Celsius' net liabilities exceed $ 2.8 billion-new bankruptcy application
Celsius' net liabilities exceed $ 2.8 billion-new bankruptcy application
- Celsius has released his budget for the next three months and made $ 13.9 million for the salary statement and $ 57.3 million for mining
- On July 29, Celsius reported debt of a total of $ 6.7 billion in token liabilities compared to only $ 3.8 billion in assets
While the bankruptcy proceedings continue, crypto loan Celsius has published his budget plans for the next three months.
On July 29, 2022, Celsius reported to debt a total of $ 6.7 billion in token liabilities. The lender currently has $ 3.8 billion in token assets, including $ 761 million of its own token CEL, which estimates its deficit at $ 2.84 billion.
The lender plans to collect $ 85.4 million in operating costs by the end of October, including $ 13.9 million for the payment of employees and $ 57.3 million for cryptocurrency mining operations, of which CEO Alex Mashinsky hopes that they will generate sufficient income for the company in the future.
The restructuring costs alone will cost Celsius $ 33.5 million.
Celsius assumes that his liquidity will decrease to minus $ 33.9 million by the end of October.
Mashinsky's plans for Celsius' mining business to help the company get back on their feet, are not well received by supervisory authorities and creditors.
The Texas State Securities Board (TSSB) said at the beginning of this month that Celsius did not want to continue selling mined Bitcoin, since the lender did not show how he wanted to benefit the creditors by outsourcing his crypto.
In addition, the official committee, which represents the unsecured creditor of Celsius, applied for his attempts to sell dismantled cryptocurrencies, and wrote in a letter dated August 11th Court files that the plans of Celsius to monetize his mining business are unclear.
The court application on Sunday comes for a month after Mashinsky has published its Insolvency application according to Chapter 11.
"The company has made decisions that have subsequently proved to be poor decisions to provide assets," says the declaration of July 14, 2022.
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The net liabilities according to Celsius cross $ 2.8 billion-new bankruptcy application is not a financial advice.