Auros Global expects to resume regular operations following the restructuring plan
Auros Global expects to resume regular operations following the restructuring plan
#Auros #Global #expects #resume #regular #operations #restructuring #plan Welcome to InNewCL, here is the new story we have for you today:
Click Me To View Restricted Videos
Cryptocurrency trading firm Auros Global, which was reportedly at risk in the FTX collapse, has released a statement saying it plans to resume regular operations after implementing a restructuring plan.
Auros Response to Recent Media Allegations – pic.twitter.com/9RFHhYjHqz
— Auros (@Auros_global) December 20, 2022
Following FTX’s collapse, the cryptocurrency trading firm said it was “in a position where immediate liquidity was insufficient to satisfy lender callbacks.” However, top management remained confident that it would weather the storm caused by the FTX contagion.
In the released statement, Auros also announced that it has applied for a type of restructuring program that will allow the current management team to continue to act in the capacity of “authorized managers” under the supervision of an external consulting firm while a restructuring plan is being formulated.
The cryptocurrency trading company expects operations to return to normal once the restructuring plan is fully implemented.
The company also noted that it has applied for the “light touch” Provisional Liquidation Order, which typically comes into effect when companies are “financially solvent” but “cash flow insolvent.” As a result, the company’s liquidity problems can be solved quickly and effectively by restructuring the company.
Related: BlockFi Requests to Return Frozen Cryptos to Wallet Users
On Dec. 1, Cointelegraph reported that Auros Global missed a principal repayment of a 2,400 Wrapped Ether (wETH) DeFi loan due to FTX contagion. Institutional credit insurer M11 Credit, which manages liquidity pools on Maple Finance, reported in a November 30 Twitter thread that the Auros had missed a principal payment on the 2,400 wETH loan, which has a total value of around $3 million had.
Auros Global is among a growing list of companies facing challenges following the collapse of FTX. FTX filed for Chapter 11 bankruptcy on November 11, along with several other companies run by Sam Bankman Fried.
