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

Author: Delma Wilson

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Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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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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