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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