Celsius investors file for ‘fiduciary' to advocate for them in bankruptcy case

Two equity holders in bankrupt crypto lending platform Celsius filed a motion for a committee to represent their interests in court case. The post Celsius investors file for ‘fiduciary' to advocate for them in bankruptcy case appeared first on The Block.

Timeline of Celsius

After complaints from the U.S. Trustee, Celsius Network has finally filed an operating report showing a detailed breakdown of the revenues and expenses of business entities with a substantial or controlling interest.

During a company all-hands meeting two weeks ago, CEO Alex Mashinsky was captured on tape discussing a plan to restart the business, code-named Kelvin. The creditor committee, which safeguards clients' and creditors' rights during the bankruptcy procedure, acknowledged that Mashinsky had met with them and made a proposal.

Another recording of Celsius leadership indicates the firm's proposal includes issuing tradable wrapped assets to customers. The post Celsius revival plan appears to include issuing wrapped assets appeared first on The Block.

Sasha Hodder – founder of Hodder Law Firm – has mentioned the U.S. trustee overseeing the Celsius Network bankruptcy proceedings is seeking the aid of an independent examiner due to the company not being transparent enough.

The Celsius bankruptcy is still active, and a recently exposed all-hands meeting recording suggests that the company wants to try to implement a revival strategy. The Committee of Unsecured Creditors (UCC) overseeing the Celsius bankruptcy doesn't appear to support the proposal, though.

Bankrupt cryptocurrency lending firm Celsius Network has filed an application to the court for authorization to sell its stablecoin holdings in a bid to generate liquidity to continue its daily operations. Celsius Network, which is currently in Chapter 11 bankruptcy proceeding before the U.S. Bankruptcy Court for the Southern District of New York has asked the court for permission to sell its stablecoin holdings.

According to a recently leaked recording stemming from the bankrupt crypto lender Celsius, the business is attempting to revive the company after falling into a financial burden. Following the leak, a Southern District of New York bankruptcy judge appointed a third-party examiner to review the company's finances.

Celsius (CEL) has been on the headlines recently in line with hearing updates following its filing of bankruptcy and sale of stablecoins. CEL price spikes 30% as seen in the past 24 hours Price slumps 13.21% despite improvement in social media metrics ETH Merge to impact CEL performance Celsius Network has recently filed for bankruptcy in July and is now in Chapter 11 proceedings.

Embattled crypto lender Celsius is seeking permission from the U.S. Bankruptcy Court to sell off its stablecoins. As the future of the company remains unclear, it is asking the bankruptcy court for permission to sell the stablecoins in its possession as a means of generating liquidity, according to recent court filings.

Bankrupt crypto lending company Celsius has requested the court for authorization to sell its stablecoin holdings. The sale of the stablecoins will generate liquidity to finance the crypto lender's daily operations but won't be used to repay creditors.