Court grants honestbee's extension of debt moratorium

The Court will hear the matter on 30 September.

Honestbee has been granted more time to restructure its business after the High Court granted an extension on its moratorium until 04 October. This is in relation to its application to commence a Court supervised restructuring process on 01 August, an announcement revealed.

The Court had advised honestbee to furnish details of the proposed scheme of arrangement for its further consideration and will hear the matter on 30 September.

Also read: honestbee files for court-supervised restructuring process

The intended scheme would then allow the firm’s creditors to achieve a better recovery, according to the release.

“If the moratorium is not approved, honestbee will have to review the company’s financial position and approach the various financial creditors for an alternative bail-out package,” honestbee said in a statement.

In May, the delivery aggregator announced that they are halting food delivery operations and temporarily suspending its laundry services. They have already suspended businesses in Hong Kong, Japan, Indonesia and the Philippines.