{"id":69851,"date":"2022-11-10T11:28:16","date_gmt":"2022-11-10T09:28:16","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69851"},"modified":"2025-09-07T22:27:55","modified_gmt":"2025-09-07T19:27:55","slug":"celsius-seeks-extension-of-deadline-to-file-reorganization-plan","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/celsius-seeks-extension-of-deadline-to-file-reorganization-plan\/","title":{"rendered":"Celsius Seeks Extension of Deadline to File Reorganization Plan"},"content":{"rendered":"<p>The management of Celsius Network, the crypto-lending platform, filed a motion in bankruptcy proceedings for an extension of time to develop a reorganization plan.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">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.<\/p>\n<p>\u2014 Celsius (@CelsiusNetwork) <a href=\\\"https:\/\/twitter.com\/CelsiusNetwork\/status\/1590577509095329793?ref_src=twsrc%5Etfw\\\">November 10, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>The motion cites unresolved important legal issues and the need to continue negotiations with interested parties.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>&#8220;Any delays could undermine the swift progress toward a decision that yields maximum value. We recognise delays and costly disruptions in operations if competing plans are proposed,&#8221;<\/em> \u2014 the leadership said.<\/p>\n<\/blockquote>\n<p>Earlier, the bankruptcy trustee <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-bankruptcy-trustee-rejects-2-96-million-employee-bonus-payout\">denied<\/a> the payment of $2.96 million to employees.<\/p>\n<p>Earlier in June, the Celsius crypto-lending platform <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-token-plunges-50-amid-withdrawal-suspension\">paused withdrawals, exchanges and transfers<\/a> between accounts.<\/p>\n<p>One month later, Celsius and certain affiliated entities <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-files-for-bankruptcy-protection\">filed for bankruptcy<\/a> under Chapter 11 of the U.S. Bankruptcy Code. The platform&#8217;s liabilities exceeded its assets <a href=\"https:\/\/u1f987.com\/en\/news\/gap-in-celsius-network-balance-sheet-amounts-to-2-85-billion\">by $2.85 billion<\/a>.<\/p>\n<p>On October 25, the bankruptcy judge <a href=\"https:\/\/u1f987.com\/en\/news\/court-approves-asset-auction-schedule-for-celsius-network\">approved<\/a> the plan for the auction of Celsius Network&#8217;s assets. The auctions could conclude by the end of the year.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news on our <a href=\\\"\/\/telegram.me\/forklog\u201d\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The leadership of Celsius Network, the crypto-lending platform, filed a motion in bankruptcy proceedings for an extension of time to develop a reorganization plan.<\/p>\n","protected":false},"author":1,"featured_media":69852,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1348,1162],"class_list":["post-69851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-celsius-network","tag-court-cases"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=69851"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69851\/revisions"}],"predecessor-version":[{"id":69853,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69851\/revisions\/69853"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/69852"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=69851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=69851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=69851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}