Celsius is still open to other bids, despite NovaWulf’s previous bid

On March 9, Chris Koenig, a lawyer of Celsius Network, revealed at a hearing in the Manhattan Bankruptcy Court on Wednesday that although the asset management company NovaWulf Digital Management had made an offer, the company was still open to a better offer, and it and its creditor committee met with a potential buyer two days ago to review the alternatives.

Interpretation of this information:

The news that NovaWulf Digital Management made an offer for the asset management company, Celsius Network, was revealed on March 9th. However, the hearing in the Manhattan Bankruptcy Court on that day saw Chris Koenig, who is representing Celsius Network as a lawyer, announce that while NovaWulf had made an offer, the company was still open to a better one. This may suggest that NovaWulf’s initial offer was not as significant as Celsius Network had hoped for or that the company is seeking to get the highest possible value for its assets.

During the hearing, the creditor committee, who represent the parties with claims against Celsius Network, met with a potential buyer. This meeting aimed to review alternatives to NovaWulf’s offer, suggesting that the committee is potentially looking for other options in order to achieve the best outcome for their clients.

Celsius Network is a platform that allows its users to trade and invest cryptocurrencies. It has been under the control of the Manhattan Bankruptcy Court since its parent company, Celsius Holdings, filed for bankruptcy. This means that the court is overseeing the process of selling Celsius Network in order to repay its creditors.

The fact that Celsius Network is still open to alternative offers a few months into the bankruptcy proceedings may demonstrate the company’s confidence in the value of its business. Conversely, it could mean that the offers the company has received so far are not meeting its expectations.

Overall, the news of the creditor committee meeting with a potential buyer indicates that the final sale of Celsius Network could take longer than originally anticipated. However, given the volatility of the cryptocurrency market in recent years, it is understandable that the parties involved want to explore all possible options before reaching a final decision.