3% cash payout under debt scheme beats liquidation: honestbee ex-chairman
Brian Koo says in Singapore, the team is working on optimising the habitat business
Singapore
ASKING honestbee's creditors to become shareholders could be a tough sell. But Brian Koo, the startup's key backer who is a scion of Korea's LG Group, believes that the 3 cents on the dollar cash payout makes restructuring a more viable option for creditors over liquidation.
Mr Koo was commenting on honestbee's proposed scheme of arrangement, under which some 800 creditors will be repaid 3 per cent of what they are owed in cash. The remaining 97 per cent will be repaid via the issuance of shares in a new Singapore entity that will own honestbee's assets.
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