recently filed for bankruptcy cryptocurrency platform Celsius Network explained the next steps and how they will follow.
Celsius filed for bankruptcy under Chapter 11 on July 14. This type of bankruptcy, known as “restructuring,” allows the company to continue operating while restructuring its debt obligations.
According to Celsius’s filing for bankruptcy, $600 million CEL It has $4.3 billion in assets, including its token and $5.5 billion in liabilities/debt.
While the creditors were in a hurry to get their receivables as soon as possible, he wondered how Celsius would proceed.
In this context, Celsius shared the current situation of the company and how they will be restructured before today’s bankruptcy hearing.
According to the shared roadmap, the company printed the mining subsidiary to both grow its balance sheet and finance its mining operations. Bitcoins (BTC) considering using it.
Celsius also stated that the company is also considering asset sales and third-party investment opportunities to raise capital.
The company also stated that it will offer its customers the option to receive a discounted cash payment.
However, some experts think it will take some time for creditors to receive their claims from Celsius.
Stephen Gannon, partner at law firm Davis Wright Tremaine, described the bankruptcy procedure as three-dimensional chess, saying he estimated it would take at least six months to draft the restructuring.
Celsius 600 million dollars CEL CEL is currently trading at $0.80 and has a market cap of $191 million.