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Celsius asks bankruptcy court for permission to sell stablecoin holdings

Celsius asks bankruptcy court for permission to sell stablecoin holdings

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In a court filing late Thursday, bankrupt crypto lender Celsius applied for permission to sell its holdings in the stablecoin.

The company revealed $23 million worth of stablecoins that you own in its corporate communities. Celsius said it “owns eleven different forms” of stablecoins, though it did not reveal which ones.

Celsius believes that the sale of their stablecoins, in accordance with past practice and in the ordinary course of business, is
an efficient way to create liquidity to finance debtors’ operations,” according to the application.

The court has not yet granted a license to sell, and a court hearing is scheduled for Oct. 6 to hear the Celsius motion.

Celsius filed for Chapter 11 bankruptcy in July due to severe financial headwinds after ceasing withdrawals the previous month. At the time, the company reported assets between $1 billion and $10 billion and estimated liabilities of the same amount. It claimed more than 100,000 creditors and said it had $167 million in cash “which will provide ample liquidity to support certain operations during the restructuring process.”

On Wednesday, the bankruptcy court approved the appointment of a third-party examiner to review the current state of the crypto lender’s finances as the Chapter 11 process continues.

The US trustee first called for the designation last month, highlighting what it characterized as “gross financial misconduct” and “widespread mistrust by debtor clients”.

© 2022 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

Source: https://www.theblock.co/post/170726/celsius-asks-bankruptcy-court-for-permission-to-sell-stablecoin-holdings?utm_source=rss&utm_medium=rss

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