Celsius’s cash flow forecast presented at the bankruptcy hearing on September 1 revealed that the company will receive approximately $70 million from the repayment of USD-denominated loans.
The loans, which are expected to be repaid by Oct. 7, will assist in covering business and restructuring costs.
Celsius will have a disposable income of more than $42 million by the end of November, according to the forecast, which detailed cash flow from September to November.
The beginning cash balance at the beginning of September is approximately $133 million, with a total operating cost of $69 million expected over the next three months.
As a result, Celsius will have more liquidity to operate until the end of 2022, as opposed to earlier filings that indicated it would run out of cash by October.
The Bankruptcy Court allowed Celsius to continue operating as planned in the budget, but they must consult with the Creditors’ Committee on their spending plans.
Customers who qualify may withdraw $210 million
Celsius also asked the court to allow eligible customers to withdraw up to $210 million from the platform in another filing made during the September 1 bankruptcy hearing.
According to the filing, approximately 43,260 customers had assets spread across Celsius’ custody accounts, which included pure, transferred, and withhold accounts.
Customers who have assets in the Celsius custody programme will be able to withdraw them once approved. The assets held in the custody account, according to the firm, are not part of its bankruptcy estate.
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