Babel Finance, one of Asia’s largest crypto lenders, has hired law firm Kirkland & Ellis to advise on restructuring, Bloomberg reported, citing its own sources.

Babel co-founder Flex Young, who retired last year, returned to the Hong Kong company to oversee the process.

Kirkland & Ellis was also recruited by the hard landing platform Celsius Network and broker Voyager Digital. With approximately 2,600 professional employees, the law firm is recognized as a leader in its field in terms of reimbursements.

Babel previously hired financial firm Hulihan Lokey to explore restructuring options.

Recall that in June the company announced that it was suspending payments and withdrawals from its own products due to lack of liquidity.

Later, Babylonian representatives denied reports of bankruptcy and announced that they had reached “preliminary agreements” to pay off some of the debts.

In May, the firm closed its $80 million Series B funding round at a $2 billion valuation.

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