Singapore - Kroll, the leading independent provider of global risk and financial advisory solutions, is pleased to confirm the successful completion and sanction by the High Court of the Republic of Singapore of a Scheme of Arrangement pursuant to section 210 of the Companies Act for Vauld, a Singapore-based cryptocurrency (“crypto”) exchange and lending platform.
This is one of the first successful schemes for a crypto business and was overwhelmingly approved with more than 90% support from voting creditors.
Kroll was appointed by Vauld as its restructuring advisor in June 2022.
The restructuring is forecast to provide recoveries of up to 93% on unsecured claims of USD325m held by approximately 150,000 global retail creditors with a first distribution of 36% to be paid by October 2023. All recoveries will be repaid in crypto, fulfilling majority creditor wishes to maintain their exposure to the market for the underlying tokens.
Vauld’s restructuring was led by Jason Kardachi and George Gwee of Kroll’s Singapore Restructuring practice.
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