iflix looking for willing buyers after the resignation of two more co-founders

While most streaming platforms have been growing in the environment created by the previous Movement Control Order (MCO), it hasn’t been a great year for iflix as the company is supposedly looking for willing buyers.

In April this year, iflix co-founders Patrick Grove and Luke Elliot resigned from the company’s board on the same day. Patrick was also the chairman of iflix.

According to DealStreetAsia, in order to avoid a looming debt crisis, less than a month after Patrick and Luke’s resignation, iflix appointed Ryan Shaw and John Zeckendorf to its board. Both Ryan and John are principals of Australia-based Mandala Asset Solutions, which describes itself as “experts in distressed asset situations.”

According to Nikkei Asian Review, the company reported a net loss of $158.1 million in 2018 as its operations burnt through $25.5 million of cash, resulting in a net liability position of $68.6 million as at end-2018.

That included $77.7 million of negative working capital. In September 2019, the company estimated that it would only have enough capital for ongoing corporate and administrative overheads until November 30, 2019 but has not announced any additional funding since then.

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