Celsius requests permission to sell off its stablecoins
Celsius Networks, a crypto lending company that had frozen withdrawals in June and has been proceeding through Chapter 11 bankruptcy 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.”
A notice was filed 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.