Jan 17, 2023
Ailing Singapore Crypto Firm Vauld Gets More Time to Restructure
(Bloomberg) -- A Singapore court extended the period of creditor protection for crypto lender Vauld to Feb. 28 because the company has yet to come up with a revival plan, according to a person familiar with the matter.
Vauld, which froze customer withdrawals in July and hired advisers to explore a restructuring, has received bids from two digital-asset fund managers to take over management of the tokens stuck on its platform, the person added, asking not to be identified discussing private information.
Vauld told the court in an affidavit that the discussions with the fund managers are at an advanced stage, the person said.
The company is among a string of crypto lenders that suffered major damage in last year’s digital-asset rout. It’s also in a simmering dispute with Nexo Capital Inc., which is attempting to acquire Vauld.
Vauld reiterated in the affidavit that it won’t proceed with any deal with Nexo, according to the person. The latter’s office in Sofia was raided by Bulgarian police last week as part of an investigation into suspected money laundering and tax crimes.
Vauld didn’t immediately reply to a request for comment. The Block first reported about the court-granted extension.
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