Crypto lender Celsius picks Fahrenheit's bid for bankruptcy exit

Celsius Network logo and representations of cryptocurrencies are seen in this illustration taken, June 13, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) - Bankrupt crypto lender Celsius Network LLC said on Thursday it has chosen Fahrenheit's proposal as the winning bid to manage a new entity to be owned by its creditors, directing itself out of bankruptcy.

Fahrenheit, a consortium that includes blockchain-based venture capital firm Arrington Capital, will provide the capital, management team and technology to establish and operate the new company (NewCo), Celsius said.