Stefán Björn Stefánsson

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 as lead counsel for KEA, one of the largest hotel operators in Iceland, and its principal shareholders in the restructuring of KEA. This entailed detailed assessment of the position, negotiation with landlords and key creditors and multi-layered documentation to document this voluntary restructuring.

This was the first large restructuring which resulted from the impact of Covid-19, which added uncertainty on the counterparties assessment on the position and feedback on the restructuring proposals. As KEA is a large hotel operator, the counterparties were numerous and of different nature which complicated the process significantly.

BBA//Fjeldco acted as the lead counsel of Arctic Green Energy in the debt refinancing of the company and subsidiaries which resulted in the outstanding obligations towards the Asian Development Bank being repaid in full.

Thetransaction was multi-jurisdictional and included refinancing of existing debt,new debt being provided and equity instrument being issued.

BBA//Fjeldco advised Festi hf. in relation to the acquisition of Kaupás ehf. and other subsidiaries of Norvik hf. Although the value of the agreement is confidential, it is safe to say that the deal is one of the largest domestic M&A deals in recent years.

BBA//Fjeldco acted as a legal adviser to Eaton Vance in relation to one of its fund's participation in refinancing the second-largest privately owned home rental company in Iceland, Almenna Leigufélagið.

BBA//Fjeldco was a general legal adviser in Iceland to Microsoft Denmark.

BBA//Fjeldco was a legal adviser to Íslensk vatnsorka hf. (Icelandic hydropower) in relation to preparations for power generating projects around Iceland.

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BBA//Fjeldco was a legal adviser to two of the largest Nordic banks in a bankruptcy litigation cases against them brought by the winding up board of bankrupt old Landsbanki and Glitnir bank.

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BBA was a legal adviser to Íslensk Vatnsorka hf. (Icelandic Hydropower) in relation to sale of energy to electricity off-takers. The total value of the agreements was between 6 – 8 bn ISK.

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BBA//Fjeldco advised Kreissparkasse Köln regarding a dispute against the bankruptcy estate of a major Icelandic bank (Landsbanki).