Zipmex ran into a liquidity crunch after its exposure to embattled Babel Finance soured, forcing it to halt withdrawals. Since then it has partially eased some of the token withdrawals.
The firm, which also has also operations in Singapore, Indonesia and Australia, is under a moratorium until Dec 2 that provides it protection from creditors while it finalizes investors for fresh funding.
Other details from the statement include:
- Zipmex has appointed KordaMentha Pte. as financial advisor for the restructuring process
- Online townhall meetings to be held within Sept 15
- Two investors are near the final stages of concluding an agreement
