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Gungun Bhatia
Dec 27, 2022
by Gungun Bhatia

Nexo Directly Approaches Vauld Creditors With Final Takeover Offer

Nexo Vauld

Table of contents

  1. Nexo to Acquire Vauld Creditors
  2. Objective to Provide Transparency
In response to Vauld's announcement that it had stopped all withdrawals, trading, and payments on its network, filed for bankruptcy protection and was considering restructuring alternatives, rival cryptocurrency lender Nexo issued an open letter to Vauld's creditors. Nexo is in the process of acquiring Vauld, a Singapore-based company.

Nexo to Acquire Vauld Creditors

The letter was delivered on Monday amid divergent opinions over the purchase procedure. The July transaction had "not materialized," according to Vauld's previous statement of the day. In response, Nexo stated that negotiations were ongoing and that it was still hoping to close the deal. Vauld has until January 20 to complete its reorganization plan.

Nexo made a revised proposal on December 2. The document claims that the team discussing the purchase had everyday problems, such as receiving sluggish and incomplete legal and financial careful analysis information, and that the conditions of the contract offered to Vauld creditors were factually inaccurate.

Objective to Provide Transparency

The letter, which was certified by Nexo Management, stated that its goals were to modify certain of the legislation's commercial conditions based on input from Vauld's Community and to provide ultimate disclosure to Vauld's Creditors, where it had previously been lacking.

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Nexo Directly Approaches Vauld Creditors With Final Takeover Offer
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.