WazirX Secures Singapore Court Approval for Debt Restructuring Plan
WazirX has achieved a critical milestone in its recovery journey after obtaining Singapore High Court approval for its debt restructuring scheme. The decision follows a year-long effort to rehabilitate the exchange following a 2024 security breach that compromised user funds.
CEO Nischal Shetty confirmed the court's endorsement without disclosing specific terms. The approved plan received overwhelming creditor support, with 95% of claimants representing $206.9 million in validated claims backing the proposal. Parent company Zettai Pte Ltd led the restructuring negotiations.
The ruling enables WazirX to proceed with balance restoration and operational normalization. Shetty acknowledged community support as instrumental in navigating the complex restructuring process, signaling a new phase focused on value creation for stakeholders.
