Business News
Business as Usual for the Wyndeham Press Group
Thursday 02. October 2008 - It has been announced today that the investment company Stodir hf has filed for administration following the transfer of Icelandic bank Glitnir to government ownership. Stodir, formerly known as FL Group, were a minority stakeholder (less than 10% shareholder) in the Wyndeham Press Group alongside Landsbanki and Baugur Group. Stodir did not have a share holding in the Baugur Group although it has been reported in the press that this had been an intention.
The Wyndeham Press Group can confirm that the situation at Stodir has no impact on the funding or ongoing businesses of the Wyndeham Group. The Group remains fully funded and enjoys the strong support of its shareholders and bank. Stodir did not provide the funding to run the Wyndeham businesses on a daily basis.
Commenting on todays news Paul Utting, Chief Executive, Wyndeham Press Group said:
“The situation in global credit markets has had an effect on Glitnir as it has on banks around the world. However, Wyndehams main bank Landsbanki is a strongly capitalised institution with considerable liquidity and a strong credit rating, and Baugur remains a business with an impressive portfolio of investments. For us its very much business as usual and our focus remains meeting the ongoing requirements of our customers.”