Crypto Lender Celsius Gains Approval for Exclusivity Extension

Celsius Secures Exclusivity Extension

Crypto lending platform Celsius has been granted a court-approved extension of its Exclusivity Periods until February 2023. This strategic move is crucial for the company as it navigates through its bankruptcy process. The extension allows Celsius to maintain control over its restructuring plan without external interference, providing a clearer path to recovery.

Motion to Sell Stablecoins

In addition to extending exclusivity, Celsius is actively seeking court permission to sell stablecoins. This motion aims to generate liquidity, which is essential for sustaining operations during the bankruptcy phase. The sale of stablecoins is a pivotal step that could facilitate the company's financial stabilization and ongoing restructuring efforts.

Employee Retention Strategy

To safeguard its workforce amid these challenging times, Celsius has received court approval to pay bonuses to its non-executive employees. This measure is designed to retain key staff, ensuring that the company maintains the necessary human resources to effectively manage its bankruptcy and restructuring process.

Engaging with Stakeholders

Celsius is committed to engaging with stakeholders throughout its bankruptcy proceedings. After participating in recent court hearings, the company is focusing on advancing dialogue with key parties involved. This proactive engagement is intended to address critical issues and foster collaboration, which is vital for a successful restructuring outcome.

By securing these approvals and actively engaging stakeholders, Celsius is taking significant strides towards overcoming its financial challenges and emerging from bankruptcy with a solidified operational foundation. These efforts underscore the company's dedication to stabilizing its position in the cryptocurrency lending market.