Bankrupt Crypto Lender Celsius Files Motion to Extend Submission Time for Reorganization Plan

Bankrupt crypto lender Celsius Network said on Thursday that it has filed a motion to extend the exclusivity period for its reorganization plan.

This would allow the lender to take more time to work on a reorganization 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

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, a total of 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.

Read more: Bankruptcy Judge Denies Celsius’ Motion to Pay Employees $3M in Retention Bonuses – At Least Temporarily