Hodlnaut cuts 80% of its team ahead of judicial management application as the crypto lender looks to avoid bankruptcy:
Judicial management will also allow the company to enact a recovery plan and potentially rehabilitate the company. The statement from the firm noted that it plans to restore its asset to debt ratio to 1:1 to allow users the ability to withdraw their initial cryptocurrency deposits.
The company will take steps to stabilise its liquidity by reducing burn rates, which will see all open term interest rates changed to 0% APR from Aug. 22. The company also confirmed that it had retrenched 40 employees, accounting for 80% of its team, in order to further reduce expenses.
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