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Accusing the executors of fabrication and dishonesty

Broadcast United News Desk
Accusing the executors of fabrication and dishonesty

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The former owners of Skagan 3X have utterly rejected the allegations of “fabrication and deception” that they had blocked the sale of the entire company. They have so far been excluded from negotiations, even though they still own the properties operated by Skagan.

Skaggin 3X declared bankruptcy on July 4 and may not be sold in its entirety as is. About 130 people lost their jobs due to the bankruptcy, which came as a shock to the Akranes community.

Liquidator Helgi Jóhannesson said yesterday that it was not possible to sell the entire company because the main premise of the offers received by the bankruptcy estate was to include real estate.

But since the real estate is not owned by the bankruptcy estate, it is impossible to guarantee this assumption. Instead, the owner of the properties is Grenja ehf., the former owner of Skagan, who sold his shares in 2021. Helgi said that it was impossible to reach an agreement with the owner.

Need to follow the news to keep up with the progress of things

Glenjaar have now issued a statement saying they will not block the sale of the entire island.

Spruce take said they were not allowed to participate in discussions with the executors regarding the real estate, nor with investor groups interested in the restoration of the peninsula.

“(He) has Grenjum ehf. has been excluded from such talks despite wishing otherwise. First and foremost, Grenjar ehf. and therefore able to follow developments in the media,” a Grenjum statement said.

Interested in selling real estate

Grenjar said he has always been willing to lease or sell the real estate where Skagan 3X is located to a potential buyer for the business. “(E)n no such request has been made. There has been no change in Grenjar ehf’s position.”

The liquidators said the properties were mortgaged at Íslandsbanki and were worth nearly 3 billion Icelandic kronor.

Grenja points out that they would be greatly harmed if there were no business on the company premises. Therefore, the interests of Grenja and the local community of Akranes are aligned.

Grenjar said he contacted Íslandsbanki to suggest that the possible mortgage dispute be put on hold so that the company’s reconstruction work could begin immediately. The bank rejected the request but required Grenjar to hand over to the bank the unmortgaged land at the Skagan 3X ehf. site, as well as the real estate mortgaged to the bank.

“Grenjum ehf. Of course, it was impossible for Grenjum ehf. to accept such an extreme benefit. Among other things, the bank failed to fulfill its fiduciary duties to Grenjum ehf. as mortgagee, thereby damaging the company,” the company’s statement said.

Significant financial losses are expected

Grenjar added that neither Íslandsbanki nor the liquidators had informed them that they intended to accept any offer made for the company’s assets.

“Accordingly, the liquidator’s claim that Akranes cannot be restored because no agreement has been reached with the property owner is false.”

The company said it did not intend to participate in the “game” of trying to “point to some culprit in this case,” but pointed to the family behind Grenjar EHF. The company has no involvement in the operations of Skagan 3X since selling its 60% stake in Skagan in 2021.

“The only contact Grenja ehf had. The case was that, because the company’s assets were pledged to Íslandsbanki hf, the company expected to suffer significant financial losses as a result of the debts of Skagan 3X ehf.”

“Cloth and no conscience”

Grenjar hopes to resume operations at Skagan 3X in Akranes.

“It is therefore painful to have to endure Grenjahr’s fabrications and fearlessness that hinder the company’s revival,” Grenjahr said.

“It should be clear to others and to us the people of Akure that no one builds a powerful company in the locality only to hinder its recovery later.”

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