{"id":549947,"date":"2023-02-09T22:30:00","date_gmt":"2023-02-09T19:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/celsius-motion-to-extend-timeline-for-restructuring-plan-faces-objection-from-creditors\/"},"modified":"2023-02-09T22:30:00","modified_gmt":"2023-02-09T19:30:00","slug":"celsius-motion-to-extend-timeline-for-restructuring-plan-faces-objection-from-creditors","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/celsius-motion-to-extend-timeline-for-restructuring-plan-faces-objection-from-creditors\/","title":{"rendered":"# Celsius\u2018 motion to extend timeline for restructuring plan faces objection from creditors"},"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-6a26bbf0e55f1\" 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-6a26bbf0e55f1\" 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\/celsius-motion-to-extend-timeline-for-restructuring-plan-faces-objection-from-creditors\/#%E2%80%9D_Celsius%E2%80%98_motion_to_extend_timeline_for_restructuring_plan_faces_objection_from_creditors_%E2%80%9C\" >&#8221; Celsius\u2018 motion to extend timeline for restructuring plan faces objection from creditors &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Celsius%E2%80%98_motion_to_extend_timeline_for_restructuring_plan_faces_objection_from_creditors_%E2%80%9C\"><\/span>&#8221; Celsius\u2018 motion to extend timeline for restructuring plan faces objection from creditors &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvZWVkOGZhNTQtMTRjOS00YzZmLWIxNDctMjZiMWQzNTgwYTdjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4bbf85c5>The unsecured committee of creditors and others involved in crypto lending firm Celsius\u2019 bankruptcy case have objected to a motion from the debtors delaying a reorganization plan.<\/p>\n<p>In separate Feb. 8 court filings, the committee and Withhold account holders as well as the United States Trustee and Celsius borrowers objected to a motion aimed at extending the exclusivity period for a Chapter 11 restructuring plan from Feb. 15 to March 31. Under the proposed extension, Celsius\u2019 debtors would also have the option of soliciting a plan until June 30.<\/p>\n<p>The unsecured committee of creditors said the bankruptcy case \u201cmust proceed towards a resolution\u201d based on the impact on Celsius users waiting months without access to their funds. Objections from the U.S. Trustee and Celsius borrowers claimed the bankruptcy was \u201cconsuming enormous amounts of professional fees\u201d without guarantees of a resolution.<\/p>\n<p>\u201cMany account holders\u2019 lives and finances have been upended because of the past conduct of the Debtors and certain of their former directors and officers,\u201d said the committee\u2019s filing.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We\u2019ve been saying for months that preferred equity is out of the money by billions $$$ due to (among other claims) intercompany claims. Judge Glenn is now considering InterCo claims in the context of the customer claim litigation.    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/9I1yFQaQzR\">https:\/\/t.co\/9I1yFQaQzR<\/a><\/p>\n<p>\u2014 Celsius Official Committee of Unsecured Creditors (@CelsiusUcc) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CelsiusUcc\/status\/1623679222320332801?ref_src=twsrc%5Etfw\">February 9, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Objections from Withhold account holders seemingly expressed similar frustration:<\/p>\n<blockquote><p>\u201cEnough is enough. It is time to allow the Debtors\u2019 customers to propose their own plan for the assets that they were defrauded into investing with Celsius. The Debtors\u2019 exclusive right to control these cases must give way to the rights of the Debtors\u2019 customers.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Judge denies motions from Celsius users seeking to reclaim assets<\/em><\/strong><\/p>\n<p>Celsius halted withdrawals for users in June 2022, with the firm filing for Chapter 11 bankruptcy in July. In December, Bankruptcy Judge Martin Glenn granted an extension for debtors to file a reorganization plan following a November motion, pushing the deadline to Feb. 15. <\/p>\n<p>At the time, many affected Celsius users <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/luv_that_jazz_\/status\/1590614022189375489\">claimed<\/a> the company was stalling proceedings with their funds in limbo, a sentiment echoed by the same group following the Feb. 8 objections:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Ladies and Gentlemen, brace yourselves, UCT and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CelsiusUcc?ref_src=twsrc%5Etfw\">@CelsiusUcc<\/a>  made waves by voicing their objections to the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Celsius?src=hash&amp;ref_src=twsrc%5Etfw\">#Celsius<\/a> reorg exclusivity extension on the Docket. This is a historic moment for us creditors as we now wield the ability to impose our own reorg plan!<\/p>\n<p>Thanks to UCC &amp; UST<\/p>\n<p>\u2014 CR (@C_Researchers) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/C_Researchers\/status\/1623435256354439168?ref_src=twsrc%5Etfw\">February 8, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>At the time of its bankruptcy filing, Celsius reported a balance gap of $1.2 billion, with net liabilities of $6.6 billion and $3.8 billion in assets under management. However, reports later suggested that the lending platform\u2019s actual debt was closer to $3 billion.<\/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\/celsius-motion-to-extend-timeline-for-restructuring-plan-faces-objection-from-creditors\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Celsius\u2018 motion to extend timeline for restructuring plan faces objection from creditors &#8220; The unsecured committee of creditors and others involved in crypto lending firm Celsius\u2019 bankruptcy case have objected to a motion from the debtors delaying a reorganization plan. In separate Feb. 8 court filings, the committee and Withhold account holders as well&#8230;<\/p>\n","protected":false},"author":1,"featured_media":549948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/eed8fa54-14c9-4c6f-b147-26b1d3580a7c.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[136596,4978,55229,70934],"class_list":["post-549947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-celsius","tag-bankruptcy","tag-law","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/549947","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=549947"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/549947\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/549948"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=549947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=549947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=549947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}