.Nexo's agreement to potentially buy VauldOfficial is canceled five months after an initial agreement is signed. sheldonreback reports.
in Singapore earlier the same month and has until Jan. 20 to work on a restructuring plan. In June, firm said it would lay off 30% of its staff.to its creditors, with 90% of that debt originating from individual retail investor deposits. A month after it filed for creditor protection, Indian authorities froze assets worth 3.7 billion rupees .
In explaining the end of the transaction, Vauld said Nexo hadn't responded to due diligence requests for a solvency assessment that would provide its creditors with assurance. It also pointed to Nexo's Dec. 5 announcement it was , possibly leaving Vauld's customers in the country without a way of having their claims handled. A third point was the proposal failed to offer Vauld creditors an early exit option, which it said was vital to a successful restructuring.
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