The district court was originally supposed to have announced its decision in the case at 11 a.m. on Monday, but postponed it until 2 p.m. following new developments in the case. It now appears that Brf Innovation and Oscar Properties have reached a settlement, something that Dagens Industri reports on, and therefore withdrew its bankruptcy application against the company.

Since before, there is another active bankruptcy application against Oscar Properties from the Swedish Tax Agency and it is still pending. That application concerns tax debts of SEK 2 million.

In a press release, Oscar Properties CEO Richard Bagge comments on the company's future after the district court's decision:

“Now we've got some breathing room. Most recently around lunch today, I have been in talks with a reputable investment bank about the next step. The plan is to go out with a rights issue where the claimants are offered to subscribe for shares through set-off in combination with a cash portion that will be guaranteed by existing shareholders and external parties.

If that issue is successful, the plan is to offer a stock market candidate a stock market place with a little cash in it, with a largely cleared balance sheet and with loss deductions of around 1.5 billion. Together with the investment bank, we have already started to identify stock exchange candidates who might be interested in making a so-called IPO via our platform.

"Regarding what has existed in the case, the parties have chosen not to go out with it. We do not look back but forward. As the Center Party," concludes Bagge in the press release.