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From Reykjavík Energy

Written by Customer Service on . Posted in Public Companies.

The Supreme Court of Iceland has denied Orkuveita Reykjavíkur (Reykjavík Energy; OR) an appeal against the decision of Iceland’s Court of Appeal, in which a claim of Bank Glitnir’s estate was upheld. The dispute was over settlement of currency swap agreements made shortly before the economic collapse of 2008. Orkuveita Reykjavíkur must pay the estate ISK 3.5 billion. Of this amount, ISK 740 million has already been expensed in OR’s financial statements.

Reykjavík Energy’s liquidity is strong, but the payment affects the results of the 2021 financial statements, which will be published in early March.

Contact:

Elín Smáradóttir
General Counsel
elin.smaradottir@or.is

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