V Ventures Offers Zipmex Creditors to Buy Back Debt with 80-90% Discount

V Ventures has reportedly offered Zipmex creditors a buyback of their liabilities at 10-20 cents per dollar, according to a letter from the platform’s lawyers to the Supreme Court of Singapore.

Initially, a 100% payout was expected. However, at the end of March 2023, the venture firm missed a tranche payment for Zipmex under an agreement concluded three months earlier – the firm had agreed to buy out 90% of the platform’s shares, paying roughly $100 million.

In response, Zipmex co-founder Akalarp Yimwilai sent a letter to employees informing them that the company would not be able to pay wages in full for March and warned shareholders of a potential liquidation process.

As of April, the payment has yet to be received and the subscriber is now only willing to consider a compromise with creditors that would result in a return of 10-20 cents per dollar of debt held.