Skagans 3X faces bankruptcy in Akranes, Iceland, affecting 128 employees

Skagans 3X, a company located in Akranes, Iceland, is facing bankruptcy with total claims amounting to approximately 13.2 billion Icelandic króna (about $92 million). This financial turmoil follows the request for bankruptcy proceedings initiated in early July, resulting in 128 employees losing their jobs. Skagans 3X specialized in producing high-tech equipment for fish processing industries.

The majority of the claims are general claims, totaling over 9 billion króna. The largest creditor is Grenjar ehf., with a claim of 4.4 billion króna, as Skagans 3X operated out of Grenjar’s facilities. Other significant creditors include the Faroese seafood company Varðin Pelagic P/F, with a claim near 1.6 billion króna, and SFV11 Holding, which claims slightly over 1.1 billion króna.

Iceland’s bank, Íslandsbanki, has also lodged a claim amounting to just under 3 billion króna. Priority claims amount to around 880 million króna, but reportedly, more than 600 million króna of these claims have been rejected.

Since 2022, Skagans 3X had been fully owned by the German company Baader, which specializes in food processing equipment. The company closed its facility in Ísafjörður in August of the previous year, resulting in the loss of 27 jobs. Prior to that, staff were laid off in Viðey, Akranes, and Reykjavík during the summer, indicating widespread impacts of the company’s financial difficulties on the local workforce.