Celsius Hires New Law Firm to Oversee Restructuring: WSJ
Less than a month after it paused withdrawals for customers, crypto lender Celsius has put new lawyers at the helm of its restructuring process, according to the Wall Street Journal.
Citing “people familiar with the matter,” the WSJ reported that Celsius hired lawyers from Kirkland & Ellis LLP, replacing ones from Akin Gump Strauss Hauer & Feld LLP hired last month in the wake of Celsius halting operations.
Celsius isn’t the only crypto platform working with Kirkland & Ellis—Voyager Digital, which filed for chapter 11 bankruptcy in the Southern District of New York last week, also has hired the firm.
Voyager’s customers sought to withdraw funds from the company following Celsius’ decision to freeze accounts, according to court documents reviewed by the WSJ.
Although Celsius has not filed for bankruptcy, the embattled lender faces mounting questions over its solvency and pairing up with Kirkland & Ellis LLP could indicate a shift in overall strategy.