honestbee files for court-supervised restructuring process

The firm said that the move will help them increase existing efficiencies and bring down cost structure.

honestbee has made an application to the High Court of the Republic of Singapore to commence a court-supervised restructuring process, an announcement revealed.

The move aims to propose a scheme of arrangement to restructure its liabilities and to seek a moratorium against enforcement actions and legal proceedings.

The firm stated in the release that the court-supervised restructuring process is in the best interest of honestbee’s stakeholders, allowing honestbee to focus on reevaluating the business without interference; streamline operations, increase existing efficiencies and bring down the cost structure.

It has assigned Oon & Bazul LLP as its legal advisor and DHC Capital Pte Ltd as its independent financial advisor.

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

Also read: honestbee co-founder and CEO Joel Sng steps down