According to a filing in the United States Bankruptcy Court in the Southern District of New York, Celsius is looking to gain the services of a former Chief Financial Officer to advise on its bankruptcy proceedings. The company filed a motion to get the former CFO back on board.
The ex-CFO, Rod Bolger, resigned from Celsius on June 30. The filing says that it seeks to enter an advisory agreement with Bolger for at least six weeks. Celsius asks for this because Bolger is familiar with the business and hopes that he may be able to help them through the bankruptcy proceedings. The filing reads,
“…the Debtors will be able to continue utilizing Mr. Bolger’s institutional knowledge and services for at least two additional months for the benefit of their business and their estates … The Debtors recognize that they need Mr. Bolger’s services and expertise as they manage their transition into chapter 11 and begin negotiating a path forward. His institutional knowledge and experience concerning the unique features of cryptocurrency are invaluable.”
Bolger would be on a salary of C$120,000 per month. The decision on whether Bolger can return will be determined in a hearing on August 8.
Bolger, who previously worked as the CFO of the Royal Bank of Canada, first started working at Celsius in February 2022. The previous CFO of Celsius, Yaron Shalem, was arrested in Israel in 2021.
Celsius Saga Continues As It Hopes To Achieve Stability
There has been no shortage of drama in the now infamous saga that is Celsius Network’s bankruptcy. The company and its officials have been working hard to ensure that it can stabilize the business, and it believes bringing Bolger is “a proper exercise of business judgment.”
After hiring new lawyers for financial restructuring, Celsius Network has been hard at work formulating a revival. It recently introduced a new recovery plan at its first bankruptcy hearing, so it’s evident that there is some.
The company has a long way to go before the matter is settled, but it is taking several steps to ensure it happens quickly and in a balanced way. Investors will pay close attention to the case in the months to come.