Udaan's Singapore holdco faces creditor battle after $170M note default
Insolvency proceedings against Trustroot Internet, Udaan's Singapore holdco, have escalated into a secured-vs-unsecured creditor fight following a $170M convertible-note default. The dispute could freeze the B2B platform's India capital-market plans, stall its reverse flip and SEBI filing, and raise change-of-control concerns.
Insolvency proceedings against Udaan's Singapore holdco Trustroot Internet, after a $170M convertible-note default, sparked a secured-vs-unsecured creditor battle. Outcome could freeze Udaan's India capital-market plans, reverse flip, SEBI filing and trigger change-of-control concerns for the B2B commerce operator.