The troubled cryptocurrency lender Celsius hires new restructuring lawyers amid insolvency and bankruptcy rumors. According to a WSJ report, Celsius hired lawyers from Kirkland & Ellis LLP for advice to help lessen the mounting debt that became out of control due to the prevailing crypto winter.
Kirkland is a replacement for Akin Gump Strauss Hauer & Feld LLP from whom Celsius hired lawyers last month, to advise on potential remedies to its escalating financial issues. A few days back, Voyager Digital filed for Chapter 11 bankruptcy, and they had hired Kirkland as their legal advisors.
This worries the community as it indicates that Celsius is also trying to file for bankruptcy since it still hasn’t resumed operations on its platform after halting it last month.