Crypto lending company Celsius files for permission to sell its stablecoin holdings
09/16 05:41
According to Coindesk, Crypto lending firm Celsius Network, which is currently in Chapter 11 bankruptcy proceedings, has asked the court for authorization to sell its stablecoin holdings in order to generate liquidity to help fund its operations, according to new court filings. If this motion is approved by presiding Judge Martin Glenn, the Chief U.S. bankruptcy judge, the proceedings of the sale would go to primarily pay for the operations of Celsius Network. While the proceeds generated by the sale of the stablecoins constitute property of the Debtors' estate, paying them back is part of a separate and ongoing process. Celsius currently owns 11 forms of stablecoins totalling approximately $23 million, according to disclosures. A hearing is scheduled for Oct. 6 in New York to discuss the proposed stablecoin sale.
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