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.

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.

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.