Zipmex requests 2-month extension from Singapore court for restructuring plan

Cryptocurrency speech Zipmex has requested different hold which would let for a longer moratorium connected its indebtedness successful Singapore amid the firm’s liquidity issues.

In an April 18 announcement, Zipmex said it was presently successful negotiations with investors successful an effort to “maximize returns for customers” pursuing a hold successful payments. The steadfast said its Asia limb had filed a petition successful Singapore’s courts to widen its existing moratorium play by 2 months. According to the exchange, it volition usage the other clip to program and reopen Z Wallet withdrawals.

Zipmex primitively filed for a moratorium allowing the steadfast to postpone payments successful July 2022, amid a tumultuous twelvemonth for the crypto marketplace — the institution had astir $5 cardinal successful vulnerability to Celsius. The level had suspended withdrawals earlier that month, portion CEO Marcus Lim did not contradict reports that the steadfast was facing insolvency.

Singapore’s courts granted Zipmex’s moratorium request, giving the steadfast until December 2022 to travel up with a restructuring plan. However, the level has continued to petition extensions connected the moratorium, with the astir caller 1 apt pushing its deadlines to June.

Related: Venture capitalists bail connected Zipmex bailout, institution warns of consequences: Report

It’s unclear to which capitalist Zipmex was referring successful its latest announcement. In March, task superior steadfast V Ventures reportedly did not supply a payment of much than $1 cardinal indispensable for Zipmex to debar liquidating definite operations and halt distributing payroll to employees.

Cointelegraph reached retired to Zipmex for comment, but did not person a effect astatine the clip of publication. The steadfast has operations successful Australia, Thailand, Singapore and Indonesia.

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