The Business Times
business-time-50

Court grants Zipmex’s rescue financing super-priority status

google-preferred-sourceAdd BT as a preferred source
Claudia Chong

Claudia Chong

Published Fri, Dec 23, 2022 · 06:07 PM
    • Zipmex has about US$700,000 in cash in its bank balance. Without the financing, the company will survive only till January, says its lawyer.
    • Zipmex has about US$700,000 in cash in its bank balance. Without the financing, the company will survive only till January, says its lawyer. PHOTO: BLOOMBERG

    SINGAPORE’S High Court on Friday (Dec 23) granted Zipmex’s white knight super-priority claims on assets over existing creditors, for a US$5.85 million lifeline to keep the crypto exchange going as it restructures.

    Singapore-headquartered Zipmex is in distress following a US$48 million exposure to troubled crypto lender Babel Finance, which forced Zipmex to halt user withdrawals in July.

    With the rescue financing, the crypto platform is aiming to resume customers’ access to crypto assets in early April, its lawyer said on Friday.

    ZipmexCryptocurrenciesDebt restructuring

    TRENDING NOW

    Siranudh Scott had caused an internet sensation with a video accusing his brother of allegedly abusing him during his childhood years.

    ‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse

    Iran has also agreed to the on-site “down-blending” of its stockpile of enriched uranium under the supervision of the International Atomic Energy Agency.

    Focus turns to Strait of Hormuz after US and Iran presidents sign ceasefire agreement

    Ryoji Shoda says that his luxury plans will not necessarily come with a price hike.

    Onitsuka Tiger pivots from Asics stripes to tap luxury market

    Car dealers say that demand in June tailed off in the wake of The Car Expo, which took place in early May.

    Fall in COE prices across board suggests car, commercial vehicle premiums hitting resistance level

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More