Oscar Properties touts creditor deal, shares rally (updated)

Oscar Properties Holding AB

05/06/2024 13:43

(Updates throughout with expected creditor agreement, share
price)
       STOCKHOLM, June 5 (Reuters) - 
    Sweden's Oscar Properties  OP.ST  expects to sign an
agreement with its main bond holders on Wednesday on debt
repayments and the withdrawal of a bankruptcy petition, the real
estate group said in a statement, triggering a rally in its
share price.
  
        Properties directly or indirectly owned by the group's
HL 18 subsidiary will be sold, according to the provisional
agreement, and proceeds will be used for debt repayments with
any remaining funds to be transferred to the company, it added.
  
        Non-priority creditors would be offered the opportunity
to convert their claims into shares, Oscar Properties said. 
  
        The group's shares, which had already started to rise
ahead of the announcement, 
    soared
     some 340% by 1233 GMT to trade at 0.38 crowns.
  

 (Reporting by Anna Ringstrom, editing by Terje Solsvik)
 ((anna.ringstrom@thomsonreuters.com;))