The board leaves Oscar Properties after a new threat of bankruptcy

Published 6 May 2024 at 14.17

Economics. Last Friday, bond­owners of housing developer Oscar Properties were to file for bankruptcy if payment was not received. Now the bankruptcy application has been made – and the board has moved the company.

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According to the application, a service agent has “in vain chased the main owner Oscar Engelbert to demand on behalf of the bondholders almost 900 million kroner”, which he has not succeeded in.

The fact that the owners are being hunted is because the company lacks both a board and a CEO.

Chairman Peter Norman announced the day before that he is leaving the board, together with regular member Markus Dragicevic.

The housing developer is therefore without both management and board chairman.

Oscar Properties has fallen from almost SEK 800 per share during the heyday of the housing­bubble in 2017, to just 20 öre per share today. In practice, the company is already doomed, but despite several bankruptcy­applications, the business is still alive.

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