Cryptocurrency lender Vauld extended the restructuring period

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The Singapore court extended the term for protecting Vauld from investor claims, as the crypto-creditor did not have time to complete the preparation of an asset restructuring plan within the previously set deadlines.

According to information provided by Vauld to the court, the company continues negotiations with two digital asset managers to agree on the terms of the technical regulation.

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Vauld plans to implement an alternative restructuring plan that includes hiring an outside manager to oversee its assets. The intended purpose of the Vauld is for the fund manager to invest its assets and use its own earnings to recoup creditors’ losses.

The crypto company has formed a supervisory committee of 17 most significant creditors and announced that in the event of its own liquidation, investors will be able to recover from 38% to 49% of the amount of the original debt.

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Previously, Vauld and a committee of creditors rejected Nexo’s takeover bid, citing concerns about the company’s financial health and arguing that Nexo did not prioritize the interests of creditors.

Source: Bits

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