A recently leaked recording reveals that the company is trying to save the company from financial ruin. A Southern District of New York bankruptcy judge appointed an independent examiner to look into the company's finances following the leak. According to court filings submitted Thursday, Celsius also wants to sell stablecoins worth $23,000,000
Celsius Revival Plan: Examiner appointed to scan Financials. Firm wants access to stablecoin liquidity
The Celsius bankruptcy proceedings continue. A recently leaked recording of an all-hands meeting indicates that the firm is interested in a revival plan. The idea is not supported by the Committee of Unsecured Creditors, which is tied to the Celsius bankruptcy.
According to the audio leak, Celsius is attempting to create a new business plan. It also plans on paying off its debts through the company's recently revised vertical efforts and products. Court filings reveal that a Southern District of New York bankruptcy judge appointed a third party examiner to review Celsius' financials.
The UCC and attorneys representing creditors petitioned the court for a third-party examiner. The judge also approved petitions for a trustee.
The UCC launched an investigation into thousands of documents relating to Celsius. According to a court filing, Celsius seeks $23 million in stablecoins that the company holds currently.
This news comes after Celsius was allowed to sell the mined Bitcoin (BTC) that it had, but Celsius customers who owned stablecoins on this platform demanded their stablecoins be "treated differently."
In order to generate liquidity, Celsius filed a court application for $23 million in stablecoins. October 6th is the date for a court hearing on "Permitting The Sale of Stablecoin Assets".
What are your thoughts on the recent developments in the Celsius bankruptcy case. Please share your views on this topic in the comments below.
By: Jamie Redman
Title: Examiner Appointed to Celsius Bankruptcy Case, Crypto Lender Files for Access to $23M in Stablecoins
Sourced From: news.bitcoin.com/examiner-appointed-to-celsius-bankruptcy-case-crypto-lender-files-for-access-to-23m-in-stablecoins/
Published Date: Sat, 17 Sep 2022 10:30:49 +0000