Celsius Continues To Seek Legal Hope

Crypto lender Celsius is trying to overcome its impasse and reposition itself as a trusted service in the market. To achieve this goal, the company is pushing into the legal segment.

According to the Wall Street Journal, Celsius hired the law firm Kirkland & Ellis LLP to advise them on the company restructuring process and reduce the financial burden that spiraled out of control after the collapse of Terra and the liquidity crisis is taking place on a large scale.

Essentially, restructuring is a court-approved plan in which a company is reorganized to pay creditors to the extent of its ability. Alternative payments, board changes, mergers and acquisitions, transfer of powers, and other solutions may be considered.

Kirkland & Ellis LLP is the second law firm Celsius connected with to replace Akin Gump Strauss Hauer & Feld LLP, a law firm hired by Celsius to advise after the platform halted user withdrawals in the middle of June 2022 as a measure to avoid liquidity pressure.

In fact, Celsius is starting to show some signs of recovery, with a relentless drive to survive the crypto winter and not suffer the “deadly” fate of other industry giants such as Three Arrows Capital or Voyager Digital, which went bankrupt.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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