{"id":41819,"date":"2022-12-06T14:47:47","date_gmt":"2022-12-06T18:47:47","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=41819"},"modified":"2022-12-06T14:47:50","modified_gmt":"2022-12-06T18:47:50","slug":"court-sets-new-deadline-for-celsius-restructuring-plan","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/court-sets-new-deadline-for-celsius-restructuring-plan\/","title":{"rendered":"Court Sets New Deadline For Celsius Restructuring Plan"},"content":{"rendered":"\n
Bankrupt cryptocurrency lender Celsius<\/a> was granted an extension on its exclusivity period until Feb. 15, 2023.<\/h5>\n\n\n\n
\"Court
Court Sets New Deadline For Celsius Restructuring Plan<\/figcaption><\/figure>\n\n\n\n

The troubled crypto lender now has a few more months to file for a Chapter 11 restructuring plan thanks to the court's approval. After two court appearances on December 6, the decision to prolong the exclusivity period was made. In a tweet, Celsius stated that it had applied for permission to sell stablecoins<\/a> in order to raise money for ongoing operations. <\/p>\n\n\n\n

The judge has said he will announce his choice soon, probably next week. Celsius hopes to use the additional time to create a strategy for a standalone company, saying:<\/p>\n\n\n\n

\n

\u201cWe explore all value-maximizing opportunities available to us for the benefit of our customers and other stakeholders.\u201d<\/p>\n<\/blockquote>\n\n\n\n

On Nov. 10, Celsius filed a request for an extension of the exclusivity period in the hopes of achieving significant advancement. Reorganization is the process of putting into action a business plan to change a corporation's organizational structure or financial situation\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> under government oversight due to financial pressure.<\/p>\n\n\n\n

\n

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.<\/p>— Celsius (@CelsiusNetwork) November 10, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

Withdrawals were stopped on June 13 due to extreme market conditions, and a month later, on July 13, the bankrupt cryptocurrency lender filed for bankruptcy.<\/p>\n\n\n\n

David Barse, the founder and CEO of the index company XOUT Capital and a “pioneer” in distressed investing, was appointed as a new director to lead Celsius through the restructuring process.<\/p>\n\n\n\n

The crypto lending company reported a $1.2 billion balance gap in its bankruptcy filing<\/a>, but the true gap ended up being more than $2.85 billion. The majority of liabilities, $4.72 billion, were user deposits, while Celsius' assets included CEL (CEL $0.69).tokens worth $600 million, mining equipment worth $720 million, and additional cryptocurrency assets worth $1.75 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bankrupt cryptocurrency lender Celsius was granted an extension on its exclusivity period until Feb. 15, 2023. The troubled crypto lender now has a few more months to file for a Chapter 11 restructuring plan thanks to the court’s approval. After two court appearances on December 6, the decision to prolong the exclusivity period was made. […]<\/p>\n","protected":false},"author":43,"featured_media":41821,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[10893,896,414],"class_list":["post-41819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bankruptcy","tag-celsius","tag-court"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/12\/20221206_192526_0000.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/41819","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=41819"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/41819\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/41821"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=41819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=41819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=41819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}