However, the emergency crisis seems to be over since the shareholders on Friday approved a new share issue to save the company by raising new money.

The share price reversed during the day, which is normal when the company's value is to be distributed among more shares. At closing, the common stock had fallen by 14.8 percent on the Stockholm Stock Exchange. Since the turn of the year, the decline has been just over 65 percent.

Creditors on line

Since last summer, more and more creditors have turned to Kronofogden to get paid by Oscar Properties, among others the City of Stockholm and the machine rental companies Cramo and Ramirent. The value of the claims has increased from SEK 5 to SEK 25 million, writes Svenska Dagbladet. The company has disputed several of the claims.

The new share issue is expected to bring in SEK 250 million, but the company needs considerably more in the coming year and plans to sell parts of the property portfolio, among other things. CEO Oscar Engelbert has committed to work without pay next year.

The company's focus is exclusive condominiums, including in central Stockholm.