By Soma Biswas
Bankrupt crypto firm Celsius Network LLC will run out of cash by October, and is looking for for financing, including a so-called debtor-in-possession loan, Joshua Sussberg, the firm's lawyer said at a court hearing Tuesday.
The firm projects its cash balance will decline from over $129 million in August to over $37 million in October, according to a recent court filing.
"We're looking at what is the best way to finance this business. Is it a DIP loan or something else?" Mr. Sussberg said. The company's creditors committee is scrutinizing its headcount and expenditures, as part of an effort to conserve cash, he added.
Celsius filed for bankruptcy last month after freezing customers' deposits and assets amid a collapse in the value of cryptocurrencies.
Write to Soma Biswas at soma.biswas@wsj.com
(END) Dow Jones Newswires
08-16-22 1605ET
