Fire Sale : SingPost sells assets of bankrupt US units

[micromachine]

SingPost sells assets of bankrupt US units

DECEMBER 13 2019
MAIL and logistics firm Singapore Post (SingPost) on Friday announced it has sold substantially all the assets of two beleaguered US e-commerce subsidiaries, Jagged Peak and TradeGlobal.

This comes after the group's earlier unsuccessful attempt to sell both businesses. In September, SingPost said it did not receive acceptable offers for the subsidiaries following a six-month sale process.

After filing for Chapter 11 protection under the US Bankruptcy Code, Jagged Peak and TradeGlobal had commenced the marketing and sale process of their assets as part of the bankruptcy process, SingPost noted on Friday.

ID Logistics, a European contract logistics group, bought the assets of Florida-based Jagged Peak for US$15 million, according to a separate statement by ID Logistics on Thursday.

Meanwhile, American shipping and fulfillment service provider Visible Supply Chain Management (VSCM) acquired Ohio-based TradeGlobal's assets for an undisclosed amount.

 

[Leongsam]

Why did the buy the companies in the first place?

 

[mojito]

Why did the buy the companies in the first place?

So they can sell them cheap! So nice want to sell you cheap you still complain.

 

[halsey02]

So they can sell them cheap! So nice want to sell you cheap you still complain.

They were for loooong term investments. But they were taking too long, so sell short. Nobody complaining, even they sell it or USD1 each, the 70% will still say "aye!"

 

[poore]

the ex-ceo buy one lor, smart young angmo

 

[syed putra]

Its a good way to control inflation in sinkie If too much money is accummulated.
When will they buy into sammyboy?

 

[knowwhatyouwantinlife]

What is the meaning of "sold substantially all"...? Again playing with words to fool people...its either all singpost stake was sold or a substantial share of singpost stake in...was sold...

 

[KuanTi01]

Singpost has zero acumen and foresight! Howlian any how invest!

 

[shittypore]

Now they cannot Sing no more, why not reported how much lost selling of these junk Cos?

 

[micromachine]

Lol will leeport when whore jinx salary is exposed

 

[frontier]

Our postal service should be liberalized. Singpost just only know how to hike prices for Singaporeans and lose money overseas.

 

[congo9]

Can't sell of business then got to force sell the asset.
WTF. Bought for 184 million and sell for ???