Zipmex Investor Reneges, Seeks to Slash Buyout Deal

17. April 2023 Aus Von admin

• Zipmex’s investor is proposing a new deal that would see them pay the crypto exchange’s creditors far less.
• The distressed company is, meanwhile, planning to further extend its creditor protection to seek out new investors.
• The investor’s new proposal is significantly different from the original buyout proposal, which promised to make a full payment to creditors.

Zipmex Investor Reneges on 100% Payment

An anonymous investor of Zipmex has proposed a new deal that would see them pay the crypto exchange’s creditors far less than what was originally agreed upon. This differs from the original buyout proposal that promised a full payment to creditors. Meanwhile, Zipmex plans on extending their creditor protection in order to attract more investors.

V Ventures Signed Deal with Zipmex

V Ventures signed an agreement back in December 2022 with Zipmex for 90% of their equity at $100 million in cash and cryptocurrency tokens. Part of this payment was meant to be used as a gradual unlocking of customers‘ wallets by April 2023.

New Proposal Made By Investor

The investor has now proposed paying only 10-20% of the debt owed instead of making the full payment initially planned for. This information comes from a letter sent off to court handling Zipmex’s restructuring process although no name was mentioned in said letter aside from V Ventures being revealed as the anonymous source.

Creditor Protection Extended

With these recent developments, Zipmex intends on furthering their creditor protection in order to draw more investors into their project and ensure that all payments are made accordingly despite not meeting certain conditions stated in the first buyout proposal.

Conclusion

All things considered, it remains uncertain whether or notZipmext will be able totake advantage of this situation and attract more investment into their project due to these changes in terms regarding payment arrangements for creditors.