Proposed Restructuring Plan by Zipmex Offers Creditors 3.35 Cents Per Dollar Repayment

Zipmex Offers Repayment Plan to Creditors

Zipmex, the troubled crypto exchange, has presented a new proposal to repay its creditors. As part of its restructuring efforts, the initial offer is 3.35 cents for each dollar of their claims. However, this payout is contingent on the recovery of assets in the future. If successful, the repayment could increase to as much as 29.35 cents per dollar.

Concerns have been raised by major creditors regarding Zipmex’s latest plan. They are calling for an independent review to closely examine changes in the company’s assets and liabilities. This review is seen as crucial for ensuring transparency and fairness in the restructuring process.

The CEO of Zipmex, Marcus Lim, acknowledged the situation but chose not to comment further on ongoing matters.

Regulatory Scrutiny for Zipmex During Restructuring

The proposal comes at a challenging time for Zipmex, which has been dealing with the aftermath of last year’s crypto price decline. The exchange is currently undergoing restructuring overseen by a court in Singapore.

Previous attempts to sell Zipmex did not succeed, and last week, Thailand’s securities regulator instructed the exchange to suspend operations due to insufficient net capital.

Zipmex released a statement assuring customers that they are working towards proper and compliant business operations according to Thailand’s Securities and Exchange Commission criteria. As a result, digital asset trading and deposits have been temporarily suspended.

Hot Take: Zipmex Faces Challenges Amidst Restructuring

Zipmex’s latest proposal to repay creditors is a crucial step in its restructuring efforts. However, concerns from major creditors highlight the need for transparency and fairness in the process. The exchange’s CEO has acknowledged the situation but refrained from providing further details.

Furthermore, Zipmex is facing regulatory scrutiny and operational challenges. The suspension of its operations in Thailand due to insufficient net capital adds to the difficulties the exchange is currently facing. As it navigates these hurdles, Zipmex must address regulatory requirements and work towards a successful restructuring to regain stability.