Brian Koo may withdraw lifeline for honestbee

Singapore

HONESTBEE may lose the support of its white knight, LG scion Brian Koo, the distressed startup told its creditors in an e-mail on Wednesday evening seen by The Business Times.

In the email, honestbee said that there has been a delay in working capital funds from Mr Koo's venture firm Formation Group, as well as FLK Holdings, a US-incorporated vehicle owned by Mr Koo and Formation. FLK was to have financed the startup's restructuring of US$230 million in debt.