Embattled crypto lender Celsius has received approval from the bankruptcy court to extend its timeline for submitting a chapter 11 reorganization plan until Feb. 15, 2023.<\/p>\n
A Chapter 11 reorganization<\/a> plan is a document that details how a bankrupt entity intends to raise funds to pay back its creditors.<\/p>\n Celsius which filed for bankruptcy on July 13, had asked the court to extend<\/a> its exclusivity period so it can explore “value-maximizing” options before submitting its reorganization plan.<\/p>\n After due consultation, Judge Martin Glenn approved Celsius' exclusivity period until Feb. 15, 2023. Within this period, Celsius expects to develop a stand-alone business and explore other valuable opportunities for its restructuring.<\/p>\n Celsius tweeted:<\/p>\n We intend to use this time to continue developing a plan for a stand-alone business, as we explore all value maximizing opportunities available to us, for the benefit of our customers and other stakeholders.<\/p>\n \u2014 Celsius (@CelsiusNetwork) December 6, 2022<\/a><\/p><\/blockquote>\n Celsius had tried to raise funds<\/a> from investors and sell gains from its mining business, however, its efforts in no way near the $4.7 billion<\/a> it owes to creditors.<\/p>\n Prior to filing for bankruptcy, Celsius reportedly held eleven different forms of stablecoin which totaled about $23 million. In a Sept. 15 filing, it asked for approval<\/a> to sell the stablecoins so as to generate more liquidity to keep its business operations going.<\/p>\n According to the Dec. 6 update,<\/a> Celsius added that it was expecting the judge's verdict for the stablecoin sales, anytime from next week.<\/p>\n Celsius had received approval<\/a> to sell off its remaining assets by the end of December 2022.<\/p>\n\n
Celsius set to sell stablecoins worth $23M<\/h2>\n
Celsius auction underway<\/h2>\n