According to the Wall Street Journal, Celsius hired the law firm Kirkland & Ellis LLP to advise it on its restructuring process. It aims to hold off the widespread collapse of the crypto market.
A restructuring is a court-approved plan in which a company restructures to pay creditors within its means. Lump sum payments, board changes, M&A processes, transfer of rights and other solutions may be considered.
The law firm Kirkland & Ellis LLP Serving Celsius
Kirkland & Ellis LLP replace Gump Strauss Hauer & field LLPa law firm engaged by Celsius to advise it after the cessation of their related activitiesavoid a liquidity crisis. Celsius’ business model is based on lending cryptocurrencies and offering high interest rates to those who provide liquidity through committed funds. Much of the business proposition is tied to swimming pool. On this platform, users can participate in staking ETH without providing the 32ETH required to become a true validation ethereal.
Sud Lido, users put ETH and in return they receive a token called STETH. onceethereal proceeds to proof of stake, each STETH can be exchanged 1: 1 against ETHcar jacket validation of the new blockchain ethereal receives ETH in return Currently, it is not possible to release the funds promised on the pledge contract ETH2.0.
Bonus: Celsius is being sued for their former activity manager, the accuser of a Ponzi scheme.
There are already a large number of STETH in Celsius reserves. However, after a fit of panic and a delay in announcing the launch ofETH 2.0, STETH I lost my parity and started selling at a reduced price. The spread is greater than Celsius to suspend drawdowns due to lack of liquidity due to massive redemptions. This in turn brought down the price of its own token. So she it’s over for a restructuring process as she tried to meet her financial obligations.
Celsius wants to regain its credibility again.
Celsius has started to recover, and it’s already pointing that he wants to survive the winter crypto rather than downloading the fate of other giants like Three arrows Capital city Where traveldigital. Despite the losses, Celsius began to reduce risk, repay many debts and implement strategies to improve the efficiency of its resource management.
Celsius laid off 150 employees in non-strategic areas earlier this month. For other crypto companies that are fired by employees, Coinbase cites, Crypto.comBlockfi, Houbi and Geminito name a few.
In addition, Celsius started to repay its debt, in particular to ManufacturerDAO. On board he paid $120 million, after which he made a series of payments just to pretend he was getting his money back and demanded over $22,000. wBTC in return The funds were then sent to FTXwhich sparked rumors of a possible sale to pay off the rest of its debt, driving the price down.
Since the outbreak of the war in Ukraine, 4.3 million people have fled the country, with the number likely to grow as the conflict escalates. The British business community has mobilised to offer jobs to the refugees.
To date, some 65,000 Ukrainians have applied for visas through the UK Home Office’s Ukraine Family and Ukraine Sponsorship Schemes. But as of 31 March, less than half (29,200) of these visa requests have been issued.
There has been pressure on the British government to make it easier to hire refugees, with Marks & Spencer, Asos and recruiter Robert Walters among an initial group of 45 large firms to contact the Home Office.
A spokesperson for Asos says the fashion brand has already hired several refugees and is continuing to offer employment opportunities for Ukrainians, particularly in tech and engineering roles, due to the country’s highly skilled IT workforce. “They have been left with no choice but to leave their country and we stand ready to help,” the spokesperson says. “We will work with the government and charities through any necessary practicalities.”
Several organisations are helping to connect refugees with employment opportunities. One such start-up is Jobs for Ukraine, set up by Valeriia Voshchevska, Nikita Logachev and Severija Bielskyte. The job listings website was created in the space of three days and had 61,000 visitors in its first week.
“We saw lots of different people on LinkedIn posting job opportunities for people fleeing the war in Ukraine,” Bielskyte says. “We thought it would be great to bring all these opportunities together and list them on a single site, instead of having to look through various different social media channels.”
The trio have reached out to recruiters and companies, encouraging them to not only advertise jobs on the site but to consider providing assistance and support to those fleeing the war. “That support could come in the form of providing visa sponsorship, accommodation support or even paying for flights,” Bielskyte says.
Even simple things can make a big difference, such as guaranteeing a quick turnaround of applicants or offering the first month’s salary in advance. “These people are already in the most uncertain and scary situations of their life,” adds Bielskyte. Such actions as giving them certainty on when they’ll hear back “can really make a big difference”.
Assisting with relocation should also be a priority for any business employing refugees. “If you do decide to hire someone from Ukraine, then you should think about the support your team is going to provide them to relocate,” Bielskyte says. “These people have left their whole lives behind and I’m sure that for many, money will be tight at the moment.”
Clipper, a logistics partner of Asos, has provided free accommodation to refugees in Poland. The neighbouring state has so far taken in 2.5 million refugees, the largest number of any country.
If smaller businesses can’t afford to offer free accommodation, providing a starting bonus or paying for the first few weeks of rent could still be a generous and helpful gesture. Even putting people in touch with estate agents to help them find a home can be useful.
“If businesses can also help Ukrainians find temporary accommodation, this will make a huge difference,” says Josephine Whitaker-Yilmaz, policy and public affairs manager for Praxis, a human rights charity supporting migrants and refugees. “The ability to access lots of things people will need – including a bank account, National Insurance number and registration with a GP – are made easier if someone has a proof of address, even if only a temporary one.”
Not all support has to be financial. “Our advice to businesses seeking to help Ukrainians is to refer them to solicitors and immigration advisers for expert, qualified legal advice on their immigration or asylum cases,” says Whitaker-Yilmaz.
Current immigration advice can be extremely complex to navigate, she says. The consequences of poor-quality advice can take years and thousands of pounds in legal fees to rectify.
While the large number of businesses offering jobs to refugees is positive, an integrated approach to support will help Ukrainian hires to settle quicker. Employers should consider any help that provides the extra support necessary for refugees to start rebuilding their lives. “Everyone wants to be independent, so the more that we can do to enable people to do that, the better,” says Bielskyte.