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Celsius crypto bankruptcy saga meets new restructuring lawyers: report

Cryptocurrency lender Celsius has hired new restructuring lawyers from Kirkland & Ellis LLP for advice on bankruptcy filing amid severe liquidity issues, the Wall Street Journal (WSJ) reported on Sunday.

See related article: Celsius said to be hiring restructuring attorneys, exploring financing options

Fast facts

  • Kirkland & Ellis is also advising Voyager Digital, which filed for Chapter 11 bankruptcy on July 5.

  • Celsius has reportedly resisted filing for bankruptcy as recommended by its lawyers despite freezing user withdrawals and transfers for almost a month.

  • In June, Celsius hired restructuring lawyers from Akin Gump Strauss Hauer & Feld LLP to explore possible financing options and asset sales.

  • Celsius has also approached Alvarez & Marsal for restructuring options, WSJ reported.

  • Celsius restructured its board of directors in late June, terminating John Stephen Dubel, founder of restructuring services provider Dubel & Associates, after eight days of service.

See related article: Celsius shuffles its board of directors amid liquidity crisis