Cracks in the Ice

Thorvaldur Örn Kristmundsson for TIME

DEEP FREEZE: Pétursdóttir faces a tight market for borrowers

Katrín Pétursdóttir knows what treasure lies in the pile of skinned fish carcasses before her, and the investment needed to extract it. Seventy years ago her grandfather founded LÝSI, a fish processing company, which last year produced 6,000 tons of fish oil and $30 million in revenues with just 100 employees. In 2005, Pétursdóttir built a gleaming $4 million factory, and she has plans for a $7 million expansion to keep up with the growing demand among health-minded consumers for omega-3 fatty acids. But financing these ambitious plans may prove problematic, with Iceland mired in its first recession since 1992 and...

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