Celsius To File Chapter 11 Bankruptcy After Freezing Withdrawals
Celsius has notified state regulators that it will file for bankruptcy in the very near future, citing growing struggles in dealing with seemingly overwhelming liquidity issues as the main reason for doing so. The company will therefore file for chapter 11 bankruptcy after previously freezing withdrawals.
Celsius confirmed earlier today that they had officially began voluntary chapter 11 proceedings. The company also revealed that it only has $167 million in cash, which shall be primarily utilized to support operations.
The voluntary liquidation is hence intended to let the company stabilize its operations and complete a thorough restructuring transaction which shall reportedly maximize value for all stakeholders.
Throughout the proceedings, the court will allow Celsius to pay employees and continue their benefits while the company files for imminent bankruptcy. Celsius shall remain operational, but there is no word regarding when or even if withdrawals will eventually be reinstated.
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