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
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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