Celsius Network LLC has hired new lawyers to advise the troubled cryptocurrency lender on restructuring, according to a report from the Wall Street Journal (WSJ).
According to the WSJ report, Kirkland & Ellis LLP lawyers have been called on board to advise Celsius on options, including a bankruptcy filing.
The lawyers have replaced the company's previous lead restructuring counsel, Akin Gump Strauss Hauer & Feld LLP.
Since the company's stagnation due to the market plunge, it has been in an unstable liquidity position. As part of its recovery efforts, Celsius has brought on a team of restructuring lawyers and appointed Citigroup to advise it on potential financing options.
The WSJ reported that Celsius is also reshuffling its board as they appointed two new directors last week.
Customers of the company, who reported $11.8 billion in assets in May and 1.7 million users, have not been able to access their Celsius accounts for nearly a month after it froze user withdrawals as...
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