Celsius Files Motion To Extend Plan Submission Deadline
The insolvent lender filed the request so it could submit its restructuring plan with extra time.
Thursday, insolvent cryptocurrency lender Celsius Network said it has filed a move to extend the exclusivity period for its restructuring plan. This would provide the lender with more time to formulate a restructuring strategy.
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.
In addition to the bankruptcy procedures, Celsius is facing a storm of litigation. A recent move pitted the company’s shareholders against its customers over who has priority over the lender’s assets and payments.
In addition, a court temporarily enjoined Celsius from paying some workers a retention incentive of about $3 million. The nearly $3 million in proposed monies would be divided into cash incentives for 62 of the business’s present 274 workers, as stated by Celsius’ attorneys as required to prevent employees from leaving the company.
