Founders refute insolvency claims in Skaginn 3X dispute in Iceland

The founders of Skaginn 3X refute claims made by the company’s insolvency administrator, Helgi Jóhannesson, stating that they have not obstructed the potential sale of Skaginn 3X in its entirety. The founders of the company, which has leased premises for Skaginn 3X operations, have had no involvement with the business since 2021.

According to a statement from Grenjar ehf., a company owned by the founders, they were not invited to discussions regarding the properties housing Skaginn 3X nor to negotiations with investor groups interested in revitalizing the company. Helgi Jóhannesson indicated that efforts to sell Skaginn 3X as a whole fell through due to failure to agree with the property owners, Grenjar hf.

Grenjar ehf. previously owned Skaginn 3X until they sold a majority stake to the German company Baader in 2020. Despite agreeing to keep the properties pledged against Skaginn ehf.’s debts to Íslandsbanki, Grenjar anticipated that the new majority owner would soon replace these pledges. Following the complete sale of Skaginn 3X to Baader in 2022, a financial restructuring occurred, and Grenjar’s properties were pledged against a new loan for Skaginn 3X.

The owners of Grenjar express frustration over being falsely portrayed as obstructing the company’s potential revival, emphasizing that they have not been involved in Skaginn 3X’s management since late 2021. The statement highlights their view that this represents significant damage to both the company and the local community, urging a collaborative approach to revive Skaginn 3X, which they believe is vital for Akranes’ welfare.