The distressed crypto lending company has recruited two new directors and sacked three others.

Key Takeaways

Celsius, still facing its ongoing liquidity crisis, has recruited two new directors and dismissed three others.
Alan Jeffrey Carr and David Barse will join the board alongside Celsius CEO Alex Mashinsky and other executives.
Carr is especially relevant to Celsius, as he is the CEO of Drivetrain, a firm that manages distressed investments.

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Struggling crypto lending company Celsius has restructured its board of directors, according to recent U.K. business filings.

Shakeup at Celsius

Celsius is shaking up its board leadership as its liquidity woes press on.

Based on a series of filings published today, Celsius has appointed David Barse and Alan Jeffrey Carr as directors.

Though those filings were dated Jul. 6, the two directors were appointed to the board last month on Jun. 28 and 29.

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

Celsius also terminated three directors: John Stephen Dubel, Laurence Anthony Tosi, and Gilbert Nathan. Those individuals had connections to other firms including Dubel & Associates, WestCap, and Jackson Square Advisors, respectively.

Celsius Is Exploring Strategic Transactions

Celsius suspended withdrawals, swaps, and transfers on June 13. The company has not re-opened its services since that date.

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

It appears that Carr’s appointment is related to those plans. Carr is the CEO of Drivetrain, a firm that leads restructurings and litigations and manages distressed investment portfolios.

It is less clear whether Barse’s appointment is related to the company’s ongoing crisis. Barse leads index company XOUT Capital and the private family office DMB Holdings, neither of which appear to be relevant to the matters at hand.

Still, the fact that the firm is recruiting leaders suggests it has plans to make significant changes in the near future.

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

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