Carnegie in agreement with real estate tycoon

Swedish financier Maths O Sundqvist has reached an agreement with his main creditor, investment bank Carnegie, which will now assume control of his business empire.

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In return for surrendering control of holding firm Skrindan, Sundqvist avoids personal bankruptcy proceedings, and the plan to auction off the firm's assets is put on hold, according to Sveriges Radio Jämtland (SR).

The two parties have been trying to reach agreement for a considerable amount of time.

"It feels good that we have managed to close the deal. We shall now move on," said Sundqvist, who has now settled his debts with Carnegie.

"All that remains is to wish the new owners good luck with a fine company," he said.

When asked if it felt good that the highly publicized conflict with Carnegie had been resolved, Sundqvist replied:

"This is just the beginning. New possibilities will open up."

Maths O Sundqvist retains a number of assets in the province of Jämtland in northern Sweden but he was unwilling to divulge further details.

"There are a number of small things."

Sundqvist was unwilling to comment on whether he received anything over and above the debt write offs for the Skrindan concern.

As part of the deal Sundqvist has an option to share in any value created by Skrindan if within a period of five years all debts and interest have been reimbursed to Carnegie.

This is an option which Maths O Sundqvist appeared to have every intention of taking up.