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Crypto Exchange Zipmex Secures Creditor Protection Extension as Takeover Deal Nears
V Ventures looks set to acquire 90% stake of Zipmex for $100 million in cash and crypto, according to Bloomberg.
Updated May 9, 2023, 4:03 a.m. Published Dec 2, 2022, 9:43 a.m.
Zipmex, the South Asian crypto exchange that froze withdrawals because of a lack of liquidity earlier this year, has secured creditor protection for all its entities until April of next year, according to an update on the company's website.
The extension was granted by Singapore's High Court alongside a directive that states applications for superpriority will be fixed for hearing on Dec. 21. Superpriority gives some claims a greater weight for repayment.
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Zipmex is one of several crypto companies that became embroiled in this year's bear market after a series of $53 million loans to Babel Finance and Celsius Network failed to be repaid. It froze withdrawals in July and appointed a restructuring firm in August to assist with a recovery plan.
Bloomberg reported Friday that a deal involving venture capital fund V Ventures looks set to be completed in due course. On Nov. 18, Zipmex was still in "advanced talks" in terms of a rescue deal, according to a person familiar with the matter. The deal with V Ventures, a subsidiary of Thoresen Thai Agencies, one of Thailand's largest and longest-serving investment firms, is set to be worth $100 million in cash and crypto for 90% of the business, Bloomberg said.
A company spokesperson told CoinDesk that details of the deal are to be kept confidential.
CORRECTION (Dec. 2, 11:08 UTC): Corrects that Dec. 21 was set for hearing superpriority claims. An earlier version of this story said it was a deadline for a takeover agreement. Adds details of Bloomberg report on V Ventures deal.
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