Celsius Network LLC is a cryptocurrency loan company that offers interest-bearing savings accounts, borrowing, and payments with digital and fiat assets. It operates on an economic model that challenges conventional banking models while prioritizing the Celsius community.
Chapter 11, the debtor negotiates with creditors to alter the terms of the loan without having to liquidate (sell off) assets.
Moments ago, @CelsiusNetwork filed voluntary petitions for Chapter 11 protection and announced that the company initiated a financial restructuring. https://t.co/vf5wsT6TMp
— Celsius (@CelsiusNetwork) July 14, 2022
As reported earlier, Celsius had informed state regulators that it is imminently filing for bankruptcy, the company’s lawyers were notifying individual U.S. state regulators as of Wednesday evening.
A twitter user tweeted that "Celsius filed for chapter 11 bankruptcy."
— db (@tier10k) July 14, 2022
