The bankrupt crypto lender Celsius Network is looking to extend the deadline for users to submit their claims by another month.
The claims process allows creditors who believe they have the right to pay to file claims during bankruptcy proceedings. Celsius’s creditors had filed over 17,200 claims as of December 29. The crypto community notes that Celsius’s attorney fees continue to pile up and deplete the lender’s assets.
For example; The December 15 wage statement from Kirkland & Ellis, one of the law firms that represents Celsius, is over $9 million for work done in September and October.
Celsius Wants to Extend Claim Process
Celsius Network plans to submit a motion that will extend the deadline for users to submit their claims by one more month.
Celsius announced on Twitter that it will seek an extension that will extend the current deadline for requests from January 3, 2023 to early February 2023. The bankruptcy court will hear this claim on January 10, and the deadline from January 3, according to Celsius, will be extended at least until that date.
Celsius is preparing to file a motion later this week requesting an extension of the bar date, which is the deadline to file a claim, from January 3, 2023, until early February.
— Celsius (@CelsiusNetwork) December 29, 2022
Celsius’s creditors appear uneasy as Celsius’s administrative fees have continued to rise since it filed for bankruptcy in July. A report by the Financial Times on December 27 noted that the fees received by bankers, lawyers and other advisors in the bankruptcy case have already reached $53 million.