Celsius to hire former CFO as adviser for bankruptcy proceedings

The cryptocurrency lending platform Celsius Network has filed a ходатайство to appoint former chief financial officer Rod Bolger as an advisor for the bankruptcy proceedings.

The court will consider the company’s request on August 8.

Bolger left Celsius in June after a few months. He succeeded Yaron Shalem, arrested in November 2021 in Israel, along with the founder of the ICO startup Sirin Labs Moshe Hogeg.

In July, the company’s CFO стал Крис Ферарро.

Arguing the need to engage Bolger, Celsius’s lawyers stated:

«The advisory agreement is designed to support the debtor’s efforts to stabilise the business by obtaining the services of an experienced person with the necessary knowledge of the company’s operations».

The filing also notes that Bolger would provide ‘the much-needed accounting and financial expertise in unprecedented times for Celsius’.

It is expected that Bolger will be paid 120 000 CAD (~$93 290) per month. As CFO his salary was $750 000 per year with potential for increases. He was also eligible for bonuses, an annual bonus, up to 800 000 CEL tokens ($728 000) and employee stock options.

Before joining Celsius, Bolger spent 10 years as CFO at the Royal Bank of Canada. Previously he held roles at PwC, Bank of America and Citi.

On July 13, Celsius filed for bankruptcy in New York under Chapter 11 of the U.S. Bankruptcy Code. The company said that its liabilities exceed assets on the balance sheet by nearly $1.2 billion.

Earlier, Celsius unveiled a plan to reorganise the business, centred on a mining subsidiary.

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