Celsius Network’s execs have filed a petition with the Bankruptcy Court for additional time to develop a reorganization plan.
The reason for the request is the presence of unresolved important legal issues and the need to continue negotiations with interested parties.
According to the company’s leadership:
“Any interruption could undermine the speedy delivery of these cases to a solution that provides maximum impact. We recognize delays and costly disruptions if competing plans are proposed.”
Celsius’s bankruptcy trustee has earlier declined to pay $2.96 million to employees.