Celsius case ‘administrative expenses’ add up to $53M Celsius case ‘administrative expenses’ add up to $53M

Celsius case ‘administrative expenses’ add up to $53M

Lawyers, bankers and other advisers in the case earned $53 million for four months of work.

Celsius case ‘administrative expenses’ add up to $53M

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.

Legal fees for the Celsius case
Legal fees for the Celsius case

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.

Mentioned in this article