Bankrupt Lending Platform Celsius Agrees To Purchase Bid By Fahrenheit


Share post:

Bankrupt lending platform Celsius Network LLC has announced that it has selected a proposal by Fahrenheit as the winning bid to lead the company out of bankruptcy, according to reporting by Reuters.

Celsius, which filed for Chapter 11 protection in July, sought a buyer to manage its cryptocurrency lending and bitcoin mining businesses. The chosen consortium, Fahrenheit, includes Arrington Capital, a blockchain-based venture capital firm. In addition to the consortium acquiring the company, a new board of directors, primarily appointed by creditors, will oversee the new company formed as a result of the purchase.

Celsius also revealed that it has secured a backup bid from the Blockchain Recovery Investment Consortium (BRIC), a holding company affiliated with Gemini Trust, owned by the Winklevoss twins, ensuring an alternative option in case the deal with Fahrenheit falls through.

According to Celsius, Fahrenheit will provide the necessary capital, management expertise, and technology to navigate the bankruptcy. The consortium’s selection indicates a potential positive outcome for Celsius and its creditors, allowing the company to move forward under new management and ownership.

Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

The Debate Around “Cursed” Ordinal Inscriptions

After only four months since the protocol was launched, ord has its first contentious debate about what...

Liquidators Of Sam Bankman-Fried’s Alameda Research Have Scavenged $110 Million Of Bitcoin After Losing Billions

Liquidators in charge of the recovery of assets for the now-disgraced Alameda Research hedge fund founded by...

Did The New York Times Publish Manipulated Footage Of A Bitcoin Mine?

This is an opinion editorial by Level39, a researcher focused on Bitcoin, technology, history, ethics and energy.Did...

Pro-Bitcoin Legislation Reigns Victorious In Texas This Year As The Legislative Session Ends

Bitcoin policy advocates celebrated several victories in the recent quarter, including the success of Texas SB 1929,...

Paxful Announces Appointment Of Interim CEO Roshan Dharia

Paxful, a global peer-to-peer Bitcoin platform, has announced the appointment of Roshan Dharia as the new Interim...

Stablecoin Issuer Tether To Begin Bitcoin Mining Operations In Uruguay

Tether, the company behind the widely popular USD stablecoin, has announced its foray into energy production and...

Sabre56 Announces New Partnership With GEM Mining To Host More Than 4,500 Bitcoin Miners

Sabre56, a Bitcoin mining hosting provider and digital asset mining consultancy, has announced a significant hosting deal...

The Bitcoin Standard Author Saifedean Ammous Joins El Salvador’s National Bitcoin Office As Economic Advisor

Dr. Saifedean Ammous, prominent economist and author of "The Bitcoin Standard," is poised to take on a...