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Honestbee ex-staff, trade creditors won’t get any of the S$320 million owed

Secured lender Formation Group recovered about S$700,000; liquidators to apply for honestbee to be dissolved

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Sharanya Pillai

Sharanya Pillai

Published Thu, May 25, 2023 · 01:07 PM
    • Honestbee’s sole secured creditor, Formation Group, has realised about S$700,000 from the startup’s assets.
    • Honestbee’s sole secured creditor, Formation Group, has realised about S$700,000 from the startup’s assets. PHOTO: BT FILE

    THERE is no money left to pay former staff, vendors and other unsecured creditors of failed grocery delivery startup honestbee, who are owed S$319.9 million, The Business Times (BT) has learnt.

    Honestbee’s sole secured creditor, Formation Group, has realised about S$700,000 from the startup’s assets, BT understands. The sum falls far short of the US$4 million worth of debentures that Formation Group held over honestbee’s assets.

    According to documents seen by BT, honestbee’s liquidator BDO only managed to recover about S$720 from excess payments for “electrical supplies”.

    honestbeeDebt restructuringSpotlight

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