federal bankruptcy judge Celsius approved the bidding procedure plans and set a timetable for the platform’s assets to be sold by the end of the year.
While Celsius may continue to submit an independent bid for the restructuring, the procedures outline steps for the sale of the platform’s assets.
Celsius’s Altcoins and Many Other Assets Can Be Sold No Later than December 12
The company has yield accounts and altcoin balances, retail and institutional lending portfolio, clearing services, staking platform, payment feature, decentralized finance arm and current holdings. cryptocurrency plans to seek bids for its retail asset business, which includes its assets.
It also plans to seek bids for “remaining assets”, which includes the mining business.
Today’s order sets the dates and deadlines for a possible sale, empowers Celsius to choose a follow-up bidder if it wishes, and sets the order for the sale by directing the credit institution to enter a sales order that the court and creditors must approve.
The order sets the 12 December date for the final bids. If necessary, the auction will be held on December 15. Once a winner has been chosen, a sales hearing will be held on December 22 to discuss any appeals or sales decisions.
The decision also includes the appointment of a consumer privacy ombudsman. Part of the sales process may include selling customer lists and information, but the outside party will ensure that customer information is adequately protected throughout the sales process.
The sale will mark the end of the bankruptcy process that began in July of this year. As of now, Celsius has compiled a list of more than 30 parties that can explore the possibility of bidding for the platform. Those who want to move forward will sign confidentiality agreements in the next step.
*Not investment advice.
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