Celsius Network has hired specialists from advisory firm Alvarez & Marsal to consulate it on a possible bankruptcy filing, The Wall Street Journal reports, citing people familiar with the matter.
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The report says that the New Jersey lending giant earlier also contacted law firm Akin Gump Strauss Hauer & Feld LLP to get more information about restructuring options.
Earlier, Celsius' representatives wrote in a blog post that the company will now hold Twitter Spaces and AMAs to focus on "unprecedented challenges." In early June, Celsius suspended withdrawals, swaps, and transfers, citing extreme market volatility. As of press time, the company hasn't resumed its services.
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