© Reuters By Laura Sanchez
Investing.com – The bad news continues for percentage points. The law firm Kirkland & Ellis, which is chartered to restructure Celsius debt, released a new presentation this week that includes a grim financial outlook for the crypto-lending platform. According to a filing with US Bankruptcy Court, Celsius has $2.8 billion left in outstanding liabilities, according to reports. CoinMarketCap.
Celsius filed for bankruptcy last month, but only admitted losses of $1.2 billion. This included debt paid with DeFi protocols and the value of the company’s mining equipment.
However, according to the report provided by Kirkland & Ellis, Celsius will only have cash for about three more months. By the end of October, you could have negative liquidity of $33.9 million on your balance sheet.
The excess of 379 million tokens currently held by Centigrade is likely to provide little relief from the pressure, as most of the supply is holed up in the company and the exchange’s liquidity is too weak to safely liquidate a large position.
Last week, Celsius creditors prevented the platform from continuing to sell mining.
The company is still trying to negotiate its financial position with its creditors, as reported on Twitter (NYSE:).
“Beeraholic. Friend of animals everywhere. Evil web scholar. Zombie maven.”