U.S. federal bankruptcy judge approves Celsius' schedule for a possible sale

2022/10/25 02:33

According to The Block, a federal bankruptcy judge has approved Celsius' bidding procedure plans, setting a schedule in motion that could see the platform's assets sold by the end of the year. While Celsius may still submit a standalone proposal to reorganize, the procedures lay out the steps for a sale of the platform's assets. Celsius plans to solicit bids for the retail asset business, which includes the earn accounts and coin balances, the retail and institutional lending portfolio, its swap services, staking platform, payment feature, decentralized finance arm and any crypto assets it's still holding. It also plans to solicit bids for the "remaining assets," which would include the mining business. The order sets dates and deadlines related to a possible sale, authorizes Celsius to select a stalking horse bidder if it chooses to do so and sets the layout for a sale, directing the lender to enter a sale order that the court and creditors would have to approve. The order sets a Dec. 12 deadline for final bids. An auction, if necessary, would be slated for Dec. 15. Once a winner is selected, a sale hearing for any objections or discussion on the sale order would follow on Dec. 22. The order also includes the appointment of a consumer privacy ombudsman. Part of the sale process could include the sale of customer lists and information, and the outside party would ensure that customer information is adequately protected throughout the sale process.

1BearishLikeShare

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。