The extension was granted by Singapore's High Court alongside a directive that states applications for superpriority will be fixed for hearing on Dec. 21. Superpriority gives some claims a greater weight for repayment.
Zipmex is one of several crypto companies that became embroiled in this year's bear market after a series of $53 million loans to Babel Finance and Celsius Network failed to be repaid. It froze withdrawals in July and appointed a restructuring firm in August to assist with a recovery plan.
Bloomberg reported Friday that a deal involving venture capital fund V Ventures looks set to be completed in due course. On Nov. 18, Zipmex was still in "advanced talks" in terms of a rescue deal, according to a person familiar with the matter. The deal with V Ventures, a subsidiary of Thoresen Thai Agencies, one of Thailand's largest and longest-serving investment firms, is set to be worth $100 million in cash and crypto for 90% of the business, Bloomberg said.
A company spokesperson told CoinDesk that details of the deal are to be kept confidential.
CORRECTION (Dec. 2, 11:08 UTC): Corrects that Dec. 21 was set for hearing superpriority claims. An earlier version of this story said it was a deadline for a takeover agreement. Adds details of Bloomberg report on V Ventures deal.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in Bullish Group as part of their compensation.