Oscar Properties rises ahead of bankruptcy ruling

Oscar Properties Holding AB

12/08/2024 09:04

** Shares in Sweden's Oscar Properties  OP.ST  rise 110%
ahead of a bankruptcy ruling expected later on Monday, as the
market speculates over possible good news for the residential
real estate developer, a Carlsquare analyst says
    ** In July, housing cooperative Brf Innovationen filed an
application for Oscar Properties to be declared bankrupt, citing
a breach of a settlement agreement
    ** "There is of course speculation that something positive
will happen, such as a reverse takeover, which the CEO has said
is his goal," Bertil Nilsson from Carlsquare says
    ** However, he adds the likelihood of this happening is very
low
    ** Oscar Properties said on Friday that the Svea Court of
Appeal did not grant it a leave to appeal after the Stockholm
District Court rejected its application for reorganization
    ** Bankruptcy would mean that the Oscar Properties shares,
trading at SEK 0.19, would lose all of their value, Nilsson says

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))