Crypto trading firm Auros Global, a victim of crypto exchange FTX’s bankruptcy, has reached a resolution to restructure its distressed debt on blockchain-based lending protocol Maple Finance, its primary creditor, M11 Credit, said in a statement on Wednesday.

Auros had some $18 million in unpaid loans as of Dec. 20, accrued from two M11 Credit-managed lending pools on Maple. The firm had missed loan repayments since late November, citing liquidity problems due to frozen funds on FTX. Auros entered into provisional liquidation in December, granted by a British Virgin Islands court.

M11 said Auros has already repaid 55% of the outstanding debt to the lending pools. Another 40% of the debt was reissued for a maximum of nine months at 8.64% annualized interest in three cycles of 90 days. The rest of the debt was renewed at zero interest with a 90-day maturity.

Liquidity providers of the affected lending pools should expect full recovery of their funds, M11 Credit said.

The Auros debt restructuring comes as a relief for crypto credit markets after a turbulent year. Distressed debt piled on lending protocols such as Maple as the collapse of high-profile crypto firms such as Celsius Network, Three Arrows Capital and FTX resulted in a widespread liquidity crisis, leading to loan defaults and insolvencies.

M11 Credit is still in the process of recovering $36 million of outstanding debt on Maple from Orthogonal Finance, a crypto trading firm that allegedly misrepresented its financials after FTX collapsed.

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