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Celsius emerged from Chapter 11 at the end of January with a plan to distribute 79% of customers' original funds, with the potential for more distributions in the future."In our practice, you typically have good businesses with bad capital structures. And the people we are typically engaging with are institutional, repeat players: bondholders, bank trustees, big counterparties," said Greg Pesce, a restructuring and insolvency partner at White & Case. "In this case we didn't have any of that. We had a company where the entire business model was built on fraud. There wasn't a good business to fall back on."
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February 06, 2024, 3:56 PM