One of Asia's largest crypto lenders, Babel Finance, has engaged law firm Kirkland & Ellis for adviceon restructuring, according to Bloomberg, citing its own sources.
To oversee the process, Babel co-founder Flex Young, who retired last year, returned to the Hong Kong company.
Kirkland & Ellis has also been relied upon by the crisis-ridden lending platform Celsius Network and brokerVoyager Digital, a law firm with approximately 2,600 professionals, is considered a leader in its field in recoveries.
Babel had previously engaged financial firm Hulihan Lokey to look for restructuring options.
Let us recall that in June the company announced the suspension of payments and withdrawals of funds from its own products due to lack of liquidity.
Later, representatives of Babel denied reports of insolvency and announced the achievement of "preliminary agreements" on the payment of part of the debts.
In May, the firm closed an $80 million Series B funding round at a $2 billion valuation.
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