Celsius Lawyers, Advisors Want $52 Million for 4 Months’ Work

• Celsius’ lawyers, advisors, and experts want over $52 million for four months of work.
• Celsius is extending the bid dates to allow more negotiations with the bidders.
• The committee wrote to the United States Bankruptcy Court of the Southern District.

As the bankruptcy proceedings of the embattled crypto lender Celsius lingers, its running cost continues climbing high.

According to a Bloomberg report, attorneys, advisors, and specialists of the bankrupt crypto lender are requesting over $52 million in compensation for four months of services.

Leading UK law firm, Kirkland & Ellis, billed Celsius close to $20 million for its services from July through October. On the other hand, White & Case LLP, representing Celsius’ creditors, asked for  $10.2 million for its services within the same period. Alvarez & Marsal North America LLC, the debtors’ financial adviser, also asked for $6.5 million.

Recently, a community of unhappy stakeholders cried out, saying, “Celsius, stop wasting our money with lawyers,” calling on the unsecured creditors’ committee to address their concerns.

Celsius’ Official Committee of Unsecured Creditors had tweeted that they “recognize how expensive the bankruptcy process can be” and consequently agreed to the appointment of an “independent professional fee examiner” to look at all professional invoices.

In a related development, the committee representing the interests of unsecured creditors in the bankruptcy case of the defunct crypto lender sought to extend the bid dates to allow for more negotiations with the bidders.

The committee decided that adjourning the original deadlines was the best way to achieve the desired goal after receiving multiple proposals for transactions involving its retail platform and mining business.

The Celsius board of unsecured creditors communicated this intention in a letter dated December 15 to the United States Bankruptcy Court of Southern District, New York.