Celsius Network Files Motion to Extend Bar Date, Bringing Hope to Creditors

• Celsius Network has filed a motion to extend the prior schedule for the Bar Date before Martin Glenn, Chief United States Bankruptcy Judge.
• Over 17,200 claims were filed by Celsius creditors as of December 29, 2022, and Celsius has only committed approximately $44 million thus far.
• Celsius victims are not interested in the restructuring process but only want their money returned.

Celsius Network has recently taken a major step in the ongoing bankruptcy process, filing a motion to extend the Bar Date before Martin Glenn, Chief United States Bankruptcy Judge. The motion hearing is expected to be conducted remotely using Zoom for Government on January 10, 2023, at 11:00 a.m., prevailing Eastern Time.

This decision comes as Celsius has accumulated hundreds of millions of debt to customers and investors. Over 17,200 claims have been filed by Celsius creditors as of December 29, 2022, ballooning the burden of Kirkland & Ellis LLP, the legal counsel acting as the restructuring advisor to Celsius. Despite the debt, Celsius has only committed to returning approximately $44 million thus far.

Those affected by the bankruptcy proceedings are not interested in the restructuring process but rather, they want their money back. Over six months later, the Celsius network is still hiding behind legal shadows and lengthy court proceedings to distract the attention from creditors and affected users.

This motion to extend the Bar Date puts pressure on Celsius to start resolving the claims of affected customers and creditors. The motion must also provide enough time for Celsius to settle the claims before it is required to submit its reorganization plan to the court.

It remains to be seen when Celsius customers and creditors will be fully compensated for their losses. However, with this motion to extend the Bar Date, the possibility of a successful resolution is becoming more likely.