Crypto lender Celsius continues to weigh a possible bankruptcy amid serious financial woes, according to the Wall Street Journal.
The firm — which froze withdrawals, swaps and transfers earlier this month — has reportedly hired Alvarez & Marsal, a management consulting firm, to advise on the ongoing process. The Journal characterized the advisors hired as “restructuring consultants.”
The Journal, citing sources with knowledge of the process, previously reported that bankruptcy or restructuring was on the table at Celsius, which saw its fortunes fall dramatically amid a crypto market downturn that began this year.
Celsius has offered little in the way of information since freezing withdrawals. In a June 19 notice, the firm said that “our objective continues to be stabilizing our liquidity and operations. This process will take time.”
At the time, Celsius added that it would stop holding community Q&A sessions.
Source: https://www.theblock.co/linked/154100/crypto-lender-celsius-hires-more-advisors-ahead-of-possible-bankruptcy-wsj?utm_source=rss&utm_medium=rss