Celsius Network had hired restructuring attorneys from law firm Akin Gump Strauss Hauer & Feld LLP in June 20222. After about a month, according to the news of The Wall Street Journal, the company changed its configuration consultant to Kirkland & Ellis LLP.
Celsius Network Replaces Lawyer Team for Configuration
The Wall Street Journal announced in June that Celsius had started working with lawyers from Akin Gump Strauss Hauer & Feld LLP. The website, which received information from sources close to the company, said that this time Celsius has started working with Kirkland & Ellis LLP.
Attorneys from Kirkland & Ellis will advise the company on alternatives, including filing for bankruptcy.
Celsius is still in an unstable liquidity position as the market continues to decline, so no forward-looking roadmap has yet been shared. But on the other hand, later reports show that the company has formed a team of restructuring attorneys and commissioned Citigroup to advise on potential financing options.
Going back to June, the lawyers hired by Celsius were said to be defending Chapter 11 bankruptcy. This bankruptcy allows the company to continue operating while meeting its financial obligations to debtor parties. If Celsius enters bankruptcy protection, client positions will be sold to US dollars at the current market price and clients will be added to the company’s list of creditors for any salvageable value.
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