The Legal 500

BBA // Legal remains strong in this area. Highlights included advising a syndicate of 27 banks led by Bayerische Landesbank in relation to the €500m restructuring of Exista. The firm also advised the Resolution Committees of Landsbanki and Glitnir Bank.

Landslog Law Offices was appointed as Composition Agent for Eimskip and for Sparisjodur Myrasysla Savings Bank. The firm has also recently provided bankruptcy-related advice to several foreign companies and law firms, such as Apple Inc and Freshfields Bruckhaus Deringer LLP.

Lex Law Offices has advised on some of the largest and most complex restructuring deals; it advised on the refinancing and restructuring of Bakkavör, a global food production company valued at over ISK63bn, and acted for Deutsche Bank on the restructuring of pharmaceutical company Actavis. Ólafur Haraldsson and Guðmundur Sigurðsson are particularly prolific in this area.

LOGOS legal services continues to act for the Baugur Group on its long-running formal bankruptcy process, where the total claims filed are in excess of €2bn. It is also advising major creditors of all three failed Icelandic commercial banks.

Highlights for ADVEL Attorneys at Law included acting for the largest creditors of investment company Nysir on the reorganisation of the company. Sigrun Helga Johannsdottir, Kristinn Hallgrimsson and Jon Ogmundsson are the lead partners.

Forum Lögmenn’s clients have included property company Nýsir and Samson Holding. The firm has also advised on claims against the bankruptcy estate of Glitnir Bank.

Mandat Law Firm is currently involved in some large insolvency matters. Ástráður Haraldsson is the appointed trustee of the bankruptcy estate of Landic, one of the largest property companies in Scandinavia, with registered claims totalling €1.8bn.

Since the collapse of the Icelandic banking system, OPUS Legal Services has experienced rapid growth in this area, with new partner Borgar Einarsson joining the firm from his previous role as head of litigation at Landsbanki. The firm has been focusing on assisting Icelandic companies in various sectors on restructuring their debts.

Reykjavik Law Firm has assisted a number of commercial banks with restructuring and bankruptcy advice. Steinar Gudgeirsson acts as the Chairman of the Resolution Committee of Kaupthing Bank, and Tómas Jónsson is a Member of the Winding-up Committee of Sparisjóðabanki Íslands.

Oskar Sigurdsson of JP Attorneys was recently appointed Moratorium Supervisor during the moratorium of BM Valla, formerly one of Iceland’s largest construction companies. Johannes Johannsson remains on the Resolution Committee of Kaupthing Bank and has been working closely with global firms such as Weil, Gotshal & Manges LLP. The ‘responsive’ and ‘very competent’ Dadi Olafsson is noted for his ‘good value for money advice and in-depth knowledge of Icelandic bankruptcy law’.

Jonsson & Hall acted as local adviser to Straumur-Burdaras Investment Bank on the €2.3bn restructuring of creditor claims pursuant to an Icelandic court approved composition agreement. Ragnar Hall and Hordur Felix Hardarson are highly recommended for their in-depth knowledge and expertise in bankruptcy law.

Restructuring and insolvency has become a core practice area of Juris Law Office. Recent work has included acting for Kaupthing Bank and Glitnir Bank on insolvency issues; and working with foreign law firms on various cross-border restructuring matters.