Distressed Crypto Lender Babel Wins Reprieve on Debt Repayments

(Bloomberg) — Babel Finance, the distressed crypto lender that froze withdrawals Friday, said it won a reprieve on debt repayments as it battles to survive a tumultuous slump in cryptocurrency markets.

Hong Kong-based Babel “reached preliminary agreements on the repayment period of some debts, which has eased the company’s short-term liquidity pressure,” it said in a statement sent Monday to Bloomberg and later posted to its website. Co-founder Flex Yang told Bloomberg the company “will disclose to the public” once it makes progress.