Zipmex investors are proposing to return only 10-20% of the funds to creditors as the Asian stock exchange deadline to protect creditors expires on April 23.
according to bloombergZipmex’s anonymous investors want its creditors to take a 90% cut. The investors pledged to pay the creditors in full, but now claim that some requirements of the original agreement were not met.
Hence their demand for a new agreement.
Are Ventures the Secret Investor in Zipmex?
Zipmex has not yet disclosed the name of the new investor in the court filing. But a person with direct knowledge told Bloomberg that Ventures is believed to be the anonymous investor mentioned in the court document.
Last month, BeInCrypto reported that the Thai fund was unable to complete its $100 million acquisition of Zipmex. That was because the company had not paid a premium of $1.25 million on March 23rd.
Zipmex filed for bankruptcy protection in Singapore in July last year. The exchange halted withdrawals because it was a casualty of the infection caused by the crash of the Terra Luna ecosystem. The failure of Voyager Digital and Babel Finance also hit liquidity hard.
The deadline for Zipmex’s creditor protection ends April 23. On March 30, the court granted a three-week creditor protection extension.
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