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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.

Updated Nov 10, 2022, 3:57 p.m. Published Nov 10, 2022, 6:55 a.m.

Time on clock stop by nail delay concept. (Dimj/Shutterstock)

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 today filed a motion requesting approval to extend the Exclusivity Periods in our cases. This is the period when Celsius has the exclusive right to submit a plan of reorganization.
— Celsius (@CelsiusNetwork) November 10, 2022

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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.

Celsius Bankruptcy Celsius Network

Parikshit Mishra

Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.