Announced it after reportedly receiving multiple funding offers for the Celsius network meet On August 23, we will discuss possible options with the Unsecured Creditors Committee (UCC) to accelerate the collection of our clients’ funds.
Between secondary public hearing Joshua Sussberg of Kirkland & Ellis — Celsius Solicitor — August 16th said The company is considering “financial packages of various shapes and sizes,” with more offers expected.
Celsius said it will meet with the UCC next week to present a business plan and discuss possible financing options.
We are working forward and forward. We will have a meeting with UCC next week to discuss the voluntary nature of customer reinstatement. The next public hearing is scheduled for September 1, 2022. pic.twitter.com/9AJKhdO2Gh
— Celsius (@CelsiusNetwork) August 17, 2022
Prices of crypto assets such as BTC and ETH have risen by 25% and 82% respectively since Celsius filed a petition, allowing crypto lenders to capture the value associated with the rise while giving back to their customers. I said I was trying.
urgent financial aid needed for celsius
on August 14th Court submission Celsius, in the Southern District of New York, said it is expected to run out of cash by October 2022.
Crypto lenders currently owe $2.85 billion in debt, with operating costs estimated at $137 million from August to September. By October 22nd, the cryptocurrency lender expects to operate at a loss of around $34 million.
There may be ripples
Celsius has yet to name an investor making an offer. Reuters Indicates that Ripple Labs is one of the stakeholders.
Ripple attended its first bankruptcy hearing on August 10th. The company wanted to know if there was anything related to Celsius and its assets and its business. However, a Ripple spokesperson said the company is considering an M&A deal for her to help expand its business.
