Crypto lending company Celsius is asking a bankruptcy court in New York for permission to sell its stablecoins to fund operations. thesamreynolds reports.
If this motion is approved by presiding Judge Martin Glenn, the Chief U.S. bankruptcy judge, the proceedings of the sale would go to primarily pay for the operations of Celsius Network. While the proceeds generated by the sale of the stablecoins constitute property of the Debtors' estate, paying them back is part of a separate and ongoing process.
"The Debtors, however, continue to own stablecoins that should be monetized to fund their operations in these Chapter 11 cases given their market stability compared to other types of cryptocurrencies," the filing reads.to appoint an independent examiner, provided they took certain steps to limit the amount of time and funding the examiner would take. Celsius agreed to join the examiner, and the judge signed off on the deal on Wednesday.
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