Iceland’s Arion Bank has today advertised the convenience store chain 10-11 for sale. The bank has owned the chain since it took over the bankrupt estate of Hagar. Read the full story

Arion Bank says it intends to split the 10-11 chain of convenience stores from the estate of Hagar and sell it off. It is not anticipated that other retail chains within the Hagar group will be sold separately. Former Hagar owners Jon Asgeir Johannesson and his father Johannes Jonsson will explicitly not be allowed to buy 10-11. Read the full story

It now seems extremely likely that New Kaupthing will take a 40 percent share in Hagar, the company behind Iceland’s biggest supermarkets and fashion retailers, and that Jon Asgeir Johannesson and other investors will be allowed to keep 60 percent by investing ISK 7 billion. The action will free Hagar’s current mother company from debt and remove it entirely from the picture. Foreign creditors will most likely bear the brunt of the ensuing multi-billion krona losses. Read the full story