Wall Street Giants Battling to Restart Celsius With $50M Injections

Investing

Published: May 18, 2023 10:11 pm

Last Updated: May 19, 2023 6:04 am

According to a WSJ report from May 18th, at least two major Wall Street firms are engaged in a bidding battle for the bankrupt Celsius Network. Allegedly, the competition has been ongoing for months and a winner might finally soon be revealed. The process could ultimately aid the bankrupt company’s creditors get more of their money back.

Apollo Global Management and Fortress Investment Group Bidding on Celsius

According to a Thursday report, at least two Wall Street giants are currently trying to place a winning bid on Celsius, a bankrupt cryptocurrency lender. The battle has been ongoing for several months and a victor may, allegedly, soon emerge.

Reportedly, Apollo Global Management and Fortress Investment Group are the two main parties engaged in the competition. Both have been trying to add to their proposals in hopes of placing a winning bid.

Additionally, both allegedly plan to inject around $50 million into Celsius and are seeking outside investors to help restart the firm. Ultimately, if the bidding ends in success, the bankrupt cryptocurrency firm’s creditors can expect to receive more of their funds back.

The Efforts to Repay Celsius’ Creditors

The Celsius Network filed for bankruptcy during the summer of 2022. Report at the time indicated that the downfall was, in large part, caused by a series of reckless trades made by its CEO, as well as several long-standing issues with its business model.

This year, Celsius unveiled its plan to allow certain users to withdraw up to 90% of their assets. Around the same time, a new bankruptcy plan that would enable most creditors to claw back approximately 70% of their funds was also unveiled.

The “crypto winter” of 2022 claimed multiple digital assets firms including, perhaps most prominently, Sam Bankman-Fried’s FTX. The year also featured several long-winded and complicated bankruptcies the latest of which seemingly concluded only yesterday as a bankruptcy judge approved Voyager’s liquidation plan.

This article originally appeared on The Tokenist

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