The Singapore court has temporarily extended the protection against creditors’ claims for Babel Finance until April 17, following a postponement of the company’s request for an extension due to objections from the Deribit exchange.
Babel Finance, a troubled crypto lender, is seeking to pay off its debts to creditors through the issuance of the new decentralized project “Babel Recovery Coins” and the Hope stablecoin, which will serve as collateral.
Flex Yang, co-founder, and CEO of Babel Finance, stated that the Singapore court needs additional time to review information about the company’s proposed restructuring, taking into account Deribit’s concerns.
The current moratorium for Babel Finance ends on April 5th, and the court will need more time to analyze the plan thoroughly.
Babel Finance announced a debt repayment program and the launch of a new stablecoin associated with it in March.