The Svea Court of Appeal rejects Oscar Properties' reconstruction application. This is stated by the real estate company in a press release, which also announces that the decision will be appealed to the Supreme Court.
"We have legal experts who have provided a legal opinion stating that reconstruction should be granted, and furthermore, the board has now been expanded with two people so that the company now has authorized representatives," writes Oscar Properties' CEO Richard Bagge.
The crisis-stricken real estate company has been on the brink of bankruptcy for a longer period and applied for reconstruction in May. The subsidiary Oscar Properties Förvaltning has simultaneously been petitioned for bankruptcy by the Tax Authority. The company has tax debts of over 34 million kronor according to the bankruptcy petition.
Oscar Properties got a new management in June, where Richard Bagge was appointed CEO and Hans von Celsing as chairman. According to the company, work on voluntary reconstruction will continue by winding up debts and securing assets, and an offer to the parent company's creditors will be presented later this summer.
