Oscar’s Near Collapse Shows Danger Lurking in Sweden Real Estate

The risks still circling Sweden’s commercial real estate industry were laid bare late on Thursday when the debt crisis deepened for one of the country’s most high profile landlords, Bloomberg News reported. The Swedish Tax Agency filed a petition with a court for Oscar Properties Holding AB to be declared bankrupt, adding to a growing list of claimants that have sought insolvency proceedings against the former developer of luxury apartments.
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Oscar Properties Faces Bankruptcy Application over Settlement Dispute

Sweden's Oscar Properties said on Monday that Brf Innovationen, a housing cooperative, had filed an application for the real estate firm to be declared bankrupt, citing a breach of a settlement agreement, Reuters reported. Oscar Properties said in a statement that it disputes the bankruptcy application and may seek formal restructuring in its court response. It had previously evaded bankruptcy in a similar situation, when Brf Innovationen retracted its earlier application in January after the companies reached a settlement.
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Intrum Agrees $5.4 Billion Debt Restructuring to Fix Rising Woes

Swedish debt collector Intrum AB has reached an agreement with a majority of its bondholders to address its €5.4 billion ($5.8 billion) debt pile, including a forced loss on credit investors and pushing out the notes’ maturities, Bloomberg News reported. As part of the deal, the company’s existing unsecured notes will be exchanged into four series of new bonds with maturities between 2027 and 2030, but only at 90% of their original value, according to a statement on Thursday. In exchange for the haircut, bondholders will get 10% of Intrum’s equity.
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