V Ventures, a subsidiary of Thoresen Thai Agencies Pcl, offered to buy Zipmex for about US$100 million ($133.0 million), Bloomberg News reported in December. But the deal started fraying late last month, when Zipmex said it hadn’t received the most recent payment due under the proposed deal.
The Thai fund buying struggling crypto exchange Zipmex is seeking to impose a steep haircut on its creditors under a revised buyout proposal.
The investor is proposing to pay creditors just 10% to 20% of the amount they are owed, having previously pledged to fully repay them, according to a letter from Zipmex to the Singapore court overseeing its restructuring which was seen by Bloomberg News. The letter doesn’t identify the investor.
