The company shared that it “found itself in a position where immediate liquidity was insufficient to satisfy recalls from lenders' once FTX collapsed.
Following the collapse of FTX, the cryptocurrency trading firm shared that it “found itself in a position where immediate liquidity was insufficient to satisfy recalls from lenders.
The cryptocurrency trading firm anticipates operations will return to normal once the restructuring plan is fully implemented. The company also highlighted that it applied for the"light touch" Provisional Liquidation order, which is commonly put into effect when businesses are “balance sheet solvent” but “cash flow insolvent.” This allows the company’s cash flow insolvency issues to be quickly and effectively fixed by a corporate restructure.
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