The USD12m for the Restructuring Cost Fund was set aside to fund operations, professional fees and costs of a restructuring until a Scheme is effective.
An additional USD18m is needed to fund the restructuring, which is expected to take place over 36 months. Key uses of the Cost Reserves include the reactivation of the WazirX platform, the commencement of a New Business (DEX), provide funding while the business recovers, and to pursue Illiquid and Stolen Assets all of which is to the benefit of creditors.
Without the Cost Reserves, a restructuring under a Scheme capable of improving recoveries to creditors would not be possible. As detailed earlier in the FAQ, through treasury management the Company has been able to secure the full Cost Reserves without reserving more tokens from the assets of the restructuring.