Blockchain News

Third-party Examiner Appointed To Review The Celsius’s Finances

The Celsius bankruptcy is still active, and a recently exposed all-hands meeting recording suggests that the company wants to try to implement a revival strategy. The Committee of Unsecured Creditors (UCC) overseeing the Celsius bankruptcy doesn’t appear to support the proposal, though.

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According to the tape that was leaked, Celsius intends to create a new business strategy and use its newly redesigned vertical initiatives and goods to pay off its debts. A Southern District of New York bankruptcy judge has assigned a third-party examiner to review Celsius’ financial records in addition to the purported resurrection plan, according to court documents.

Attorneys for the UCC and the creditors asked the court to appoint an independent examiner. Additionally, petitions for a trustee were presented, and on September 14 the judge authorized a court order for an examiner.

Additionally, the UCC has opened its own investigation into hundreds of documents connected to Celsius. Celsius is requesting access to the $23 million in stablecoins the corporation currently has in a court document filed on September 15.

Although Celsius users who held stablecoins on the platform also requested their stablecoins should be “treated differently,” the news comes after Celsius was permitted to sell the mined bitcoin (BTC) it possessed.

In order to create liquidity, Celsius filed a lawsuit to try and get the $23 million in stablecoins. On October 6, there will be a court hearing for “Permitting the Sale of Stablecoin” assets.

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