Struggling crypto lender Babel Finance said to employ Houlihan Lokey - CoinDesk

Jul. 01, 2022 5:28 PM ETHoulihan Lokey, Inc. (HLI), VYGVQ, VOYG:CABy: Max Gottlich, SA News Editor7 Comments

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  • Troubled cryptocurrency lender Babel Finance is said to be hiring Houlihan Lokey (NYSE:HLI), an investment banking firm specializing in financial restructuring, CoinDesk reported Friday, citing two people with knowledge on the matter.
  • “Babel is looking at restructuring," one of the people told CoinDesk. "They’ve hired Houlihan Lokey or are in the process of hiring them. They’re in the process of signing an engagement letter.”
  • The move comes after Hong Kong-based Babel suspended client withdrawals due to "unusual liquidity pressure." A string of crypto lenders such, namely Celsius Network and CoinFlex, have also suspended withdrawals amid turbulent market conditions. Recall in the week ended June 24 when Celsius employed restructuring consultants from consulting firm Alvarez & Marsal.
  • "They [Babel] are the next major one to have some kind of some kind of outcome over the next couple of weeks, whether it’s sorting out and getting buy-in from creditors or declaring insolvency or default,” the person said, as quoted by CoinDesk.
  • Earlier, Voyager Digital (OTCQX:VYGVF) suspended withdrawals, deposits and trading.

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