Celsius borrowers oppose US Trustee’s move to appoint internal examiner

McCarter & English, a law firm representing four Celsius borrowers, has filed a motion asking for the appointment of a chapter 11 Trustee instead of an internal examiner from the U.S. Trustee’s office. The U.S. Trustee’s office had on Aug. 18 petitioned the court overseeing the bankruptcy process to appoint an independent examiner. A chapter 11 Trustee is appointed by the court to work on behalf of the creditors in investigating the debtor’s financial documents and managing its business until the bankruptcy process is completed. The borrowers argued that appointing a Chapter 11 Trustee would be in the best interest of all creditors and other stakeholders.