Celsius is considering a sale of some or all of its assets and exiting bankruptcy

2022/10/24 05:05

According to Bloomberg, Celsius Network LLC customers will likely have to fight with large investment funds over who gets to cash in on the bankrupt crypto lender’s most valuable assets. Investors including venture capital firm WestCap Management LLC and pension fund Caisse de Depot et Placement du Quebec (CDPQ) believe their equity stakes in Celsius entitle them to value that flows from the company’s crypto mining business and its loan book, among other assets, according to court papers. Attorneys for Celsius creditors disagree. The company’s terms of use give account holders claims against each of Celsius’s legal entities, they argue in court papers. The fight will likely impact how much money Celsius customers, which have been locked out of their accounts for months, will recover through the bankruptcy. Celsius is considering a sale of some or all of its assets, while also exploring other ways to repay creditors and exit Chapter 11 protection.

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