Things can not be going well when your saviour is an Icelandic bank. But Islandsbanki has just bought 42% of Icelandair Group for IKr4.50 (4¢) a share, suggesting that the whole carrier could be bought for less than the sum of $36 million. Islandsbanki - formerly Glitnir and government-owned since Iceland’s financial meltdown - has been lending money to Icelandair, which has built up losses of IKr14.2 billion over the past two quarters.

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