Bankruptcy lending platform Celsius Network LLC has reportedly announced that it has selected Fahrenheit’s offer as the winning bidder to bring the company out of bankruptcy. Reuters.
Celsius filed for Chapter 11 protection in July, seeking a buyer to manage its cryptocurrency lending and bitcoin mining operations. The selected consortium, Fahrenheit, includes Arlington Capital, a blockchain-based venture capital firm. In addition to the acquisition by the consortium, a new board of directors appointed primarily by the creditors will oversee the new company created as a result of the acquisition.
Celsius also secured a preliminary bid from the Blockchain Recovery Investment Consortium (BRIC), a holding company under the Gemini Trust owned by the Winklevoss twins, to provide alternative options should the deal with Fahrenheit fail. He also announced that he had secured
Fahrenheit will provide the capital, management expertise and technology needed to survive bankruptcy, Celsius said. The consortium’s selection represents a potentially positive outcome for Celsius and its creditors, allowing the company to move forward under new management and ownership.