FALCON POWERS – Warnings of bankruptcy for Swedish companies due to the recession and inflation hitting Sweden are starting to emerge, affecting hundreds of small and medium-sized companies as well as large corporations. Today, the Stockholm court announced that it has received a bankruptcy application from one of the largest companies, Oscar Properties, a major real estate company whose shares are traded on the Stockholm Stock Exchange.
Bondholders of the company had announced that they would file for bankruptcy if the company fails to repay a total amount of 884 million krona. In addition to this debt, the company also has other outstanding debts and bills, bringing the total amount to approximately one billion Swedish krona or around 100 million dollars. Peter Norman, the Chairman of the Board at Oscar Properties, announced his resignation and stated that the company would declare bankruptcy by court order. Indeed, the company’s shares collapsed when trading began on the Stockholm Stock Exchange following the resignation and bankruptcy announcement at the end of the workday on Friday.
