Urgent threat of bankruptcy for Oscar Properties – at the same time Peter Norman is leaving

News

Published: 2024-04-26 09:22

Oscar Properties founder and CEO Oscar Engelbert and chairman of the board Peter Norman Photo: Malin Hoelstad / SvD / TT / *

Oscar Properties bondholders cancel loans for immediate payment. The overdue amount amounts to approximately SEK 884 million. During the day, the owners intend to apply for the company to be declared bankrupt if payment has not been made.
Oscar Properties chairman of the board Peter Norman and board member Markus Dragicevic.

The holders of Oscar Properties senior unsecured bonds terminate the loan for immediate payment and that repayment shall be made immediately.

The amount due for payment amounts to approximately SEK 884 million, including unpaid interest and fees.

The owners intend to apply during the day for the company to be declared bankrupt if payment has not been made.

“The company is conducting a constructive dialogue with the bondholders to find a solution,” the press release states.

Norman leaves

At the same time, chairman of the board Peter Norman and board member Markus Dragicevic announce that they are leaving their positions with immediate effect.

– Oscar Properties has undergone an eventful period during my time as chairman of the board of the Company. Unfortunately, the company has had difficult timing when entering the real estate market and the sharp interest rate increases that have occurred have resulted in the board assignment being changed recently to deal with issues for which there are certainly more suitable candidates. I want to thank the owners and partners for the trust and for the time spent, says Peter Norman.

– I want to thank Peter for his honorable contribution as chairman of the board during a turbulent time in the company and Marcus for his contributions to the board. The company must come back as soon as possible regarding the composition of the board and management, says Oscar Engelbert.