Oscar Properties surges over 300% after deal with creditors, bankruptcy petition withdrawn

Oscar Properties Holding AB

05/06/2024 13:27

** Shares in Sweden's Oscar Properties  OP.ST  soar about 350%
to SEK 0.39 per share after the debt-ridden builder announced a
deal with its largest creditors, meaning the bankruptcy petition
against the company would be withdrawn
    ** The agreement is expected to be signed later today, the
company said
    ** Trading of company's shares were suspended at 10:17 GMT
after having risen 84% prior to the suspension
    ** The agreement is with bondholders representing up to SEK
800 million ($76.69 million) of unsecured bonds, and up to SEK
550 million of secured bonds in its subsidiary HL18 Property
Portfolio AB
    ** The stock will see its best day ever if gains hold, but,
including today's gain is still flat YTD

($1 = 10.4320 Swedish crowns)

 (Reporting by Elsa Ohlen)
 ((elsa.ohlen@thomsonreuters.com;))