Norwegian billionaire businessman fears a historic wave of bankruptcies in 2021

Petter StordalenPhoto: Vidar Ruud / NTB
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Norwegian billionaire businessman and hotel investor Petter Stordalen believes Norway will see a historic wave of bankruptcies in 2021.

“It is completely damn probable right now,” Stordalen said when he participated in Norges Bank’s Financial Day.

Børsen reported on the hotel investor’s statements from the event.

So far, the bankruptcy figures have been low, but they will not necessarily remain so, Stordalen warned.

“Wave of bankruptcies”

“Everyone who has been involved in some crises knows that the experience is that it is not at the beginning of the crisis that the bankruptcies come,” he said.

“We will not see a wave of bankruptcies on this side of the New Year, but in 2021, if nothing happens with the industry (support) scheme. 

“Then we will see a wave of bankruptcies we have never seen before in history,” he said.

© NTB Scanpix / #Norway Today

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