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Bankrupt crypto lender BlockFi has obtained court permission to sell its crypto mining equipment as part of ongoing efforts to repay its creditors.
A court document filed Jan. 30 with the United States Bankruptcy Court for the District of New Jersey said BlockFi’s approval to sell its assets was based on it being fair, reasonable, and proper in the circumstances. circumstances.
The court recognized that the sale of the assets was intended to maximize the recoverability and realizable value of the business.
With the court giving BlockFi the green light, more bids are now expected to arise for the crypto lender’s crypto-mining assets.
The document states that all qualified bids must be sent to the parties specified in the bidding procedures by the February 20 deadline.
Bids must be filed with the court by March 2 and creditors’ representatives have until March 16 to object to the sale of the assets to qualified bidders.
To participate in the bidding process, potential bidders must deliver a written proposal to each of the Debtor Co-Counsel.
The proposal should include the proposed purchase price as well as the specific assets the potential bidder wishes to acquire and how it will finance the assets.
According to a January 31 Bloomberg report, BlockFis’ tight deadline is an effort to get offers as quickly as possible to make the most of current market conditions, which have seen most cryptocurrencies see higher prices. after months of sideways price action.
The report notes that BlockFis attorney Francis Petrie told the court that the company has already received interest from bidders for various assets and expects more to come.
Related: Crypto Biz: A Glimpse into BlockFis’ Secret Finances (It’s Not Pretty)
On January 24, BlockFi sold $160 million in loans backed by approximately 68,000 Bitcoin (BTC) mining machines as part of bankruptcy proceedings.
BlockFi began the process of selling the loans last year, with some already defaulting given the crypto market conditions.
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Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMiUmh0dHBzOi8vY29pbnRlbGVncmFwaC5jb20vbmV3cy9ibG9ja2ZpLWdldHMtY291cnQtbm9kLXRvLXNlbGwtY3J5cHRvLW1pbmluZy1hc3NldHPSAVZodHRwczovL2NvaW50ZWxlZ3JhcGguY29tL25ld3MvYmxvY2tmaS1nZXRzLWNvdXJ0LW5vZC10by1zZWxsLWNyeXB0by1taW5pbmctYXNzZXRzL2FtcA?oc=5 The mention sources can contact us to remove/changing this article |
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