STOCKHOLM: Sweden‘s Oscar Properties avoided bankruptcy on Monday after reaching a settlement over financial claims made by a housing association, a lawyer representing the creditor said.
The creditor, housing association Innovationen, owner of a residential tower in Stockholm that Oscar Properties developed, requested last month that the company be declared bankrupt over unpaid claims of around 15 million crowns ($1.4 million).
“We recall the bankruptcy application after the parties reached an agreement,” said Patrik Kalman, lawyer for the housing association.
He said that under the deal reached on Monday, the association will…
