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Celsius: Crypto Lending service swaps lawyers

Crypto lending platform Celsius has seen fit to hire new restructuring lawyers. It is hiring Kirkland and Ellis LLP, the firm currently aiding Voyager Digital.

Although Celsius’s communication has been elusive for a while, we learn that the company is hiring a new law firm to work out the possibilities regarding its future. At the same time, the struggling company just repaid $20 million to the Aave platform.

According to information from the Wall Street Newspaper, Cryptocurrency lending platform Centigrado, which has been in a weak position for more than a month, will have restructured around a new law firm specializing in business consulting. The possibilities cited in particular made mention of filing for bankruptcy.

The firm, therefore, leaves the Akin Gump Strauss Hauer & Feld LLP law firm hired in mid-June to benefit Kirkland & Elis LLP, an international company specializing in mergers and acquisitions of private equity and sovereign equity wealth funds.

It should be noted that this is also the company’s responsibility for supporting Voyager Digital as part of its bankruptcy proceedings, the latte in front of its creditors between $1 and $10 billion.

The latest official statement by Celsius, through which the company assured it to continue to take important measures to “preserve and protect assets,” referring in particular to “strategic operations,” thus echoing the proposed acquisition.

At the end of June, Celsius’s former law firm had particularly argued in favor of an appeal to Chapter 11 of the US bankruptcy law. This procedure allows companies to continue their normal operations by protecting themselves when they cannot pay their creditors.