“[An extension] is essential to preserving [Celsius’] ability to develop an effective business plan for a go–forward business, conducting a comprehensive market check, and ultimately developing a value–maximizing chapter 11 plan.”
Celsius filed motions requesting the Court to extend its exclusivity period for submitting a restructuring plan.
After Celsius filed for Chapter 11 bankruptcy in July, it was granted a 120-day exclusivity period to submit a plan to escape insolvency.
Court filings stated that the lender used the 4-month duration to “set the stage for further discussions” to provide relief to its clients.
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.
— Celsius (@CelsiusNetwork) November 10, 2022
According to the official document, Celsius needs more time to address certain legal issues before it can proceed with proposing details of restructuring. This includes resolving doubts surrounding Celsius’ claims to its custody and yield products.
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Thus, the platform has requested the Court to provide a 141-day extension to file its Chapter 11 plan. It proposed soliciting votes on this plan by March 31, 2023.
Celsius will file another motion regarding the briefing schedule for its claims later this week.
