Celsius Network filed on Thursday with the court holding its bankruptcy hearings a request to allow the sale of its stablecoin holdings in order to fund its operations, including its Chapter 11 case.
The firm aims to secure permission from the United States Bankruptcy Court Southern District Of New York to sell their current and any future stablecoins it may receive to satisfy a level of liquidity to address liability claims.
The New Jersey-based crypto platform recently wrapped up a bankruptcy court hearing. Afterwards, the firm relayed that it expects to start the claims process soon.
The request to liquidate its stablecoin holdings will be heard on the next court appointment set for October 6 and 7.
When the firm filed its Chapter 11 bankruptcy case, one of the immediate actions it took was to clean out all its outstanding stablecoin debt. These last-minute transactions freed up most of the firm’s stablecoin holdings that were tied to the said debts as collateral.
Celsius is said to currently own 11 different forms of stablecoin, for a total of about US$23 million.
Information for this briefing was found via Reuters and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.