TechFlow News — According to知情人士, cryptocurrency lending platform Celsius Network has rejected its lawyers' recommendation to file for Chapter 11 bankruptcy protection under U.S. bankruptcy law, instead hoping to seek support from its clients to win an internal debate against litigation. Chapter 11 of the U.S. Bankruptcy Code allows a company to continue operating while restructuring its debts.
Celsius executives believe that to avoid a long and painful bankruptcy process, many clients may be more willing to support Celsius. Earlier reports indicated that the crypto lending platform Celsius Network had hired restructuring advisors from consulting firm Alvarez & Marsal to explore a potential bankruptcy filing.
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