Celsius Receives Extension to Submit Chapter 11 Reorganization Plan

Bankrupt crypto lender Celsius received court approval to extend its exclusivity period (the time when it maintains the exclusive right to submit a Chapter 11 reorganization plan) to Feb 15th, 2023.

"We intend to use this time to continue developing a plan for a stand-alone business, as we explore all value maximizing opportunities available to us, for the benefit of our customers and other stakeholders," Celsius tweeted.

The extension comes after two court hearings, according to tweets from Celsius, during which a motion requesting approval for a stablecoin sale aimed at providing operational liquidity was also discussed. The judge's decision on the matter, which aims to "maximize value for all stakeholders," is expected next week, according to the crypto lender.

Previously, Celsius announced that the bankruptcy court has approved its motion to set the bar date, which is the deadline for all customers to file a claim. The bar date has been set for January 3rd, 2023.