WazirX is taking steps towards restructuring in response to the $230 million hack on its platform by forming a Committee of Creditors (COC) as part of the restructuring process for Zettai Pte Ltd.
WazirX is Forming COC, Source: Twitter
As per the blog post, this committee will play an essential role in representing the interests of creditors and facilitating effective communication as the company works on a proposed Scheme of Arrangement.
On October 4, 2024, at 4 PM SGT / 1:30 PM IST, WazirX will have a Townhall meeting to go over the specifics of the COC selection procedure. In addition to providing further information, this meeting will allow creditors to voice any queries or worries they may have.
The primary purpose of the Committee of Creditors (COC) is to serve as a consultative body that represents the broader creditor base in the restructuring of Zettai Pte Ltd. The COC will facilitate feedback on creditor preferences and priorities, helping shape the restructuring terms.
The selection of Committee of Creditors (COC) members will focus on transparency and fair representation. The process will be clear and open to all potential candidates, ensuring everyone understands it. The committee will also aim to include diverse voices from the creditor base to represent all interests fairly.
Members of the COC will play a crucial role in providing feedback to the company and its advisors, ensuring creditor concerns and priorities are addressed. They will monitor the progress of the restructuring through regular discussions and updates in COC meetings.
Although they will offer recommendations, final decisions will rest with the company. Additionally, COC members will represent the interests of all creditors, promoting a fair and balanced approach throughout the process.
The company appreciates the continued support and patience of its users during this challenging time and will share further updates after the Townhall meeting.
