The Icelandic finance company Lýsing several days ago paid around ISK 30 billion (EUR 179.3 million) to Deutsche Bank.
According to DV sources, the German bank is Lýsing’s biggest creditor and the company’s entire future rests with the frankfurt-based financial giant. The Icelandic company owed ISK 72 billion in debts at the end of 2010.
The 2010 Lýsing annual report reveals that ISK 30 billion of the company’s debt was due for repayment between 2011 and 2016. The company’s debt to Deutsche Bank is the result of a huge loan the bank granted in 2007 to Exista – which was owned by Lýður and Ágúst Guðmundsson at the time. Exista re-loaned a portion of the money on to Lýsing.
Lýsing specialises in leasing.