Sweden’s Oscar Properties touts creditor deal, shares rally, Real Estate News, ET RealEstate
STOCKHOLM: Sweden‘s Oscar Properties 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.
