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Straumhvarf ehf., the Arctic Adventures group’s operating company, has been granted court approval for restructuring its financial affairs, also known as a moratorium. The process is based on new legislation implemented by Icelandic authorities due to the COVID-19 outburst.
The company‘s operations were hit very hard by the outbreak of the pandemic. As of mid-March 2020, no customers turned up for trips or tours that had been organized by the company. However, during this time, the company did not cancel any of its planned or pre-sold trips (unless no customer showed up). In the last few weeks, the company‘s operations have slowly been picking up. This is still only a fraction of last year’s operations as few tourists are traveling.
The court-approved restructuring process means the company is under severe restrictions to pay its debt. This includes repayments to customers that canceled prepaid tours. The company’s management and owners are working hard on restructuring and on finding solutions to meet the company‘s obligations. This process could take up to 12 months and we will be keeping our customers updated on our progress. Please follow this page for the most current information regarding the moratorium.
We want to assure you that this is just a temporary bump in the road. While looking into the best restructuring solutions, we’re also running regular tours and operations. Arctic Adventures has been a leading tour operator in Iceland since 1983, and we’ll remain here long after the crisis.
While working on our restructuring, we still want you to be able to have the Iceland trip you paid for and rightly deserve. We’re prepared to offer you a lifetime Arctic Adventures travel voucher for the value of the refund. We’ll also provide you with an extra 10% credit of your refund value towards any additional tour of your choice. Whenever you are ready to travel, we’ll be waiting here to welcome you back, and you can redeem your voucher at any time.
Iceland is one of the safest and most remote countries in the world and is excited to welcome back tourists with new additional safety measures to protect everyone’s health.
Latest updates:
July 7th, 2020 - A Letter to all creditors (PDF)
July 20th, 2020 - Minutes of meeting of creditors of Straumhvarf ehf. and Adventure hotels ehf (PDF)
September 30th, 2020 - Minutes of meeting of creditors of Straumhvarf ehf. and Adventure hotels ehf (PDF).
October 7th, 2020 - Notification - extension of Straumhvarf's ehf. authorisation for financial restructuring (PDF)
April 21st, 2021 - Notification - extension of Straumhvarf's ehf. authorisation for financial restructuring (PDF)
June 23rd, 2021 - Update - The process in relation to financial restructuring of Straumhvarf ehf. is coming to an end. (PDF)