Celsius hires new restructuring consultants
The platform is also exploring ways of filing for bankruptcy
![Celsius hires new restructuring consultants](https://storage.getblock.net/source/1/ooDUL21egw87_8Uem8LVONb7TORjmuhg.webp)
11.07.2022 - 10:30
378
2 min
0
What’s new? Crypto lending platform Celsius has hired new lawyers to advise on possible restructuring or bankruptcy filing options. The law firm Kirkland & Ellis will replace Akin Gump Strauss Hauer & Feld, whose experts Celsius hired in June after freezing customers’ funds for a similar purpose. This is reported by The Wall Street Journal, citing sources.
The Wall Street Journal’s material
What is known about the company? Experts of the law firm Kirkland & Ellis also represent the cryptocurrency broker Voyager Digital in the bankruptcy case that was filed in a New York court in early July. According to preliminary data, Voyager has between $1 billion and $10 billion in assets, and the number of creditors exceeds 100 000.
Celsius situation. On June 16, the company hired experts from Citigroup’s investment bank to find new sources of financing. Crypto exchange FTX refused to buy the platform after discovering a $2 billion discrepancy in its balance sheet. However, investment bank Goldman Sachs announced plans to raise a similar amount to buy back Celsius’ assets.
For more details on how Celsius lost its customers’ hundreds of millions of dollars on high-risk schemes, see the GetBlock Magazine editorial’s feature.
Useful material?
Incidents
Scammers took advantage of the former US president’s recent announcement of a real DeFi protocol
Sep 4, 2024
Technologies
The upgrade is aimed at implementing a new decentralized project governance system
Sep 2, 2024
Incidents
The company placed $2б4 billion in bonds maturing in 2026, but their value has fallen dramatically since the entrepreneur’s arrest
Aug 30, 2024
Incidents
In both cases, depending on the outcome of the investigations, the messenger could be blocked
Aug 29, 2024
Market
The project will offer a decentralized alternative to traditional banking services
Aug 29, 2024
Trends
Within a week of its launch, the platform managed to overtake its main competitor, Pump.fun on the Solana network
Aug 28, 2024