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Babel Finance In Process of Hiring Investment Bank Amid Liquidations Crisis
Summary: Debt-burdened cryptocurrency firm Babel Finance is hiring U.S. investment banking firm Houlihan Lokey, specialists in handling distressed firms, according to a CoinDesk report. According to the report, the Hong Kong-based company is close to signing an engagement letter with the investment banking firm, leaning on them amid their current crisis. This report comes roughly two ...
Debt-burdened cryptocurrency firm Babel Finance is hiring U.S. investment banking firm Houlihan Lokey, specialists in handling distressed firms, according to a CoinDesk report.
According to the report, the Hong Kong-based company is close to signing an engagement letter with the investment banking firm, leaning on them amid their current crisis.
This report comes roughly two weeks after rumors surfaced that Babel Finance was facing nine figure losses. On the same day the rumors arose, Babel announced they had suspended withdrawals and redemptions citing extreme liquidity pressures.
A few days after that Bable Finance said it won a reprieve on debt repayments as it battled to stay afloat during the recent decline in the market.
Given this most recent report, it seems certainly possible that the previous rumors were true, however much remains unknown about their situation.
This announcement is just the latest in a tumultuous period for crypto which has seen Celsius reportedly hiring Alvarez & Marsal, restructuring advisors, to help them navigate their liquidations issues and possibly a declaration of bankruptcy.
Author: Tyler Irvin
Tags: Babel Finance,Crisis
Link: Babel Finance In Process of Hiring Investment Bank Amid Liquidations Crisis [Copy]
