Bankrupt Crypto Lender Celsius Files Motion to Extend Submission Time for Reorganization Plan

The bankrupt lender filed the motion so that it has more time to submit its reorganization plan.

Nov 10, 2022 at 6:55 a.m. UTC

Updated Nov 10, 2022 at 3:57 p.m. UTC

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Bankrupt crypto lender Celsius Network said on Thursday that it has filed a motion to extend the exclusivity period for its reorganization plan, allowing the lender to take more time to work on that plan.

Celsius is facing a slew of lawsuits in addition to its bankruptcy proceedings. A recent motion pitted the shareholders of the firm against its customers over who gets preference over the beleaguered lender's assets and repayment.

A judge also temporarily denied Celsius from paying certain employees a retention bonus, payments which would have totaled nearly $3 million. The plan, which Celsius’ lawyers claimed was necessary to keep the company’s employees from jumping ship, would divide the approximately $3 million in requested funds into cash bonuses for 62 of the company’s current 274 employees.

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