MoFo News Item

Honestbee Applies for Court Protection; Eyes Conversion of over Us$180M Debt into Equity

The Business Times

02 Aug 2019

In The Business Times article “Honestbee applies for court protection; eyes conversion of over US$180M debt into equity,” Morrison & Foerster’s Sonya Van de Graaff, Business Restructuring & Insolvency partner, was quoted on Honestbee’s restructuring process.

Newly appointed honestbee CEO Ong Lay Ann made his first move to protect the company from its creditors. Upon applying for a six-month debt moratorium from Singapore’s High Court, Mr. Ong expects a debt-to-equity conversion. The company plans to stabilize itself by resetting the shareholding structure, and the debt level of  the business.

Honestbee’s court protection will be “among the first companies to tap Singapore’s recently-added restructuring process, which combines elements of the U.S Chapter 11 and UK Scheme of Arrangement,” Sonya told the publication.

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