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The much-anticipated auction of assets belonging to bankrupt Celsius Network is likely to begin later this month.
The embattled lending platform submitted an auction plan to the United States Bankruptcy Court for the Southern District of New York on Monday, media reports said.
Here is all that you need to know about it:
- Celsius has set the deadline of 4 pm, October 17, for the bids to be submitted. If required, an auction will be held on October 20 at 10 am.
- A sale hearing on Zoom where a large number of participants are expected will be presided over by Chief US Bankruptcy Judge Martin Glenn on November 1, at 11 am.
- As per media reports, FTX is likely to bid for the troubled lending platform after recently making a successful bid for Voyager Digital, outbidding Binance in the process.
- The Sam Bankman-Fried (SBF)-led company is reportedly expected to go for $1-billion fundraising to finance new acquisitions. FTX has been at the forefront of acquiring distressed assets after the market meltdown in May.
- On September 27, Alex Mashinsky resigned as Celsius CEO as his financial conduct leading to the bankruptcy came into sharp focus.
- In a voluntary disclosure, Mashinsky revealed to the unsecured creditor committee that he had withdrawn $10 million in May, weeks before Celsius paused withdrawals.