Crypto lender BlockFi has been given permission to sell its cryptocurrency mining hardware as part of ongoing efforts to pay back its creditors, according to a court order filed on 30th January in the United States Bankruptcy Court for the District of New Jersey.
By February 20, prospective buyers must make their offers for BlockFi’s assets. The assets will then be put up for auction, if needed, on February 28. The deadline for creditor representatives to oppose to the sale of these assets is March 16.
Potential bidders must submit a written proposal to each of the “co-counsel to the debtors” in order to take part in the bidding process. The proposal must specify the assets that the bidder is keen to buy as well as the proposed acquisition price and the method of financing those assets.
On December 19, BlockFi first submitted its request to appoint independent “appraisers, auctioneers, or other professional persons” to handle the administration of its bankruptcy case. The company’s extensive collection of crypto-mining equipment may be among the assets offered for sale.
BlockFi’s tight deadline, as stated in a Jan. 31 Bloomberg report, is an effort to attract offers as rapidly as possible to take advantage of the current market circumstances, which have seen most cryptocurrencies surge following months of sideways price movements.
According to the article, BlockFi’s attorney Francis Petrie informed the court that the business has already gotten interest from bidders for a variety of assets and anticipates for more.
