von • Zipmex’s investor is offering to pay its creditors a fraction of the debt owed, instead of the promised 100% payment.
• The investor’s new proposal is significantly different from the original buyout proposal.
• Zipmex is seeking out new investors and extending its creditor protection in order to get back on track.
Zipmex Investor Reneges Payment
A proposed deal for Zipmex’s rescue plan looks to be facing some challenges as the crypto exchange’s investor is now asking to pay a fraction of its debt, as against the pledge to make a 100% payment.
Original Buyout Proposal
In December 2022, venture capital fund V Ventures signed a deal with Zipmex to acquire 90% of the troubled crypto exchange for $100 million in cash and crypto tokens. This was supposed to be used to gradually unlock customers‘ frozen wallets by April 2023.
Investor Seeks New Deal
Now however, Zipmex’s investor is proposing a new deal that would see them pay creditors far less than what was originally agreed upon – about 10-20%. The reason for this being because Zipmex did not meet certain conditions stated in the initial buyout offer.
Seeking Out New Investors
The distressed company is now looking for new investors and has decided to extend its creditor protection period in order to help it get back on track.
Conclusion
Zipmex faces an uncertain future due to its investor attempting to renegotiate their agreement and propose a much lower payment than originally agreed upon. The crypto exchange is now seeking out other sources of investment as well as extending its creditor protection period in order to stay afloat.
