Crypto lender Celsius sees $70 million in loan repayments extending runway costs beyond November.
Cash flow forecast submitted During its Sept. 1 bankruptcy hearing, Celsius said the company will record an inflow of about $70 million from repayment of US dollar-denominated loans.
The loan is due to be repaid by October 7th and will help cover business and restructuring costs.
Forecasts detailing cash flows from September to November show that Celsius will have more than $42 million in disposable income by the end of November. Cash balances were approximately $133 million in early September, but are projected to incur operating costs totaling $69 million over the next three months.
As a result, Celsius will have more liquidity to continue operations through the end of 2022, unlike before. filing This indicates that we will run out of cash by October.
The bankruptcy court allowed Celsius to fund its operations as detailed in the budget, but required the involvement of the creditors committee in the spending plan.
Customers Eligible to Withdraw $210 Million
another filing In its Sept. 1 bankruptcy hearing, Celsius asked the court to allow eligible customers to withdraw up to $210 million from the platform.
According to the filing, approximately 43,260 customers held assets in Celisus custody accounts (pure, transfer and hold accounts).
Customers holding assets in the Celsius Custody Program are eligible to initiate withdrawals after approval. Assets held in custody accounts are not part of the bankruptcy estate, according to the company.