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, Reuters reported. 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.
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