Bankruptcy lending platform Celsius Network LLC announced that it has selected a Fahrenheit proposal as the winning bid to lead the company out of bankruptcy, according to a Reuters report.
Celsius, which filed for Chapter 11 protection in July, is looking for a buyer to handle 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 manage the new company formed as a result of the purchase.
Celsius also revealed that it has secured a backup bid from Blockchain Recovery Investment Consortium (BRIC), a holding company affiliated with Gemini Trust, owned by the Winklevoss twins, providing an alternative option. if the Fahrenheit deal falls through.
According to Celsius, Fahrenheit will provide the necessary capital, management expertise, and technology to navigate the bankruptcy. The selection of the consortium indicates a potentially positive outcome for Celsius and its creditors, allowing the company to continue under new management and ownership.
