Cryptocurrency lender Celsius has hired new restructuring lawyers from Kirkland & Ellis LLP for advice on bankruptcy filing amid severe liquidity issues, the Wall Street Journal (WSJ) reported on Sunday.
See related article: Celsius said to be hiring restructuring attorneys, exploring financing options
- Kirkland & Ellis is also advising Voyager Digital, which filed for Chapter 11 bankruptcy on July 5.
- Celsius has reportedly resisted filing for bankruptcy as recommended by its lawyers despite freezing user withdrawals and transfers for almost a month.
- In June, Celsius hired restructuring lawyers from Akin Gump Strauss Hauer & Feld LLP to explore possible financing options and asset sales.
- Celsius has also approached Alvarez & Marsal for restructuring options, WSJ reported.
- Celsius restructured its board of directors in late June, terminating John Stephen Dubel, founder of restructuring services provider Dubel & Associates, after eight days of service.
See related article: Celsius shuffles its board of directors amid liquidity crisis