BlockFi Reportedly needs to get bids in as Fast as Conceivable, to capitalize on the ongoing market conditions.
Bankrupt Crypto lender BlockFi has been granted court approval to sell off its crypto mining equipment as part of ongoing efforts to reimburse its creditors.
A court request was filed. The United States Bankruptcy Court for the District of New Jersey granted approval for BlockFi to sell the assets.
The court acknowledged that the offer of the assets is intended to expand the recovery and “realizable value” of the company.
With the court giving BlockFi the go-ahead, more bids are now expected to come in for the Crypto lender’s Crypto mining assets.
The record stated “every single qualified bid” should be shipped off the parties specified in the bidding procedures by the Feb. 20 cutoff time.
The bids should be filed with the court by Walk 2 and the creditor’s representatives have until Walk 16 to protest the offer of the assets to the qualified bidders.
To participate in the bidding process, potential bidders should convey a written proposal to each of the “co-counsel to the debtors.”
The proposal should incorporate the proposed purchase price as well as the specific assets that the potential bidder is interested in obtaining and how they will finance the assets.
According to a Jan. 31 Bloomberg report, BlockFi’s tight Cutoff time is an effort to get bids as fast as conceivable to take full advantage of the ongoing market conditions, which have seen most cryptocurrencies rally following quite a while of sideways price action.
The report said that BlockFi’s lawyer, Francis Petrie, has told the court that the company has proactively received interest from bidders for different assets and hopes for something else to come.