Iceland’s Arion Banki has decided to list retail giant Hagar on the Reykjavik stock exchange as a public listed company. 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

Johannes Jonsson, one of the owners of Hagar which owns, among others, Iceland’s Bonus, Hagkaup and 10-11 supermarkets, told Stod 2 News that the company owners have not lost control. He said that they are currently refinancing the group and have at least a few more weeks to successfully complete the process. Read the full story