Bankrupt lender Celsius files motion to extend time for 'reorganization'
Troubled crypto lender Celsius said it filed a motion with a U.S. court asking to extend the time it needs to come up with a reorganization plan. The firm is now going through bankruptcy proceedings, months after it froze billons of dollars in customer funds in June.
Celsius filed Chapter 11 bankruptcy in the Bankruptcy Court of the Southern District of New York — roughly a month after it halted customer withdrawals. The initial filing initiated a four-month “period of exclusivity” giving the firm the right to come up with a reorganization plan that details how it will repay its debts. Meanwhile, all attempts at civil litigation from creditors are kept on hold. It owes more than $5.5 billion, the company reported.
Source
https://t.me/CryptoMarketUpdates
