A federal judge has approved a lead program of Celsius Network.
Your judge approved Celsius’s bidding procedure plans, setting a schedule that will allow the platform’s assets to be sold by the end of the year.
Confirmation of Possible Sale of Celsius Network
The company may continue to submit an independent proposal for the restructuring process. The procedures, however, reveal the steps for the sale of the platform’s assets.
The company plans to solicit bids for crypto assets, loan portfolio, swap services, staking platform and decentralized finance arm.
The decision by the judge authorizes the company to approve a possible takeover offer. The deadline for bids has been set as December 12. A new auction will be held on December 15, if necessary. A sales hearing will be held on December 22 for any objections or controversy regarding the sale after a winner has been selected.
The sale of Celsius assets will constitute the final phase of the bankruptcy process that began in July. Currently, there are many giant companies that can bid for the assets of the platform.
