In a news story published in the 7 August 2019 edition of the Business Times on honestbee’s restructuring, joint managing partner and head of restructuring Thio Shen Yi, SC, said that debt-to-equity conversions that “zero-ise” debt are common among embattled companies, and can even provide an upside for creditors.

“However, it only works if the creditors believe the business is viable, because they themselves are becoming owners of the business … (The companies) need to ensure that they have sufficient cashflow and are not burning the investors’ cash without any return,” he added.

The story can be found here: https://www.businesstimes.com.sg/garage/honestbees-restructuring-may-hinge-on-fixing-business-model