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Singapore court grants Zipmex three-month creditor protection

Bloomberg
Bloomberg8/16/2022 02:53 PM GMT+08  • 2 min read
Singapore court grants Zipmex three-month creditor protection
Justice Aedit Abdullah gave each of the five Zipmex entities a moratorium until Dec 2. Photo: Bloomberg
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Asia cryptocurrency exchange Zipmex Pte was granted more than three months of protection from creditors by Singapore’s High Court, giving the troubled firm breathing room to come up with a funding plan.

Justice Aedit Abdullah gave each of the five Zipmex entities a moratorium until Dec 2. That will shield the companies from potential creditor lawsuits. The firm operates out of Singapore, Thailand, Indonesia and Australia and was seeking a five-month protection from creditors to form a restructuring plan.

The trading platform ran into a cash crunch after its exposure to crypto lender Babel Finance soured. Zipmex recently allowed partial withdrawals after shutting them down late last month.

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