Celsius To Hire Former CFO As Bankruptcy Advisor

Crypto lending platform Celsius Network has filed a petition to hire former CFO Rod Bolger as an advisor in the bankruptcy proceedings.

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

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

In July, Chris Ferraro became the company’s chief financial officer.

Arguing for the need to involve Bolger, Celsius’ lawyers stated:

“The advisory agreement aims to support the debtor’s efforts to stabilize the business by obtaining the services of an experienced person with the necessary knowledge of the company’s activities.”

The petition also noted that Bolger would provide “much-needed accounting and financial expertise at an unprecedented time for Celsius.”

Bolger is expected to be paid 120,000 CAD (~$93,290). As CFO of the company, his salary was $750,000 per year with the prospect of increasing. He was also entitled to bonus payments, an annual bonus, up to 800,000 CEL tokens ($728,000), and shares of an enterprise employee.

Before joining Celsius, Bolger spent 10 years as CFO at Royal Bank of Canada. Previously in his career are PwC, Bank of America, and Citi positions.

On July 13, Celsius filed for Chapter 11 bankruptcy in a New York City court. The company said its liabilities exceeded its balance sheet assets by almost $1.2 billion.