1 year ago
Embattled crypto lender Celsius has received support from the bankruptcy tribunal to widen its timeline for submitting a section 11 reorganization program until Feb. 15, 2023.
A Chapter 11 reorganization program is simply a papers that details however a bankrupt entity intends to rise funds to wage backmost its creditors.
Celsius which filed for bankruptcy connected July 13, had asked the tribunal to extend its exclusivity play truthful it tin research “value-maximizing” options earlier submitting its reorganization plan.
After owed consultation, Judge Martin Glenn approved Celsius’ exclusivity play until Feb. 15, 2023. Within this period, Celsius expects to make a stand-alone concern and research different invaluable opportunities for its restructuring.
Celsius tweeted:
We mean to usage this clip to proceed processing a program for a stand-alone business, arsenic we research each worth maximizing opportunities disposable to us, for the payment of our customers and different stakeholders.
— Celsius (@CelsiusNetwork) December 6, 2022
Celsius had tried to rise funds from investors and merchantability gains from its mining business, however, its efforts successful nary mode adjacent the $4.7 billion it owes to creditors.
Celsius acceptable to merchantability stablecoins worthy $23M
Prior to filing for bankruptcy, Celsius reportedly held eleven antithetic forms of stablecoin which totaled astir $23 million. In a Sept. 15 filing, it asked for approval to merchantability the stablecoins truthful arsenic to make much liquidity to support its concern operations going.
According to the Dec. 6 update, Celsius added that it was expecting the judge’s verdict for the stablecoin sales, anytime from adjacent week.
Celsius auction underway
Celsius had received approval to merchantability disconnected its remaining assets by the extremity of December 2022.
So far, Galaxy Digital has emerged arsenic a victor for 1 of Celsius’ subsidiaries. The starring plus manager acquired self-custody solution steadfast GK8.
All winning bids volition beryllium approved by the bankruptcy tribunal connected Dec, 22, during Celsius’s last income hearing.
The station Celsius gets hold for section 11 reorganization plan appeared archetypal connected CryptoSlate.
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