Bankrupt crypto lender Celsius filed a motion requesting approval to extend the Exclusivity Periods in its cases so as to submit its reorganization plan.
A four-month “period of exclusivity” following the first filing gave Celsius the opportunity to develop a reorganization plan that outlines how it will pay off its obligations.
As the duration of the exclusivity period is about to expire, Celsius has requested an extension and the court has the authority to shorten or lengthen the exclusivity period.
Celsius stated the extension is required to submit the reorganization plan as the work is complex and it is critical for them to be as rigorous and thorough as possible in the interest of all stakeholders.
“There remain significant legal questions and issues that must be resolved before our cases can reach a conclusion,” Celsis added.
Also Read: Distressed Crypto Lender Celsius Files for Chapter 11 Bankruptcy
