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Celsius, An Insolvent Crypto Lender Files Time Extension To Submit Its Reorganization Plan

Author: Sohrab Khawas

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    Celsius Network, a bankrupt crypto lender has filed an appeal to increase the exclusivity timeframe to submit the reorganization plan. This is the time when Celsius Network claims the right to submit the proper plan to reorganize the firm. Celsius is currently hit with numerous lawsuits along with its bankruptcy case.

    On the other hand, the judge has asked Celsius not to pay retention bonus to a few of its employees which accounts to around $3 million. As per Celsius lawyers, this reorganization plan is an important one to stop its employees from moving which will divide the $3 million among 62 of the 274 employees.

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