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Celsius reorganizes board amid liquidity problems
The two executives join Celsius co-founders Alex Mashinsky and Shlomi Daniel Leon as directors Carr is CEO of a trust company that manages restructurings and litigation Crypto lender Celsius Network has reorganized its board to stabilize its liquidity and operations amid the ongoing crypto bear market. Chief Financial Officers David Barse and Alan Jeffrey Carr were appointed directors on June 28 and 29 respectively, according to a Wednesday filing. Barse is the founder and CEO of index company XOUT Capital and founder of the private family office DMB Holdings. Carr is the CEO of Powertrain, a fiduciary services firm that manages complex restructurings and litigation and manages portfolios in...
Celsius reorganizes board amid liquidity problems
- Die beiden Führungskräfte gesellen sich zu den Celsius-Mitbegründern Alex Mashinsky und Shlomi Daniel Leon als Direktoren
- Carr ist CEO eines Treuhandunternehmens, das Restrukturierungen und Rechtsstreitigkeiten leitet
Crypto lender Celsius Network has reorganized its board of directors to stabilize its liquidity and operations amid the ongoing crypto bear market.
CFOs David Barse and Alan Jeffrey Carr were appointed directors on June 28 and 29, respectively a Wednesday registration.
Barse is the founder and CEO of index company XOUT Capital and founder of the private family office DMB Holdings. Carr is the CEO of Drivetrain a fiduciary services firm that manages complex restructurings and litigation and manages portfolios in distressed investments.
The executives are now directors alongside Celsius CEO Alex Mashinsky and Shlomi Daniel Leon, co-founder and chief strategy officer of Celsius.
Barse and Carr did not immediately respond to requests for comment.
Wednesday's filing also revealed that Celsius Network has terminated Gilbert Nathan, John Stephen Dubel and Laurence Anthony Tosi as directors at the end of last month.
Dubel's termination follows his appointment just a week earlier, the filing said. Dubel is the founder of Dubel & Associates, a provider of restructuring services to underperforming companies. He was appointed Chief Restructuring Officer from SunEdison in 2016.
Tosi is the founder of growth capital firm WestCap. He was previously Chief Financial Officer of Airbnb and The Blackstone Group and Chief Operating Officer and Managing Partner at Merrill Lynch.
Apparently Nathan is a managing member of the consulting and consulting firm Jackson Square Advisors.
Celsius did not immediately respond to Blockworks' request for comment.
The director changes come after Celsius suspended withdrawals and transfers on its platform on June 12. The platform's native token, CEL, was down more than 60% in May - from $2 to $0.77 - as markets were rocked by the collapse of algorithmic stablecoin TerraUST.
CEL hit a two-year low of $0.28 after suspending withdrawals, but has since recovered nearly 200% to $0.836 as of 1:00 p.m. ET.
In one Blog entry On June 30, the company said it was working to stabilize liquidity and operations.
“We continue to take important steps to preserve and protect assets and evaluate options available to us,” the company wrote in the post. “These options include, but are not limited to, pursuing strategic transactions and restructuring our liabilities.”
Celsius also laid off 150 employees, news agency Calcalist reported on Sunday.
The company is not the only company seeking external support to improve its situation.
Crypto lender Babel Finance was reportedly set to hire Houlihan Lokey – a US investment bank specializing in financial restructuring – a few weeks after suspending withdrawals due to liquidity issues.
Meanwhile, Voyager Digital filed for Chapter 11 bankruptcy on Wednesday, following crypto hedge fund Three Arrows Capital's Chapter 15 bankruptcy on Saturday.
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The post Celsius Reorganizes Board Amid Liquidity Issues is not financial advice.