After considering objections from the Deribit exchange, a Singaporean court set aside a decision on Babel Finance’s request to extend the protection against creditors until April 17.

According to Flex Yang, co-founder and CEO of troubled crypto lender Babel Finance, a Singapore court has postponed consideration of the company’s request for an extension of protection against creditors’ claims after Deribit claims.

The current moratorium on Babel Finance ends April 5th. However, the court agreed to its temporary extension until April 17. In the court’s opinion, in light of the concerns expressed by creditor Deribit, the court will need additional time to analyze information about the planned restructuring of Babel Finance.

According to Bloomberg sources, the current reorganization plan for Babel Finance is to pay off debts to creditors using proceeds from the new decentralized project “Babel Recovery Coins” and the issuance of the Hope stablecoin, which will be used as collateral.

Recall that in March, Flex Young announced a program to repay debts to creditors and the launch of a new stablecoin associated with it.