Celsius turned to lawyers for restructuring

Celsius turned to lawyers for restructuring

Crypto lending platform Celsius Network (CEL) has hired restructuring lawyers from Akin Gump Strauss Hauer & Feld to seek solutions that will save the company from financial woes.

Apart from the company’s efforts to solve its current problems, financial restructuring also offers strategic alternatives. calling. Celsius is trying to find investors who can offer financing options for the crypto lender, The Wall Street Journal reports.

Celsius, citing extreme market conditions on Monday, canceled the withdrawals on the platform. stopped. The company also pulled $247 million worth of Wrapped Bitcoin (wBTC), which it staked on liquidity protocol Aave, to cryptocurrency exchange FTX. In addition to wBTC, the company also transferred $ 74.5 million Ether to the stock market.

Cryptocurrency exchange Nexo has expanded its support for the lending platform as rumors of Celsius’ inability to pay its debts escalate. The crypto company told Cointelegraph that it, along with its partners and subsidiaries, will purchase all or part of Celsius’ outstanding collateralized loans. announced.

Stablecoin issuer Tether also made a statement on the subject. Tether promised that Celsius’s current situation will not have any impact on USDT reserves.

Soruce : https://tr.cointelegraph.com/news/celsius-reportedly-seeks-advice-from-lawyers-on-restructuring

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