oBike to hold meeting with creditors and users to give update on liquidation

oBike to hold meeting with creditors and users to give update on liquidation

Abandoned oBikes
These oBikes will be scrapped over the course of the month. (Photo: Matthew Mohan)

SINGAPORE: The liquidators of oBike on Monday (Jul 23) announced that it will be holding a meeting with its creditors, including users who previously paid a deposit, to give an update on the company's liquidation. 

The meeting will be held on Aug 2 at 3pm at the Shine Auditorium at 100 Beach Road, liquidators FTI Consulting said in a press release. 

"Creditors will be provided with an update on the company’s winding up at the creditors meeting," FTI Consulting said. 

It also asked creditors to submit their claims by noon on Aug 1.

Attendance at the meeting is not mandatory, said oBike, adding that creditors will still be able to submit their claims after the meeting. 

The bike-sharing operator last month announced that it will stop operations in Singapore because of difficulties in meeting the new requirements put in place by the Land Transport Authority (LTA) to tackle indiscriminate parking.

This was followed by a sharp increase in the number of complaints against the company, with many consumers complaining that they "did not receive a refund for their deposits". 

Earlier this month, oBike's founding investor and chairman Shi Yi confirmed with Channel NewsAsia that the total deposits it owed to customers amounted to US$4.6 million (S$6.3 million). 

Mr Shi said that any fees imposed by LTA on the company if it fails to remove its bicycles from the streets might affect the funds available for the purpose of returning customers' deposits.

Source: CNA/ad