Bankrupt Crypto Lender Celsius Gets Court Approval for Extension to File Restructuring Plan

Cryptocurrency lender Celsius Community has obtained approval from the chapter court docket for the Southern District of New York to increase the deadline to file a restructuring plan, based on a cheep by Celsius on Tuesday.

See associated article: Celsius Seeks Court Approval to Monetize Stablecoin Assets

Quick info

  • Celsius’ new submitting deadline is February 15, 2023. The tweet additionally stated the corporate would use the prolonged time to discover a “plan for an unbiased enterprise.”
  • The court docket will “seemingly” resolve subsequent week whether or not to permit Celsius Community to promote stablecoins to “present liquidity for our persevering with operations.”
  • Celsius Community requested to promote $18 million price of stablecoins in its “Earn” account for the reorganization, however the account’s shoppers argued that the stablecoins within the account belonged to them and the cryptocurrency lender can’t liquidate them.
  • Celsius filed for Chapter 11 chapter safety within the US Chapter Court docket for the Southern District of New York in July. A court file by consulting agency Kirkland & Ellis disclosed a $2.8 billion legal responsibility on Celsius’s steadiness sheet.

See associated article: JP Morgan Appoints Former Celsius Executive to Head Cryptocurrency Regulatory Policy

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