Sunday, December 4, 2022
HomeTech Newscelsius: Cryptocurrency Lender Celsius Doesn't Seek Outstanding Loan Payments

celsius: Cryptocurrency Lender Celsius Doesn’t Seek Outstanding Loan Payments

Failed crypto lender Celsius Network said Friday that it is not trying to impose outstanding loan repayment obligations during its Chapter 11 proceedings and that borrowers do not have to repay those loans.

New Jersey-based Celsius said it will not assess interest or penalties after the loan expires, in an application to the US Bankruptcy Court for the Southern District of New York.

Celsius filed for bankruptcy in July, with assets and liabilities estimated at between $1 billion and $10 billion, with more than 100,000 creditors.

The lender also listed a deficit of $1.19 billion on its balance sheet and had about 23,000 outstanding loans to retail borrowers, totaling $411 million backed by collateral with a market value of $765.5 million in assets. digital, on July 13 this year.

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