Fortress Investment Group raises the offer to $ 1300 on Bitcoin

Bloomberg reports that Fortress Investment Group has made a new offer to buy receivables from Mt Gox creditors.

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1 Fortress Investment Group is expanding its offer

Mt Gox went bankrupt in 2014 after reporting losses of more than $ 480 million in Bitcoin. In June 2018, the situation of his case was changed from bankruptcy to civil rehabilitation by the courts in Japan.

As a result, the company was able to restructure its business and the creditors could have the chance to recover their lost funds. An October 2019 Tokyo District Court report shows that a total of 56 Mt Gox creditors have filed petitions for the claims assessment process.

Fortress Investment Group is expanding its offer

However, the process is a very slow one, and Fortress Investment Group is trying to convince lenders to sell. In an updated letter to creditors, Fortress is offering $ 1,300 on Bitcoin. This represents 88% of the estimated amount of debt, according to the Bloomberg report.

The new proposal represents a price increase over the last offer in December 2019. At that time, the company offered a payment of 70% of the creditors’ debts.

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Fortress managing director Michael Hourigan cited the extended legal process as the reason why creditors should sell. He claims that, at the current rate, “due to the timing (probably from 3 to 5 years) and the financial risk of the ongoing litigation”, the creditors would have a long time to wait to recover their money from Mt. Gox.

Registered in Japan, Mt. Gox was at one time the largest crypto exchange in the world. A hack caused it to close in early 2014, after losing BTC belonging to thousands of customers.