Distressed Crypto Firm Vauld gets more time to present a restructuring plan (report)

Distressed Crypto Firm Vauld gets more time to present a restructuring plan (report)

reported that the Singaporian authorities Vauld granted an extended creditor protection.

The cryptocurrency loan has time until February 28th to present a resuscitation plan.

• Vauld is one of the cryptocurrency companies affected by the persistent Baisse. It trimmed The size of his team last summer by 30 %, reduced his marketing campaigns and later stopped the withdrawals from customers.
• After he had not managed to conclude a takeover contract with Nexo, the company, the company to protect against creditors in Singapore. The process, similar to the insolvency proceedings according to Chapter 11 in the USA, aimed at giving it the necessary "air to breathe" in order to rebuild the paralyzed operation.
• First the Singapur's Singapore ordered The protection should last until November 7, 2022. The authorities extended this period later until January 20, 2023.
• according to Bloomberg Cover received Vauld another month and has time until February 28, 2023 to design a restructuring plan.
• A person trusted with the matter also said that the company had received offers from two fund managers who could take control of the assets stuck on the platform.
• Vauld said that the talks with these financial actors were in an advanced stage.
• Subsequently, the organization assured that it had no plans to renew the agreement talks with Nexo. The latter recently stood after the Bulgarian authorities in the spotlight his offices as part of an investigation of alleged money laundering and tax crimes.

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