US Federal Judge Approves Celsius’s Procurement Process Plan

A US federal judge has approved Celsius’s plan for a bidding process that lays out the steps to sell the platform’s assets and set a timetable that would allow it to sell assets later this year.

According to The Block, a federal bankruptcy judge has authorized Celsius’ plans for the bidding process, putting the platform’s assets up for sale before the end of the year on a schedule. The rules outline the stages for a sale of the platform’s assets, however Celsius may yet make a stand-alone plan to restructure.

The retail asset business, which consists of the earn accounts and coin balances, the retail and institutional lending portfolio, the swap services, the staking platform, the payment feature, the decentralized finance arm, and any crypto assets it still owns, will be put up for bid. Celsius plans to do this. The “remaining assets,” which would include the mining company, will also be up for sale.

The ruling issued today establishes timeframes and dates connected to potential sales, permits Celsius to designate a stalking horse bidder if it so wishes, and establishes the framework for sales by instructing the lender to write a sale order that would need to be approved by the court and creditors.

The ruling specifies a due date for final bids of December 12. If necessary, an auction would be scheduled on December 15. The sale hearing for any objections or discussion of the sale order would take place on December 22 after a winner has been chosen.

The appointment of a consumer privacy ombudsman is also part of the decree. Customer lists and information may be sold as part of the sale process, and the outside party would guarantee that customer information is sufficiently protected during the sale process.

With a sale, a bankruptcy proceeding that started in July of this year would be over. Celsius now has a list of more than 30 parties who may look into the prospect of making a bid for the platform. In the following stage, those who desire to proceed would sign confidentiality agreements.

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