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

IPO-bound B2B ecommerce unicorn Udaan’s global creditors have initiated insolvency proceedings against it over default on bonds. A report by ET, citing sources, said global creditors, including banks and hedge funds, initiated insolvency proceedings in the Singapore High Court against Udaan after its offshore holding entity Trustroot Internet Pvt Ltd defaulted on $170 Mn compulsorily convertible notes or bonds due on June 30. The creditors include Tor Investment Management, Samena Capital, Arena