The Singapore High Court has extended creditor protection for Babel Finance for another three months.
based in Hong Kong Babel Finance will have more than one year in total to repay its debts to its creditors. According to Flex Yang, Babel’s co-founder and former CEO, creditor protection 21 JulyIt will last until
Babel Will Pay Back $800 Million
Court, the firm hope It will also allow it to continue its restructuring plan through the new decentralized finance (DeFi) project known as Flex Yang returned to oversee Babel’s restructuring process a few years after leaving the CEO role in 2021. Flex launched the Hope project in March 2023.
The bankrupt crypto loan firm Babel Finance, with this latest development, DeribitHe had more time to repay his debts to his creditors, such as
Babel’s restructuring plan aims to generate returns to repay creditors as much as $800 million. Babel Recovery CoinsIt also includes new tokens called
Ex-CEO Flex, who made a statement on the subject, shared on Twitter that Babel’s bankruptcy protection will be released on April 17. Singapore Supreme Court He stated that it was discussed in . and that the in-court restructuring procedure was officially started. Noting that Hope will be their main focus in the future, Flex continued: “In the upcoming international political changes, Hope will be an important tool for us to reconnect the world.”
