Þórir Júlíusson

The Supreme Court of Iceland has ruled that the storage company Geymslur ehf., that leased storage spaces in Miðhraun Garðabær, is not liable for damages caused by a fire outbreak in the year 2018.

BBA//Fjeldco represented Geymslur ehf. on all judicial levels. The company was acquitted by the district court, Landsréttur the appeal court as well as by the Supreme Court.

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The Public Procurement Complaints Commission has ruled that the city of Reykjavík must tender its purchases of electricity and was fined a total of ISK 8.000.000,- for breaching the Act on Public Procurement.

The Commission came to this conclusion following Íslensk orkumiðlun ehf.’s complaint in early 2020 whereby Íslensk orkumiðlun ehf. demanded that the electricity purchase agreements between the city and Orka náttúrunnar ohf. would be nullified and the city would be required to tender its electricity purchases.

BBA//Fjeldco represented Íslensk orkumiðlun ehf.

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In February 2021 Veitur Utilities, the largest utility company in Iceland, accepted Securitas‘s bid for the installation of 160,000 smart meters for Veitur’s customers.

By switching to smart meters Veitur will have access to more information and have better oversight over the utility mains and allows it to charge its customers monthly based on actual energy consumption rather then on estimates. The contract value is c.a. ISK 1,800 million.

BBA//Fjeldco’s attorneys Þórir Júlíusson and Friðbert Þór Ólafsson assisted Securitas in the tendering process and provided legal advice in relation to the documentation of the agreement. 

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The start-up company Noona recently secured a 1,2 million EUR or ISK 190 million funding from Salt Pay. With the investment Salt Pay acquired a 20% stake in the company. Noona, which provides an online marketplace for service providers and a booking system, will use the funding to expand its services outside of Iceland.

BBA//Fjeldco’s attorneys Þórir Júlíusson, Stefán Björn Stefánsson and Friðbert Þór Ólafsson provided Noona with legal advice in relation to Salt Pay’s investment in Noona. 

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BBA//Fjeldco acted for lenders and lessors of Icelandair Group hf. in providing Icelandic law advice in a voluntary financial restructuring with the participation of both Icelandair Group hf. stakeholders as well as the Icelandic Government. The restructuring was a result of an altered operative environment due to COVID-19.

In December 2019 CIT Bank served as sole lender and facility agent on a $30 and  $35 million secured financing for Icelandair Group, the nationalcarrier of Iceland. The financing is part of a refinancing due to theredemption of bonds, issued by Icelandair, earlier this year.

BBA//Fjeldco is acting for LBI ehf. in three separate tort proceedings and where the combined value exceeds ISK 50 billion.

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We served as the Icelandic advisor to each of the buyers in relation to the private placement of shares in Arion Bank, owned via Kaupthing’s wholly-owned subsidiary, Kaupskil ehf.

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BBA//Fjeldco acted as the lead counsel of Arctic Green Energy in the debt and equity refinancing of the company and subsidiaries.

BBA//Fjeldco acted as lead Icelandic counsel for the Norwegian company Pareto Securities in Wow air hf.’s USD 60 million bond issue in September 2018.

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