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Home » Court Gives Celsius A New Deadline For Its Restructuring Plan

Court Gives Celsius A New Deadline For Its Restructuring Plan

Hania by Hania
December 6, 2022
in General News
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Celsius Bankruptcy Update: Creditors Overwhelmingly Back Reorganization Plan
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Celsius, a bankrupt cryptocurrency lender was granted a new exclusivity term that would last until February 15, 2023. The struggling crypto lender now has a few more months to file for a Chapter 11 restructuring plan thanks to the court’s approval.

After two court appearances on December 6, the decision to prolong the exclusivity period was made. In a tweet, Celsius stated that the company had applied for permission to sell stablecoins in order to provide liquidity for ongoing operations.

Celsius launched its platform on June 13 and declared bankruptcy a month later on July 13. The judge has said he will announce his judgment soon, probably next week.

Celsius aims to use the extended time to create a strategy for a standalone business, saying:

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“We explore every opportunity to maximize the value that is accessible to us for the benefit of our stakeholders and customers.”

Court gives Celsius a new deadline for its restructuring plan.

On Nov. 10, Celsius filed a request for an extension of the exclusivity period in the hope of achieving significant development.

Restructuring is the process of putting into action a business plan to change a corporation’s organizational structure or financial situation under government oversight due to financial pressure.

Celsius today filed a motion requesting approval to extend the Exclusivity Periods in our cases. This is the period when Celsius has the exclusive right to submit a plan of reorganization.

— Celsius (@CelsiusNetwork) November 10, 2022

Withdrawals were stopped on June 13 due to harsh market conditions, and a month later, on July 13, the bankrupt cryptocurrency lender filed for bankruptcy.

David Barse, the founder and CEO of the index company XOUT Capital and a “pioneer” in distressed investing, was hired as a new director to lead Celsius through the restructuring process.

The crypto lending company reported a $1.2 billion balance difference in its bankruptcy petition, but the true gap ended up being more than $2.85 billion. At $4.72 billion, user deposits made up the majority of the company’s liabilities.

Celsius’ assets, however, include CEL tokens worth $600 million, mining equipment worth $720 million, and $1.75 billion in other cryptocurrencies.

Tags: BANKRUPTCYChapter 11 restructuring planCryptocurrenciesREGULATIONS
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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