Singapore-based B2B fashion tech company Zilingo is set to go bankrupt after a months-long struggle to stay afloat. According to Bloomberg, the company's board of directors has appointed EY as a provisional liquidator.
The liquidation has been announced by the Zilingo board of directors to major shareholders and creditors. The liquidation follows the discovery of a buyer for some of Zilingo's assets by creditors Varde Partners and Indies Capital Partners. According to sources cited by the publication, the assets were transferred to the new owner for an undisclosed sum. Zilingo once claimed to have operations in at least eight countries, employing hundreds of people in India and Southeast Asia. According to the report, Zilingo now employs fewer than 100 people in India, Indonesia, Sri Lanka, and Bangladesh, following a major downsizing during the crisis.