The bankrupt cryptocurrency lender Celsius Network has attracted 30 potential bidders for its various assets, including its retail platform and mining business..
According to a company presentation made on December 20, More than 125 parties have been contacted since September, and 30 potential bidders have signed confidentiality agreements, a legal contract used to protect sensitive information about a company or the terms of the offer that is normally required during negotiations..
Celsius said it has received multiple offers thus far proposing a variety of possible transactions and business structures to acquire its assets such as migrating Celsius clients to the acquirer’s platform. along with a haircut of his assets.
The lending platform also revealed that it had received several offers for individual assets..
With the deadline for submission of offers reached December 12, the auction of the various Celsius assets has now been set for January 10, after being pushed back from the original date of December 15according to previous papers filed by Celsius.
The latest presentation points out that, As of November 25, the company held approximately $2.6 billion worth of cryptocurrency, but even after combining this with all of its non-cryptocurrency assets, Celsius is still $1.2 billion short of paying off all of its debts..
Its ongoing mining operations have been successful, however Celsius has claimed it has generated positive operating cash flow every month this year. as it continues to deploy more mining rigs.
In related news, On December 20, Bankruptcy Judge Martin Glenn granted a motion filed by Celsius on September 1, allowing them to reopen withdrawals for a minority of their clients..
Assets eligible for withdrawal are those only once held in the Custody Program; for amounts less than USD 7,575; and for funds that were transferred from the Earn or Borrow programs to the Escrow program within 90 days of Celsius’ bankruptcy filing on July 13.
The order also applies to “ineligible retained assets”and the assets included in this definition will be determined after meetings between Celsius, the Withholding Ad Hoc Group and Celsius’ Official Committee of Unsecured Creditors.
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