The Legal 500

BBA // Legal is highly active on the restructuring and insolvency front for debtors and creditors. It advised a group of investors led by Titan Investment Company on the €300m acquisition of all the domestic and Lithuanian assets and operations of MP Banki. The firm is also representing Glitnir Bank in the €132m debt restructuring of Icelandair Group. Bjarki Diego is ‘top quality’.

Restructuring and insolvency work has long been a core focus for Landslog Law Offices, and it has been advising Central Bank of Iceland’s holding company on issues relating to the collapse of Iceland’s three main banks. For non-banking matters, it is advising the receivers of Sigurplast, a major plastic and packaging manufacturer, as well as receivers for the estate of the former deputy CEO and CFO of Baugur Group. Grimur Sigurdsson has an excellent reputation.

Lex Law Offices has been involved in several major restructurings and refinancings, most notably Central Bank of Iceland’s restructuring of its €3bn loan portfolio. The firm is also representing oil and gas company N1 in its restructuring. Gudmundur Sigurdsson, Helgi Johannesson and Olafur Haraldsson are recommended.

LOGOS legal services’ ‘extremely responsive’ team is ‘particularly alert to the political landscape, which is invaluable to any restructuring in Iceland’. It is advising Icelandair Group on restructuring, and is acting for major creditors of all three failed Icelandic commercial banks. Olafur Arinbjorn Sigurdsson has ‘a good track record on complex restructuring deals and gives good, to-the-point advice’. New arrival Ottar Palsson is also highly experienced in Icelandic restructurings.

ADVEL Attorneys at Law regularly advises debtors and creditors. It advised N1, Iceland’s largest oil company, on its complex restructuring, and is also advising numerous shareholders, including Kjalar, on their interests in collapsed corporations and banks. Kristinn Hallgrimsson heads the team.

Forum Lawyers’ restructuring group represents a wide range of clients and recently advised on claims relating to the bankruptcy of Glitnir Bank.

Juris Law Office has long been active in contentious restructurings through Andri Arnason and Stefan Svensson, and the arrival of Halldor Jonsson and Vifill Hardarson from Jonsson & Hardarson has bolstered its non-contentious capability. Recent instructions include advising on the Kaupthing insolvency, including acting in several cross-border disputes.

Mandat Law Firm is involved in several large insolvency matters, and Astradur Haraldsson has been appointed trustee of the bankruptcy estate of Landic, a major Scandinavian property company.

OPUS Legal Services’ Borgar Einarsson is well regarded for contentious restructurings. The team represents several major Icelandic companies.

Reykjavik Law Firm has been involved various restructurings in the banking sector. Steinar Gudgeirsson is chairman of Kaupthing Bank’s resolution committee, and Tomas Jonsson is a member of the winding-up committee of Sparisjóðabanki Íslands.

JP Attorneys’ highly experienced restructuring group includes Johannes Runar Johannsson, who is on the resolution committee for Kaupthing Bank, and Oskar Sigurdsson.

Jonsson & Hall’s Ragnar Hall and Hordur Felix Hardarson are highly recommended restructuring and insolvency experts. The firm advises creditors and debtors.