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.
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.