Troubled cryptocurrency lender Vauld has received an extension on its creditor protection program, the firm said on Friday.
The lender backed by PayPal (PYPL) co-founder Peter Thiel had filed for creditor protection in Singapore earlier this year. The firm received an extension until Jan. 20 and said that it has been working on a restructuring plan.
According to an affidavit on July 8, the company owed $402 million to its creditors, with 90% of that debt originating from individual retail investor deposits.
Indian authorities had frozen assets worth 3.7 billion rupees ($46.4 million) of the company, a month after Vauld filed for creditor protection.
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