Celsius Network has withdrawn its proposal to reappoint former CFO Rod Bolger. The company was planning to hire him to help with bankruptcy proceedings.
Lending platform Celsius has withdrawn its proposal to appoint former chief financial officer Rod Bolger, according to A court filing In the Southern District of New York. The company had applied to hire Bolger at the beginning of the month, saying it needed his expertise to help navigate bankruptcy proceedings.
The withdrawal takes place immediately before the hearing scheduled for 8 August. The Centennial had planned to rehire Bulger at a salary of $92,000 per month for a minimum of six weeks. Bolger had resigned from the company, serving an eight-week notice period. He served as the former Chief Financial Officer of the Royal Bank of Canada and the Bank of America divisions.
Investors also disagreed with the decision to rehire Bulger. Lawyers for some of the investors lodged an objection, saying Celsius provided “few details” as to why his expertise was necessary. One lawyer said the decision “reflects a level of callous indifference to Celsius’ clients.”
Centenary is still going through hard times
Celsius’ saga was full of drama, and it continues to hold a strong grip on the attention of the wider world. In the meantime, its clients are facing a pessimistic outlook, and it may be years before they have access to their money.
The company also faced a data breach recently, which added to its problems. An Arkansas resident also filed a class-action lawsuit against the company. This string of accidents doesn’t make it easy for Celsius as she tries to get out of her financial stress.
Voyager to resume withdrawals
There have been some positive developments in the Voyager case, which should bring some relief to customers. The company announced in a blog post that it will resume withdrawals of up to $100,000 in a 24-hour period starting August 11.
Voyager recently got the green light to return $270 million to its customers. It is also said to have multiple offers on the table and has even received an offer from Alameda Research and FTX. The company’s lawyers said that bid was low, and that the company was open to “serious proposals.”
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