The Business Times
In The Business Times article “Honestbee’s restructuring may hinge on fixing business model”, Morrison & Foerster’s Howard Morris, head of the London Business Restructuring & Insolvency Group, was quoted on honestbee’s attempt to convince creditors to back its debt restructuring plans.
Honestbee, an online grocery and food delivery service, owes its largest creditors approximately $209 million. The company is seeking a debt-to-equity conversion to clear its debt, as well as time to restructure its business. To obtain court approval on the company’s proposals to its creditors, honestbee needs “a business plan to provide financial viability and a prospect of a better return to the creditors included in the scheme of arrangement than a liquidation,” said Howard.