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.
— Celsius (@CelsiusNetwork) December 6, 2022
"We intend to use this time to continue developing a plan for a stand-alone business, as we explore all value maximizing opportunities available to us, for the benefit of our customers and other stakeholders," Celsius tweeted.
The extension comes after two court hearings, according to tweets from Celsius, during which a motion requesting approval for a stablecoin sale aimed at providing operational liquidity was also discussed. The judge's decision on the matter, which aims to "maximize value for all stakeholders," is expected next week, according to the crypto lender.
Celsius originally filed a motion requesting approval for the exclusivity period's extension in the first half of November, during which time the crypto lender claimed it was "making substantial progress towards the determination of a value-maximizing path forward."
