EnterpriseInc42about 2 hours ago
Udaan's Creditors Initiate Bankruptcy Proceedings Against Its Parent In Singapore
4 min read
Global creditors initiated insolvency proceedings in the Singapore High Court against Udaan's offshore parent Trustroot Internet after it defaulted on $170 million in convertible notes due June 30. Creditors including Tor Investment Management and Nomura rejected a debt restructuring plan. Udaan stated the proceedings will not materially impact its India operations.
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