The bankrupt lender is expected to hold auctions 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 non-disclosure agreements – a legal contract used to protect confidential company information or contract terms. Tender required in principle. in negotiations.

Celsius said it has received multiple offers so far, offering a variety of potential transactions and business structures to acquire its assets, such as: B. the migration of Celsius customers to the acquirer’s platform and a discount. their wealth.

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

With the offer period ending 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 previous documents filed by Celsius. .

Revised Tender Proceedings Dates According to Documents Filed December 15 by the Court of Celsius. 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 1.2 short. Billions of dollars to pay off all debts. .

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

Related: BlockFi Requests to Return Frozen Cryptos to Wallet Users

Separately, 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 customers.

Assets that can be withdrawn are those that have only ever been held under the Custody Scheme; for amounts under $7,575; and for monies transferred from the earn-or-borrow programs to the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

The order also applies to “ineligible guarantee assets,” the assets included in that definition, which will be determined following meetings between Celsius, the Ad Hoc Group on Guarantees and Celsius’ Official Committee on Unsecured Creditors.

Source: CoinTelegraph

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