Oscar Properties' shares soar as bankruptcy petition withdrawn (updated)

Oscar Properties Holding AB

11/03/2024 10:41

(Updates throughout with detail from court, background, share
price)
       March 11 (Reuters) - Property company DSAM Sverige has
withdrawn the bankruptcy petition it had filed against real
estate group Oscar Properties  OP.ST  after receiving documents
showing its claims had been paid, a Swedish court said on
Monday.
    Shares in Oscar Properties rose some 60% following the
announcement but are still trading at a small fraction of
historical highs seen in 2017.
        Oscar, a smaller-sized real estate firm, has been 
    hard hit
     by a property market crisis in Sweden, as high interest
rates and slowing demand left companies struggling with large
with debts they took on when borrowing costs were low.
  
        DSAM in February 
    asked the court
     to declare Oscar Properties bankrupt, which Oscar then said
it would contest.
  

 (Reporting by Greta Rosen Fondahn; editing by Terje Solsvik)
 ((Greta.RosenFondahn@thomsonreuters.com))