Celsius Creditor Committee Objects To Equity Holders' Motion

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Alex Mashinsky; Photo Source: Blockworks

Last week, two Celsius equity holders, WestCap and Caisse de dépôt et placement du Québec (CDPQ), filed a motion for a separate committee to represent equity holders. The filing was based on the alleged unequal representation of equity holders' interests in the ongoing bankruptcy proceedings. 

However, the lawyer for the Unsecured Creditor Committee (UCC) said that they would oppose the motion and convince the other creditor groups to do the same. According to the lawyer, having another committee will incur more expenses for the account holders sponsoring the case. Therefore, the UCC intends to engage more with the other parties, including the equity holders, to ensure equal representation of interests. 

Written by
Trust Akpobome

Last week, two Celsius equity holders, WestCap and Caisse de dépôt et placement du Québec (CDPQ), filed a motion for a separate committee to represent equity holders. The filing was based on the alleged unequal representation of equity holders' interests in the ongoing bankruptcy proceedings. 

However, the lawyer for the Unsecured Creditor Committee (UCC) said that they would oppose the motion and convince the other creditor groups to do the same. According to the lawyer, having another committee will incur more expenses for the account holders sponsoring the case. Therefore, the UCC intends to engage more with the other parties, including the equity holders, to ensure equal representation of interests. 

Written by
Trust Akpobome