Celsius changes directors as liquidity crunch continues


Key points to remember

  • Celsius, still dealing with its ongoing liquidity crisis, recruited two new directors and fired three others.
  • Alan Jeffrey Carr and David Barse will join the board alongside Celsius CEO Alex Mashinsky and other executives.
  • Carr is particularly relevant to Celsius, as he is the CEO of Drivetrain, a firm that handles distressed investments.

Share this article

Struggling crypto credit firm Celsius has restructured its board, according to recent UK trade filings.

Shake to Celsius

Celsius is upsetting the direction of its board of directors as its cash flow problems continue.

Based on a series of statements released today, Celsius has named David Barse and Alan Jeffrey Carr as directors.

Although these documents are dated July 6, the two directors were appointed to the board last month on June 28 and 29.

The new directors will sit on the board alongside Celsius CEO Alex Mashinsky, CTO Shlomi Daniel Leon and others.

Celsius also fired three administrators: John Stephen Dubel, Laurence Anthony Tosi and Gilbert Nathan. These individuals had ties to other firms, including Dubel & Associates, WestCap and Jackson Square Advisors, respectively.

Celsius explores strategic transactions

Celsius suspended withdrawals, exchanges and transfers on June 13. The company has not reopened its services since that date.

An update Thursday suggested the company was exploring strategic transactions (deals in the same category as mergers and acquisitions) as well as liability restructuring.

It appears Carr’s appointment is tied to those plans. Carr is the CEO of Drivetrain, a firm that conducts restructuring and litigation and manages distressed investment portfolios.

It’s less clear whether Barse’s appointment is related to the company’s current crisis. Barse runs index company XOUT Capital and private family office DMB Holdings, which do not appear to be relevant to the current issues.

Still, the fact that the company is recruiting executives suggests that it intends to make significant changes in the near future.

Disclosure: At the time of writing this article, the author of this article owned BTC, ETH, and other cryptocurrencies.

Share this article

Source link


Comments are closed.