Celsius Initiates Financial Restructuring To Stabilize Its Business
2022.07.14 17:38
Celsius Initiates Financial Restructuring To Stabilize Its Business
- Embattled crypto lender Celsius has ultimately filed for Chapter 11 bankruptcy protection.
- The move is to restructure the business operations for the benefit of stakeholders.
- Celsius equally filed a series of motions to allow them to operate in the normal course and pay employees their benefits without disruption.
Celsius Network, the crypto lender battling a liquidity crisis, has ultimately filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code on Wednesday evening, July 13, 2022.
This move allows the company to stabilize its business and complete a restructuring transaction that maximizes value for all stakeholders. Celsius and its subsidiaries filed bankruptcy protection to implement the restructuring with case numbers 22-10964, 22-10965, and up to 22-10971.
The company’s subsidiaries include Celsius KeyFi LLC, Celsius Mining LLC, Celsius Networks Lending LLC, and Celsius US Holding LLC.
Members of the Committee of the Board of Directors said the bankruptcy filing “follows the difficult but necessary decision by Celsius last month to pause withdrawals, swaps, and transfers on its …
Continue reading on CoinQuora
