Meeting arranged for oBike creditors on Jan 23

A meeting has been arranged on Jan 23 for liquidators of defunct bicycle-rental firm oBike to keep creditors updated on the status of the winding-up.

According to a press statement issued yesterday by the liquidators, FTI Consulting, no payments or distributions will be made at the meeting later this month at the Shine Auditorium at Shaw Tower in Beach Road at 2.30pm.

Creditors can find out more about the meeting at www.obikedepositholders.com, including the necessary forms for them to submit their claims or proxy nomination by noon on Jan 22 in order to attend or vote at the meeting.

oBike, which folded unexpectedly last June, was reported in August to owe users about $9 million in unrefunded deposits.

In its circular, FTI said that since its appointment in August, it had concluded the retrieval and scrapping of most of oBike's bicycles in Singapore and recovered oBike funds held with two separate third-party vendors.

It had also conducted further investigation into oBike's affairs and the remittance of funds to the company's Hong Kong outfit, oBike Hong Kong.

FTI said that absence from the non-mandatory meeting does not compromise creditors' rights, and they will be able to submit their claims through the online form or at the liquidators' office even after the meeting.

Individual users of oBike rental services who are claiming their deposits and would be personally attending the meeting are not required to submit a proxy form.

A version of this article appeared in the print edition of The Straits Times on January 10, 2019, with the headline 'Meeting arranged for oBike creditors on Jan 23'. Print Edition | Subscribe