Bjorgolfur Gudmundsson could relinquish control of West Ham United as early as next week.
Despite reports of several interested parties KUMB understand that Straumur-Burdaras are finally set to complete their takeover of the club sometime next week, meaning the end for the Icelander who purchased West Ham less than three years ago.Once the takeover is completed Straumur will appoint a new Chairman and Vice Chairman, meaning that Gudmundsson's right hand man Asgeir Friedgeirsson will also depart - although the remaining board members, including CEO Scott Duxbury and Financial Director Nick Igoe are set to remain.
Straumur today applied to the US courts for a Chapter 15 proceeding, a mechanism for dealing with insolvency cases involving parties with interests in more than one country. This is thought to be part of the investment bank's restructuring ahead of next week's proposed takeover.
Creditors of Straumur will attend a meeting in Reykjavik on Friday where the bank's reorganisation plans will be outlined. That meeting, which will begin at 10am local time, can be viewed live via a webcast here.
* Something to say about this story? Please visit the KUMB Forum to leave a comment.
