(Bloomberg) -- Ailing crypto exchange Zipmex has proposed to repay creditors about 3.35 cents per dollar of claims initially as part of its latest restructuring offer, according to people familiar with the matter.  

The payout could rise to as much as 29.35 cents contingent on recoveries under the revised plan to restructure Zipmex’s $97.1 million of debt, the people said, citing an Oct. 4 court document that’s also been seen by Bloomberg News.

Major creditors oppose the proposal and are pushing for an independent review of the reasons behind recent shifts in Zipmex’s assets and liabilities shown in the document, the people familiar with the matter said, asking not to be identified as the information is private. Voting on the company’s latest repayment plan runs through early December, they said. 

Zipmex’s Group Chief Executive Officer Marcus Lim said he was unable to comment on the “on-going scheme of arrangement as this is confidential.” He said there were inaccuracies in the information obtained from the people familiar but added he would not comment on them.

The company is one of an array of digital-asset platforms around the world that sought creditor protection due to last year’s rout in crypto prices. Zipmex operates in Thailand, Indonesia, Australia and Singapore, and its restructuring is being overseen by a court in the city state.

A previous plan to sell Zipmex to V Ventures, a subsidiary of Thoresen Thai Agencies Pcl, fell through. Thailand’s securities regulator last week told Zipmex to halt operations in the country because of insufficient net capital levels.

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