Celsius Files Petition to Put Off the Development of a Reorganization Plan

Crypto lending platform Celsius Network has filed a petition with the Bankruptcy Court for additional time to develop a reorganization plan.

As reported, the reason for the request is the presence of unresolved important legal issues and the need to continue negotiations with interested parties.

The company management has explained:

“Any interruption could undermine the speedy delivery of these cases to a solution that provides maximum impact. We recognize delays and costly disruptions if competing plans are proposed.”

OnJune 13, the crypto lending platform suspended the withdrawal of funds, exchange and transfers between accounts.