According to Bloomberg, troubled cryptocurrency exchange Zipmex has proposed paying creditors 3.35 cents on the dollar in its latest restructuring plan, which cites people familiar with the matter.

The figure could rise to 29.35 cents on the dollar depending on recoveries about its debt restructuring plan. Bloomberg reported that the proposals have been pushed back by significant creditors, who have requested a review of Zipmex’s assets and liabilities. The Singapore-based exchange has $97.1 million of debt, the report said.

Zipmex CEO Marcus Lim told Bloomberg the information contained inaccuracies. He waited to respond to CoinDesk’s request for comment.

Zipmex froze withdrawals in July 2022 after it was struck by market-wide contagion following the collapse of the Terra ecosystem and subsequent crypto lenders. Zipmex lost $48 million after lending it to Babel Finance with an additional $5 million in exposure to bankrupt Celsius Network.

It was one of several crypto firms that applied for creditor protection as it sought to raise external capital to fill the void left by its losses. Zipmex reportedly agreed to a $100 million deal with V Ventures, a Thailand-based venture capital firm, only to stall after it missed one of its scheduled payments in March.