According to a November report by The Straits Times, Shariot was among nine related companies that requested their creditors to hold off on recovering debts while they explored restructuring options.
Shariot, Autobahn Rent A Car and seven other companies are reportedly interlinked in terms of their financial, operational and fleet-related arrangements and have the same shareholders.
In December, The Straits Times reported that a group of 18 related companies, including Shariot and Autobahn Rent A Car, had applied to the High Court for a six-month moratorium to halt creditor actions.
Creditors included DBS, UOB and OCBC, and the companies reportedly owed up to S$306 million, according to the article.
CNA has contacted Shariot, Autobahn Rent A Car, Grab, Gojek, CDG, TADA, Ryde and the National Private Hire Vehicles Association for comment.
Previously, in August, car-sharing firm BlueSG announced that it would be suspending operations, which caught users off guard.
The company had also told CNA then that the move would impact "a portion" of its workforce, adding that affected employees would receive "fair severance".
Calling it a "strategic pause", BlueSG had said in a media release that it will launch a new service in 2026.
Continue reading...
Shariot, Autobahn Rent A Car and seven other companies are reportedly interlinked in terms of their financial, operational and fleet-related arrangements and have the same shareholders.
In December, The Straits Times reported that a group of 18 related companies, including Shariot and Autobahn Rent A Car, had applied to the High Court for a six-month moratorium to halt creditor actions.
Creditors included DBS, UOB and OCBC, and the companies reportedly owed up to S$306 million, according to the article.
CNA has contacted Shariot, Autobahn Rent A Car, Grab, Gojek, CDG, TADA, Ryde and the National Private Hire Vehicles Association for comment.
Previously, in August, car-sharing firm BlueSG announced that it would be suspending operations, which caught users off guard.
The company had also told CNA then that the move would impact "a portion" of its workforce, adding that affected employees would receive "fair severance".
Calling it a "strategic pause", BlueSG had said in a media release that it will launch a new service in 2026.
Continue reading...