Zilingo co-founders had offered to buy a fashion e-commerce platform as the board debates it's future. Co-founder secured commitments from a small group of new investors including US private equity firm.
The investor group made an investment of $8 million in new equity while remaining assets will be liquidated. All outstanding debt owed to creditor Zorro Assets will be frozen for three years.
Sequoia Capital owns 26.5% in Zilingo which was later declined.
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