Embattled Thai crypto exchange Zipmex is offering its creditors 3.35 cents per dollar for initial claims, with further payouts in a recovery scenario. The proposal came as a part of the restructuring offer from the company, which owes its customers $97 million.\u00a0<\/p>\n
According to a Nov. 29 Bloomberg report,\u00a0Zipmex could raise the sum from 3.35 cents per dollar to 29.35 cents per dollar \u201ccontingent on the recovery.\u201d However, major creditors are reportedly against the proposed scheme and demand an independent review of the company\u2019s liabilities. <\/p>\n
Zipmex CEO Marcus Lim refused to confirm the cited details of a restructuring scheme but mentioned the \u201cinaccuracies\u201d in numbers cited by journalists, the report said. <\/p>\n
Related: <\/em><\/strong>Genesis strikes repayment deal with parent firm DCG to end $620M lawsuit<\/em><\/strong><\/p>\n Zipmex got into trouble in the summer of 2022 when the crypto exchange, operating in Southeast Asia, filed for bankruptcy protection in Singapore. The company demanded time to work out how to address its $53 million exposure to crypto lenders Babel Finance and Celsius. <\/p>\n Zipmex has repeatedly asked the Singaporean court to extend the moratorium on its debt. According to Bloomberg, the creditors\u2019 vote on the current restructuring plan will happen in early December. <\/p>\n In November, the exchange announced that\u00a0all digital asset trading in Thailand would be suspended by Jan. 31, 2024. The company has been under investigation by Thailand\u2019s Securities and Exchange Commission\u00a0since early 2023. <\/p>\n