Crypto loan firm struggling on the verge of bankruptcy vauldreceived creditor protection until the end of February.
The declines in the crypto market last year caused many companies to go bankrupt. One of these companies was crypto loan firm Vauld. Vauld stopped attracting clients in July and has since become a competitor. Nexo Negotiating a potential purchase with The Singapore Supreme Court initially granted Vauld three months of creditor protection. While the company continues to work on the restructuring, it requested an extension until April 2023, but this period has been given until February for now.
Vauld Receives Creditor Protection Until February
Asian-based crypto company vauldreceived another extension of its legal protection against creditors, albeit with a shorter delay than requested.
The company has until February 28 to explore options to alleviate its financial woes, two sources with direct knowledge of the matter told The Block. The firm’s previous creditor protection expires on January 20. Sources say the final extension is in the Singapore High Court today. Aedit AbdullahHe said that it was given at a hearing in the presence of .
It remains unclear whether Vauld will be able to reach a settlement for creditors with the final extension. One of the two sources stated that if the firm is able to make progress, the judge could approve the extension by April.