News

Crypto Lender Vauld Applied For Extended Protection Against Creditors

Troubled According to court records obtained by The Block, Asian crypto lender Vauld needs more time to iron out its financial troubles and has filed for further four months of creditor protection.
Crypto Lender Vauld Applied For Extended Protection Against Creditors 3

The application, filed in the Singapore High Court on October 18, seeks extra protection until March 7, 2023. Vauld’s current creditor protection ends on November 7.

The latest application comes only a few days after Nexo, a Vauld competitor and possible purchaser, extended its due diligence period for as long as needed.

According to court filings, Vauld needs the four-month delay to avoid legal proceedings while it submits a restructuring plan to its creditors and any possible investors. Discussions over Nexo’s prospective purchase are still underway. Darshan Bathija, co-founder and CEO of the company, stated in court records.

“Even if the deal with Nexo does not materialize, I am confident that there would be another party that would be interested in a potential investment in the Vauld platform.

We have also received support from significant creditors that Defi Payments’ business ‘remains attractive’ and would likely receive ‘further offers for acquisition’.” (Defi Payments is the Singapore entity of Vauld involved in the court proceedings)

Crypto Lender Vauld Applied For Extended Protection Against Creditors 4

The company created a creditors’ committee earlier this month. According to the documents, the committee is made up of 17 unnamed creditors.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

51 minutes ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

2 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

2 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

3 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

4 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

4 hours ago

This website uses cookies.