SINGAPORE – Car-sharing company Shariot is among nine related companies requesting its creditors to hold off on recovering debts while they explore restructuring options.
The nine companies – which also include large car leasing firm Autobahn Rent A Car – deal in car sales, repair, leasing and financing. They are said to be interlinked in terms of their financial, operational and fleet-related arrangements and have the same shareholders.
Speaking to The Straits Times on Nov 26, Mr Roy Tan, the majority shareholder of the companies, said the firms have about $180 million in debt, the bulk of which comes from Autobahn Rent A Car.
Autobahn Rent A Car has grown its fleet from 500 vehicles to 1,700 over the past few years after the…