The bankrupt lender is expected to hold an auction for its assets in January after getting the green light to return some funds to customers.

Bankrupt crypto lender Celsius Network has attracted 30 potential bidders for its various assets, including its retail platform and mining business.

According to a company presentation filed Dec. 20, more than 125 parties have been contacted since September, with 30 potential bidders having signed nondisclosure agreements – a legal contract designed to protect confidential company information or contractual conditions. Compulsory invitation to tender in principle. in the negotiations.

Celsius said it has received several offers so far, offering a variety of potential transactions and business structures to acquire its assets, such as: B. Migration of customers from Celsius to the acquirer’s platform and a discount. his fortune.

The lending platform also announced that it had received a number of unique wealth offers.

With the offering period ending on December 12, the auction of Celsius’ various assets is now scheduled for January 10, having been postponed from the original date of December 15, according to earlier documents filed by Celsius. .

Revised dates for bidding processes according to documents filed Dec. 15 by the Celsius court. Source: Streto
The most recent presentation notes that the company held around $2.6 billion worth of crypto as of Nov. 25, but even after combining it with all of its non-crypto assets, Celsius is still down 1.2. Billions of dollars to pay off all debts. .

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However, ongoing mining operations have been successful, and Celsius said it generated positive operating cash flow every month this year as it continued to deploy more mining rigs.

Related: BlockFi asks to return frozen cryptos to wallet users

Separately, on December 20, bankruptcy judge Martin Glenn granted a request Celsius filed on September 1, allowing them to reopen withdrawals for a minority of their customers.

Assets that can be withdrawn are those that have only ever been held under the Custody Scheme; for amounts less than $7,575; and for monies transferred from earning or borrowing programs to the custody program within 90 days of Celsius filing for bankruptcy on July 13.

The order also applies to “ineligible collateral assets,” the assets included in that definition, which are determined following meetings between Celsius, the Ad Hoc Collateral Group, and Celsius’ official Unsecured Creditors Committee.

Source: CoinTelegraph

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