Oscar Properties is filed for bankruptcy

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Published 12 February 2024 at 13.30

Economics. Luxury builder Oscar Properties is being filed for bankruptcy – after failing to pay a million dollar debt. Now the stock is plummeting.

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According to Expressen, it is the real estate company DSAM Sverige AB that is asking Oscar Properties for bankruptcy.

– It applies a real estate deal where Oscar Properties backed out, they didn't complete the deal. It's actually money that should go to the brokers for the deal that didn't go through. We don't know if they have money or not. But we always go “by the book”, says CEO Daniel Özboyaci to the newspaper.

The Crown bailiff has searched in vain for assets that can be seized at the company that could be used to pay the debt, according to Expressen.

Oscar Properties, which takes its name from founder Oscar Engelbert, has made a name for itself by building luxury residences such as Norra Tornen in Vasastan and 79 & Park at Gärdet in Stockholm.

The company's stock fell by over 30 percent on Monday.