• Nexo sent an open letter to creditors of Singapore-based rival Vauld after the latter announced it had suspended all withdrawals, trading and deposits on its platform, filed for creditor protection, and was looking at restructuring options.
• Nexo said it had presented a revised proposal on Dec. 2 and was facing challenges in receiving slow and incomprehensive financial and legal due diligence information.
• Vauld has until Jan. 20 to work on a restructuring plan.

Nexo, a crypto lender, has sent an open letter to creditors of its Singapore-based rival Vauld, who recently announced that it had suspended all withdrawals, trading and deposits on its platform, filed for creditor protection, and was looking at restructuring options. The intention of the open letter was to create transparency regarding the merits of Nexo’s acquisition plan, as well as to contribute final improvements to some of the proposal’s commercial terms based on feedback from Vauld’s community.

In the letter, Nexo revealed that it had presented a revised proposal on Dec. 2, and was facing daily challenges due to the slow and incomprehensive financial and legal due diligence information that it was receiving. Despite the challenges, Nexo remained hopeful that it will be able to complete the acquisition.

Vauld has until Jan. 20 to work on a restructuring plan and present it to the creditors. The creditors are required to approve the plan before it can be implemented. Kroll, Vauld’s financial adviser, is yet to respond to a request for comment.

Nexo’s open letter was issued in order to provide transparency and clarity to Vauld’s creditors regarding the progress of the acquisition process and the terms of the deal. It is hoped that the acquisition will be successful if the restructuring plan presented by Vauld is accepted and approved by the creditors.