Goldman Sachs seeks to buy Celsius assets in bankruptcy: report

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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. GS came forward to save the company and offered to raise $2 billion from investors to buy out 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 the wall street journal reported that Celsius hired a consulting firm Alvarez and Marsal for this case. He also appealed to the restructuring of the lawyers of the law firm Akin Gump Strauss Hauer & Field.

According to a reportCelsius raised nearly $750 million from investors last year, including Canada’s second-largest pension fund, the Caisse de depot et placement du Quebec.

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