{"id":522024,"date":"2022-12-06T13:58:02","date_gmt":"2022-12-06T10:58:02","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/court-sets-new-deadline-for-celsius-restructuring-plan\/"},"modified":"2022-12-06T13:58:02","modified_gmt":"2022-12-06T10:58:02","slug":"court-sets-new-deadline-for-celsius-restructuring-plan","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/court-sets-new-deadline-for-celsius-restructuring-plan\/","title":{"rendered":"# Court sets new deadline for Celsius restructuring plan"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a22c4f5b4a22\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a22c4f5b4a22\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/court-sets-new-deadline-for-celsius-restructuring-plan\/#%E2%80%9D_Court_sets_new_deadline_for_Celsius_restructuring_plan_%E2%80%9C\" >&#8221; Court sets new deadline for Celsius restructuring plan &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Court_sets_new_deadline_for_Celsius_restructuring_plan_%E2%80%9C\"><\/span>&#8221; Court sets new deadline for Celsius restructuring plan &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvZWIzMGY4NWUtNjNmZC00NmY5LTkxMzgtNzllYTA3OGYzNjMxLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-471f9776>Bankrupt crypto lender Celsius was granted an extension on its exclusivity period until Feb. 15, 2023. The court <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval would give the troubled crypto lender another couple of months to file for a Chapter 11 restructuring plan.<\/p>\n<p>The approval to extend the exclusivity period came after two court hearings on Dec. 6. Celsius, in an official tweet, said that they requested approval to permit the sale of stablecoin, aimed at providing liquidity for continued operations The Judge has indicated that he will share his decision soon, likely next week.<\/p>\n<p>Celsius hopes to use the extension period to develop a plan for a stand-alone business and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CelsiusNetwork\/status\/1599957796325232641?s=20&amp;t=koBiHMv6wesHjaRXA8brUg\">said<\/a>:<\/p>\n<blockquote><p>\u201cWe explore all value-maximizing opportunities available to us for the benefit of our customers and other stakeholders.\u201d<\/p><\/blockquote>\n<p>Celsius filed for an extension of the exclusivity period on Nov. 10 with hopes of making substantial progress. Reorganization is a process of implementing a business plan to alter a corporation&#8217;s structure or finances because of financial duress under government supervision.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Celsius today filed a motion requesting approval to extend the Exclusivity Periods in our cases. This is the period when Celsius has the exclusive right to submit a plan of reorganization.<\/p>\n<p>\u2014 Celsius (@CelsiusNetwork) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CelsiusNetwork\/status\/1590577509095329793?ref_src=twsrc%5Etfw\">November 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The bankrupt crypto lender halted withdrawals on June 13, citing extreme market conditions and filed for bankruptcy a month later on July 13.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Novogratz\u2019s Galaxy Digital to acquire Celsius\u2019 GK8 in bankruptcy garage sale<\/em><\/strong><\/p>\n<p>Celsius has appointed a new director to guide it through the restructuring process, including David Barse, a \u201cpioneer\u201d in distressed investing who is the founder and CEO of index company XOUT Capital.<\/p>\n<p>The crypto lending firm showed a balance gap of $1.2 billion in its bankruptcy filing, but the actual gap turned out to be more than $2.85 billion. User deposits made up the majority of liabilities at $4.72 billion, while Celsius\u2019 assets include CEL tokens valued at $600 million, mining assets worth $720 million and $1.75 billion in other crypto assets. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/court-sets-new-deadline-for-celsius-restructuring-plan\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Court sets new deadline for Celsius restructuring plan &#8220; Bankrupt crypto lender Celsius was granted an extension on its exclusivity period until Feb. 15, 2023. The court approval would give the troubled crypto lender another couple of months to file for a Chapter 11 restructuring plan. The approval to extend the exclusivity period came&#8230;<\/p>\n","protected":false},"author":1,"featured_media":522025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvZWIzMGY4NWUtNjNmZC00NmY5LTkxMzgtNzllYTA3OGYzNjMxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[135489,136596,114442,4978,71433,70934],"class_list":["post-522024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bank-accounts","tag-celsius","tag-counterparty","tag-bankruptcy","tag-court","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/522024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=522024"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/522024\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/522025"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=522024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=522024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=522024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}