Insolvent Celsius Network Sets Date for Asset Auction
As per October 3 court filing, bankrupt Celsius Network has set the deadline date for the much-anticipated asset auction to October 17.
In a report by Bloomberg, the troubled crypto lender submitted an auction plan to the United States Bankruptcy Court for the Southern District of New York on October 3.
According to the filing, the deadline has been set to October 17, 4 pm for any bid to be submitted, and possibly, the auctioning plan will be executed by 10 am October 20.
Celsius paused withdrawals on its platform in June citing extreme market conditions and the following month, it filed for bankruptcy for protection against creditors.
However, recent court documents revealed that the lending firm’s liabilities were more than $6.7 billion and its assets were worth only around $3.9 billion, resulting in a balance sheet hole of $2.8 billion.
News: https://mycryptoparadise.com/insolvent-celsius-network-sets-date-for-asset-auction/
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