Judge Approves Celsius' Schedule for a Possible Sale

Oct 25,2022
KingData News: 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. 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. Today's 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.
On June 13, digital asset lending platform Celsius Network announced that it would suspend all withdrawals, swaps and transfers between accounts due to extreme market conditions. On the same day, Etherscan data showed that Celsius transferred a total of approximately 111,815 ETH to FTX over the last three days. This indicator provides a real-time tracking of Celsius' funding crisis.
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