Celsius Network Files for the Extension of Its Bar Date Until Feb

• Celsius Network will request an extension of the Bar date from Jan 3, 2023, until early February.
• The bankrupt firm wants to provide account holders with more time to file any proof of claim.
• Celsius informed that this motion is due to be heard in the Court on January 10, 2023.

Early today, the bankrupt crypto firm, Celsius Network announced that it will file a motion later this week requesting an extension of the bar date from January 3, 2023, until early February.

Celsius justified the decision by saying:

Our goal is to provide account holders with additional time to file any proofs of claim.

Celsius further informed that this motion is scheduled to be presented in the Court on January 10, 2023 and the deadline is extended until the motion is heard by the Court.

On December 21, Celsius shared a company presentation that showed that the bankrupt firm’s advisors reached out to over 125 parties, with 30 potential bidders executing non-disclosure agreements.

The presentation also revealed that as of November 25, Celsius Network held crypto worth $2.6 billion including over $1 billion in ETH and stETH and roughly $630 million in BTC and WBTC. The shared document also explained that there’s a gap of $1.2 billion between the value of all firm’s assets and its debts. However, Celsius Network’s crypto mining operations are producing good cash flow and the firm will build out those operations.

As for its proof of claims, individuals, partners, corporations, joint ventures, and trusts may file a claim by mail, in person, or online at the claims agent Stretto’s website.

Celsius had filed for Chapter 11 bankruptcy on July 13, a month after it had frozen customer accounts. Recently, the financial services provider, Galaxy Digital, had reportedly said that it would pay $44.1 million to buy Celsius Network’s GK8 business.