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Gungun Bhatia
Nov 10, 2022
by Gungun Bhatia

Celsius Files Motion to Extend Submission Time for Reorganization Plan

Celsius Reorganization Plan

Table of contents

  1. Why Does Celsius Need the Reorganization Plan?
  2. Several Other Litigations of Celsius
Celsius Network, an insolvent cryptocurrency lender, announced today that it submitted a move to prolong the exclusivity clause for its reorganization plan. This would enable the lender to develop a restructuring strategy over a longer time frame.

Why Does Celsius Need the Reorganization Plan?

Celsius has requested a continuation as the time of exclusivity draws to a close. The court has the authority to shorten or lengthen the exclusivity period. Celsiusr must independently propose the organization plan, which should contain procedures for selling its assets. Due to the job's complexity, Celsius said that extra time is needed to finish the reorganization plan.

Although this vital task is challenging, Celsius stated that the exchange is making significant progress toward the assessment of a value-maximizing way forward. However, it is essential to be as rigorous and comprehensive as feasible in the interests of all stakeholders.

Several Other Litigations of Celsius

In addition to its bankruptcy procedures, Celsius is involved in several other litigations. The stockholders of the company and its clients were recently pitted against one another in a motion to determine who should have priority over the assets and payments of the troubled lender.

A judge temporarily barred Celsius from paying some workers a $3 million retention incentive. According to the proposal, the $3 million in proposed monies would split among 62 of the company's 274 existing workforces as cash bonuses which Celsius' attorneys argued was required to prevent the company's employees from leaving.

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Cryptocurrency Celsius Reorganization Plan exclusivity clause
Celsius Files Motion to Extend Submission Time for Reorganization Plan
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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