The acquisition agreement of Zipmex, a crypto exchange based in Thailand, has encountered yet another obstacle as its purchaser, V Ventures, has proposed a substantial reduction in the purchase price. This proposal would significantly decrease the repayment to Zipmex’s creditors, potentially up to 90%. The situation remains fluid as negotiations continue between the parties involved.
Bloomberg’s recent report reveals that Zipmex’s potential buyer has presented a revised buyout proposal. Under this proposal, the creditors of the Thai crypto exchange would receive a mere 10 to 20 cents on the dollar for their outstanding debts. The specifics of this new plan were disclosed in a letter submitted to a Singapore court by Zipex, which Bloomberg had the opportunity to review.
Although the letter does not explicitly mention V Ventures as the investor behind the updated buyout proposal, a reliable source with firsthand information confirmed that the anonymous party referred to is indeed V Ventures. As a subsidiary of Thoresen Thai Agencies Pcl, V Ventures had previously committed to purchasing Zipmex for $100 million, with the added provision of compensating the exchange’s creditors in full.
According to insiders, the proposed deal is currently facing a potential setback. This is not the first obstacle that Zipmex has encountered in its acquisition strategy. In the previous month, V Ventures failed to make a crucial payment of $1.25 million to Zipmex, intended to support the exchange’s operational expenses. As a result, the company’s technology division was put up for sale.
Zipmex has encountered a new obstacle a mere fortnight after the Singapore High Court greenlit the exchange’s restructuring strategy, which permits it to remain under creditor protection until April 23, 2023. The court’s approval also established an administrative class of creditors, bringing customers closer to receiving their funds. Despite this, the latest hurdle must be overcome, and Zipmex remains committed to navigating the challenges ahead with professionalism and diligence.
