Zipmex Started Paying Creditors 3.35 Cents on the Dollar!

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Zipmex has proposed paying creditors 3.35 cents on the dollar as part of its latest restructuring plan, according to sources cited by Bloomberg. The figure could rise to 29.35 cents on the dollar, depending on recoveries in relation to its debt restructuring plan. However, major creditors have requested a review of Zipmex’s assets and liabilities, delaying the proposals. The Singapore-based exchange has $97.1 million of debt. Zipmex froze withdrawals in July 2022 after being affected by market-wide contagion following the collapse of Terra and subsequent bankruptcies of crypto lenders Babel Finance and Celsius Network. Zipmex lost $48 million after lending it to Babel Finance and an additional $5 million in exposure to Celsius Network.