M11 Credit And Auros Reach Resolution For The $18 Million Debt On Maple Finance
Key Points:
- M11 Credit and Auros Global have reached a resolution to restructure the lending agreement with Maple Finance.
- Auros had approximately $18 million in outstanding loans from two M11 Credit managed loan pools on Maple.
- Not only Auros but the crypto credit market last year also experienced many challenges.
M11 Credit, the main creditor of Auros Global, an crypto trading company affected by the bankruptcy of FTX, said in a statement on Wednesday that the company has reached a resolution to restructure its lending agreement with Maple Finance.
Auros has repaid 55% of its outstanding debt to the loan pool, the statement said. Another 40% of the debt is reissued at an annualized rate of 8.64% over three 90-day cycles, with maturities of up to nine months. The rest of the debt was rolled over at zero interest for a 90-day term. Liquidity providers in the affected loan pools should be expected to fully recover their funds, M11 Credit said.
It is reported that as of December 20 last year, Auros had approximately $18 million in outstanding loans from two M11 Credit managed loan pools on Maple. The company has been unable to repay the loan since late November, citing liquidity issues caused by the freezing of FTX funds.
Following approval from a British Virgin Islands court in December, Auros moved into provisional liquidation. Not only Auros but the crypto credit market last year also experienced many challenges.
Orthogonal Finance, a cryptocurrency trading company that also yet reported falsified its financials after the FTX crisis, owes M11 Credit $36 million on Maple that is unpaid. M11 Credit and Maple had solicited an ”urgent ex parte application” to appoint a provisional liquidator for Orthogonal Trading in the British Virgin Islands High Court.
On lending platforms like Maple, bad debts accumulated as a result of the failure of well-known crypto companies like Celsius Network, Three Arrows Capital, and FTX, which sparked a general liquidity crisis that eventually resulted in insolvency and insolvency.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Author
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M11 Credit And Auros Reach Resolution For The $18 Million Debt On Maple Finance
Key Points:
- M11 Credit and Auros Global have reached a resolution to restructure the lending agreement with Maple Finance.
- Auros had approximately $18 million in outstanding loans from two M11 Credit managed loan pools on Maple.
- Not only Auros but the crypto credit market last year also experienced many challenges.
M11 Credit, the main creditor of Auros Global, an crypto trading company affected by the bankruptcy of FTX, said in a statement on Wednesday that the company has reached a resolution to restructure its lending agreement with Maple Finance.
Auros has repaid 55% of its outstanding debt to the loan pool, the statement said. Another 40% of the debt is reissued at an annualized rate of 8.64% over three 90-day cycles, with maturities of up to nine months. The rest of the debt was rolled over at zero interest for a 90-day term. Liquidity providers in the affected loan pools should be expected to fully recover their funds, M11 Credit said.
It is reported that as of December 20 last year, Auros had approximately $18 million in outstanding loans from two M11 Credit managed loan pools on Maple. The company has been unable to repay the loan since late November, citing liquidity issues caused by the freezing of FTX funds.
Following approval from a British Virgin Islands court in December, Auros moved into provisional liquidation. Not only Auros but the crypto credit market last year also experienced many challenges.
Orthogonal Finance, a cryptocurrency trading company that also yet reported falsified its financials after the FTX crisis, owes M11 Credit $36 million on Maple that is unpaid. M11 Credit and Maple had solicited an ”urgent ex parte application” to appoint a provisional liquidator for Orthogonal Trading in the British Virgin Islands High Court.
On lending platforms like Maple, bad debts accumulated as a result of the failure of well-known crypto companies like Celsius Network, Three Arrows Capital, and FTX, which sparked a general liquidity crisis that eventually resulted in insolvency and insolvency.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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