M11 Credit and Auros reach a resolution for the $18 million debt on Maple Finance

Key Points:M11 Credit, Auros Global and Maple Finance have reached a settlement to restructure their lending agreement.
Auros owed approximately $18 Million to two Maple M11 Credit managed loan pool pools.
Last year, not only Auros, but also the crypto credit market faced many challenges.
M11 Credit, Auros Global’s main creditor, stated in a Wednesday statement that Auros has repaid 55% to Maple Finance. Auros was a crypto trading company that was affected by the bankruptcy filings of FTX. Another 40% of the debt will be reissued at an 8.64% annualized rate over three 90-day cycles with maturities up to nine months. Rest of the debt was rolled-over at zero interest for a term of 90 days. M11 Credit stated that liquidity providers in the affected loan pool should expect to fully recover their funds. Auros reported that there were approximately $18 million in outstanding loans as of December 20, last year. These loans were from two M11 Credit managed Maple loan pools. Auros has been unable repay the loan since November due to liquidity issues caused by the freezing FTX funds. In December, a British Virgin Islands court approved Auros’ 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: NewsTags: Auros GlobalcryptoFTXM11 CreditMaple Finance