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Aussie company collapses owing $8 million
['Cameron Micallef', 'Min Read']
Yahoo Finance - Business Finance, Stock Market, Quotes, News
Logan Paul and KSI promote their Prime caffeinated energy drinks.
Picture: InstagramThe Australian company behind social media stars Logan Paul and KSI's Prime energy drink is unlikely to get a rescue deal, after the business collapsed owing millions.
New filings with ASIC show the financial woes of Congo Brands Australia, which was behind influencer-led brands such as Prime and Lunchily, which was jointly founded with Mr Beast.
Congo Brands owes more than $8m.
Between 2023 and 2024, Congo Brands Australia also dropped its inventory holdings from $28.9m to $1.7m, including a $4.57m writedown of stock.