Zipmex's rescue investor, previously pledging to provide 100% payment, now wants to give only 10 to 20 cents on the dollar to the troubled exchange's creditors, according to a letter to the Supreme Court of Singapore by Zipmex's lawyers, Morgan Lewis Stamford. The letter did not name the investor, but V Ventures previously signed a $100 million deal with Zipmex in return for a 90% stake in the company. Last month, V Ventures missed a fourth tranche payment worth $1.25 million to Zipmex, leaving the company unable to pay specific staff and at risk of liquidation. Zipmex has until April 23 to sort out its financial issues, when its protection from creditors expires, and plans to apply for a further extension.

(By Yogita Khatri)