Baugur to allow administration to proceed

As reported by Retail Week, Baugur is to allow the administration of its UK subsidiary BG Holding to proceed. In a statement, Baugur said that it "will not oppose the application of Landsbanki to put BG Holding into administration in the UK." As a result, the investor is to withdraw its moratorium process of BG Holding filed in the Icelandic courts. Baugur said the decision had been taken to minimise any impact on the operations of Baugur’s portfolio of companies. Baugur Chief Executive Gunnar Sigurdsson said: "Following the collapse of the Icelandic banks, it has been our priority to protect the portfolio companies and ensure minimal disruption to the businesses, their employees and other stakeholders."

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