However, the offers were on terms and conditions that the group found to be commercially unfeasible. Hence, SingPost ended the sale process.
SINGAPORE (Sept 19): Singapore Post (SingPost) today announced that its two e-commerce businesses in the US – Jagged Peak and TradeGlobal – have filed for voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code.
This came on the back of the group failing to find a buyer for the two e-commerce units. It ran a comprehensive sale process over almost six months, which saw 105 interested parties that signed non-disclosure agreements and led to eight expression of interest and finally two non-binding offers.
