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
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
