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Ofo denies preparing for bankruptcy

Nov 1, 2018 by The Passage Team
Ofo denies preparing for bankruptcy

Chinese bike sharing firm ofo is allegedly preparing a bankruptcy proceeding as its liquidity crisis worsened, Chinese media outlet Jiemian reported today citing a leaked financial statement from six months ago indicating its heavy debt.

However, ofo has refuted the claim saying that the bankruptcy reorganization rumour was a “false report”. Ofo also assures that its normal independent operation and business are advancing as usual.

Rumors of ofo’s mounting debt, lawsuits, and potential mergers have been perplexing the leading player in bike-sharing industry over the past few months.

Source: China Money Network

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