Celsius case ‘administrative expenses’ add up to $53M
Lawyers, bankers and other advisers in the case earned $53 million for four months of work.
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.