1 year ago
The United States Trustee has opposed Celsius’s petition to wage up to $2.9 cardinal arsenic retention bonuses to employees progressive successful the bankruptcy process.
Celsius Network had filed a question to instrumentality a cardinal worker retention program (KERP) for 62 employees. It said that the employees are indispensable to its restructuring process and request to beryllium incentivized to proceed working.
Celsius claimed that the employees are not apical executives but did not supply further details connected their individuality and role.
Bonus not justified
The U.S. Trustee opposed the question successful an Oct. 27 filing connected the grounds that the $2.9 cardinal bonus is illogical and not justifiable.
According to the U.S. Trustee, it is not logical that a institution that has unopen down its operations and owes about $4.7 billion to customers would suggest a multi-million bonus strategy for its employees.
In addition, the Trustee said that Celsius failed to supply factual accusation astir the KERP participants. It argued that the participants whitethorn beryllium insiders who volition extremity up benefiting from the bonus-sharing scheme.
The U.S. Trustee added that the KERP bonuses are not tied to identifiable metrics that would alteration the bankruptcy committee to ascertain its interaction connected the restructuring process.
Consequently, the U.S. Trustee asked the bankruptcy tribunal to cull the motion, pending erstwhile Celsius provides capable accusation astir the KERP participants.
Celsius acceptable to auction assets
Following a court decision connected Oct. 25, Celsius is accepting bidding proposals from parties funny successful buying its remaining assets.
According to the bidding schedule, Celsius volition auction its assets connected Dec. 15, portion the income papers volition beryllium handed implicit to the victor connected Dec. 22.
The station US Trustee opposes Celsius’ $2.9M worker bonus plan appeared archetypal connected CryptoSlate.
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