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Kul Bhushan · · 1 min readReport: Singapore co-working firm seeks to restructure $9.8m debt
“Co-working operator The Working Capitol has filed for a court-supervised restructuring, amid debts of S$13.2 million (US$9.8 million) owed to creditors excluding related parties,” reported Business Times.
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
Editing by Collin Furtado and Eileen C. Ang
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