FONA stores sold to Elgiganten

F Group A/S under rekonstruktion (in restructuring proceedings) has just sold ten FONA stores to Elkjøb Nordic AS that owns Elgiganten. Due to this sale, the creditors in F Group will receive substantially higher dividend than they would have received in connection with a bankruptcy where the sale could not have been carried through under the same conditions. Plesner acts as one of two restructuring administrators.

Following a number of unprofitable years for F Group's 56 FONA stores, the Bankruptcy Court of the Maritime and Commercial Court commenced restructuring proceedings against the group on 1 February 2016 and Plesner Attorney and Partner Pernille Bigaard was appointed one of the two restructuring administrators.

Following the Danish competition authorities' approval, the restructuring of F Group resulted in the sale of ten FONA stores, while the other 46 stores were wound up. The sale includes inventory, 174 employees, IP rights and the rights for 10 leases, among other things. The buyer of the Fona stores is the Norwegian group Elkjøb Nordic that already owns 40% of F Group and owns the electronics chain Elgiganten in Denmark.

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