Celsius publicly disclosed potential buyers of its business. Sources specify that Apollo is listed in the application submitted by NovaWulf. NovaWulf itself was for a long time the only bidder.
The company has proposed the creation of a new platform that is wholly owned by creditors. The company has proposed the creation of a new platform that is wholly owned by creditors.
The winner of the Celsius auction has not yet been announced. The sale process was recently suspended, and a new date has not been announced.
Investors in NovaWulf’s bid – if it is selected as the winner – will receive a tiered management fee, plus additional payments.
NovaWulf is partnering with blockchain firm Provenance, which plans to participate in the Celsius update. Figure, a subsidiary of Provenance, which also works with Apollo, also has plans for Celsius.
Last July, Celsius filed for financial insolvency (bankruptcy). The company was supposed to submit a restructuring plan within four months, but soon asked the court to extend the deadline to June 30.
Lawyers for the cryptocurrency lender explained that the extension is crucial because it will allow the platform to resolve the situation more quickly and smoothly.
In April, it became known that organizations backed by Gemini and Coinbase will participate in an auction to sell the assets of the bankrupt cryptocurrency lender.