Bankrupt crypto firm Celsius received multiple bid offers. Could it follow in Voyager Digital’s footsteps and get acquired by Binance soon?
Bankrupt crypto firm Celsius has attracted bids from 30 potential buyers for its mining and retail business, according to a company presentation. The presentation is associated with a filing in the US Bankruptcy Court Southern District of New York.
Celsius filed for Chapter 11 bankruptcy in July 2022 after customer withdrawals were halted due to the effects of the market crash in May.
Celsius will be achieved soon?
Since September, Celsius has been trying to contact parties to sell its retail and mining businesses. It received offers from 30 bidders, which are yet to be disclosed.
According to a Bloomberg report, the lawyer representing Celsius informed the court that they will announce by mid-January whether the company is interested in signing off on the sale.
Recently, Binance acquired Voyager Digital, another crypto lender that went bankrupt. Binance made the highest bid of $1.022 billion to buy Voyager Digital. The community speculates that the Changpeng Zhao-led exchange may also have made a bid to acquire Celsius.
Bankrupt firm offers $2.8 million to employees.
As the decision to sign the deal with the bidders is not yet final, the restructuring plan is still on the table.
Recently Celsius announced that Galaxy Digital Holding is looking to acquire its hosting platform GK8. Furthermore, as a part of the restructuring, Celsius is looking to sell off stable coins. $18 million, With these sales, the total runaway is expected to increase by May or June 2023 for the company to keep operations running.
Not just that, Celsius Network won court approval to distribute $2.8 million in bonuses to its employees. The company plans to retain its employees and continue operations with the Key Employee Retention Program (KERP).
Have something to say about Celsius or something? Write to us or join the discussion on our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter,
For the latest on BeInCrypto Bitcoin (btc) analysis, Click here,
BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.