.CelsiusNetwork can have more time to exclusively prepare its sale plan, a judge ruled Wednesday, meaning it could exit bankruptcy by the end of June. jackschickler reports
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.Celsius Network should continue to have the exclusive right to prepare a plan for exiting bankruptcy until the end of March, a bankruptcy court judge ruled Wednesday. Judge Martin Glenn said sufficient progress had been made in preparing a deal to set up a new recovery corporation with a new company, NovaWulf.
“I'm going to grant the requested extension of exclusivity,” Judge Glenn said, despite complaints from the U.S. government and creditors that liquidating the company’s assets could still prove an option. Celsius appears confident a speedy resolution is still possible. On current timelines “that would mean that Celsius would be in and out of bankruptcy in under one year,” Christopher Koenig of Kirkland & Ellis, representing the bankrupt company, told the court.
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