{"id":71074,"date":"2022-12-06T15:41:54","date_gmt":"2022-12-06T13:41:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71074"},"modified":"2025-09-08T06:11:13","modified_gmt":"2025-09-08T03:11:13","slug":"celsius-management-seeks-court-permission-to-sell-stablecoins","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/celsius-management-seeks-court-permission-to-sell-stablecoins\/","title":{"rendered":"Celsius management seeks court permission to sell stablecoins"},"content":{"rendered":"<p>Top management of the Celsius Network platform, currently undergoing bankruptcy proceedings, filed a petition seeking court approval to sell stablecoins to bolster operating liquidity.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This afternoon, the Court approved an extension to our Exclusivity Periods until 2\/15\/2023. This is the period within which Celsius has the exclusive right to submit a chapter 11 plan of reorganization. We thank the UCC and ad hoc groups for their collaboration on this matter.<\/p>\n<p>\u2014 Celsius (@CelsiusNetwork) <a href=\"https:\/\/twitter.com\/CelsiusNetwork\/status\/1599957794299711490?ref_src=twsrc%5Etfw\">December 6, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A decision on the petition is expected soon, likely next week.<\/p>\n<p>The court approved extending the deadline to develop Celsius&#8217;s restructuring plan to February 15. The platform&#8217;s management<a href=\"https:\/\/u1f987.com\/en\/news\/celsius-seeks-extension-of-deadline-to-file-reorganization-plan\"> filed<\/a> a similar request in November.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe are examining all available opportunities to maximise value for the benefit of our clients and other stakeholders\u201d<em>,<\/em> \u2014 the company said.<\/p>\n<\/blockquote>\n<p>Earlier, independent expert Noda Pillay<a href=\"https:\/\/u1f987.com\/en\/news\/expert-flags-flaws-in-celsiuss-accounting-and-custody-controls\"> criticized<\/a> Celsius for inadequate custody and operational oversight of client funds.<\/p>\n<p>Earlier, in October the court <a href=\"https:\/\/u1f987.com\/en\/news\/court-approves-asset-auction-schedule-for-celsius-network\"> approved <\/a> the platform&#8217;s asset-trading plan.<\/p>\n<p>In December, Mike Novogratz&#8217;s Galaxy Digital<a href=\"https:\/\/u1f987.com\/en\/news\/galaxy-digital-buys-gk8-custodian-from-celsius-network\"> won<\/a> the auction to buy Celsius Network&#8217;s custody platform GK8.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Celsius Network filed a petition seeking court approval to sell stablecoins to provide operating liquidity.<\/p>\n","protected":false},"author":1,"featured_media":71075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,1348,1162],"class_list":["post-71074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-celsius-network","tag-court-cases"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=71074"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71074\/revisions"}],"predecessor-version":[{"id":71076,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71074\/revisions\/71076"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/71075"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=71074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=71074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=71074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}