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Celsius files for bankruptcy immediately”: report
The lender recently replaced its former lawyers with those from Kirkland & Ellis LLP, the same lawyers handling Voyager's bankruptcy filings Celsius Reportedly Residing Against Calls from Its Former Lawyers to File for Bankruptcy Embattled crypto lender Celsius will reportedly soon file for Chapter 11 bankruptcy, following previous advice from its former lawyers. According to a report from CNBC late Wednesday - citing a person familiar with the matter - the lender plans to file Chapter 11 bankruptcy papers "immediately" after the company's lawyers notify individual U.S. regulators. It's the latest development...
Celsius files for bankruptcy immediately”: report
- Der Kreditgeber hat kürzlich seine ehemaligen Anwälte durch die von Kirkland & Ellis LLP ersetzt, dieselben Anwälte, die die Insolvenzanträge von Voyager bearbeiten
- Celsius soll sich gegen Aufrufe seiner früheren Anwälte gewehrt haben, Insolvenz anzumelden
Embattled crypto lender Celsius will reportedly soon file for Chapter 11 bankruptcy, following previous advice from its former lawyers.
According to a report by CNBC Late Wednesday - citing a person familiar with the matter - the lender plans to file Chapter 11 bankruptcy papers "immediately" after the company's lawyers notify individual U.S. regulators.
It's the latest development for the lender, which at its peak had around $8 billion in crypto loans under management with assets of around $11.8 billion 1.7 million users from May.
Celsius is said to have defied the advice of its own lawyers to file for bankruptcy, claiming user support would help avoid the process altogether.
A source familiar with the matter told Blockworks in an interview on Tuesday that it was “quite possible” that Celsius could go bankrupt. Recent reports appear to confirm the suspicions many in the industry had expected.
The New Jersey-based lender earlier this week replaced its former attorneys at Akin Gump Strauss Hauer & Feld LLP with new ones from Kirkland & Ellis LLP. Voyager, another troubled lender, also uses the same law firm.
A former crypto money manager and former Celsius employee has also sued the lender over allegations that the firm misappropriated user funds to cover its lending shortfalls. This manager is said to have cost Celsius $61.2 million in liquidations, according to Arkham Intelligence.
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The article “Celsius files for bankruptcy imminently”: The report is not financial advice.