More than a month after suspending customer withdrawals due to "extreme market conditions," Celsius Network has filed for Chapter 11 bankruptcy protection in the Southern District of New York.
This shows a hole of at least $1.2 billion on Celsius' balance sheet. In other words, it has $5.5 billion in liabilities and only $4.3 billion in assets.
Chapter 11 bankruptcy is often referred to as a "restructuring bankruptcy" and allows a company to restructure its finances while continuing to operate.
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