 "Zilingo shows the way to start-ups")
Fashion technology startup Zilingo's debtholders have decided to recall their entire loan, leading the Singapore-based company to appoint a financial adviser to assess options, its board said on Friday.
"Due to Zilingo's failure to fulfill prior obligations under the loan agreement, the company's lenders have made the decision to accelerate the repayment of the entire loan," Zilingo's board said in a statement to Reuters.
The board suspended its CEO and co-founder Ankiti Bose in March with the backing of major investors, pending a probe by an independent firm they hired.
Backed by investors including Sequoia Capital India and Singapore state investor Temasek, the
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