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Bankrupt Crypto Lender Celsius Files Motion to Extend Submission Time for Reorganization Plan

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Bankrupt crypto lender Celsius Network said on Thursday that it has filed a motion to extend the exclusivity period for its reorganization plan, allowing the lender to take more time to work on that plan.

Celsius is facing a slew of lawsuits in addition to its bankruptcy proceedings. A recent motion pitted the shareholders of the firm against its customers over who gets preference over the beleaguered lender's assets and repayment.

A judge also temporarily denied Celsius from paying certain employees a retention bonus, payments which would have totaled nearly $3 million. The plan, which Celsiusr lawyers claimed was necessary to keep the companyrs employees from jumping ship, would divide the approximately $3 million in requested funds into cash bonuses for 62 of the companyrs current 274 employees.

Read more: Bankruptcy Judge Denies Celsiusr Motion to Pay Employees $3M in Retention Bonuses n At Least Temporarily

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