The long-awaited auction of assets belonging to the bankrupt Celsius Network is likely to begin later this month.
The troubled lending platform filed an auction plan with the U.S. Bankruptcy Court for the Southern District of New York on Monday, media reported.
Here’s everything you need to know about it:
- Celsius has set a deadline of October 17 at 4 p.m. to submit bids. If necessary, an auction will be held on October 20 at 10 am.
- A Zoom sales hearing where a large number of participants is expected will be presided over by US Chief Justice Martin Glenn on November 1 at 11am.
- According to media reports, FTX is likely to make a bid for the troubled lending platform after recently making a successful bid for Voyager Digital, beating out Binance in the process.
- The company led by Sam Bankman-Fried ( SBF ) is expected to use $1 billion in fundraising to fund new acquisitions. FTX has been at the forefront of acquiring distressed assets following the market crash in May.
- On September 27, Alex Mashinsky resigned as CEO of Celsius, as his financial conduct leading up to the bankruptcy came into sharp focus.
- Voluntarily disclosureMashinsky disclosed to the committee of unsecured creditors that he had withdrawn $10 million in May, weeks before Celsius stopped the withdrawals.
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