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Bankrupt Crypto Lender Celsius Gets Cash-Injection Offers, Approval to Sell Mined Bitcoin
The company had said Monday it might run out of cash by October.
Updated May 11, 2023, 5:45 p.m. Published Aug 16, 2022, 10:11 p.m.
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Bankrupt cryptocurrency lender Celsius Network, which disclosed Monday that it was running low on money, said it has gotten several proposals to inject cash into the company and won approval from a U.S. judge to sell bitcoin that it mines.
Celsius lawyer Josh Sussberg disclosed the receipt of cash-injection offers during a Tuesday bankruptcy hearing but didn't say how big the offers were. Moving hastily on this is “mission critical” for Celsius, Sussberg said. It’s customary for companies reorganizing in U.S. bankruptcy court to seek financing to keep their operations going.
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Celsius, which fell into bankruptcy this year after the crypto rout prompted it to prevent customers from withdrawing their money, needs liquidity. Financial projections in a court filing Monday showed the company will run out of cash by October and holds $2.8 billion less in crypto than it owes to depositors.
Before filing for bankruptcy, Celsius sold bitcoin that it mined to help fund its operations. Judge Martin Glenn’s approval Tuesday opens the door for that to continue. A document filed prior to the hearing showed that Celsius mined $8.7 million worth of bitcoin in July; the company’s operational and capital costs exceed that.
Read more: Celsius Lays Out Mining-Focused Reorganization Plan at First Bankruptcy Hearing
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