According to the Financial Times, lawyers, advisers, and bankers involved in the Celsius bankruptcy case earned $53 million in administrative expenses in four months.
Kirkland & Ellis was the most heavily compensated of Celsius’ five advisors, receiving $20.1 million. Celsius was served for 212 days at a cost of $166,000 per day.
White & Case’s services as advisors to unsecured creditors committees, on the other hand, are the most expensive of the four companies.
By participating in the case for 94 days and charging $109,000 per day, the company earned $10.2 million.
Finally, Jenner & Block was paid significantly more than Huron Consulting for its services as examiner advisors.
Jenner & Block assisted the case for 32 days at a rate of $59,000 per day, for a total of $1.9 million.
Celsius, a cryptocurrency lender, declared bankruptcy on July 14, 2022. Celsius, as one of the companies impacted by the Terra-Luna crash, paid its DeFi loans to Aave, Compound, and Maker, resulting in the company’s bankruptcy.
Celsius Network, a bankrupt cryptocurrency lender, intends to file a motion to extend the deadline for users to submit claims by another month.
The cryptocurrency community has grown impatient, noting that Celsius’ legal fees have continued to mount and are eating away at the lender’s estate.
Celsius announced on December 29 that it would seek to extend the current claim deadline from January 3 to early February.
The bankruptcy court is scheduled to hear the motion on January 10, and Celsius anticipates that the Jan. 3 deadline will be extended until at least that date.
To read our blog on “Dogecoin and Shiba Inu decrease, while bitcoin and ether make a little gain,” click here