Deals
Judge Pauses Galaxy’s $44 Million Deal to Buy Celsius Assets
- Sale likely to be approved after more evidence is submitted
- Transfer of potential legal claims surprised bankruptcy judge
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A US bankruptcy judge declined to immediately approve Galaxy Digital’s deal to buy a Celsius Network subsidiary for $44 million, demanding more details about the structure of the sale.
Judge Martin Glenn said he was “blindsided” by a provision in the sale documents that would transfer potential legal claims from Celsius to Galaxy. At a hearing Thursday, he asked Celsius lawyers to provide additional evidence about the value of the claims, which relate to hypothetical clawbacks tied to GK8, the crypto custody subsidiary being purchased.