Celsius filed for bankruptcy earlier. Now, the lending platform is asking the court for permission to sell its stablecoins to pay for the Debtors’ operations.
since July, asked the United States Bankruptcy Court for the Southern District of New York for permission to sell its stablecoin holdings. This should allow the company to generate liquidity to help “fund the Debtors’ operations.”by the Celsius’ legal team from Kirkland & Ellis law firm on Thursday. A hearing where the court would accept or decline the motion will take place on Oct. 6.
According to the filing, the company currently holds an equivalent amount of $23 million in on different stablecoins. If sold, these funds would go to support Celsius’ current operations. Citing section 363 of the Bankruptcy Code, the filing notes: “Section 363 of the Bankruptcy Code is designed to strike a balance between allowing a business to continue its daily operations without excessive court or creditor oversight and protecting secured creditors and others from dissipation of the estate’s assets.”
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