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

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

Bolger left Celsius a few months later in June. He became the founder of Sirin Labs ICO, Moshe Hogeg, replacing Yaron Shalem, who was arrested in Israel in November 2021.

In July, Chris Ferrarro became the company’s CFO.

Defending that Bolger should be included, Celsius’s lawyers said:

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

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

Assuming 120,000 will be paid to Bolger CHAD (~$93,290) per month. His salary as the company’s CFO was $750,000 per year in anticipation of an increase. Also entitled to bonus payments, annual bonus, up to 800,000 CEL tokens ($728,000) and shares of an employee of the business.

Prior to joining Celsius, Bolger spent 10 years as CFO at the Royal Bank of Canada. Previously in his career, he held positions at PwC, Bank of America and Citi.

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

Remember, Celsius launched a business reorganization plan focused on a mining subsidiary.

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