Embattled lender Celsius argued for a set of interim motions in first-day proceedings of its Chapter 11 bankruptcy case.
a month ago due to liquidity issues. Since then, little has been communicated on its plans until the firm filed for Chapter 11 proceedings last week.Chapter 11 gives Celsius the opportunity to start answering at least some of these questions," said Nash in his opening comments."Chapter 11 affords us a forum to communicate with our customers on the path forward.
Though those cases aren't immediately salient to the proceedings and didn't weigh on today's motions, both Glenn and Cornell questioned Celsius's counsel on its regulatory compliance. Celsius cited the murky waters of regulation. Glenn did immediately grant the following wages motion, which allows the firm to continue to pay benefits and salaries to its employees. The money will come from the $300,000 stipulated in the cash management motion.The mining subsidiary appears to be a significant part of Celsius's plan to maximize its assets. Multiple motions included provisions for costs related to a mining facility that remains under construction.
The US Trustee pushed back on this request, calling for more information to be part of the conversation of which creditors are truly critical. An additional motion asking for relief to pay insurance and bond programs also highlighted the new mining facility. Though Celsius says it's up to date on its insurance payments, it's seeking to pay another premium for the mining facility. While that claim was granted, the firm also sought to have additional cash on hand in case other needs arose.
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