honestbee applies for court protection; eyes conversion of over US$180m debt into equity

Singapore

THERE is no quick fix for restructuring the more than US$180 million honestbee owes its creditors, but a massive debt-to-equity conversion could be its best bet, the startup's chief executive Ong Lay Ann told The Business Times on Friday.

Three weeks into the job, he has made his first move - to protect debt-laden honestbee from creditors. On Thursday, the firm applied for a six-month debt moratorium from the High Court.