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Hodlnaut interim judicial administrator objects to OPNX acquisition terms, says $30M FLEX lacks liquidity

19/09 19:26
Odaily Planet Daily News The interim judicial administrator of the troubled crypto lending platform Hodlnaut objected to OPNX’s acquisition terms. According to a court filing, administrators called the offer of $30 million in FLEX digital tokens “illiquid” and “speculative.” The majority of creditors, which account for 60% of Hodlnaut Group's total debt, also oppose the OPNX deal; other concerns include no cash or assets with similar liquidity and no timetable for repaying creditor debts. (Bloomberg) According to previous news on August 6, the crypto claims and trading platform OPNX proposed to inject the equivalent of US$30 million in FLEX digital tokens into the crypto lending platform Hodlnaut to fund partial creditor payments to finalize claims. The term sheet shows that after FLEX’s capital injection, OPNX will own 75% of Hodlnaut’s shares. If creditors approve the plan, they will receive 30% of their claims on FLEX and other tokens, or a prorated payment of up to 95% of the total available corporate asset pool, whichever is higher, the filing said.