Goldman Sachs Looks to Raise $2 Billion to Buy Celsius Network's Assets, CoinDesk Says
25 June 2022 - 7:16AM
Dow Jones News
-- Goldman Sachs Group Inc. is looking to raise $2 billion from
investors to buy up distressed assets from Celsius Network LLC,
CoinDesk reported, citing two people familiar with the matter.
-- The proposed deal would allow investors to buy up Celsius'
assets at potentially big discounts in the event of a bankruptcy
filing, the report said. The Wall Street Journal reported earlier
Friday that the crypto lending platform hired restructuring
consultants from advisory firm Alvarez & Marsal to advise on a
possible bankruptcy filing. The company also engaged law firm Akin
Gump Strauss Hauer & Feld LLP to advise on possible
restructuring options, the Journal reported earlier this month.
-- Goldman Sachs appears to be gauging interesting and
soliciting commitments from Web3 cryptocurrency funds, funds
specializing in distressed assets and traditional financial
institutions with cash on hand, CoinDesk reported.
-- Celsius, which said it had $11.8 billion in assets as of May
and has 1.7 million users, froze withdrawals, swaps and transfers
earlier this month because of extreme market volatility. The value
of its assets has fallen from about $25 billion in October, the
Journal reported.
Full story at
https://www.coindesk.com/business/2022/06/24/goldman-sachs-raising-funds-to-buy-celsius-assets-sources/
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
June 24, 2022 17:01 ET (21:01 GMT)
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