Three Arrows Capital creditors file for sale of $30m yacht

The liquidators of the bankrupt 3AC have recovered $35.6 million held in banks in Singapore, and filed a petition to sell the $30 million superyacht. This is according to the court document for bankruptcy proceedings.

The shipbuilder terminated the contract to purchase Much Wow after final sums owed by the fund-linked Much Wow Limited were not paid. The yacht will be put up for sale. Proceeds will be partially distributed to creditors.

The group also managed to recover $2.75 million through forced redemption of investments, as well as an unspecified amount of 60 different tokens and NFTs.

Co-founders of 3AC remain uncooperative with creditors. During an online conference they muted video and audio for the duration of the call, according to the document. They also ignored email inquiries.

On 2 December, the High Court of Singapore ordered the fund’s co-founders to provide written statements detailing their relationship with the company.

In July, 3AC filed for bankruptcy in a New York court. According to Nansen, the organisation managed assets worth around $10 billion.

Information about the possible insolvency of Three Arrows Capital appeared after the crypto market crash and the Terra collapse in May.

At the end of June, the High Court of the British Virgin Islands ordered the liquidation of the hedge fund. The case was brought to the attention of the partners of the consulting firm Teneo Restructuring.

In context, Su Zhu and Kyle Davies attributed the collapse of 3AC to their own excessive overconfidence.

Later it emerged that the SEC and CFTC were investigating potential violations by Three Arrows Capital.

Read ForkLog’s bitcoin news on our Telegram — cryptocurrency news, prices and analysis.