BlockFi reportedly wants to get bids in as quickly as possible, to make the most of the current market conditions.
Bankrupt crypto lender BlockFi has received court approval to sell its crypto mining equipment as part of an ongoing effort to repay its creditors.
The court order was filed on January 11. On December 30, the United States Bankruptcy Court for the District of New Jersey granted BlockFi permission to sell assets, saying it was “good, reasonable, and appropriate under the circumstances.”
The court recognized that the sale of the asset was made to improve the “value-added” of the business.
With the court giving BlockFi the green light, it is now expected that more money will be generated for the crypto-mining assets of the crypto lender. The application form indicating “all eligible applications received” will be sent to the parties specified in the application form before the February 20 deadline. The application must be submitted to the court by March 2 and the creditors’ representatives have until March 16 to refuse to sell assets to qualified customers.
To participate in the registration process, potential litigants must refer to each of the “creditors’ advisors”.
The plan should include the proposed purchase price and the specific assets the seller wants to acquire and how it will be financed. According to a January 31 Bloomberg report, BlockFi‘s ambition to finish is an attempt to get the market as quickly as possible to the most of the current market conditions, which saw that cryptocurrencies recover after months. in terms of price action. The report said that BlockFi’s lawyer Francis Petrie told the court that the company has received interest from investors for various assets and expects others to come.
On Jan. 24, it was reported that BlockFi sold $160 million in loans secured by a total of 68,000 Bitcoins BTC ($22,889) mining machines and bankruptcy proceedings.
BlockFi started the process of selling loans last year, and some people are already offering crypto market conditions.
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