Embattled crypto lending firm Babel Finance envisions a restructuring effort centered around a new stable asset project called Babel Recovery Coin.
Babel’s co-founder and sole director Yang Zhou is pinning hopes on a new stablecoin. The firm halted withdrawals in June 2022 following similar action by Celsius.
Zhou is planning to file a moratorium of protection to the high court of Singapore, according to a March 6 Bloomberg report. It will be a request for creditors to hold off taking action for up to six months while it seeks approval for the restructuring plan.
According to the plan, debts will be repaid with revenue from the new DeFi project involving Babel Recovery Coins.
(By Martin Young)
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