Zipmex opens up restructuring companies while it is struggling to keep up with water

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Veröffentlicht am 26.08.2022

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Zipmex said that government agencies would present a renovation plan to complete business through some urgently needed investor financing. The Southeast Asian company, which employs around 250 employees in Singapore, Thailand, Australia and Indonesia, said on Thursday that it is later in the later phase of securing external investments. As part of these efforts, the company also said that the restructuring and financial advisory company Kordamentha tapped and ...

Zipmex opens up restructuring companies while it is struggling to keep up with water

• Zipmex said that government agencies would present a renovation plan to complete business through some urgently needed investor financing
• The contested stock exchange also commissioned a restructuring and financial company to work out its renovation plan

The bankruptcy-protected crypto exchange Zipmex tries to get your ship back on course after a bumpy start to the first six months of the year.

The Southeast Asian company, which employs around 250 people in Singapore, Thailand, Australia and Indonesia, said on Thursday that it is later in the later phase of securing investments of external parties.

As part of these efforts, the company also said that the restructuring and financial consultancy Kordamentha tapped and intended to appoint a "Scheme Manager" that monitors the process.

"We asked for meetings with the Thai stock exchange supervisory authority and the supervisory authorities in the country in which we work in order to present our investors to the supervisory authorities and to present our renovation plan to the government authorities," says an explanation of the stock exchange.

Zipmex made headlines in July when it was forced to set withdrawals, and referred to a "combination of circumstances", including extreme market volatility and commitment to struck crypto creditors.

The Thai securities supervisory authority later set up a web -based form in which customer complaints were requested when it intervened for examination.

The company was quickly looking for

Financing should further develop the technical infrastructure, win new business partners and attract fresh talents. Even the stock market giant Coinbase

It has been reopened since then has reopened Select old coins including Solana, XRP and Cardano, while withdrawals in Bitcoin and Ether in the native bag of the company remain closed.

"I can confirm that we will continue to progress to resume the services," said co -founder Akalarp Yimwilai in an explanation.

Grob $ on unpaid loans Finance is owed, Celsius are attributed to another $ 5 million - the lender based in the USA, who has filed for bankruptcy last month.

Although in the larger context of the one, with which others were confronted with the industry, it was a relatively small sum, it was enough to seriously affect the company and to ask for shareholders for the co -founder and CEO of Zipmex, Marcus Lim. descend .

While the head of the stock exchange has opposed this call, he admitted last week that he would hand over the reins if he were further pushed.

"The fact that the lifting of Zipmex in Thailand, but are open in other jurisdiction, indicates that it was the deposits of their Thai customers who were affected by the exposure to Babel Finance," Hayden Hughes, CEO, said in Singapore's social trading platform Alpha Impact.

Hughes, who also advises the blockchain and crypto venture capital company Antler in the early phase, said investors had to weigh up whether the hole in its balance sheet was small enough to justify a rescue of the company.

At his climax, Zipmex offered a return of 10 %.

Both Celsius and Babel stopped the withdrawals after an industry -wide liquidity crisis at the beginning of this year, which was followed shortly after a decline in market.

In order to enable the stock exchange to make amends, a top court in Singapore Zipmex granted around three months of creditor protection last week because it looks through plans for the restructuring of its business.

The court judgment also granted the exchange protection against Correspondence suits to Dec.

Further information on the restructuring plans will be expected in the coming month, said Zipmex. This will contain details of the online town hall meetings planned for September 15th.

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The article Zipmex Taps Restructuring Firm as it fights to stay afloat is not a financial advice.