It was on Thursday that some bondholders stated that they would apply “for the company to be declared bankrupt” if payment and repayment were not made on Friday. It concerns so-called senior unsecured bonds in Oscar Properties.
The amount amounts to around SEK 884 million.
After the lenders announced that they intend to terminate the loans to the company, board chairman Peter Norman and board member Markus Dragicevic announced on Thursday evening that they are leaving the board.
The stock collapsed
“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 handle issues for which there are certainly more suitable candidates,” said Norman in a comment in a press release.
The company’s stock collapsed on the Stockholm Stock Exchange after Norman and Dragicevic announced their resignations.
On two previous occasions, Oscar Properties has filed for bankruptcy, but then the applications were withdrawn. The company has been in bad weather several times in recent years, among other things they had a long-term dispute with the city of Stockholm over the housing project Gasklockan.
Standing behind the North Towers
They are also behind Norra Torren, which is on the border between Stockholm and Solna. When the first tower was inaugurated in 2018, the situation was completely different for the company, although some alarm bells rang even then.
Watch as SVT Nyheter Stockholm’s reporter checks out the view from the sixteenth floor, during the opening in November 2018.
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Tags: Oscar Properties filed bankruptcy
