Celsius’s Chapter 11 Reorganization Plan Extended By Court

Celsius, the bankrupt cryptocurrency lender, has gained court authority to extend its exclusivity period until February 15.

Today, the crypto lender attended two hearings and continued to expand the discourse on significant issues with key stakeholders in their cases.

According to the company tweets, the extension comes after two court sessions, during which a move demanding clearance for a stablecoin sale aimed at providing operating liquidity was also considered. The judge’s verdict on the subject, which attempts to maximize value for all stakeholders, is due next week.

Celsius originally filed a motion requesting approval for an extension of the exclusivity period in the first half of November, claiming that it was making significant progress toward determining a value-maximizing path forward.

Celsius apparently possessed eleven distinct types of stablecoin worth around $23 million before to filing for bankruptcy. In a September 15 filing, it requested permission to sell the stablecoins in order to generate more liquidity to support its business activities.

The company had been given permission to sell its remaining assets by the end of December 2022. During Celsius’s last sales hearing, the bankruptcy court will sanction all winning bids.

Galaxy Digital has so far emerged as the winner for one of Celsius’ subsidiaries. GK8, a self-custody service provider, was bought by the major asset management.

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