After a months-long battle for survival, Zilingo is set for liquidated

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Singapore-based B2B fashion tech company Zilingo is set to go bankrupt after a months-long struggle to stay afloat. According to Bloomberg, the company’s board of directors has appointed EY as a provisional liquidator.

The liquidation has been announced by the Zilingo board of directors to major shareholders and creditors. The liquidation follows the discovery of a buyer for some of Zilingo’s assets by creditors Varde Partners and Indies Capital Partners. According to sources cited by the publication, the assets were transferred to the new owner for an undisclosed sum. Zilingo once claimed to have operations in at least eight countries, employing hundreds of people in India and Southeast Asia. According to the report, Zilingo now employs fewer than 100 people in India, Indonesia, Sri Lanka, and Bangladesh, following a major downsizing during the crisis.

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After a months-long battle for survival, Zilingo is set for liquidated

Singapore-based B2B fashion tech company Zilingo is set to go bankrupt after a months-long struggle to stay afloat. According to Bloomberg, the company’s board of directors has appointed EY as a provisional liquidator.

The liquidation has been announced by the Zilingo board of directors to major shareholders and creditors. The liquidation follows the discovery of a buyer for some of Zilingo’s assets by creditors Varde Partners and Indies Capital Partners. According to sources cited by the publication, the assets were transferred to the new owner for an undisclosed sum. Zilingo once claimed to have operations in at least eight countries, employing hundreds of people in India and Southeast Asia. According to the report, Zilingo now employs fewer than 100 people in India, Indonesia, Sri Lanka, and Bangladesh, following a major downsizing during the crisis.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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