is sometimes described as bankrupt because it filed for a debt moratorium in September 2008 as a direct result of the nationalisation of Glitnir Bank, in which Stodir held a 32 percent stake. The company’s close ties to Jon Asgeir Johannesson and the defunct Baugur Group have also affected the company’s image.

There are 109 shareholders in Stodir today and three of them have over 10 percent voting power: Glitnir, NBI (New Landsbanki) and Arion Banki.

At the end of 2009, Stodir’s assets stood at over ISK 30 billion and its debts at ISK 10 billion. Its equity position was ISK 23.5 billion, according to Visir.is.

A company press release states that a financial reorganisation ended in the middle of last year alongside the signing of a contract with creditors which saw them take on all the company’s shares.

Stodir is the almost unrecognisable remains of Flugleidir (decades-old name for Icelandair); but Icelandair Group has been separate since 2002 and Stodir’s remaining shares were sold off completely in 2006.

Under its previous name of FL Group, Stodir invested heavily in the travel sector, with big holdings in EasyJet, Finnair and the now bankrupt Sterling Airlines.

Today Stodir’s biggest assets are a 99.9 percent stake in Iceland’s TM insurance company and a 40 percent stake in the European drinks manufacturer Refresco – although a new tranche of shares has recently been created to allow another company to also invest in Refresco.