Cryptocurrencies Court extends chapter 11 deadline as Celsius works to stave off liquidation
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“This afternoon, the Court approved an extension to our Exclusivity Periods until 2/15/2023,” the company tweeted. “This is the period within which Celsius has the exclusive right to submit a chapter 11 plan of reorganization. We thank the UCC and ad hoc groups for their collaboration on this matter.”
The company was known for providing high yields to customers who deposit their cryptocurrency. As of June, the company was able to amass more than $20 billion in assets by offering an 18% yield to depositors. Celsius also provided loans and promised small risks with outsized returns.
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