Udaan’s Creditors Initiate Bankruptcy Proceedings Against Its Parent In Singapore

by · Inc42

SUMMARY

  • Global creditors initiated insolvency proceedings in the Singapore High Court against Udaan after its offshore holding entity defaulted on $170 Mn compulsorily convertible notes or bonds due on June 30
  • According to the original agreement, the convertible notes were set to turn into equity shares of Udaan if it had listed on public markets by now
  • Confirming the development, Udaan said the proceedings won’t have any material impact on its operations in India