Cryptocurrency lending company, Celsius has now turned to legal experts in their strategy to escape the hypothermia that has been inflicted on them by the ongoing market downtrend and position itself for a recovery back to its full status as a credible service in the cryptocurrency ecosystem.

They have hired the law firm Kirkland and Ellis LLP to give them advice on the best way to go about their current restructuring. This comes about a month after they had hired another law firm.

Restructuring is a strategy approved by the law in which a company reorganizes its methods to raise money to pay its loans within its means. Sales of equity, rights transfers, parcel payments, board changes or upheavals, mergers, and acquisition processes are some of the processes that can be considered in a restructuring process such as the one Celsius is currently undergoing.

Kirkland and Ellis LLP will replace Strauss Hauer & Felp LLP who were previously hired by Celsius for legal advice after they had paused all operations to avoid a solvency crisis.

Celsius has started to recover slowly, showing signs that although a full return to operations is still distant, it is sure. The company’s recent signs show that it will not suffer the fate of cryptocurrency companies that have filed for liquidation like Three Arrows Capital (3AC) and Voyager Digital.

Despite heavy losses, Celsius has severely reduced risks, paying off its many loans and implementing plans to effectively manage its current resources like laying off about 150 employees in largely non-strategic areas. They have claimed back almost 22,000 Wrapped Bitcoin (WBTC) after clearing its debt with Maker.

The 22,000 WBTC were sent to FTX immediately after which breed rumors that maybe a sell-off was imminent to clear off Celsius’ other loans.

Featured image source: cryptobriefing.com