Media: Goldman Sachs will raise $2 billion to buy Celsius Network assets

Media: Goldman Sachs will raise $2 billion to buy Celsius Network assets

Media: Goldman Sachs to raise $2 billion to buy assets of Celsius Network

Financial conglomerate Goldman Sachs plans to raise $2 billion from investors to buy assets of cryptolending platform Celsius Network in the event of its bankruptcy. CoinDesk writes about this, citing informed sources. 

According to the publication, the deal will allow investors to acquire Celsius assets at a big discount if the platform recognizes its insolvency. 

One of the interlocutors of CoinDesk said that the bank is negotiating with cryptocurrency funds, structures focused on the purchase of distressed capital, and traditional financial companies. Assets acquired under the potential agreement “will be managed by fundraisers.”

As of May 2022, Celsius managed nearly $12 billion in assets and issued loans totaling $8.2 billion to customers. 

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On June 24, The Wall Street Journal reported that Celsius had hired consulting firm Alvarez & Marsal as an advisor on a possible bankruptcy filing. The same month, the newspaper wrote that the company also brought in lawyers from Akin Gump Strauss Hauer & Feld.

Reporters have previously revealed that Celsius has hired financial conglomerate Citigroup to look for a possible solution to the problems that arose after the freezing of client assets.

CoinDesk sources noted that Akin Gump and Citigroup recommended that the platform recognize your insolvency. 

https: //twitter.com/CryptoHayes/status/1540480473654521858?ref_src=twsrc%5Etfw

As a reminder, the five US states' Securities Commissions have “as a matter of priority” begun looking into Celsius' suspension of customer withdrawals, according to Reuters.

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