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Bolt seeks $54-million bailout
Ride-hailing company Bolt Technology OU is seeking credit support from the Estonian government after a switch to quarantine-friendly services failed to sufficiently improve its finances and banks turned down requests for loans.
The service formerly known as Taxify, a rival to Uber Technologies Inc., is asking for 50 million euros ($54 million) in loans or public credit guarantees after commercial lenders refused to take part under existing state guarantees.
The Tallinn-based company needs at least 15 million euros per month starting this month after losing 85% of revenue, two Estonian newspapers reported Thursday, citing a letter from Bolt founders and main owners Markus and Martin Villig.
[Bloomberg]
Ride-hailing company Bolt Technology OU is seeking credit support from the Estonian government after a switch to quarantine-friendly services failed to sufficiently improve its finances and banks turned down requests for loans.
The service formerly known as Taxify, a rival to Uber Technologies Inc., is asking for 50 million euros ($54 million) in loans or public credit guarantees after commercial lenders refused to take part under existing state guarantees.
The Tallinn-based company needs at least 15 million euros per month starting this month after losing 85% of revenue, two Estonian newspapers reported Thursday, citing a letter from Bolt founders and main owners Markus and Martin Villig.
[Bloomberg]