Celsius Gets Green Light from Bankruptcy Judge for Bidding Plans

blockchain.news:

Celsius Network has received a green light from a federal bankruptcy judge bidding procedure plans.

The next step will include setting up a motion schedule to see the crypto lender's assets sold by the end of the year.

On October 21, Celsius announced through Twitter, «at today’s hearing, we made progress on important issues, including bidding procedures for a potential sale of Celsius assets, cash management, and appointing a fee examiner to monitor professional fees. Our next hearing is currently scheduled for November 1.»

However, Celsius can still apply for a standalone proposal to reorganize. But the procedures lay out the steps for selling the platform's assets.

The company also has plans to request bids for the retail asset business. They include the earn accounts and coin balances, the retail and institutional lending portfolio, its swap services, the staking platform, the payment feature, the decentralized finance arm and any crypto assets it's still holding.

Other assets, including the mining business, are also under plans for soliciting bids.

The order has provided Celsius with access to choose a horse bidder, set the date and deadlines for a possible sale, and set up a layout for the sale. Ultimately, these steps will direct the lender to enter a sale order that the court and creditors would have to approve.

The deadline for final bids has been set up for December 12, and if necessary, an auction would be slated for December 15, according to Chief Bankruptcy Judge Martin Glenn.

Following that, a winner will be selected, and a sale hearing for any objections or discussion on the sale order will follow on December 22.

However, Celsius' stockholders dealt a blow as Glenn ruled against their motion to form an