Celsius Network eyes fourth extension of solicitation exclusivity

By Sarah Lizee

Olympia, Wash., Aug. 25 – Celsius Network LLC is seeking a fourth extension of its exclusive period to solicit votes on a Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

The company hopes to extend the period by 62 days through Nov. 30.

The requested extension, which would bring the total extension to 384 days, is essential to ensure that the debtors can complete the confirmation process and emerge from bankruptcy as expeditiously as possible, Celsius said.

“Having obtained approval of the disclosure statement and commenced the solicitation process, the debtors are well on their way to reaching a value‑maximizing conclusion of these Chapter 11 cases,” the company said in the motion.

“The debtors simply require a short extension of the solicitation exclusivity period to finish what they started.”

A hearing on confirmation of the company’s Chapter 11 plan is scheduled for Oct. 2.

The Hoboken, N.J.-based cryptocurrency lending platform filed bankruptcy on July 13, 2022 under Chapter 11 case number 22-10964.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.