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Celsius Outlines Next Steps as Bankruptcy Proceedings Begin
The insolvent crypto lender has said that it will give customers an option of staying "long crypto" or receiving a discounted cash settlement.
Updated May 11, 2023, 4:22 p.m. Published Jul 18, 2022, 1:06 p.m.
A Celsius Network presentation ahead of Monday afternoon's bankruptcy court hearing offers a snapshot of the company's current situation and broad picture of what a restructuring might look like.
- As reported last week, Celsius has $4.3 billion in reported assets which includes $600 million in the now depleted CEL token, as well as $5.5 billion in liabilities.
- Among next steps, the company is hoping its sizable mining subsidiary can use minted bitcoin to both grow its balance sheet and fund mining operations.
- Celsius is also considering "asset sales and third-party investment opportunities" as a way to raise capital.
- The company added that it will confirm a Chapter 11 plan that will provide customers an option of receiving a discounted cash settlement, or the option to remain "long crypto," which could involve distributing CEL tokens.
- The CEL token is currently trading at $0.80 with a market cap of $191 million, despite Celsius claiming that it owns $600 million worth of that native token.
- The presentation comes ahead of the company's scheduled appearance in front of a bankruptcy judge on Monday at 2 p.m. ET.
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