Celsius Network has received fresh bids for cash injections to enable restructuring. This was reported by a lawyer for the company.
The "unsecured claims" committee is meeting with the Celsius company next week. According to a tweet, a solution is being worked on “with vigor”.
Celsius initially suspended withdrawals for users in June , then finally filed for bankruptcy last month . The company is now working with specialist lawyers to explore possible restructuring options .
According to a Bloomberg report , Celsius is considering different financing packages from different parties . It is not currently clear whether these offers are based on equity or debt, nor what the terms of such a deal might be.
Ripple's involvement
Ripple Labs is also interested in buying crypto lender Celsius Network . The blockchain company is based in San Francisco and has raised $300 million in 14 funding rounds since its inception, according to fundraising platform Crunchbase. Ripple itself has only made 25 investments on Crunchbase and most recently invested in Supermojo last month.
The total proceeds from the sale of the company's cryptocurrency XRP amount to a net purchase price of $408.9 million. That came out of the report's July figures and represents an increase of $273.27 million in the most recent quarter alone. Meanwhile, last week's digital asset investment report saw minor cash inflows of $200,000 from Ripple's own stake in XRP .
If the deal with Celsius goes through, it would be one of Ripple's biggest investments. Ripple has its own investment company, which is active in the areas of digital assets and blockchain.
Celsius is on the verge of bankruptcy
The court documents suggest that Celsius' liquidity only lasts until October. As a result, the company's operating and capital expenditures will turn cash flow negative by $34 million. That's what it says in the submission.
Also, the company could lose $137 million between August and October, primarily due to mining activity.
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