Brian Koo may withdraw lifeline for honestbee
Meanwhile, ex-director denies startup's allegations he had breached his fiduciary duties during his time with firm
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Sharanya Pillai
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.
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