Bankrupt firm Celsius is looking to raise $14.4M by selling discount vouchers

 

Bankrupt firm Celsius is looking to raise $14.4M by selling discount vouchers for mining company Bitmain to repay its creditors.   Celsius Network made a request to extend the deadline to present its Chapter 11 bankruptcy case.  The proposal comprises $7.4M in coupons that give holders a 10%-30% discount on future purchases of Bitmain’s mining rigs. Bitmain coupons expire six months after purchase and are worthless.  "The sale of the Bitmain credits offers the debtors a golden opportunity to realize value on an illiquid and risky asset," said interim CEO Christopher Ferraro.  Credits are not transferrable. "Immediate monetization of the Bitmain credits is in the best interests of the debtors, Ferraro said.