{"id":13370,"date":"2023-05-25T12:59:52","date_gmt":"2023-05-25T10:59:52","guid":{"rendered":"https:\/\/investmentbell.com\/?p=13370"},"modified":"2023-05-25T12:59:55","modified_gmt":"2023-05-25T10:59:55","slug":"crypto-lender-celsius-picks-fahrenheits-bid-for-bankruptcy-exit","status":"publish","type":"post","link":"https:\/\/investmentbell.com\/it\/news\/crypto\/crypto-lender-celsius-picks-fahrenheits-bid-for-bankruptcy-exit\/","title":{"rendered":"Crypto lender Celsius picks Fahrenheit&#8217;s bid for bankruptcy exit"},"content":{"rendered":"<p>(Reuters) &#8211; Bankrupt crypto lender Celsius Network LLC said on Thursday it has chosen Fahrenheit&#8217;s proposal as the winning bid to manage a new entity to be owned by its creditors, directing itself out of bankruptcy.<\/p>\n\n\n\n<p>Fahrenheit, a consortium that includes blockchain-based venture capital firm Arrington Capital, will provide the capital, management team and technology to establish and operate the new company (NewCo), Celsius said.<\/p>\n\n\n\n<p>&#8220;Under the Plan, Celsius&#8217; account holders will own 100% of the new equity in NewCo,&#8221; it said, adding that NewCo will be overseen by a new board of directors, a majority of which will be appointed by creditors.<\/p>\n\n\n\n<p>New Jersey-based Celsius also confirmed that it has secured a backup bid with the Blockchain Recovery Investment Consortium (BRIC), a holding company affiliated with the Winklevoss-owned Gemini Trust.<\/p>\n\n\n\n<p>Celsius filed for Chapter 11 protection in July, one of several crypto lenders to go bankrupt following the rapid growth of the industry during the COVID pandemic.<\/p>\n\n\n\n<p>The company kicked off an auction on April 22, seeking to find a buyer who could guide its crypto lending and bitcoin mining businesses out of bankruptcy.<\/p>\n\n\n\n<p>It initially planned to accept NovaWulf&#8217;s bid, but took more time to develop additional bids from Fahrenheit and BRIC, a holding company affiliated with the Winklevoss-owned Gemini Trust.<\/p>\n<div class=\"rate-now\"><span id=\"rate-mypost13370\"><\/span> <span id=\"rate-points\"> 0<\/span><\/div>\n\t\t\t<script type=\"text\/javascript\">jQuery('#rate-mypost13370').raty({\n\t\t\t\thalfShow : true,\n\t\t\t\thalf: true,readOnly: true,score: 0,\n\t\t\t\tpath: \"https:\/\/investmentbell.com\/wp-content\/plugins\/userpro-rating\/images\/\"\n\t\t\t\t});<\/script>","protected":false},"excerpt":{"rendered":"<p>(Reuters) &#8211; Bankrupt crypto lender Celsius Network LLC said on Thursday it has chosen Fahrenheit&#8217;s proposal as the winning bid to manage a new entity to be owned by its creditors, directing itself out of bankruptcy. Fahrenheit, a consortium that includes blockchain-based venture capital firm Arrington Capital, will provide the capital, management team and technology [&hellip;]<\/p>","protected":false},"author":13,"featured_media":13371,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":{"0":"post-13370","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"_links":{"self":[{"href":"https:\/\/investmentbell.com\/it\/wp-json\/wp\/v2\/posts\/13370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investmentbell.com\/it\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investmentbell.com\/it\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/it\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/it\/wp-json\/wp\/v2\/comments?post=13370"}],"version-history":[{"count":0,"href":"https:\/\/investmentbell.com\/it\/wp-json\/wp\/v2\/posts\/13370\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/it\/wp-json\/wp\/v2\/media\/13371"}],"wp:attachment":[{"href":"https:\/\/investmentbell.com\/it\/wp-json\/wp\/v2\/media?parent=13370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investmentbell.com\/it\/wp-json\/wp\/v2\/categories?post=13370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investmentbell.com\/it\/wp-json\/wp\/v2\/tags?post=13370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}