© Reuters. Goldman Sachs seeks to buy Celsius assets in bankruptcy: report
With a significant downturn in the crypto market and extreme market conditions, Celsius Network suspended withdrawals from its platforms last week. Additionally, it has suspended all exchanges and transfers between accounts on the platform.
The company has been in a terrible phase with major liquidations on the platform.
According to reports, Goldman Sachs Group Inc (NYSE: NYSE:) came forward to save the company and offered to raise $2 billion from investors to buy Celsius’ troubled assets.
Goldman Sachs is currently weighing the interests of the Web 3 crypto funds. With the deal, investors would be allowed to buy back Celsius’ assets at deep discounts in the event of a bankruptcy filing.
Also Read: Nexo Offers to Buy Assets from Celsius Despite Halted Withdrawal
Celsius had more than $8 billion on loan to clients and $12 billion in assets under management.
The Wall Street Journal reported that Celsius tapped consulting firm Alvarez & Marsal for the deal. He also brought in restructuring lawyers from the law firm Akin Gump Strauss Hauer & Feld.
According to a report, Celsius raised nearly $750 million from investors last year, including Canada’s second-largest pension fund, Caisse de depot et placement du Quebec.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read to Benzinga