Unhappy Norwegian Investors

There are some very unhappy Norwegian investors these days, according to press reports from Norway, following the second bankruptcy declaration of companies owned by Atle Brynstad, who also owns Seadream Yacht Club. Creditors are reported to be fighting for 10 percent of what they are owed, according to Norwegian radio and TV, NRK.

Prior to the bankruptcy, however, Brynestad is reported to have sold several of his companies to a new company that he also owns, removing them from the bankruptcy proceedings and potential creditors. These include Hadeland Glassverk, Porsgrunn Porselaensfabrik and Seadream.

Brynestad also founded Seabourn Cruise Line which he eventually sold to Carnival Corporation.

Brynestad told the Norwegian newspaper Aftenposten that Seadream posted operating income of about $5 million in 2009, before financial costs, and the key here, the paper said, is the size of the debt.

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