Zipmex recently proposed paying creditors 3.35 cents on the dollar as part of its restructuring plan, according to sources cited by Bloomberg. Depending on the recovery associated with the debt restructuring plan, this figure could rise to 29.35 cents on the dollar. However, major creditors have requested a review of Zipmex’s assets and liabilities, delaying the offer. The Singapore-based exchange has $97.1 million in debt. Zipmex suspended withdrawals in July 2022 after being affected by market-wide contagion due to the collapse of Terra and the subsequent bankruptcies of cryptocurrency lenders Babel Finance and Chelsea Network. Zipmex lost $48 million after lending to Babel Finance, and a further $5 million from its exposure to the Chelsea Network.