{"id":72098,"date":"2022-12-29T13:16:44","date_gmt":"2022-12-29T11:16:44","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72098"},"modified":"2025-09-08T12:53:09","modified_gmt":"2025-09-08T09:53:09","slug":"celsius-network-seeks-extension-of-creditor-claims-filing-deadline","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/celsius-network-seeks-extension-of-creditor-claims-filing-deadline\/","title":{"rendered":"Celsius Network seeks extension of creditor claims filing deadline"},"content":{"rendered":"<p>The Celsius Network crypto-lending platform, currently undergoing bankruptcy proceedings, has asked the court for an extension of the creditors&#8217; claims filing deadline.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Celsius is preparing to file a motion later this week requesting an extension of the bar date, which is the deadline to file a claim, from January 3, 2023, until early February.<\/p>\n<p>\u2014 Celsius (@CelsiusNetwork) <a href=\\\"https:\/\/twitter.com\/CelsiusNetwork\/status\/1608285816933031936?ref_src=twsrc%5Etfw\\\">December 29, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>The established deadline for filing claims was January 3, 2023; the firm wants to move it to early February. The court will consider the motion on January 10, so the de facto deadline has already been extended to that date.<\/p>\n<p>Users in the comments expressed dissatisfaction with the drawn-out proceedings and the mounting costs.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cExtend again, drag out the process to pull more money from creditors. Return our coins and shut down the business,\u201d wrote one of the commentators.<\/p>\n<\/blockquote>\n<blockquote class=\\\"twitter-tweet\\\" data-conversation=\\\"none\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Extend again, extend all the process to dig more money from creditors. Give us back a coins and turn off the business.<\/p>\n<p>\u2014 Phisith Siriungcanawong (@Kwinsiri1) <a href=\\\"https:\/\/twitter.com\/Kwinsiri1\/status\/1608311194796044288?ref_src=twsrc%5Etfw\\\">December 29, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cPeople had enough time to file a claim. You are the side running out of time. You want to extend to spend more of our money,\u201d another investor told Celsius.<\/p>\n<\/blockquote>\n<blockquote class=\\\"twitter-tweet\\\" data-conversation=\\\"none\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Ppl have enough time filing claim. You are the side running out of time. You want an extension so you can drain more of OUR COINS<\/p>\n<p>\u2014 wyncg\ud83c\udf85 (@wyncg0701) <a href=\\\"https:\/\/twitter.com\/wyncg0701\/status\/1608286673753804800?ref_src=twsrc%5Etfw\\\">December 29, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>In July 2022, the platform <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-files-for-bankruptcy-protection\">filed for bankruptcy<\/a> under Chapter 11 of the US Bankruptcy Code. According to the Financial Times, by the end of December Celsius&#8217;s costs for managing the case, paying lawyers and consultants had already reached $53 million.<\/p>\n<p>For example, one of the law firms representing the company \u2014 Kirkland &#038; Ellis \u2014 <a href=\\\"https:\/\/cases.stretto.com\/public\/x191\/11749\/PLEADINGS\/1174912152280000000106.pdf\\\">requested<\/a> about $9 million for services provided in September and October.<\/p>\n<p>By contrast, in early December the court <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-celsius-to-return-about-43-87-million-in-crypto-to-custody-account-holders\">allowed Celsius to return<\/a> assets worth $44 million to holders of custodial accounts. In August, the \u201chole\u201d in the balance sheet <a href=\"https:\/\/u1f987.com\/en\/news\/gap-in-celsius-network-balance-sheet-amounts-to-2-85-billion\">was estimated at $2.85 billion<\/a>.<\/p>\n<p>The founder of the platform BnkToTheFuture Simon Dixon in response to a tweet from one of the creditors gave a bleak forecast:<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cPrepare yourself for 50% of funds back from Celsius in six months under Chapter 11. Manage your expectations. Focus on family and getting settled in 2023.\u201d<\/p>\n<\/blockquote>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Prepare yourself for 50% in 6 months with <a href=\\\"https:\/\/twitter.com\/hashtag\/Celsius?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Celsius<\/a> Chapter 11 to manage your expectations | Focus on your family over XMas &#038; rebuilding in 2023. <a href=\\\"https:\/\/t.co\/E0WeDuPem0\\\">https:\/\/t.co\/E0WeDuPem0<\/a><\/p>\n<p>\u2014 Simon Dixon (@SimonDixonTwitt) <a href=\\\"https:\/\/twitter.com\/SimonDixonTwitt\/status\/1606260465625174017?ref_src=twsrc%5Etfw\\\">December 23, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>According to Jefferies Financial analysts, creditors of the failed crypto exchange FTX will be able to recover <a href=\"https:\/\/u1f987.com\/en\/news\/opinion-ftx-creditors-could-recover-at-most-40-of-funds\">no more than 40% of their investments<\/a>. Restructuring costs for the platform could reach up to $1 billion.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our Telegram \u2014 crypto news, rates and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Celsius Network crypto-lending platform, currently under bankruptcy proceedings, has requested the court to extend the creditors&#8217; claims filing deadline.<\/p>\n","protected":false},"author":1,"featured_media":72099,"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":[1300,1348,1162],"class_list":["post-72098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-celsius-network","tag-court-cases"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72098","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=72098"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72098\/revisions"}],"predecessor-version":[{"id":72100,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72098\/revisions\/72100"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/72099"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=72098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=72098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=72098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}