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
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”.
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