Nexo is reportedly still looking for a suitable agreement in its negotiations to acquire crypto lender Vauld.
According to Bloomberg, negotiations between Nexo and Vauld have reached a stalemate as Vauld’s January 20 deadline to present a restructuring plan to creditors approaches.
Nexo began talks with Vauld in July 2022, during a difficult year for many crypto lenders.
“We remain committed to offering creditors the most favorable recovery path forward,” Nexo writes, according to Bloomberg.
Nexo is committed to continuing to work for the benefit of creditors and to the development of the blockchain ecosystem.”
According to a report from Blockworks, Nexo is giving a list of reasons why the deal hasn’t gone through yet, including: “Receiving slow and incomprehensive financial and legal due diligence information.
There are outstanding issues with the potential deal’s administrator. According to Nexo, the entity ‘appeared to be directing the solution towards an active management arrangement rather than a lending arrangement, which would expose the former creditors to risk and require them to rely on aggressive return projections to recover their losses.’
Steps allegedly taken to keep Nexto from communicating with stakeholders in the purchase Despite the lender’s requests for Vauld to facilitate an earlier introduction, Nexo said a ‘formal introduction’ to the administrator occurred in mid-October.
Alleged misrepresentation of Nexo’s terms, which Vauld allegedly disseminated to its creditor committee.”
While the obstacles to reaching an agreement appear significant, Nexo stopped short of calling off negotiations in a letter sent to Vauld creditors on Monday.
Nexo announced earlier this month that it was leaving the United States entirely in order to avoid regulatory uncertainty.