Celsius has hired new counsel to advise it through a possible restructuring amid the fallout surrounding the lending protocol.
that lawyers hired by the lender were advocating for Chapter 11 bankruptcy. Chapter 11 bankruptcy allows a company to continue operations while meeting its financial obligations to indebted parties. That's usually executed by proposing a plan of reorganization to be approved by creditors and overseen by a legal team.
"These options include pursuing strategic transactions as well as a restructuring of our liabilities, among other avenues," said the post."These exhaustive explorations are complex and take time, but we want the community to know that our teams are working with experts from many different disciplines."
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