Stodir
Stodir is an Icelandic investment company that evolved from the holding company established for Icelandic aviation businesses and later rebuilt itself as an active investor.
Last updated August 26, 2026
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Overview
Stodir, also styled Stoðir, is an Icelandic investment company based in Reykjavík. Its corporate history began on 20 July 1973, when Flugleiðir was established as a holding company for Loftleiðir and Air Iceland. The two aviation businesses were subsequently consolidated under the holding structure, while Icelandair became the principal international marketing name used by the airline operations. The company therefore originated in Iceland’s postwar aviation and tourism economy rather than in conventional financial services. The group’s identity changed substantially in the early 2000s. Baugur Group acquired a minority interest in 2002, and the airline business was separated into Icelandair as the company moved toward an investment-oriented model. In 2005, Flugleiðir was renamed FL GROUP. During this period the group pursued an international portfolio strategy, with interests in airlines, travel companies, real estate and financial investments. It acquired Danish low-cost carrier Sterling Airways, built a significant position in easyJet, and explored potential combinations involving its airline holdings. FL GROUP sold its easyJet position in 2006 for a reported profit and also arranged the sale of Icelandair Group, marking a major retreat from direct airline ownership. The company expanded into international real estate and other investments during 2007 and 2008. Its portfolio included projects associated with Bayrock and the Trump-branded development in Manhattan, as well as stakes in Finnair and Aktiv Kapital. The rapid expansion was followed by a severe liquidity and solvency crisis. In 2008, the Icelandic government’s intervention in Glitnir, in which Stodir had held a substantial stake, materially affected the company. Stodir sought a debt moratorium in September 2008 and entered administration. The related FL Bayrock Holdco vehicle later reported substantial losses and was declared bankrupt in 2014. A composition agreement with creditors was reached in June 2009. Creditors received all shares in the restructured Stodir, and the company spent the following years selling assets, repaying debt and resolving legal matters. By 2016, the disposal and repayment program had largely been completed, apart from a holding in Refresco Holding. In 2017, S121 ehf., representing Icelandic and UK family investors, acquired a majority interest. The Refresco investment was sold in 2018 for a reported EUR 140 million, and Stodir was repositioned as an active investment company rather than as a distressed legacy holding structure. Since that repositioning, Stodir has focused on selected Icelandic corporate investments. Reported holdings have included Arion Bank, Síminn, Kvika bank and Blue Lagoon, with the first three publicly described as significant positions in an August 2023 snapshot. This portfolio gives the company exposure to banking, telecommunications and tourism-related assets. Stodir’s present identity is consequently that of a private, family-backed Icelandic investment house with a diversified portfolio, while its historical record remains closely connected to Icelandic aviation, the expansionary investment cycle of the mid-2000s and the financial crisis of 2008.
History
Stodir was founded on 20 July 1973 as Flugleiðir, a holding company created for Loftleiðir and Air Iceland. In 1978, it took over the assets of both aviation businesses. The airline operation used Icelandair as its international marketing name, while Flugleiðir remained the legal corporate name for several decades. The ownership and strategic direction began to change in the early 2000s. Baugur Group acquired a 20 percent interest in December 2002, and the airline business was placed in the Icelandair subsidiary. In 2005, Flugleiðir adopted the name FL GROUP and pursued a broad investment strategy. The group acquired Sterling Airways, held a sizable stake in easyJet, and owned or invested in travel businesses and other assets. It sold its easyJet stake in April 2006 and secured the sale of Icelandair Group later that year. During 2007 and 2008, FL GROUP expanded into United States real estate through investments connected with Bayrock, including a Trump-branded Manhattan project. It also held interests in Finnair and Aktiv Kapital. The global credit crisis and Iceland’s banking collapse exposed the group’s leverage and concentrated investments. After the Icelandic government intervened in Glitnir, where the company held approximately 32 percent, Stodir applied for a debt moratorium in September 2008 and entered administration. The company had changed its name from FL GROUP to Stodir in July of that year. Its former chairman Jón Ásgeir Jóhannesson stepped down after a conviction related to accounting-law violations, and Ingibjörg Stefánía Pálmadóttir became chairwoman. The restructuring was implemented through a composition agreement in June 2009, under which creditors received all shares. From 2009 through 2016, Stodir sold assets, repaid its debts and resolved outstanding legal matters. The connected FL Bayrock Holdco vehicle later entered bankruptcy in January 2014 after reporting large losses, adding to the legacy of the pre-crisis expansion. In 2017, S121 ehf., a group of Icelandic and UK family investors, acquired a majority of Stodir. The remaining Refresco Holding investment was sold in 2018, and the company adopted an active-investment model. Since then, reported investments have included Arion Bank, Síminn, Kvika bank and Blue Lagoon. Stodir’s modern history is thus a transition from aviation holding company, to highly leveraged international investment group, to creditor-owned restructuring vehicle, and finally to a privately controlled Icelandic investment company.
- 2018
Active-investment repositioning
[1]Stodir sells its Refresco holding and resumes active portfolio investment.
- 2017
New majority ownership
[1]S121 ehf. acquires a majority stake in Stodir.
- 2009
Creditor-led restructuring
[1]A composition agreement transfers all shares to creditors.
- 2008
Name change and administration
[1]FL GROUP becomes Stodir, then seeks a debt moratorium amid the Icelandic financial crisis.
- 2006
easyJet and Icelandair investments are exited
[1]FL GROUP sells its easyJet stake and arranges the sale of Icelandair Group.
- 2005
Flugleiðir becomes FL GROUP
[1]The company is recast as an investment group after the airline business is placed in Icelandair.
- 2002
Baugur Group acquires a minority stake
[1]Baugur Group acquires 20 percent of the company.
- 1978
Aviation assets consolidated
[1]Flugleiðir takes over the assets of Loftleiðir and Air Iceland.
- 1973
Flugleiðir is established
[1]A holding company is founded for Loftleiðir and Air Iceland.
Products and positioning
A private, family-backed Icelandic investment company focused on active ownership and selected portfolio investments.
Asset management · 2018
Investment portfolio
Stodir’s principal offering is ownership and management of a diversified investment portfolio. Reported holdings have included listed Icelandic banks, a telecommunications company and tourism-related assets. The company’s current model emphasizes active investment and ownership rather than consumer financial products.
Historical holding-company businesses · 1973
Aviation and tourism holdings
Before its investment-company repositioning, the corporate group held and managed aviation, airline, travel and tourism businesses. Its historical structure was created around Loftleiðir and Air Iceland, and its later airline interests included Icelandair Group and Sterling Airways.
Controversies
2008
Accounting-law conviction involving former chairman
Former chairman Jón Ásgeir Jóhannesson stepped down after a conviction for breaking accounting laws, according to the company’s historical account.
2008
Collapse and administration during Icelandic financial crisis
Stodir entered administration after the collapse of its investment position in Glitnir and the wider Icelandic banking crisis.
Brand decisions
2018
Reposition as an active investment companyStrategyBackground
Following new majority ownership in 2017 and the disposal of the remaining Refresco investment, Stodir had completed its restructuring phase.
Action taken
Stodir adopted an active investment strategy focused on selected corporate holdings.
Aftermath
Reported investments included Arion Bank, Síminn, Kvika bank and Blue Lagoon.
Reported proceeds from Refresco holding sale. €140 million (2018)
2009
Implement creditor composition agreementOtherBackground
The company was unable to continue under its pre-crisis capital structure.
Action taken
A June 2009 agreement delivered all shares in Stodir to creditors and began an asset-sale and debt-repayment program.
Aftermath
The company sold assets and repaid debt through 2016.
2008
Rename company StodirStrategyBackground
The group was reorganizing its identity and portfolio during a period of financial stress.
Action taken
FL GROUP changed its name to Stodir in July 2008.
Aftermath
The renamed company applied for a debt moratorium two months later and entered administration.
2006
Sell easyJet stakeOtherBackground
FL GROUP had accumulated an investment in easyJet beginning in 2004.
Action taken
The company sold its 16.9 percent easyJet stake in April 2006.
Aftermath
The disposal generated a reported investment profit and reduced the group’s airline exposure.
Reported profit on easyJet investment. €140 million (April 2006)
2005
Transform from airline holding company into investment groupStrategyBackground
The airline business had been separated into Icelandair, creating the basis for a broader investment-company strategy.
Action taken
Flugleiðir changed its corporate identity to FL GROUP and expanded beyond aviation.
Aftermath
The group pursued airline, travel, real-estate and financial investments before later undergoing a crisis-driven restructuring.
Recent events
- 2023
Stodir portfolio includes Arion Bank, Síminn and Kvika bank[1]
Other
An August 2023 portfolio snapshot identified significant holdings in Icelandic banking and telecommunications companies.
- 2018
Stodir sells Refresco holding and changes investment focus[1]
M&A
Following the sale of its Refresco holding, Stodir was repositioned as an active investment company.
- 2017
S121 acquires majority of Stodir[1]
M&A
The Icelandic and UK investor group S121 ehf. acquired a majority interest and began a new ownership phase.
- 2009
Creditors receive shares in restructured Stodir[1]
Bankruptcy · Other
A composition agreement transferred ownership of the reorganized company to creditors.
- 2008
Stodir seeks debt moratorium after Icelandic banking crisis[1]
Bankruptcy · Regulation
The company applied for a debt moratorium in Reykjavík after the Icelandic government acquired a major part of Glitnir, in which Stodir held a substantial investment.
- 2008
Company changes name from FL GROUP to Stodir[1]
Other
The company adopted the Stodir name during a major restructuring and announced an investment in Baugur Group.
Sources1 sources
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