According to a recently leaked recording from bankrupt crypto lender Celsius, the company is trying to revive the business after falling into a financial burden. Following the leak, a bankruptcy judge for the Southern District of New York appointed a third-party examiner to review the company’s finances. Celsius is also trying to sell a stash of stablecoins worth $23 million, according to a filing Thursday.
Celsius Considers Stimulus Package, Examiner Appointed to Analyze Financials, Firm Wants Access to Stablecoin Liquidity
Celsius’ ongoing bankruptcy continues and a recent leak hands-free meeting recording indicates that the firm wants to try a recovery plan. However, it appears that the Unsecured Creditors Committee (UCC) linked to the Celsius bankruptcy does not appear to support the idea.
In the leaked audio, Celsius is said to want to come up with a new business plan and pay off its debts through the company’s vertical efforts and recently overhauled products. In addition to the so-called recovery plan, court documents show that a bankruptcy judge in the Southern District of New York appointed a third-party examiner to review Celsius’s finances.
Lawyers representing creditors and the UCC asked the court to involve a third-party reviewer. Motions for a trustee were also submitted and the judge approved a court order for an examiner on September 14.
Additionally, the UCC has launched its own investigation into thousands of Celsius-related documents. In a filing in court published on September 15, Celsius is seeking access to $23 million in stablecoins that the company currently holds.
The news follows Celsius being authorized to sell mined bitcoin (BTC), but Celsius customers who held stablecoins on the platform also insisted that their stablecoins should be “treated differently.”
The court case for Celsius’ attempt to obtain the $23 million in stablecoins is aimed at generating cash. A court hearing to “Authorize the Sale of Stablecoin Assets” is scheduled for October 6.
What do you think of the latest developments in the Celsius bankruptcy case? Let us know your thoughts on this in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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