Celsius Network has received the green light for bidding process plans from a federal bankruptcy judge.

The next step will include setting up a motion program to view the crypto lender‘s assets sold at the end of the year.

On October 21, Celsius announced via Twitter, “At today’s hearing, we made progress on important issues, including the bidding procedures for a possible sale of Celsius assets, cash management, and the appointment of a financial examiner.” fees to monitor professional fees. Our next hearing is currently scheduled for November 1.”

However, Celsius can still request an independent proposal to reorganize. But the procedures set out the steps to sell the assets of the platform.

The company also has plans to solicit bids for the asset retail business. They include the earnings accounts and coin balances, the institutional and retail loan portfolio, its exchange services, the staking platform, the payment function, the decentralized finance arm, and any crypto assets it still holds.

Other assets, including the mining business, are also under plans to solicit bids.

The order has given Celsius access to choose a horse bidder, set the date and deadlines for a possible sale, and set up a design for the sale. Ultimately, these steps will direct the lender to enter an order of sale that would have to be approved by the court and creditors.

The deadline for final bids has been set for December 12 and, if necessary, an auction would be scheduled for December 15, according to Chief Bankruptcy Judge Martin Glenn.

After that, a winner will be selected and a sale hearing will be held on December 22 for any objections or discussions on the sale order.

However, Celsius shareholders took a hit when Glenn ruled against their motion to form an official shareholder committee. Shareholders were seeking to claim the company’s most valuable assets, according to Bloomberg.

The decision indicates that the holders of Celsius shares will not get financial support for the case, but will have to pay for their own lawyers and advisers during the bankruptcy.

Interested parties include leading venture capital firm WestCap Management LLC and pension fund Caisse de Depot et Placement du Quebec (CDPQ).

The ongoing argument for months has been the right to value of Celsius’s mining business, along with the loan book. The company’s shareholders believe they are entitled to those assets rather than the clients because of Celsius’s corporate structure, which the clients have already denied.

Under Glenn’s decision, the shareholders have not met the legal standards required for Celsius to pay its advisers’ bills.

Celsius has already incurred more than $3 million in legal fees, aAccording to a recent file report.

Bankruptcy proceedings, which have been costly for Celsius Network, are an understatement. According to the filing, the law firm Kirkland and Ellis is charging the company $2.6 million in fees for representing it in its bankruptcy proceedings from July 13-31.

Akin Gump also charged the company $750,000 in fees for his services between July 13 and August 31.

These massive legal fees spike the costs incurred by crypto firms that have gone bankrupt, including Voyager Digital, Babel Finance, Vauld Group, and Zipmex. While the industry is littered with these bankruptcy cases, Celsius Network stands out as the first company to stop withdrawals on its platform.

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