Zipmex Proposes Repayment of 3.35 Cents Per Dollar to Creditors in Latest Restructuring Plan Zipmex has put forward a new proposal to repay creditors, initially offering
3.35 cents for each dollar of their claims as part of its restructuring efforts, according to Bloomberg. This initial payout
is part of a broader plan to address the crypto exchange’s $97.1 million debt and is contingent on the future recovery of assets, according to
“people familiar with the matter.” The proposal could potentially increase the repayment to as much
as 29.35 cents per dollar, depending on the success of these recovery efforts.
The sources also addressed that major creditors have expressed reservations about Zipmex’s latest plan. They are advocating for an independent review to closely examine the recent changes in the company’s assets
and liabilities as reported in the October 4 court document. This scrutiny is seen as crucial for ensuring transparency
and fairness in the restructuring process. Zipmex’s Group Chief Executive Officer Marcus Lim
commented on the situation, stating, “I am unable to comment on the on-going scheme of arrangement as this is confidential.” He acknowledged the presence of inaccuracies in the information obtained
from the sources but chose not to elaborate on them.
