Last Updated on August 7, 2023 by Bitfinsider
As it navigates the difficulties of bankruptcy proceedings, OPNX Exchange seems as a potential saviour for cryptocurrency lender Hodlnaut. According to a recent story, the exchange has thrown the beleaguered company a lifeline. OPNX Exchange wants to revive Hodlnaut’s fortunes by offering to buy 75% of the company.
According to a source, the idea calls for injecting $30 million worth of FLEX tokens into the business as a tactical manoeuvre to facilitate partial payback to the company’s creditors.
If approved by the creditors, the plan would result in a significant change in who owns what, giving OPNX a dominant position within Hodlnaut. Receiving a significant share of the claims made by creditors as part of the plan will lessen the financial hardship caused by Hodlnaut’s bankruptcy.
Depending on which option delivers a higher value, the complex plan gives creditors the option of a flexible compensation method, either 30% of their claims in FLEX and alternative tokens, or a pro-rata payment of up to 95% of the available corporate asset pool.
With this bold claim, OPNX Exchange conveys both its desire to support Hodlnaut’s viability and its faith in the inherent potential of the platform. According to Mark Lamb, co-founder of OPNX, “We see a lot of potential in the Hodlnaut platform and look forward to working closer with them,” in a statement to Bloomberg regarding the upcoming partnership.
Su Zhu and Kyle Davies, who are well-known for being the creators of the troubled hedge fund Three Arrows Capital, are among the co-founders of OPNX. In particular, Zhu and Davies are involved in a protracted legal dispute with creditors in the United States.
The involvement of the co-founders in OPNX’s project and the bankruptcy procedures adds a layer of intricacy to the story and emphasises how interwoven current financial landscapes are.
The ongoing developments demonstrate the complex dance between innovation, money, and the constantly changing dynamics of corporate reorganisation as OPNX’s proposal awaits creditor clearance.
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