Majority of creditors want Hodlnaut liquidated
Only 2.42% of claimants favor restructuring, and they are almost exclusively company directors. Withdrawals were frozen in August.
Creditors of Singapore-based cryptocurrency lender have again expressed their desire to liquidate the company, which has been under judicial management since August 2022. There is no white knight investor on the horizon, interim judicial manager (IJM) Aaron Loh Cheng Lee explained in a circular updating the case.
A circular from the IJMs dated April 25 said users representing approximately 55.38% of creditors, with claims of 228.3 million Singapore dollars (about $170.5 million), have indicated they would favor liquidation over restructuring. No source of fresh capital has been found, the letter noted, despite the founders’ efforts to find new investors:
“There appears to be no indication of a white knight investor to date, and hence no prospect of any fresh capital injection.”
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