Bankrupt Crypto Lender Celsius Files Motion to Extend Submission Time for Reorganization Plan
The bankrupt lender filed the motion so that it has more time to submit its reorganization plan.
Nov 10, 2022 at 6:55 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/5SD4IEGPEJHG5I4HUEHFP3RH44.jpeg)
Time on clock stop by nail delay concept. (Dimj/Shutterstock)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
Bankrupt crypto lender Celsius Network said on Thursday that it has filed a motion to extend the exclusivity period for its reorganization plan, allowing the lender to take more time to work on that plan.
Celsius is facing a slew of lawsuits in addition to its bankruptcy proceedings. A recent motion pitted the shareholders of the firm against its customers over who gets preference over the beleaguered lender's assets and repayment.
A judge also temporarily denied Celsius from paying certain employees a retention bonus, payments which would have totaled nearly $3 million. The plan, which Celsius’ lawyers claimed was necessary to keep the company’s employees from jumping ship, would divide the approximately $3 million in requested funds into cash bonuses for 62 of the company’s current 274 employees.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/400b855f-163f-4b51-b7c2-b848afd72051.png)
Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.