Zilingo Pte’s creditors decided to call their loan in full, prompting the company’s board to appoint an independent financial adviser for the Singapore-based fashion tech start-up’s options.
“Due to Zilingo’s failure to meet its prior obligations under the loan agreement, the company’s lenders have made the decision to accelerate repayment of the entire loan,” the board said on Friday. administration of Zilingo in a statement. “In addition, the board has appointed an independent financial advisor to explore options for the business.”
The development underscores a deepening crisis at Zilingo after chief executive Ankiti Bose, 30, was suspended from her job on March 31 as the company’s board investigates the company’s accounting practices. startup. Kroll Inc. was commissioned to conduct the investigation.
Bose, who denies any wrongdoing, said in a statement to Bloomberg News that no debt repayments were missed while she was still CEO.
“The first instance of default notification was after my suspension,” she said, adding that creditors recalled the debt on May 11. “There were several ways to remedy the default event. However, it seems that the interim managers may not have acted on them.
The investigation into the allegations against Bose is nearing completion, according to the board’s statement.