Celsius Networks, a crypto lending company that had frozen the withdrawals in June and has been proceeding through Chapter 11 bankruptcy since July, asked the United States Bankruptcy Court for the Southern District of New York for permission to sell its stablecoin holdings. This should let the company generate liquidity to help “fund the Debtors’ operations.”
A notice was filed by the Celsius’ legal team from Kirkland & Ellis law firm on Sept. 15, a hearing where the court would accept or decline it will take place on Oct. 6.
According to the filing, the company currently holds an equivalent amount of $23 million in eleven different stablecoins. If sold, these funds would go to support Celsius’ current operations. Citing section 363 of the Bankruptcy Code,