The much-anticipated auction of assets owned by bankrupt Celsius Network is likely to begin later this month.
The embattled lending platform filed an auction plan with the US Bankruptcy Court for the Southern District of New York on Monday, the media said.
Here’s everything you need to know about it:
- Celsius has set a 4 p.m. deadline, October 17, for bids. If necessary, the auction will be held on October 20 at 10.00.
- The widely attended Zoom sales hearing is expected to be chaired by US Bankruptcy Judge Martin Glenn on November 1 at 11 a.m.
- According to media reports, FTX is likely to bid for the troubled lending platform after it recently submitted a successful bid for Voyager Digital, which led to an increase in bidding on Binance in the process.
- The Sam Bankman-Fried (SBF)-led company is reportedly expected to move to raise $1 billion to fund new acquisitions. FTX has been at the forefront of acquiring distressed assets after the market crash in May.
- On September 27, Alex Mashinsky Resigned As CEO of Celsius when his financial behavior leading to bankruptcy became a sharp focus.
- in volunteer disclosureMashinsky revealed to the Unsecured Creditors Committee that he withdrew $10 million in May, weeks before Celsius suspended the withdrawals.
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