{"id":581554,"date":"2023-03-30T20:10:00","date_gmt":"2023-03-30T19:10:00","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=581554"},"modified":"2023-03-30T20:10:09","modified_gmt":"2023-03-30T19:10:09","slug":"singapore-court-zipmex-restructuring-plan","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/singapore-court-zipmex-restructuring-plan\/","title":{"rendered":"Singapore Court Approves Thai Crypto Exchange Zipmex\u2019s Restructuring Plan"},"content":{"rendered":"\n<ul><li>The Singapore High Court has approved a restructuring plan for Zipmex.&nbsp;<\/li><li>The approval will help customers with stranded funds on the exchange get their money back.&nbsp;<\/li><li>The Thai crypto exchange suspended withdrawals last year following liquidity issues induced by Terra\u2019s collapse.&nbsp;<\/li><\/ul>\n\n\n\n<p>Troubled crypto exchange Zipmex seems to have turned a page in its bankruptcy proceedings after getting a key restructuring plan approved earlier today. The Singapore High Court approved a series of proposals and granted multiple requests that were part of the restructuring plan, bringing stranded customers one step closer to accessing their funds.&nbsp;<\/p>\n\n\n\n<h2><strong>Court okays creditor three-week protection extension for Zipmex<\/strong><\/h2>\n\n\n\n<p>According to an <a href=\"https:\/\/zipmex.com\/announcements\/moratorium-update-300323\/\" rel=\"nofollow noopener\">update<\/a> by Zipmex regarding moratorium applications in Singapore, the High Court approved pre-packaged schemes of arrangement meant for the crypto exchange\u2019s Asian and Australian entities. Additionally, the Singapore High Court approved the Thai crypto exchange\u2019s request to create an \u201cAdministrative Convenience Class&#8221; for creditors who have less than $5,000 worth of assets in their Z wallets.\u00a0<\/p>\n\n\n\n<p>The Singapore High Court also granted the bankrupt crypto exchange\u2019s request to extend the creditor protection period till 23 April 2023, i.e. three weeks, or until further order from the court. Zipmex has also been directed to provide an update regarding their restructuring efforts to the court as well as the exchange\u2019s creditors by 13 April 2023. The exchange filed for bankruptcy protection in Singapore in July last year following liquidity issues induced by the collapse of <a href=\"https:\/\/en.ethereumworldnews.com\/breaking-terraform-labs-founder-do-kwon-arrested-in-montenegro\/\">Terra<\/a>.\u00a0<\/p>\n\n\n\n<p>Approval of the restructuring plan comes just days after a $100 million bid to acquire the crypto exchange seemed to waver following a missed payment from V Ventures, the firm behind Zipmex\u2019s venture capital buyout. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-24\/thai-crypto-exchange-zipmex-s-bailout-stumbles-as-investor-misses-payment?leadSource=uverify%20wall&amp;sref=IIP4JEyu#xj4y7vzkg\" rel=\"nofollow noopener\">Bloomberg<\/a> reported that the firm reportedly missed a $1.25 million payment leading to speculation about the potential liquidation of one of Zipmex\u2019s subsidiaries. The Securities and Exchange Commission of Thailand has reportedly asked the bankrupt crypto exchange to provide clarification on the matter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Singapore High Court has approved a restructuring plan for Thai crypto exchange Zipmex. The exchange filed for bankruptcy in July 2022 following liquidity issues induced by Terra&#8217;s collapse. <\/p>\n","protected":false},"author":62,"featured_media":581556,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,22,2,26],"tags":[108610,5530,1072,1727,108662],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/581554"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=581554"}],"version-history":[{"count":2,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/581554\/revisions"}],"predecessor-version":[{"id":581557,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/581554\/revisions\/581557"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/581556"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=581554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=581554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=581554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}