Southeast Asia's most valuable startups shed staff due to Covid-19
SINGAPORE: The economic devastation wrought by the Covid-19 coronavirus pandemic is expected to leave no business unscathed. Airlines, hotels and travel-related businesses were the first to make calls for funds. Some have obtained them from shareholders, others secured new lines of credit from banks or had to draw on existing ones. Some governments have also extended various rescue packages to affected industries. Already, some businesses which did not have strong enough balance sheets and could not obtain funding have either folded or filed for bankruptcy protection.
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