Celsius management seeks court permission to sell stablecoins

Top management of the Celsius Network platform, currently undergoing bankruptcy proceedings, filed a petition seeking court approval to sell stablecoins to bolster operating liquidity.

This afternoon, the Court approved an extension to our Exclusivity Periods until 2/15/2023. This is the period within which Celsius has the exclusive right to submit a chapter 11 plan of reorganization. We thank the UCC and ad hoc groups for their collaboration on this matter.

— Celsius (@CelsiusNetwork) December 6, 2022

A decision on the petition is expected soon, likely next week.

The court approved extending the deadline to develop Celsius’s restructuring plan to February 15. The platform’s management filed a similar request in November.

“We are examining all available opportunities to maximise value for the benefit of our clients and other stakeholders”, — the company said.

Earlier, independent expert Noda Pillay criticized Celsius for inadequate custody and operational oversight of client funds.

Earlier, in October the court approved the platform’s asset-trading plan.

In December, Mike Novogratz’s Galaxy Digital won the auction to buy Celsius Network’s custody platform GK8.

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