Cash Flow
Court filings reveal Celsius will run out of money by October
Embattled crypto lender Celsius Network is on track to run out of money by October, according to the firm’s latest Chapter 11 documents. Filed on Aug. 14 to the U.S. Bankruptcy Court of the Southern District of New York, Celsius highlighted that it is expected to reach negative liquidity by October 2022 to approximately $34 million. The lending platform, which held the trust of many across the world with life savings and retirement funds, was revealed to be in a much worse financial position than originally suggested in July. Court documents revealed this week that Celsius’ three-month cash flow forecast, which shows steep declining liquidity, indicates the company will experience an approximate 80% drop in liquidity funds from August to September. The forecast predicts Celsius will contin...
Derby County unable to pay first team in full amid takeover doubts
Derby County’s chief executive has told the first-team squad that the club is unable to currently afford to pay them their outstanding wages from December, but is working to address the problem. Most of Derby’s first-team squad were only paid 50 per cent of the money that was due to them on December 15 and were told the rest would be paid in full, together with their current month’s wages, on January 15. But, repeated delays in the protracted takeover by Sheikh Khaled’s Derventio Holdings has meant the club has a major cash flow problem. After a number of missed deadlines, it had been hoped that the deal would be concluded on Tuesday night, but the purchase of the club remains incomplete. Sky Sports News has been told that there is a legally binding agreement between the two parties for th...
