CandleFocus

WazirX concludes the first creditor meet with only 4 out of 10 COC members in attendance

Author: Content Editor
WazirX, the crypto exchange that was hacked in July, recently held its first creditor meeting as part of its restructuring efforts. However, only four out of the ten Committee of Creditor (COC) members attended the meeting, raising concerns about representation. During the meeting, the company discussed the restructuring process and plans to address the asset shortfall and potential profit-sharing. WazirX plans to follow up with the non-attending members and replace them if they do not actively participate. The company also clarified that rebalancing is required before withdrawals can be initiated. Zettai, the financial advisor, is working on a restructuring proposal to distribute assets equitably to creditors and pursue profit-sharing opportunities. They are also exploring the creation of a secondary debt market for early liquidity. The next key dates include seeking permission to hold a Scheme meeting in November, where creditors will review and vote on the restructuring proposal. The Court will hear the application for approval in early 2025, and the Scheme meeting is expected to convene in February.

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