SPOTLIGHT'Storm in a teacup' blows over for Udaan  Earlier this month, global creditors launched insolvency proceedings against the Singapore-based holding company of India-headquartered Udaan. The proceedings began after the B2B startup was accused of defaulting on US$170 million worth of compulsorily convertible notes. "It's a storm in a teacup," an Udaan investor told Tech in Asia. Lawyers echoed a similar view, saying they expected the dispute to end in a settlement rather than bankruptcy, even though the proceedings could weigh on the company's IPO ambitions. That is exactly how it has played out. This week, Udaan announced a proposed US$160 million financing package made up of fresh equity, new debt, and debt-to-equity conversions. Existing shareholders, alongside a new investor, will inject fresh capital, while certain unnamed holders will convert a portion of their debt into equity. The restructuring, which was backed by BlackRock's private credit arm and existing investor Lightspeed, has also resolved the insolvency proceedings in Singapore, according to an Economic Times report. This restructuring strengthens Udaan's balance sheet, which has battled losses and layoffs over the years. The restructuring removes a major overhang as the B2B ecommerce company gears up for an eventual public listing. For now, the "storm in a teacup" appears to have passed. | 
