Prime Trust files for Bankruptcy

Prime Trust, a renowned financial firm that provides custody and settlement services for digital assets, has made a strategic move by filing for bankruptcy.

This strategic decision enables the company to address its debt and financial difficulties while ensuring that its operations can continue under the court’s supervision. 

This development has raised concerns among its clients and stakeholders. Amid ongoing legal proceedings, the company’s clients and partners understandably have concerns about the uninterrupted provision of services,  asset security, and broader implications for their business operations.

The firm, now operating as “debtors-in-possession” under the oversight of the Special Committee (granted authority to oversee the Company’s Chapter 11 Cases by Nevada’s Eighth Judicial District Court Judge Susan Johnson), is committed to effectively managing its business within the purview of the Bankruptcy Court.

The firm is diligently adhering to the relevant provisions of the Bankruptcy Code and complying with the directives issued by the Bankruptcy Court.

As part of its strategic approach, the firm has submitted a series of motions to the Bankruptcy Court. These motions are specifically aimed at streamlining the Company’s assessment of various strategic alternatives.

Among these alternatives is the possibility of selling the Company’s assets and operations while ensuring its continuity as an ongoing concern. Anticipated motions will be filed, requesting the continuation of regular wage payments and benefits for current employees.

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