Celsius case ‘administrative expenses’ add up to $53M News ▸ Celsius ▸ Bankruptcy
Celsius case ‘administrative expenses’ add up to $53M
Lawyers, bankers and other advisers in the case earned $53 million for four months of work.
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Updated: Dec. 28, 2022 at 9:45 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Lawyers, advisers, and bankers involved in the Celsius bankruptcy case collectively earned $53 million as administrative expenses in four months, as reported by the Financial Times.
Among Celsius’ five advisors, Kirkland & Ellis was billed the most significant amount at $20.1 million. The company served Celsius for 212 days for $166,000 per day.
On the other hand, White & Case’s services as advisors to unsecured creditors committees cost the most expensive among the other four companies. The company earned $10.2 million by participating in the case for 94 days, charging $109,000 daily.
Finally, Jenner & Block made a considerably larger sum for its services as the advisors to the examiner compared to Huron Consulting. With a $59,000 rate per day, Jenner & Block assisted the case for 32 days, making a total sum of $1.9 million.
Crypto lender Celsius declared bankruptcy on July 14, 2022. Being one of the companies that were affected by the ripple effect of the Terra-Luna crash, Celsius paid its DeFi loans to Aave, Compound, and Maker, which led to the firm’s bankruptcy.
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Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.