Oscar Properties rises on deal with creditor to avoid bankruptcy

Oscar Properties Holding AB

12/08/2024 13:57

(Adds information on bankruptcy ruling, new share move, lawyer
comment)
    ** Shares in Sweden's Oscar Properties  OP.ST  extend
earlier gains and are up 345% after a lawyer representing its
creditor said the company reached an agreement to avoid
bankruptcy
        ** The shares 
    rose
     already ahead of the agreement, as the market speculated
over possible good news for the residential real estate
developer
    ** In July, housing cooperative Brf Innovationen filed an
application for Oscar Properties to be declared bankrupt, citing
a breach of a settlement agreement
    ** The association, which owns a Stockholm property
developed by Oscar Properties, will receive part of the
outstanding debt from the company, Patrik Kalman, lawyer for the
housing association, says
        ** This partial payment was deemed sufficient to
withdraw the bankruptcy application, Kalman adds
  
    ** Oscar Properties stock is on track for its best day ever
and is trading at SEK 0.5

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