Bankrupt lending platform agrees to buyout bid by Celsius Fahrenheit

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Insolvent lending platform Celsius Network LLC has announced that it has selected an offer by Fahrenheit as the winning bid to lift the company out of bankruptcy. reuters,

Celsius, which filed for Chapter 11 protection in July, sought a buyer to manage its cryptocurrency lending and bitcoin mining businesses. The selected consortium, Fahrenheit, includes blockchain-based venture capital firm Arrington Capital. In addition to the consortium acquiring the company, a new board of directors appointed primarily by creditors will oversee the new company formed as a result of the purchase.

Celsius also revealed that it has secured a backup bid from the Blockchain Recovery Investment Consortium (BRIC), a holding company affiliated with the Gemini Trust owned by the Winklevoss twins, as a backup in case the deal with Fahrenheit fails. Provides alternative options.

According to Celsius, Fahrenheit will provide the capital, management expertise and technology needed to navigate the bankruptcy. The selection of the consortium signals a potentially positive outcome for Celsius and its creditors, allowing the company to move forward under new management and ownership.