Awani Review

Complete News World

Celsius, a partner of CDPQ, places itself under the protection of bankruptcy law

Celsius, a partner of CDPQ, places itself under the protection of bankruptcy law

This will give Celsius capacity To stabilize its activities and carry out restructuring [en profondeur] That will maximize value for everyone [ses] Shareholdersaccording to the same press release.

On her website, Celsius claims that she wants to emerge stronger as a company.

It was the right decision for our community and our business.said the Executive Director Centennial, Alex Mashinsky, in a press release. It is my hope that when we look back at Centenary history, we will see this defining moment, as we worked with determination and confidence to serve our community and advance the future of our business.he added.

The press release confirms that two new directors have been appointed to lead the company, which has also retained three legal teams as advisors. They are all experts in financial restructuring.

According to the statement, Percentage holds about $167 million in cash, which will be used Supporting certain operations during the restructuring process. Celsius says it has asked the court to continue paying its employees.

Au moment d’annoncer qu’elle allait mettre sur pause les retraits de ses clients, le 12 juin dernier, Celsius gérait des cryptoactifs d’une valeur de quelque 12 milliards de américains pour le dollars compte de ses clients, selon le site web Contracting. Since that date, they can no longer withdraw their money. Celsius emphasizes on its website that this freeze will continue throughout the financial restructuring process.

Celsius operates as a kind of bank in the crypto world. Clients can deposit crypto assets there and earn an annual return on their deposit. They can also get crypto loans or cash by placing crypto assets as collateral.

See also  COVID-19: Barely ten cases in Quebec

Last week, a former business partner Celsius accused of being a fraudulent scheme Ponzi scheme (or pyramid scheme) in a lawsuit filed in the state of New York.

In October 2021, a CDPQ It announced that it is part of a $400 million financing round in C, led by a private investment firm.

Caisse did not want to specify how much money it had set aside for this investment, but a Radio Canada investigation was able to determine that this amounted to US$150 million.

We are following the file closely and reviewing the documentation provided by Celsius. We are unable to comment further at this time.، Kate Monfit, a spokeswoman told us CDPQ.