Cryptocurrency trading firm Auros Global, which reportedly suffered a $20 million dollar exposure in the FTX collapse, has released a statement saying it plans to resume regular operations after implementing a restructuring plan.\u00a0<\/p>\n
Following the collapse of FTX, the cryptocurrency trading firm shared that it \u201cfound itself in a position where immediate liquidity was insufficient to satisfy recalls from lenders.\u201d However, its top management remained confident that they would be able to weather the storm caused by the FTX contagion.\u00a0<\/p>\n
In the issued statement, Auros also revealed that it applied for a kind of restructuring program that allows the current management team to continue to trade in the capacity of \u201cAuthorized Managers” under the supervision of an external advisory firm, while a restructuring plan is being formulated.<\/p>\n
The cryptocurrency trading firm anticipates operations will return to normal once the restructuring plan is fully implemented.\u00a0<\/p>\n
The company also highlighted that it applied for the “light touch” Provisional Liquidation order, which is commonly put into effect when businesses are \u201cbalance sheet solvent\u201d but \u201ccash flow insolvent.\u201d This allows the company\u2019s cash flow insolvency issues\u00a0to be quickly and effectively fixed by a corporate restructure.<\/p>\n