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Reading: Goldman Sachs is rumored to be raising $2 billion to “buy the bottom” of Celsius’ non-performing assets
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Home » Blog » Goldman Sachs is rumored to be raising $2 billion to “buy the bottom” of Celsius’ non-performing assets
Blockchain News / Crypto News

Goldman Sachs is rumored to be raising $2 billion to “buy the bottom” of Celsius’ non-performing assets

News Expert
Last updated: 27/06/2022 4:21 PM
News Expert
3 years ago
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Goldman Sachs is rumored to be raising $2 billion to "buy the bottom" of Celsius' non-performing assets
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Cryptocurrency lending platform Celsius is mired in a liquidity crisis and on the verge of bankruptcy. CoinDesk, citing two people familiar with the matter, reported that Wall Street investment bank Goldman Sachs Group (Goldman Sachs Group) is seeking to raise $2 billion from investors to prepare When Celsius declared bankruptcy, acquired the platform’s distressed assets at a low price.

The proposed deal would allow investors to buy Celsius at a potentially steep discount when Celsius files for bankruptcy, people familiar with the matter said.

Goldman appears to be seeking investment commitments from the Web3 crypto fund, funds specializing in distressed assets and traditional financial institutions with ample cash on hand, another source said.

Goldman Sachs did not respond to a request for comment.

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The Wall Street Journal reported last week that Celsius has hired restructuring advisers from consulting firm Alvarez & Marsal for advice on a potential bankruptcy filing. The firm also consulted law firm Akin Gump Strauss Hauer & Feld LLP on the restructuring plan and invited global investment bank Citigroup to advise on possible solutions, including evaluating offers from rival cryptocurrency lender Nexo.

Both Citi and Akin Gump are reported to have advised Celsius to file for bankruptcy. It can be seen that there are various signs that Celsius seems to be the inevitable result of going bankrupt.

According to CoinDesk statistics , as of May this year, Celsius had provided more than $8 billion in loans to customers and managed $12 billion in assets, but suddenly announced on June 12 that it would suspend user withdrawals, currency exchanges and transfers. , citing “extreme market conditions”.

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