(Rejected) Singapore Court Approves 3AC Liquidator's Participation in Probe

According to Bloomberg, the Singapore High Court approved a liquidation order

The liquidator was appointed by a British Virgin Islands court in June, which is responsible to liquidate Three Arrows Capital (3AC).

Teneo Restructuring has published the list of creditors, the first since it was appointed by the British Virgin Islands (BVI) court to handle the 3AC liquidation proceedings. It is reported that the creditor group will hold a meeting of the creditor group on July 18 (local time).

The Singapore court granted liquidators access to assets held by 3AC in Singapore – such as bank accounts, property, cryptocurrencies, non-fungible tokens and company shares, and related financial records.

Liquidators at advisory firm Teneo are seeking to investigate and preserve the assets of the bankrupt hedge fund, and plan to contact as many as 24 entities connected to Three Arrows for more information.

It is reported that Su Zhu, co-founder and CEO of bankrupt Three Arrows Capital (3AC) tried to sell his $35 million Singapore mansion in June.

Liquidators have taken control of at least $40 million in Three Arrows assets, according to the July filing,

The list of other creditors includes Digital Currency Group (DCG), Algorand, CoinList and MoonBeamNetwork, among others.

The company owes $2.36 billion to its largest creditor, Genesis Asia Pacific, and has total debt of at around $3.5 billion.

The total of $40 million in Three Arrows assets in liquidation is a very small fraction, and 3AC is unlikely to have enough collateral and assets to meet all of these requirements, a harsh reality that could cost some creditors their money.