Crypto lending platform Celsius announced in its July 14 blog post that it has filed a lawsuit to take advantage of the Chapter 11 restructuring law.
A total of Aave, Maker and Compound recently 666 million Celsius, which has reduced its debts by paying dollars, told Compound this morning paying another $50 million from his official blog after he finished his debts chapter 11 restructuring to take advantage of the law applied to the court announced.
Chapter 11 restructuring law in the United States as companies continue to operate restructured its financial obligations. It is the group of laws that regulate the process.
The company filed a complaint with the court in its letter. reason for applyingwork again stabilize and for the benefit of all stakeholders company value stated to increase. In addition, Celsius management is responsible for this process. will further strengthen its financial structure. and that it will give the management the best opportunity to reorganize the structure. stated that they believed
In addition, the management briefly explained two issues;
When will customers be able to withdraw their assets?
In management statements,on 12 June 2022 on the platform to stabilize business again and protect its customers. withdrawals, swaps and transfers that you had to pause and that your accounts same until further notice He had stated that he would stay that way.
What about customer loans?
In the blog post to this question, Celsius and its subsidiaries provided by existing loans will continue to be serviced and vdue dates, margin calls and interest payments to be paid as in the past to be continued response was given.
CoinMarketCap Celsius’s native cryptocurrency according to data CELend 18% in a 24-hour period depreciating 0.59 dropped to dollar levels.