Report: Singapore co-working firm seeks to restructure $9.8m debt

Details:

• The company had failed to reach an agreement with two of its landlords, AIA Singapore and Crocodile International, to renegotiate about S$610,000 (US$453,718) worth of rent payments.
• The Working Capitol is said to owe Crocodile International and AIA Singapore about S$230,000 (US$171,028) and S$380,000 (US$282,606), respectively, as of May 2021.

Context:

• The co-working startup’s total debt is reportedly around S$26 million (US$19.3 million), including loans from its co-founders and intercompany entities. The Working Capitol has more than 170 creditors.
• Hmlet, a co-living startup based in Singapore, recently exited the Australian market with nearly US$400,000 in unpaid debts to landlords.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.34