The Working Capitol, owing S$13.2m, applies for debt restructuring

CO-WORKING operator The Working Capitol has filed for a court-supervised restructuring, amid debts of S$13.2 million owed to creditors excluding related parties, The Business Times understands.

Including loans from its co-founders, related parties and intercompany entities, as well as tenant deposits, The Working Capitol's total debt is understood to amount to about S$26 million. There are more than 170 creditors.

The six-year-old startup has been unable to reach an agreement with two of its landlords, Crocodile International and AIA Singapore, to renegotiate about S$610,000 worth of rental payments.