Vauld gets creditor protection until January as court blocks longer extension
The company now has until Jan. 20 to explore options to ease its financial troubles, according to an email from Vauld to its creditors obtained by The Block. Vauld, however, had sought protection through March 7. The firm's previous creditor protection expired on Nov. 7 and on the same day.
Vauld halted client withdrawals in July and owes over $400 million to creditors. At the time, rival Nexo entered into a 60-day exclusive due diligence agreement with Vauld to potentially acquire it, but it has extended the due diligence period twice. Last month, The Block reported that Nexo could take "as long as needed" to decide on the potential deal, while it is "cautiously optimistic" about it. Meanwhile, customers' funds remain stuck.
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