The current set date for the bar is January 3.
Celsius Network, a cryptocurrency lender, announced that it is reportedly prepared to file a motion asking for a one-month extension of the deadline for consumers to submit their claims.
According to Celsius’ most recent report, the bankruptcy court will hear the motion on January 10. Thereafter at least, the deadline will be extended.
“An extension of the deadline is currently in effect until the Court hears the motion. As soon as there are any new developments about the bar date, we will let you know.
- Following the collapse of the Terra ecosystem tokens, Celsius filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of New York in July.
- The company’s balance sheet showed liabilities totalling $2.8 billion, according to the court document submitted by consulting firm Kirkland & Ellis.
- A deadline extension until the middle of February was also given to Celsius for submitting the Chapter 11 restructuring plan.
- At the same time, Martin Glenn, a bankruptcy judge, ordered the insolvent cryptocurrency lender to repay almost $44 million to clients who weren’t a part of its yield-bearing accounts.
- Owners of Celsius accounts have gone to social media to express their outrage with People on Twitter who have complained about the prices and delayed progress.
Lawyers & advisors like to spend client money just as much as @Mashinsky #Celsius & @SBF_FTX #FTX – All they need is good old Chapter 11 protection & magically it becomes legal. pic.twitter.com/G7cFzIb61z
— Simon Dixon (@SimonDixonTwitt) December 28, 2022
- Financial Times has reported that expenses are mounting for law firms connected to a number of crypto businesses that have fallen victim to the ongoing crypto winter.
- In the Celsius case, the attorneys, bankers, and other advisers filed detailed fee claims to the New York federal bankruptcy court amounting to $53 million.
- Kirkland & Ellis and White & Case are involved in Celsius, and their top lawyers are billing over $1,800 per hour, much to the frustration of investors.
