oBike’s liquidators to supply documents so repayment of creditors, users can move forward

oBike Singapore’s liquidators have pledged to provide the firm’s new majority stakeholder with documents to take the process of repaying creditors forward. — TODAY pic
oBike ’s liquidators have pledged to provide the firm’s new majority stakeholder with documents to take the process of repaying creditors forward. — TODAY pic

SINGAPORE, Jan 19 — A day after news emerged that an oBike investor has pledged to settle its spiralling debt, the bicycle-sharing firm’s liquidators here said they will provide the documents needed to move the process forward.

TODAY broke the news on Thursday that Mr Oscar Moises Chaves — a 29-year-old Costa Rican based in Singapore — had struck a deal with its founders to take over the embattled company’s global business and clear its debt.

But repayment in Singapore — where the firm is in liquidation — has hit an impasse, as Mr Chaves awaits a full breakdown of the amounts owed to parties here. He wants these “documented completely”, so that he may look over them before he proceeds to supply the funds.

In a press statement a day after TODAY’s report was published, FTI Consulting, oBike’s liquidators here, said it welcomed Mr Chaves’ declaration that he was determined to fulfil the company’s obligations to its creditors.



oBike exited Singapore abruptly on June 25 last year, chalking up over S$1 million (RM3.02 million) in debt in its wake. It owes at least S$1.7 million to creditors, including town councils, and thousands of users seeking refunds of their S$49 deposits (S$19 for students).

This sum also includes costs associated with its wind-up here, such as liquidator fees.

The liquidators said Mr Chaves had earlier this week also expressed to them his willingness to supply the funds needed to repay the company’s creditors, “subject to further supporting documents being provided”.

“A preliminary set of documents had already been provided to Mr Chaves in November 2018 and the liquidators will be providing the relevant additional documents sought,” FTI Consulting said.

It assured creditors that the documents and information provided are subject to a non-disclosure agreement and no personal data has been disclosed.

“The liquidators are working with Mr Chaves to agree on, among other things, the scope of the additional documents required,” FTI Consulting added.

“Further updates will be provided in due course.”

FTI Consulting is set to meet creditors on 23 at Shaw Tower’s Shine Auditorium to provide an update on oBike’s wind-up.



As the process is still under way, no payment or distribution will be made there, FTI Consulting had said earlier.—TODAY

Source: The Malay Mail Online





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