Celsius requested the transfer of the deadline for creating a reorganization plan

The leadership of the Celsius Network Cryptoland Platform has filed a petition for bankruptcy for granting additional time Ethereum’s switch to develop a reorganization plan.

Celsius Today Field 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

The reason for the request indicates the presence of unresolved important legal issues and the need to continue negotiations with interested parties.

“Any breaks can undermine the speedy bringing of these cases to a decision that ensures maximum return. We recognize delays and expensive malfunctions if competing plans are offered “, – explained the leadership.

Earlier, the trustee, with bankruptcy, Celsius rejected the payment of $ 2.96 million to employees.

Recall, on June 13, the cryptolending platform suspended the withdrawal of funds, exchange and transfers between accounts.

A month later, Celsius and some affiliated structures have submitted an insolvency application in accordance with Chapter 11 of the US Code of Bankruptcy. Platform obligations exceeded its assets by $ 2.85 billion.

On October 25, the federal judge for bankruptcy cases approved the plan of the procedure for trading assets of Celsius Network. Auctions can be completed before the end of the year.

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