Troubledcrypto lender Babel Finance wants to hire restructuring specialist HoulihanLocke
Babel Finance Crypto
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Troubledcrypto lender Babel Finance wants to hire restructuring specialist HoulihanLocke
Debt-laden cryptocurrency firm Babel Finance is hiring Americaninvestment banking firm Houlihan Locke, a specialist in restructuringand distressed mergers and acquisitions, according to two people familiar withthe plans. Hong Kong-based crypto lender Babel last month haltedwithdrawals amid a cascade of defaults and liquidations related tomore-leveraged firms including Three Arrows Capital and Celsius.
Babel later said it had entered into an agreement withcounterparties on the repayment of certain loans to infuse short-termliquidity. Babel is considering a reorganization. They have hired HoulihanLocke or are in the process of hiring him.
Theyre in the process of signing an engagement letter, one ofthe people told CoinDesk.Distressed crypto firms have been keeping advisory firms and lawyers busy oflate, with Celsius reported to have hired Alvarez & Marsal, as well asrestructuring attorneys from law firm Akin Gump Strauss Hauer & Feld, with Citigroup(C) also said to be involved in the process.
Babel Finance, a fintech company that offers loan financing, has announced that it will hire restructuring specialist Houlihan Locke to head the firm’s London office. The firm said that it wanted Houlihan Locke to lead the expansion of its business in Europe.